REGISTERED NUMBER: 04427098 (England and Wales)

NANHORON FARMS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

9

DIRECTORS:

E R Harden

D J Harden

SECRETARY:

Ms V Roberts

REGISTERED OFFICE:

Nanhoron

Pwllheli

Gwynedd

LL53 8DL

REGISTERED NUMBER:

04427098 (England and Wales)

AUDITORS:

Xeinadin Audit Limited, Statutory Auditor

The Foundation

Herons Way

Chester Business Park

Chester

Cheshire

CH4 9GB

FIXED ASSETS

Tangible assets

4

1,336,243

1,535,968

CURRENT ASSETS

Valuation

5

420,071

384,877

Debtors

6

55,433

140,636

475,504

525,513

CREDITORS

Amounts falling due within one year

7

4,717,493

5,427,717

NET CURRENT LIABILITIES

(4,241,989

)

(4,902,204

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,905,746

)

(3,366,236

)

CREDITORS

Amounts falling due after more than one year

8

(1,872,796

)

(852,957

)

PROVISIONS FOR LIABILITIES

12

-

(177,582

)

NET LIABILITIES

(4,778,542

)

(4,396,775

)

CAPITAL AND RESERVES

Called up share capital

13

1

1

Retained earnings

14

(4,778,543

)

(4,396,776

)

SHAREHOLDERS' FUNDS

(4,778,542

)

(4,396,775

)

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 26 September 2025 and were signed on its behalf by:

E R Harden - Director

1.	STATUTORY INFORMATION

Nanhoron Farms 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 preparation and going concern

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.

The accounts have been prepared on the assumption that the company is able to carry on its business as a going concern despite the company having a net liability of £4,778,542 at the year end (£4,396,775 at December 2023). The directors consider this basis appropriate as, Sickle Holdings Limited, the parent company will continue to give financial support to the company for at least twelve months from the date of signing these financial statement.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key sources of estimation uncertainty considered to have the most significant effect on the amounts recognised in the financial statements are the estimation of the useful economic life of tangible fixed assets and the valuation of stock, as described in these accounting policies.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when the significant risks and rewards have passed to the customer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and that the costs incurred, or to be incurred, in respect of the transaction, can be measured reliably

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Borehole

- 10% on cost

Computer equipment

- 20% on cost

Tractors and farm vehicles

- 33% on reducing balance

Fixtures and fittings

- 10% on cost

Plant and machinery

- 10% on cost

Slurry pit

- 10% on cost

Sheds and outbuildings

- 10% on cost

Valuation

Valuation, the beef hers, are valued at fair value through the profit & loss. This includes making due allowance for home bred livestock, the current market value and current demand.

Fuel, oil and other business related dead stock are valued at the lower of cost and net realisable value, after making allowance for obsolete, impaired or slow moving items within the other stock on hand.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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 7 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Sheds and

Slurry

Miscanthus

outbuildings

Borehole

pit

plant

£

£

£

£

COST

At 1 January 2024

409,604

26,411

166,666

917,816

Additions

-

-

-

-

Disposals

-

-

-

-

At 31 December 2024

409,604

26,411

166,666

917,816

DEPRECIATION

At 1 January 2024

164,974

15,089

166,666

123,168

Charge for year

27,181

2,075

-

77,409

Eliminated on disposal

-

-

-

-

At 31 December 2024

192,155

17,164

166,666

200,577

NET BOOK VALUE

At 31 December 2024

217,449

9,247

-

717,239

At 31 December 2023

244,630

11,322

-

794,648

Fixtures

Tractors

Plant and

and

and farm

Computer

machinery

fittings

vehicles

equipmt

Totals

£

£

£

£

£

COST

At 1 January 2024

435,630

819,206

551,511

4,854

3,331,698

Additions

46,089

-

16,977

3,621

66,687

Disposals

(74,700

)

(302,634

)

(7,390

)

(3,492

)

(388,216

)

At 31 December 2024

407,019

516,572

561,098

4,983

3,010,169

DEPRECIATION

At 1 January 2024

282,267

589,768

449,492

4,306

1,795,730

Charge for year

27,892

61,154

39,566

907

236,184

Eliminated on disposal

(44,760

)

(302,634

)

(7,102

)

(3,492

)

(357,988

)

At 31 December 2024

265,399

348,288

481,956

1,721

1,673,926

NET BOOK VALUE

At 31 December 2024

141,620

168,284

79,142

3,262

1,336,243

At 31 December 2023

153,363

229,438

102,019

548

1,535,968

Included within the carrying amount of Tractors and farm vehicles there is an amount of £37,693 (2023: £29,560) relating to assets held under hire purchase agreements classified as finance leases.

Included within the carrying amount of miscanthus plant there is an amount of £327,947 (2023: £356,693) relating to the bearer plant element.

5.

VALUATION

2024

2023

as restated

£

£

Cattle

218,200

169,730

Sheep

58,160

64,994

Hay and crops

136,611

143,665

Fuel and oil

7,100

6,488

420,071

384,877

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade debtors

27,245

14,542

Amounts owed by group undertakings

6,697

6,697

Other debtors

-

109,414

VAT

2,982

9,817

Prepayments and accrued income

18,509

166

55,433

140,636

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Bank loans and overdrafts (see note 9)

656,504

1,495,938

Hire purchase contracts (see note 10)

15,692

24,123

Trade creditors

88,217

88,536

Amounts owed to group undertakings

3,847,923

3,765,565

Social security and other taxes

2,067

1,685

Other creditors

8,897

7,325

Estate creditor

79,478

22,530

Accrued expenses

18,715

22,015

4,717,493

5,427,717

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

as restated

£

£

Bank loans (see note 9)

1,863,502

842,478

Hire purchase contracts (see note 10)

9,294

10,479

1,872,796

852,957

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

1,200,000

19,777

9.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

as restated

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

475,823

1,338,416

Bank loans

180,681

157,522

656,504

1,495,938

Amounts falling due between one and two years:

Bank loans due in 1 to 2 years

196,587

184,086

Amounts falling due between two and five years:

Bank loans - 2-5 years

466,915

638,615

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

1,200,000

19,777

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024

2023

as restated

£

£

Net obligations repayable:

Within one year

15,692

24,123

Between one and five years

9,294

10,479

24,986

34,602

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

as restated

£

£

Hire purchase contracts

24,986

34,602

12.	PROVISIONS FOR LIABILITIES

2024

2023

as restated

£

£

Deferred tax

-

177,582

Deferred

tax

£

Balance at 1 January 2024

177,582

Credit to Income Statement during year

(177,582

)

Balance at 31 December 2024

-

13.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2024

2023

value:

as restated

£

£

1

Ordinary shares

£1

1

1

14.

RESERVES

Retained

earnings

£

At 1 January 2024

(4,396,776

)

Deficit for the year

(381,767

)

At 31 December 2024

(4,778,543

)

15.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Pearl BEng BSc ACA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited, Statutory Auditor

16.	RELATED PARTY DISCLOSURES

Nanhoron Estate

Mr D Harden is the proprietor.

During 2024 Nanhoron Farms Limited received a figure of £nil net of VAT (2023: £7,730), from the Nanhoron Estate on invoices relating to the use of the biomass boiler. Nanhoron Farms Limited owed £nil (2023: £79,478) to Nanhoron Estate at the year end.

Nanhoron Shoot

Mr D Harden is the principal partner in this venture.

During 2024 Nanhoron Farms Limited paid for goods totalling £nil (2023: £46,620) on behalf of the partnership, and the shoot again made use of the farm's land at rental charge of £9,000 (2023: £9,000). As at 31st December 2024 a sum of £nil (2022: £98,406) was included as 'other debtors' at the year end.

E R Harden Estate

Mr E R Harden is the proprietor.

During 2024 Nanhoron Farms Limited received a figure of £14,996 (2023: £13,605), from E R Harden Estate on invoices relating to the use of the biomass boiler. At the year-end there was a VAT inclusive E R Harden Estate debtor amounting to £nil (2023: £4,035).

E R Harden Farming

Mr E R Harden is the proprietor.

There were no transactions in the year to the end of 2024 (2023: NIL).

Mr David Harden

Ultimate Controlling Party

At the end of 2023 and 2024 there was a nil balance on the director's loan account as the balance was moved up into Sickle Holdings Limited and amalgamated with the loan outstanding to it.

Mr Edward Harden

There were no transactions in the year to the end of 2024 (2023: NIL).

Druid Underwriting Limited

Member of the Sickle Holdings Limited group.

At the end of the year ended in 2024, the company was owed £6,696 (2023: £6,696) by Druid Underwriting Limited.

Sickle Holdings Limited - Ultimate parent company

At the 2024 year end the company owed £1,384,526 (2023: £1,384,526) to its parent company by way of loan, as well as an additional £2,456,700 (2023: £2,381,039), which related to Mr Harden's director's loan account, making a total balance of £3,841,226 at the end of 2024 (2023: £3,765,565). These balances are considered to be repayable upon demand and are treated as current liabilities.

These amounts are interest free and are considered to be repayable upon demand.

17.	POST BALANCE SHEET EVENTS

The directors have considered the events that have occurred since the year end and have concluded that no material adjusting or unadjusted events took place, therefore no disclosure of anything beyond 31 December 2024 ia made in these financial statements.

18.	ULTIMATE CONTROLLING PARTY

Mr D Harden is the ultimate controlling party by virtue of his 100% ownership of Sickle Holdings Limited share capital.

19.	PARENT COMPANY

Sickle Holdings Limited (company number 05453501) is regarded by the directors as being the company's ultimate parent company. The registered office address of the company is Nanhoron Hall, Pwllheli, Gwynedd, LL53 8DL.