Herring Farms Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12148408

Herring Farms Limited

Filleted Unaudited Financial Statements

For the year ended

31 January 2025

Herring Farms Limited

Statement of Financial Position

31 January 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	5	7,606	11,409
Tangible assets	6	6,778,944	6,548,486
		-------------	-------------
		6,786,550	6,559,895

Current assets

Stocks		172,403	134,238
Debtors	7	156,540	116,064
Cash at bank and in hand		45,745	63,973
		----------	----------
		374,688	314,275

Creditors: amounts falling due within one year	8	7,436,232		7,170,151
		-------------		-------------
Net current liabilities			7,061,544		6,855,876
			-------------		-------------
Total assets less current liabilities			( 274,994)		( 295,981)
			----------		----------
Net liabilities			( 274,994)		( 295,981)
			----------		----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 275,094)	( 296,081)
	----------	----------
Shareholders deficit	( 274,994)	( 295,981)
	----------	----------

These 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 statement of income and retained earnings has not been delivered.

For the year ending 31 January 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 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 financial statements .

Herring Farms Limited

Statement of Financial Position (continued)

31 January 2025

These 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:

S D Herring
Director

Company registration number: 12148408

Herring Farms Limited

Notes to the Financial Statements

Year ended 31 January 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 Highfield Farm, Otby Lane, Walesby, Market Rasen, Lincolnshire, LN8 3UU.

2. Statement of compliance

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

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

The balance sheet at 31 January 2025 shows that liabilities exceeded assets by £270,429. Current liabilities includes a loan from a director totalling over £6.6million. The company relies on the continued support of the director to enable it to continue normal trading activities, which the director confirms will be made available for the foreseeable future. The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.

(c) 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.

(d) Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered 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.

(e) Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

(f) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Entitlement	-	7 years staight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(g) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(h) 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:

Freehold property	-	2% straight line
Plant and machinery	-	15 - 20% reducing balance
Motor vehicles	-	20% reducing balance
Office equipment	-	15% reducing balance

Land is not depreciated.

(i) 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.

(j) 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. Stocks of unsold farm produce on hand at the year end date are valued using the industry standard valuation method set out in H M Revenue & Customs help sheet IR232.

(k) Financial instruments

Financial instruments are classified and accounted for, according to the substance of contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

(l) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2024: 2 ).

5. Intangible assets

	Entitlements
	£
Cost
At 1 February 2024 and 31 January 2025	26,621
	--------
Amortisation
At 1 February 2024	15,212
Charge for the year	3,803
	--------
At 31 January 2025	19,015
	--------
Carrying amount
At 31 January 2025	7,606
	--------
At 31 January 2024	11,409
	--------

6. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost
At 1 February 2024	6,296,991	419,989	13,536	1,048	6,731,564
Additions	258,122	21,912	–	–	280,034
	-------------	----------	--------	-------	-------------
At 31 January 2025	6,555,113	441,901	13,536	1,048	7,011,598
	-------------	----------	--------	-------	-------------
Depreciation
At 1 February 2024	13,669	161,303	7,992	114	183,078
Charge for the year	4,204	44,162	1,109	101	49,576
	-------------	----------	--------	-------	-------------
At 31 January 2025	17,873	205,465	9,101	215	232,654
	-------------	----------	--------	-------	-------------
Carrying amount
At 31 January 2025	6,537,240	236,436	4,435	833	6,778,944
	-------------	----------	--------	-------	-------------
At 31 January 2024	6,283,322	258,686	5,544	934	6,548,486
	-------------	----------	--------	-------	-------------

7. Debtors

	2025	2024
	£	£
Trade debtors	80,501	59,318
Other debtors	76,039	56,746
	----------	----------
	156,540	116,064
	----------	----------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	89,933	6,684
Accruals and deferred income	26,786	3,560
Social security and other taxes	2,407	10,554
Director loan accounts	6,601,354	6,433,380
Other creditors	715,752	715,973
	-------------	-------------
	7,436,232	7,170,151
	-------------	-------------

9. Related party transactions

During the period a director made a loan to the company. No interest was charged on the loan during the period and the loan is repayable on demand . As at 31 January 2025 the balance owed to the director totalled £ 6,601,354 (2024 - £ 6,433,380 ).