ASP Farming Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05090529

ASP Farming Limited

Filleted Unaudited Abridged Financial Statements

31 March 2025

ASP Farming Limited

Abridged Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed Assets

Tangible assets	5		925,196	1,029,101

Current Assets

Stocks	113,293	120,186
Debtors	200,444	235,932
	---------	---------
	313,737	356,118

Creditors: amounts falling due within one year	446,755		434,841
	---------		---------
Net Current Liabilities		133,018	78,723
		---------	------------
Total Assets Less Current Liabilities		792,178	950,378

Creditors: amounts falling due after more than one year		139,442	250,238

Provisions

Taxation including deferred tax	192,003	197,085
	---------	---------
Net Assets	460,733	503,055
	---------	---------

Capital and Reserves

Called up share capital	202	202
Other reserves	100	100
Profit and loss account	460,431	502,753
	---------	---------
Shareholders Funds	460,733	503,055
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

ASP Farming Limited

Abridged Statement of Financial Position (continued)

31 March 2025

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr C T R Payne
Director

Company registration number: 05090529

ASP Farming Limited

Notes to the Abridged Financial Statements

Year Ended 31 March 2025

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Spinney Lodge Farm, Hanslope, Milton Keynes, Buckinghamshire, MK19 7DE.

2. Statement of Compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and Key Sources of Estimation Uncertainty

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. In the view of the directors in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land & Buildings	-	10% reducing balance
Plant & machinery	-	10% reducing balance
Motor vehicles	-	10% reducing balance
Equipment	-	33% straight line

Impairment of Fixed Assets

A review for indicators of impairment 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance Leases and Hire Purchase Contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position 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.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 4 (2024: 4 ).

5. Tangible Assets

	£
Cost
At 1 April 2024 and 31 March 2025	1,363,628
	------------
Depreciation
At 1 April 2024	334,527
Charge for the year	103,905
	------------
At 31 March 2025	438,432
	------------
Carrying amount
At 31 March 2025	925,196
	------------
At 31 March 2024	1,029,101
	------------

6. Charges on Assets

Creditors falling due within one year include a bank overdraft balance of £205,930 (2024: £194,761) which is secured by way of a fixed and floating charge over all of the company's assets.

The company also has total HP liabilities of £209,590 (2024: £321,501), of which £125,128 (2024: £210,111) fall due after more than one year, and are secured on the assets to which they relate.

7. Director's Advances, Credits and Guarantees

Debtors include an amount of £23,502 (2024: £20,875) due from the director at the year end and has since been repaid.

8. Related Party Transactions

The company is under the control of the director and majority shareholder, Mr C T R Payne . No transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.