Urpeth Farms Limited 30/04/2025 iXBRL

Company registration number: 00673410

Urpeth Farms Limited

Unaudited filleted financial statements

30 April 2025

Urpeth Farms Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Urpeth Farms Limited

Directors and other information


	Directors	Mr J R Boon
		Mr E R Boon


	Company number	00673410


	Registered office	Urpeth North Farm
		Beamish
		County Durham
		DH9 0SD


	Business address	Urpeth North Farm
		Beamish
		County Durham
		DH9 0SD


	Accountants	McCowie & Co
		2 Gosforth Park Avenue
		Newcastle Upon Tyne
		NE12 8EG




	Bankers	Lloyds TSB
		Bedford Street
		North Shields
		Tyne and Wear
		NE29 0AU

Urpeth Farms Limited

Statement of financial position

30 April 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,940,229		1,950,525
		_______		_______
			1,940,229		1,950,525

Current assets
Stocks		415,616		348,125
Debtors	6	108,854		54,276
Investments	7	803,152		650,000
Cash at bank and in hand		41,618		104,437
		_______		_______
		1,369,240		1,156,838
Creditors: amounts falling due
within one year	8	( 154,222)		( 127,794)
		_______		_______
Net current assets			1,215,018		1,029,044
			_______		_______
Total assets less current liabilities			3,155,247		2,979,569

Creditors: amounts falling due
after more than one year	9		( 4,456)		( 3,282)

Provisions for liabilities			( 6,568)		( 7,330)

			_______		_______
Net assets			3,144,223		2,968,957
			_______		_______

Capital and reserves
Called up share capital			10,000		10,000
Profit and loss account			3,134,223		2,958,957
			_______		_______
Shareholders funds			3,144,223		2,968,957
			_______		_______

For the year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 03 September 2025 , and are signed on behalf of the board by:

Mr J R Boon

Director

Company registration number: 00673410

Urpeth Farms Limited

Notes to the financial statements

Year ended 30 April 2025

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Urpeth North Farm, Beamish, County Durham, DH9 0SD.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £1.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2 %	straight line
Plant and machinery	-	10 %	straight line
Motor vehicles	-	25 %	straight line
Farm Improvements	-	2 - 10% Straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).

5. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Farm Improvements	Total
	£	£	£	£	£
Cost
At 1 May 2024	298,038	219,732	27,416	1,776,760	2,321,946
Additions	-	20,331	-	-	20,331
Disposals	-	( 9,700)	-	-	( 9,700)
	_______	_______	_______	_______	_______
At 30 April 2025	298,038	230,363	27,416	1,776,760	2,332,577
	_______	_______	_______	_______	_______
Depreciation
At 1 May 2024	54,871	124,242	21,576	170,732	371,421
Charge for the year	1,960	19,511	-	5,276	26,747
Disposals	-	( 5,820)	-	-	( 5,820)
	_______	_______	_______	_______	_______
At 30 April 2025	56,831	137,933	21,576	176,008	392,348
	_______	_______	_______	_______	_______
Carrying amount
At 30 April 2025	241,207	92,430	5,840	1,600,752	1,940,229
	_______	_______	_______	_______	_______
At 30 April 2024	243,167	95,490	5,840	1,606,028	1,950,525
	_______	_______	_______	_______	_______

The cost of Freehold Land that depreciation is not charged is £200,000 (30 April 2024 £200,000)

Investment property

Included within the above is investment property measured at fair value as follows:

		£
	At 1 May 2024 and 30 April 2025	1,572,746
		_______

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Farm Improvements	Total
	£	£
At 30 April 2025
Aggregate cost	1,572,746	1,572,746
Aggregate depreciation	-	-
	_______	_______
Carrying amount	1,572,746	1,572,746
	_______	_______

At 30 April 2024
Aggregate cost	1,572,746	1,572,746
Aggregate depreciation	-	-
	_______	_______
Carrying amount	1,572,746	1,572,746
	_______	_______

Included in Farm Improvements are assets held for investment purposes with a fair value of £1,500,000. They were revalued in 2015 with the deficit of £72,746 transferred to the fair value reserve. The directors are of an opinion that the value of the properties have not materially changed in the period ended 30 April 2025.

6. Debtors

	2025	2024
	£	£
Trade debtors	37,849	612
Other debtors	71,005	53,664
	_______	_______
	108,854	54,276
	_______	_______

7. Investments

	2025	2024
	£	£
Lloyds Bank WMTT	-	250,000
Oxbury Bond	352,670	200,000
Nationwide building society 1 year saver	200,000	200,000
Allica Bank	100,000	-
Virgin Money	150,482	-
	_______	_______
	803,152	650,000
	_______	_______

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	62,143	52,332
Corporation tax	59,373	45,784
Social security and other taxes	446	406
Other creditors	32,260	29,272
	_______	_______
	154,222	127,794
	_______	_______

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Other creditors	4,456	3,282
	_______	_______

10. Related party transactions

During the year the company paid £4,584 (2024 £4,584) to Mr J R Boon (Director) for the rent of land and buildings, and paid £11,545 (2024 £12,560) to Mr E R Boon (Director) for contract work.

11. Controlling party

The company is controlled by the Mr J R Boon (director). He is the majority shareholder.