REGISTERED NUMBER: 09452090 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HIGHER FARM LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A S Roberts

Mrs J M Roberts

REGISTERED OFFICE:

32 The Square

Gillingham

Dorset

SP8 4AR

REGISTERED NUMBER:

09452090 (England and Wales)

ACCOUNTANTS:

Andrews and Palmer

Chartered Accountants

32 The Square

Gillingham

Dorset

SP8 4AR

FIXED ASSETS

Tangible assets

4

1,285,024

1,272,026

CURRENT ASSETS

Stocks

382,213

370,741

Debtors

5

67,235

52,177

Cash at bank

27,213

3,544

476,661

426,462

CREDITORS

Amounts falling due within one year

6

309,457

240,936

NET CURRENT ASSETS

167,204

185,526

TOTAL ASSETS LESS CURRENT LIABILITIES

1,452,228

1,457,552

CREDITORS

Amounts falling due after more than one year

7

(856,450

)

(915,800

)

PROVISIONS FOR LIABILITIES

(48,429

)

(44,308

)

NET ASSETS

547,349

497,444

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

547,249

497,344

SHAREHOLDERS' FUNDS

547,349

497,444

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 directors acknowledge their 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 Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

A S Roberts - Director

1.	STATUTORY INFORMATION

Higher Farm Ltd 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Tractors

-

10% on cost

Motor vehicles

-

25% 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.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 6 ).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

1,067,611

366,845

1,434,456

Additions

-

59,562

59,562

Disposals

-

(8,520

)

(8,520

)

At 31 December 2024

1,067,611

417,887

1,485,498

DEPRECIATION

At 1 January 2024

-

162,430

162,430

Charge for year

-

44,543

44,543

Eliminated on disposal

-

(6,499

)

(6,499

)

At 31 December 2024

-

200,474

200,474

NET BOOK VALUE

At 31 December 2024

1,067,611

217,413

1,285,024

At 31 December 2023

1,067,611

204,415

1,272,026

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

and 31 December 2024

47,216

DEPRECIATION

At 1 January 2024

10,021

Charge for year

5,360

At 31 December 2024

15,381

NET BOOK VALUE

At 31 December 2024

31,835

At 31 December 2023

37,195

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

66,338

38,802

Other debtors

897

13,375

67,235

52,177

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

51,262

51,263

Hire purchase contracts (see note 8)

7,131

10,733

Trade creditors

26,816

48,076

Tax

8,496

-

Social security and other taxes

1,878

888

Wages control

1,968

1,062

Pension control account

221

176

VAT

2,884

-

Other creditors

2,999

2,540

Directors' current accounts

185,890

118,609

Accrued expenses

5,086

7,589

Deferred government grants

14,826

-

309,457

240,936

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

56,753

56,753

Bank loans - 2-5 years

179,901

179,901

Bank loans more 5 yr by instal

619,796

672,015

Hire purchase contracts (see note 8)

-

7,131

856,450

915,800

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

619,796

672,015

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

7,131

10,733

Between one and five years

-

7,131

7,131

17,864

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

7,131

17,864

Hire purchase liabilities are secured on the asset to which they relate.

Bank loan liabilities are secured by way of a fixed and floating charge over the company assets and on land at Cross Tree Farm.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

ordinary

£1

100

100