REGISTERED NUMBER: 03455304 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Hankins Heys Farm Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G Blood

SECRETARY:

Mrs P Blood

REGISTERED OFFICE:

Woodhouse Green Farm

Clay Lane

Endon

Staffordshire

ST9 9DE

REGISTERED NUMBER:

03455304 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,828,321

2,879,321

CURRENT ASSETS

Stocks

5

2,409,658

2,110,496

Debtors

6

176,204

156,464

Cash at bank

96,632

40,989

2,682,494

2,307,949

CREDITORS

Amounts falling due within one year

7

2,982,285

2,552,063

NET CURRENT LIABILITIES

(299,791

)

(244,114

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,528,530

2,635,207

CREDITORS

Amounts falling due after more than one year

8

2,437,541

2,463,656

NET ASSETS

90,989

171,551

CAPITAL AND RESERVES

Called up share capital

2,000,000

2,000,000

Retained earnings

(1,909,011

)

(1,828,449

)

90,989

171,551

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 April 2025 and were signed by:

G Blood - Director

1.	STATUTORY INFORMATION

Hankins Heys Farm Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

Biological assets are recognised only when three recognition criteria have been fulfilled:

- The entity has control over the asset as a result of past events;

- It is probable that future economic benefits are associated with the asset will flow to the entity; and

- The fair value or cost of the asset can be measure reliably.

Where the company opts to measure a biological asset under the fair value model on initial recognition it must carry the asset at fair value at each reporting date. Changes in fair value less costs to sell are recognised in the profit or loss.

Where the company opts to measure agricultural produce harvested from the biological asset it is measured at fair value less costs to sell at the point of harvest. The measurement becomes the cost at the date the company applies Section 13 Inventories to the agricultural produce.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes part to the contractual provisions of the instrument,

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measure at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered. An equity instrument is any contract that evidences a residual interest in the assets of the company after deduction of all its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares are classified as a debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the leases. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date if inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as considering of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated, to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is immediately recognised in the company's profit or loss, unless the relevant asset is carried at a revalued amount, in which case impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the company's profit or loss, unless the relevant asset is carried at a revalued amount, in which case impairment loss is treated as a revaluation increase.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call wit h banks, other short-term liquid investments with original maturities of three or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

3,209,613

1,312,331

4,521,944

Additions

-

68,020

68,020

Transfer to ownership

-

(10,486

)

(10,486

)

At 31 December 2024

3,209,613

1,369,865

4,579,478

DEPRECIATION

At 1 January 2024

749,052

893,571

1,642,623

Charge for year

44,964

74,056

119,020

Transfer to ownership

-

(10,486

)

(10,486

)

At 31 December 2024

794,016

957,141

1,751,157

NET BOOK VALUE

At 31 December 2024

2,415,597

412,724

2,828,321

At 31 December 2023

2,460,561

418,760

2,879,321

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2024

335,719

Additions

40,800

Transfer to ownership

(10,486

)

At 31 December 2024

366,033

DEPRECIATION

At 1 January 2024

47,939

Charge for year

45,477

Transfer to ownership

14,910

At 31 December 2024

108,326

NET BOOK VALUE

At 31 December 2024

257,707

At 31 December 2023

287,780

5.

STOCKS

31/12/24

31/12/23

£

£

Herd

492,300

489,900

Stocks

472,075

474,475

Build project

1,445,283

1,146,121

2,409,658

2,110,496

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

151,484

121,300

Other debtors

24,720

35,164

176,204

156,464

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans and overdrafts

35,071

36,720

Hire purchase contracts

188,673

234,425

Trade creditors

771,982

640,096

Other creditors

1,986,559

1,640,822

2,982,285

2,552,063

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans

2,437,541

2,463,656

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,437,541

2,403,645

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/24

31/12/23

£

£

Bank loans

2,472,612

2,500,376

Hire purchase contracts

188,673

234,425

2,661,285

2,734,801

The bank loans are secured by way of a mortgage dated 2 May 2011 and 13 March 2020 giving the Agricultural Mortgage Corporation Plc a legal mortgage over Land to the North East of Woodhouse Lane, Audlem and Lower College Fields Farm, Woore,

Hire Purchase debts are secured over the assets to which they relate.