Farm Developments Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Farm Developments Limited

Company Information

Directors

R G Jeffery H C Scott M A Kirby C W Jeffery

Company secretary

H C Scott

Registered office

Cofton Farm Starcross Dawlish Devon EX6 8RP

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Farm Developments Limited

Balance Sheet

31 March 2025

	Note	2025 £	(As restated) 2024 £
Fixed assets
Tangible assets	4	169,452	173,039
Investments	5	4	4
		169,456	173,043
Current assets
Work in progress		3,584,267	3,388,854
Debtors	6	74,831	101,507
Cash at bank and in hand		296,200	463,478
		3,955,298	3,953,839
Creditors: Amounts falling due within one year	7	(2,112,799)	(2,126,639)
Net current assets		1,842,499	1,827,200
Net assets		2,011,955	2,000,243
Capital and reserves
Called up share capital	8	1,404	1,404
Profit and loss account		2,010,551	1,998,839
Shareholders' funds		2,011,955	2,000,243

Farm Developments Limited

Balance Sheet

31 March 2025

For the financial 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.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 December 2025 and signed on its behalf by:
 

......................................... M A Kirby Director

Company Registration Number: 04658271

Farm Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Cofton Farm
Starcross
Dawlish
Devon
EX6 8RP

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.

Group accounts not prepared

The financial statements contain information about Farm Developments Limited as an individual company and do not contain consolidated financial statements information as the parent of a group. The company has taken the option under section 398 of the Companies Act 2006 not to prepare consolidated financial statements, as the company is the parent of a small group.

Going concern

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Property sales are measured at the fair value of consideration receivable and are recognised when exchange of contracts becomes unconditional.

Farm Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

Tax

Tax is recognised in profit or loss, 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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	50 years straight line

Investments

Investments in subsidiaries are shown at cost.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Farm Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

Farm Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 April 2024	179,315	179,315
At 31 March 2025	179,315	179,315
Depreciation
At 1 April 2024	6,276	6,276
Charge for the year	3,587	3,587
At 31 March 2025	9,863	9,863
Carrying amount
At 31 March 2025	169,452	169,452
At 31 March 2024	173,039	173,039

Included within the net book value of land and buildings above is £169,452 (2024 - £173,039) in respect of freehold land and buildings.
 

5	Investments

	2025 £	2024 £
Investments in subsidiaries	4	4