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Company Registration No. 03509543 (England and Wales)
Farmtec Assets Limited Unaudited accounts for the year ended 30 November 2024
Farmtec Assets Limited Statement of financial position as at 30 November 2024
2024
2023
Notes
£
£
Fixed assets
Tangible assets
5
2,192,948
2,101,311
Investment property
6
500,000
500,000
Investments
7
10,500
10,500
2,703,448
2,611,811
Current assets
Inventories
159,725
442,574
Debtors
8
2,525,627
1,357,242
Cash at bank and in hand
1,317,676
695,379
4,003,028
2,495,195
Creditors: amounts falling due within one year
9
(1,842,511)
(1,109,996)
Net current assets
2,160,517
1,385,199
Total assets less current liabilities
4,863,965
3,997,010
Creditors: amounts falling due after more than one year
10
(1,058,592)
(1,081,770)
Provisions for liabilities
Deferred tax
11
(140,973)
(3,725)
Net assets
3,664,400
2,911,515
Capital and reserves
Called up share capital
12
640,932
640,932
Revaluation reserve
1,327,758
1,327,758
Profit and loss account
1,695,710
942,825
Shareholders' funds
3,664,400
2,911,515
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2025 and were signed on its behalf by
Jonathan Mason & Adrian Phillips Director Company Registration No. 03509543
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Farmtec Assets Limited Notes to the Accounts for the year ended 30 November 2024
1
Statutory information
Farmtec Assets Limited is a private company, limited by shares, registered in England and Wales, registration number 03509543. The registered office is Gilfach Farm, Cwmbach, Whitland, Carmarthen, SA34 0DN, Wales.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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 from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
25% reducing Balance
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Farmtec Assets Limited Notes to the Accounts for the year ended 30 November 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023
4,255
At 30 November 2024
4,255
Amortisation
At 1 December 2023
4,255
At 30 November 2024
4,255
Net book value
At 30 November 2024
-
- 4 -
Farmtec Assets Limited Notes to the Accounts for the year ended 30 November 2024
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
£
£
£
£
£
Cost or valuation
At cost
At cost
At cost
At cost
At 1 December 2023
1,633,260
756,675
202,531
38,665
2,631,131
Additions
-
253,889
80,304
6,240
340,433
Disposals
-
(49,500)
(49,612)
-
(99,112)
At 30 November 2024
1,633,260
961,064
233,223
44,905
2,872,452
Depreciation
At 1 December 2023
-
413,024
101,816
14,980
529,820
Charge for the year
4,205
164,559
41,113
-
209,877
On disposals
-
(29,528)
(30,665)
-
(60,193)
At 30 November 2024
4,205
548,055
112,264
14,980
679,504
Net book value
At 30 November 2024
1,629,055
413,009
120,959
29,925
2,192,948
At 30 November 2023
1,633,260
343,651
100,715
23,685
2,101,311
6
Investment property
2024
£
Fair value at 1 December 2023
500,000
At 30 November 2024
500,000
7
Investments
Other investments
£
Valuation at 1 December 2023
10,500
Valuation at 30 November 2024
10,500
8
Debtors
2024
2023
£
£
Amounts falling due within one year
Trade debtors
2,365,480
1,172,258
Amounts due from group undertakings etc.
3,634
-
Accrued income and prepayments
-
654
Other debtors
156,513
184,330
2,525,627
1,357,242
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Farmtec Assets Limited Notes to the Accounts for the year ended 30 November 2024
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
98,991
139,321
VAT
297,766
-
Obligations under finance leases and hire purchase contracts
153,323
79,718
Trade creditors
855,565
672,849
Taxes and social security
239,723
150,584
Other creditors
31,216
67,524
Accruals
165,927
-
1,842,511
1,109,996
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
840,950
939,941
Obligations under finance leases and hire purchase contracts
217,642
114,499
Other creditors
-
27,330
1,058,592
1,081,770
11
Deferred taxation
2024
2023
£
£
Accelerated capital allowances
140,973
3,725
2024
2023
£
£
Provision at start of year
3,725
16,785
Charged/(credited) to the profit and loss account
137,248
(13,060)
Provision at end of year
140,973
3,725
12
Share capital
2024
2023
£
£
Allotted, called up and fully paid:
932 Ordinary shares of £1 each
932
932
640,000 Redeemable Preference Shares of £1 each
640,000
640,000
640,932
640,932
13
Transactions with related parties
During the year, one of the directors, Mr AH Phillips, entered into a land leasing agreement between the Landowner - Farmtec Assets Limited - and A & L Phillips Partnership of which he is a partner. In turn, this land was sub-let to a third party. The amount of rent invoiced by Farmtec Assets Ltd to A & L Phillips Partnership in the year was £18,240 of which £4,560 was outstanding at 30 November 2024. This amount was received immediately after the year end.
14
Average number of employees
During the year the average number of employees was 23 (2023: 20).
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