Company No: 06728022 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	1,192,522		1,056,404
Investments	5	1,167,927		1,787,245
		2,360,449		2,843,649
Current assets
Stocks		17,550		7,000
Debtors	6	659,091		918,951
Cash at bank and in hand		17,868		46,076
		694,509		972,027
Creditors: amounts falling due within one year	7	( 434,960)		( 1,146,080)
Net current assets/(liabilities)		259,549		(174,053)
Total assets less current liabilities		2,619,998		2,669,596
Creditors: amounts falling due after more than one year	8	( 104,180)		( 154,037)
Provision for liabilities		( 209,554)		( 286,715)
Net assets		2,306,264		2,228,844
Capital and reserves
Called-up share capital		100		100
Profit and loss account		2,306,164		2,228,744
Total shareholder's funds		2,306,264		2,228,844

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Chase Farming Limited (registered number: 06728022) were approved and authorised for issue by the Board of Directors on 12 August 2025. They were signed on its behalf by:

Kevin Brian Perrett Director		James Richard Cossins Director
Robert John Rowe Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Chase Farming Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 6 Manor Farm Business Centre, Gussage St. Michael, Wimborne, BH21 5HT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

[Disclose the nature of the prior period adjustment, and (if practicable);
(i) for each prior period presented, the amount of the correction for each financial statement line item affected; and
(ii) the amount of the correction at the beginning of the earliest prior period presented; or an explanation if it is not practicable to disclose these amounts for (i) and (ii).]

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for agricultural contracting services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	15 % reducing balance
Plant and machinery	15 % reducing balance
Vehicles	20 - 25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Reserves

Profit and loss account includes all current and prior period profits and losses.

2. Prior year adjustment

The Directors of the company have been made aware of legislation relating to its investment in F C Rowe & Son (“the Partnership”) and historic debtors due by F C Rowe & Son to Chase Farming Limited, prior to the date Chase Farming Limited entered the Partnership. The Directors now understand that such loans and the subsequent investment in the Partnership fall within the rules set out within Corporation Tax Act 2010 in respect of close companies loans to participators and arrangements conferring benefit on participators such that the balances outstanding for more than nine months following the end of each accounting period are subject to a Corporation Tax charge. The Corporation Tax charge is repayable once the loans to participators are repaid or discharged. The Company Corporation Tax creditor was therefore previously understated alongside the Corporation Tax debtor. The balances have been adjusted and the effect on the balances are as follows:

		As previously reported		Adjustment		As restated
Year ended 31 October 2023		£		£		£
Tangible assets		1,056,404		0		1,056,404
Investments		1,787,245		0		1,787,245
Stocks		7,000		0		7,000
Debtors		519,925		399,026		918,951
Cash at bank and in hand		46,076		0		46,076
Creditors: amounts falling due within one year		(747,054)		(399,026)		(1,146,080)
Creditors: amounts falling due after more than one year		(154,037)		0		(154,037)
Provision for liabilities		(286,715)		0		(286,715)
Called-up share capital		100		0		100
Profit and loss account		2,228,744		0		2,228,744

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		6

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 November 2023	250,572		1,336,531		52,778		1,639,881
Additions	102,486		291,538		27,963		421,987
Disposals	0		( 394,154)		0		( 394,154)
At 31 October 2024	353,058		1,233,915		80,741		1,667,714
Accumulated depreciation
At 01 November 2023	25,057		505,642		52,778		583,477
Charge for the financial year	25,843		131,218		1,119		158,180
Disposals	0		( 266,465)		0		( 266,465)
At 31 October 2024	50,900		370,395		53,897		475,192
Net book value
At 31 October 2024	302,158		863,520		26,844		1,192,522
At 31 October 2023	225,515		830,889		0		1,056,404

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 November 2023	1,787,245		1,787,245
Inter-entity net movement	( 619,318)		( 619,318)
At 31 October 2024	1,167,927		1,167,927
Carrying value at 31 October 2024	1,167,927		1,167,927
Carrying value at 31 October 2023	1,787,245		1,787,245

6. Debtors

	2024		2023
	£		£
Trade debtors	343,296		505,055
Corporation tax	308,518		399,026
Other debtors	7,277		14,870
	659,091		918,951

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	33,319		23,640
Amounts owed to Group undertakings	0		575,008
Taxation and social security	312,474		407,790
Obligations under finance leases and hire purchase contracts (secured)	73,944		121,611
Other creditors	15,223		18,031
	434,960		1,146,080

Hire purchases are secured against the asset of which they relate.

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

	2024		2023
	£		£
Obligations under finance leases and hire purchase contracts (secured)	98,347		138,204
Other creditors	5,833		15,833
	104,180		154,037

Hire purchases are secured against the asset of which they relate.

9. Related party transactions

R J Rowe and Chase Farming Limited are partners in F C Rowe & Son. At 31 October 2024, Chase Farming Limited has an investment in F C Rowe & Son of £1,167,927.