Far Heath Farming Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 13257137 (England and Wales)

Far Heath Farming Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

JA Smith

REGISTERED OFFICE:

Park Farm

Eye

Nr Leominster

Herefordshire

HR6 0DL

REGISTERED NUMBER:

13257137 (England and Wales)

ACCOUNTANTS:

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Far Heath Farming Limited for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Far Heath Farming Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Far Heath Farming Limited and state those matters that we have agreed to state to the director of Far Heath Farming Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Far Heath Farming Limited and its director for our work or for this report.

It is your duty to ensure that Far Heath Farming Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Far Heath Farming Limited. You consider that Far Heath Farming Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Far Heath Farming Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

30 September 2025

FIXED ASSETS

Tangible assets

4

1,077,142

86,107

CURRENT ASSETS

Stocks

873,020

321,750

Debtors

5

199,778

161,264

Cash at bank

117,214

197,356

1,190,012

680,370

CREDITORS

Amounts falling due within one year

6

1,513,259

416,111

NET CURRENT (LIABILITIES)/ASSETS

(323,247

)

264,259

TOTAL ASSETS LESS CURRENT
LIABILITIES

753,895

350,366

CREDITORS

Amounts falling due after more than one
year

7

(355,730

)

-

PROVISIONS FOR LIABILITIES

8

(52,245

)

(18,452

)

NET ASSETS

345,920

331,914

CAPITAL AND RESERVES

Allotted, issued and fully

paid up share capital

1,000

Retained earnings

344,920

330,914

345,920

331,914

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

JA Smith - Director

1.	STATUTORY INFORMATION

Far Heath Farming 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.

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.

Going concern

The director is aware that the company has net liabilities of £321,558. The director has considered the cashflows for the 12 months from the date of approval of these accounts and consider that the company will continue to operate within its agreed finance facilities. The company has the continued support of its director. The director therefore considers it appropriate to prepare accounts on the going concern basis.

Turnover

Turnover represents vegetable sales stated net of discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the significant risks and rewards of ownership have passed to the buyer, when the amount of revenue can be measured reliably, when it is probable that the economic benefits associated with the transaction will flow to the entity and when the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from services is recognised in the accounting periods in which the services are rendered.

The following criteria must be met before revenue is recognised:

Vegetable sales are recognised when the produce is collected from the farm, or from the arranged storage facility.

Tangible fixed assets

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

Freehold property - 2% on cost

Improvements to property - 2% on cost

Plant and machinery - 33% on cost, 10% on cost and 15% on reducing balance

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.

The company has the following biological assets which are valued as disclosed :-

Crops in store - valued at deemed cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

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

3.

EMPLOYEES

The average number of employees during the year was 1 (2023 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Motor

property

machinery

vehicles

Totals

£

COST

At 1 January 2024

-

109,516

-

109,516

Additions

458,154

10,706

610,594

20,750

1,100,204

At 31 December 2024

458,154

10,706

720,110

20,750

1,209,720

DEPRECIATION

At 1 January 2024

-

23,409

-

23,409

Charge for year

9,163

214

94,604

5,188

109,169

At 31 December 2024

9,163

214

118,013

5,188

132,578

NET BOOK VALUE

At 31 December 2024

448,991

10,492

602,097

15,562

1,077,142

At 31 December 2023

-

86,107

-

86,107

The net book value of tangible fixed assets includes £424,550 (2023 - £Nil) in respect of assets held under hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Prepayments and accrued income

55,244

130,503

Corporation tax repayable

-

6,888

VAT

144,534

23,873

199,778

161,264

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Hire purchase contracts

73,439

-

Trade creditors

391,402

112,724

HVR Smith & Co loan

110,000

-

Directors' current accounts

61,105

49,475

Accruals and deferred income

877,313

253,912

1,513,259

416,111

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Hire purchase contracts

355,730

-

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

Deferred tax - ACA's

151,893

18,452

Deferred tax - revenue losses

(99,648

)

-

52,245

18,452

Deferred

tax

£

Balance at 1 January 2024

18,452

Provided during year

33,793

Balance at 31 December 2024

52,245

9.	RELATED PARTY DISCLOSURES

During the year the company has made the following purchases from a partnership in which one of the directors is a partner and the other is related to the partners -

2024

2023

£

Purchases

104,359

56,154

Included in trade creditors is £124,310 (2023: £89.838) owed to the partnership at the year end. There is also a loan balance of £110,000 (2023: £Nil) owed to the partnership at the year end. This loan is interest free and repayable on demand.

The directors' current accounts are interest free and repayable on demand.