| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 5th April 2025 |
| for |
| Contract Hover Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 5th April 2025 |
| for |
| Contract Hover Limited |
| Contract Hover Limited (Registered number: 01012352) |
| Contents of the Financial Statements |
| for the year ended 5th April 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Contract Hover Limited |
| Company Information |
| for the year ended 5th April 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Regent's Court |
| Princess Street |
| Hull |
| East Yorkshire |
| HU2 8BA |
| Contract Hover Limited (Registered number: 01012352) |
| Balance Sheet |
| 5th April 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Investments | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| Contract Hover Limited (Registered number: 01012352) |
| Balance Sheet - continued |
| 5th April 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Contract Hover Limited (Registered number: 01012352) |
| Notes to the Financial Statements |
| for the year ended 5th April 2025 |
| 1. | STATUTORY INFORMATION |
| Contract Hover Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Turnover |
| Turnover represents sales of farm produce and associated income, net of VAT and trade discounts. |
| Turnover is recognised when the economic risks and rewards pass to third parties, usually on the dispatch of goods. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation |
| Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives. |
| The annual rates used are as follows: |
| Long leasehold | Over lease term |
| Improvements to property | 5% on cost |
| Plant and machinery | 10 - 20% on cost |
| Stocks |
| Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses. |
| Contract Hover Limited (Registered number: 01012352) |
| Notes to the Financial Statements - continued |
| for the year ended 5th April 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Current & deferred tax |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
| Debtors and creditors receivable/ payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Provisions |
| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
| Government grants |
| The company receives government grants in respect of the Basic Payment Scheme, Countryside Stewardship Scheme and Sustainable Farming Incentive under the Common Agricultural Policy. The Basic Payment Scheme is being gradually phased out with payments stopping by the end of the scheme in 2027. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model. |
| Government grants received in respect of fixed assets are released to the profit and loss account in equal annual amounts over the estimated useful economic lives of the specific asset they relate to. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Contract Hover Limited (Registered number: 01012352) |
| Notes to the Financial Statements - continued |
| for the year ended 5th April 2025 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 6th April 2024 |
| Disposals | ( |
) |
| At 5th April 2025 |
| AMORTISATION |
| At 6th April 2024 |
| Eliminated on disposal | ( |
) |
| At 5th April 2025 |
| NET BOOK VALUE |
| At 5th April 2025 |
| At 5th April 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Long | to | Plant and |
| leasehold | property | machinery | Totals |
| £ | £ | £ | £ |
| COST |
| At 6th April 2024 |
| and 5th April 2025 |
| DEPRECIATION |
| At 6th April 2024 |
| Charge for year |
| At 5th April 2025 |
| NET BOOK VALUE |
| At 5th April 2025 |
| At 5th April 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Tax |
| VAT |
| Prepayments and accrued income |
| Contract Hover Limited (Registered number: 01012352) |
| Notes to the Financial Statements - continued |
| for the year ended 5th April 2025 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Other debtors include a secured loan of £90,000 (2024 £90,000) Repayable within a period of 15 years by annual instalments in amounts notified by the lender. Interest is chargeable at the rate of 0.5% over the base rate of Barclays Bank plc. |
| 7. | CURRENT ASSET INVESTMENTS |
| 2025 | 2024 |
| £ | £ |
| Unlisted investments | 1 | 1 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Other creditors |
| Accruals and deferred income |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | RELATED PARTY DISCLOSURES |
| Key management personnel of the entity |
| 2025 | 2024 |
| £ | £ |
| Directors' remuneration and other benefits | 6,500 | 9,100 |
| Entities with control, joint control or significant influence over the entity |
| 2025 | 2024 |
| £ | £ |
| Amounts owed to related party | 64,517 | 66,940 |