REGISTERED NUMBER: 03127813 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2025

for

Ian Mason Farms Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Director:

Mr I P Mason

Registered office:

Field Barn

Ringstead Road

Sedgeford

Hunstanton

Norfolk

PE36 5NQ

Registered number:

03127813 (England and Wales)

Accountants:

Stephenson Smart (East Anglia) Limited

Chartered Accountants

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

Fixed assets

Tangible assets

5

5,293,970

4,937,389

Investments

6

250,000

250,000

5,543,970

5,187,389

Current assets

Stocks

1,202,637

1,333,766

Debtors

7

323,974

368,458

Cash at bank

1,265,367

1,377,135

2,791,978

3,079,359

Creditors

Amounts falling due within one year

8

(212,297

)

(353,384

)

Net current assets

2,579,681

2,725,975

Total assets less current liabilities

8,123,651

7,913,364

Creditors

Amounts falling due after more than one year

9

(1,133,647

)

(1,571,803

)

Provisions for liabilities

(974,950

)

(829,560

)

Net assets

6,015,054

5,512,001

Capital and reserves

Called up share capital

2

2

Capital redemption reserve

800,000

408,000

Retained earnings

5,215,052

5,103,999

6,015,054

5,512,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 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 Income Statement has not been delivered.

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

Mr I P Mason - Director

1.	Statutory information

Ian Mason 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.

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Long leasehold

-

2% on cost

Plant and machinery

-

20% p.a. reducing balance

Motor vehicles

-

20% p.a. reducing balance

Computer equipment

-

25% p.a. reducing balance

A review for indicators of impairment of fixed assets 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company classifies its financial instruments in the following categories: measured at amortised cost; and measured at fair value through profit and loss. The classification is determined at initial recognition and depends on the purpose for which the financial instruments are required.

Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets are included in current assets, except where the maturity date is more than 12 months after the end of the reporting period. They are initially recorded at fair value and subsequently recorded at amortised cost. Financial liabilities are included in current liabilities, except where the maturity date is more than 12 months after the end of the reporting period. They are initially measured at original cost, less amortisation or provisions raised.

Measured at fair value through profit and loss includes financial assets and liabilities. They are classified according to maturity date, within current and non-current assets and liabilities respectively.

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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

4.	Employees and directors

The average number of employees during the year was 8 (2024 - 8 ) .

5.	Tangible fixed assets

Long

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 July 2024

2,739,913

5,022,796

113,938

8,226

7,884,873

Additions

1,500

1,110,311

-

1,403

1,113,214

Disposals

-

(844,139

)

-

-

(844,139

)

At 30 June 2025

2,741,413

5,288,968

113,938

9,629

8,153,948

Depreciation

At 1 July 2024

722,805

2,179,628

39,150

5,901

2,947,484

Charge for year

47,916

393,954

14,958

669

457,497

Eliminated on disposal

-

(545,003

)

-

-

(545,003

)

At 30 June 2025

770,721

2,028,579

54,108

6,570

2,859,978

Net book value

At 30 June 2025

1,970,692

3,260,389

59,830

3,059

5,293,970

At 30 June 2024

2,017,108

2,843,168

74,788

2,325

4,937,389

Investment property of £215,521 (2024: £221,386) is included within Land and buildings. It is shown at open market value as per the accounting policies and is revalued each year at the balance sheet date by the director. The director's opinion is that the open market value of the investment property is equal to the historical cost less necessary deprecation.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

6.	Fixed asset investments

Other

investments

£

Cost or valuation

At 1 July 2024

and 30 June 2025

250,000

Net book value

At 30 June 2025

250,000

At 30 June 2024

250,000

Cost or valuation at 30 June 2025 is represented by:

Other

investments

£

Valuation in 2025

250,000

7.

Debtors: amounts falling due within one year

30.6.25

30.6.24

£

£

Trade debtors

59,943

-

Other debtors

264,031

368,458

323,974

368,458

8.

Creditors: amounts falling due within one year

30.6.25

30.6.24

£

£

Hire purchase contracts

23,333

73,333

Trade creditors

91,869

243,233

Taxation and social security

59,986

-

Other creditors

37,109

36,818

212,297

353,384

9.

Creditors: amounts falling due after more than one year

30.6.25

30.6.24

£

£

Hire purchase contracts

-

23,333

Other creditors

1,133,647

1,548,470

1,133,647

1,571,803

Included within Other creditors due in more than one year is a balance of £700,000 (2024: £1,092,000) relating to redeemable preference shares. The redeemable preference shares the company had in issue at the balance sheet date have no fixed date for redemption, and are redeemable at the shareholder or company's option, with no premium payable on redemption.

Included within Other creditors due in more than one year is deferred income of £433,647 (2024: £456,470). The income, from a government grant is being released to the profit and loss account over the 25 year useful life of the fixed asset it funded. £342,353 is due to be released in more than 5 years from the balance sheet date.

10.	Secured debts

The following secured debts are included within creditors:

30.6.25

30.6.24

£

£

Hire purchase contracts

23,333

96,666

11.	Capital commitments

30.6.25

30.6.24

£

£

Contracted but not provided for in the

financial statements

-

299,800