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Registered number: 09924385
Smite Farms Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Barker Maule & Co
Chartered Accountants
Ground Suite
Navigation House
Newark
Nottinghamshire
NG24 4TS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09924385
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,389,379 7,419,006
Investments 5 1,316 1,316
8,390,695 7,420,322
CURRENT ASSETS
Stocks 6 158,758 180,032
Debtors 7 555,983 388,073
714,741 568,105
Creditors: Amounts Falling Due Within One Year 8 (1,656,564 ) (1,819,520 )
NET CURRENT ASSETS (LIABILITIES) (941,823 ) (1,251,415 )
TOTAL ASSETS LESS CURRENT LIABILITIES 7,448,872 6,168,907
Creditors: Amounts Falling Due After More Than One Year 9 (4,518,028 ) (3,226,159 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (480,725 ) (503,057 )
NET ASSETS 2,450,119 2,439,691
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 2,450,019 2,439,591
SHAREHOLDERS' FUNDS 2,450,119 2,439,691
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For the year ending 31 March 2025 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Ogden
Director
6 August 2025
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Smite Farms Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09924385 . The registered office is Smite Farm Ltd, Smite Lane, Thoroton, Nottinghamshire, NG13 9DU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Land 2% straight line
Farm Improvements 2% straight line
Plant, Machinery and Office Equipment 10% reducing balance
Motor Vehicles 25% reducing balance
Solar Panels 4% straight line
Broiler Unit Equipment 5% straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under 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 the 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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2025 2024
Office and administration 8 8
8 8
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4. Tangible Assets
Land & Property
Land Farm Improvements Broiler Unit Buidlings Plant, Machinery and Office Equipment
£ £ £ £
Cost
As at 1 April 2024 1,830,542 330,575 1,872,570 1,881,867
Additions 898,582 1,542 310,051 57,060
Disposals - - - (2,000 )
As at 31 March 2025 2,729,124 332,117 2,182,621 1,936,927
Depreciation
As at 1 April 2024 - 124,243 275,933 619,830
Provided during the period - 6,627 37,451 123,801
Disposals - - - (2,000 )
As at 31 March 2025 - 130,870 313,384 741,631
Net Book Value
As at 31 March 2025 2,729,124 201,247 1,869,237 1,195,296
As at 1 April 2024 1,830,542 206,332 1,596,637 1,262,037
Motor Vehicles Solar Panels Broiler Unit Equipment Total
£ £ £ £
Cost
As at 1 April 2024 117,485 191,692 3,618,994 9,843,725
Additions 90,700 - - 1,357,935
Disposals (58,895 ) - - (60,895 )
As at 31 March 2025 149,290 191,692 3,618,994 11,140,765
Depreciation
As at 1 April 2024 76,402 23,882 1,304,429 2,424,719
Provided during the period 7,899 7,668 180,950 364,396
Disposals (35,729 ) - - (37,729 )
As at 31 March 2025 48,572 31,550 1,485,379 2,751,386
Net Book Value
As at 31 March 2025 100,718 160,142 2,133,615 8,389,379
As at 1 April 2024 41,083 167,810 2,314,565 7,419,006
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5. Investments
Listed
£
Cost
As at 1 April 2024 1,316
As at 31 March 2025 1,316
Provision
As at 1 April 2024 -
As at 31 March 2025 -
Net Book Value
As at 31 March 2025 1,316
As at 1 April 2024 1,316
6. Stocks
2025 2024
£ £
Stock 158,758 180,032
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 305,308 297,322
Prepayments and accrued income 165,762 57,714
VAT 84,913 33,037
555,983 388,073
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts - 167,948
Trade creditors 482,239 70,501
Bank loans and overdrafts 157,871 540,469
Corporation tax 217,226 153,619
Other taxes and social security 850 348
Other creditors 360 -
Accruals and deferred income 10,767 15,225
Directors' loan accounts 787,251 871,410
1,656,564 1,819,520
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9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 38,420 5,088
Bank loans 4,479,608 3,221,071
4,518,028 3,226,159
10. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 167,948
Later than one year and not later than five years 38,420 5,088
38,420 173,036
38,420 173,036
11. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
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