H.T.Smith(Farms)Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00504062 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

H.T.Smith(Farms)Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J M Wootton

F J M Wootton

F T M Wootton

REGISTERED OFFICE:

Broadfields Farm

Dunmow Road

Rayne

Braintree

Essex

CM77 6SA

REGISTERED NUMBER:

00504062 (England and Wales)

ACCOUNTANTS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Tangible assets

4

3,596,276

3,554,606

Investment property

5

2,574,000

6,170,276

6,128,606

CURRENT ASSETS

Stocks

37,537

40,422

Debtors

6

46,519

97,298

Cash at bank

44,662

134,799

128,718

272,519

CREDITORS

Amounts falling due within one year

7

104,083

164,372

NET CURRENT ASSETS

24,635

108,147

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,194,911

6,236,753

PROVISIONS FOR LIABILITIES

1,152,484

1,159,175

NET ASSETS

5,042,427

5,077,578

CAPITAL AND RESERVES

Called up share

9

2,999

Non distributable reserves

10

1,620,308

1,666,719

Capital redemption reserve

10

2,001

Revaluation reserve

10

2,444,624

Retained earnings

10

972,495

961,235

SHAREHOLDERS' FUNDS

5,042,427

5,077,578

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

J M Wootton - Director

1.	STATUTORY INFORMATION

H.T.Smith(Farms)Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The sales of crops sold through the Camgrain pool are recognised in full during the year.

Income from Basic Payment Scheme entitlements is recognised as income of the accounting period in which all eligibility criteria for the season in question are met. The land must be eligible for subsidy for the entire calendar year, hence the income is not recognised until 31 December. From 2024, BPS payments are being replaced by delinked payments for which there are no eligibility criteria; delinked payments are treated as income support payments and recognised in the profit or loss in the period in which they are receivable.

Rental income is recognised on an accruals basis and rents received in advance are recorded as deferred income and included as part of creditors due within one year. Rents received in arrears are recognised as accrued income and included as part of debtors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Improvements to property

Various

Plant and machinery

25% reducing balance, 15% reducing balance and 8 years straight line

Motor vehicles

25% reducing balance

The directors have adopted a policy of revaluation for freehold property. Freehold property is carried at its latest revaluation amount less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

COST OR VALUATION

At 1 April 2024

3,523,000

92,999

14,500

3,630,499

Additions

11,768

41,999

-

53,767

Disposals

-

(5,574

)

-

(5,574

)

At 31 March 2025

3,534,768

129,424

14,500

3,678,692

DEPRECIATION

At 1 April 2024

-

61,439

14,454

75,893

Charge for year

-

9,681

12

9,693

Eliminated on disposal

-

(3,170

)

-

(3,170

)

At 31 March 2025

-

67,950

14,466

82,416

NET BOOK VALUE

At 31 March 2025

3,534,768

61,474

34

3,596,276

At 31 March 2024

3,523,000

31,560

46

3,554,606

Cost or valuation at 31 March 2025 is represented by:

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

Valuation in 2017

2,400,830

-

2,400,830

Valuation in 2019

4,109,644

-

4,109,644

Valuation in 2020

(2,952,000

)

-

(2,952,000

)

Valuation in 2023

(308,242

)

-

(308,242

)

Valuation in 2024

(22,092

)

-

(22,092

)

Cost

306,628

129,424

14,500

450,552

3,534,768

129,424

14,500

3,678,692

Freehold land and buildings were valued on an open market basis on 31 March 2025 by John Wootton - director (FRICS, FAAV) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

2,574,000

Additions

65,994

Disposals

(5,400

)

Revaluations

(60,594

)

At 31 March 2025

2,574,000

NET BOOK VALUE

At 31 March 2025

2,574,000

At 31 March 2024

2,574,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2017

1,434,231

Valuation in 2019

(16,000

)

Valuation in 2023

865,000

Valuation in 2024

(248,493

)

Valuation in 2025

(60,594

)

Cost

599,856

2,574,000

Investment property was valued on an open market basis on 31 March 2025 by John Wootton - director (FRICS, FAAV) .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade debtors

8,560

51,194

Other debtors

34,835

34,098

VAT

2,442

-

Prepayments and accrued income

682

12,006

46,519

97,298

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Bank loans and overdrafts

73,268

101,606

Trade creditors

(1,241

)

1,339

Tax

3,766

21,545

Social security and other taxes

2,735

1,130

VAT

-

7,778

Other creditors

18,749

14,294

Directors' loan accounts

6

Accruals & deferred income

6,800

16,674

104,083

164,372

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

Bank overdrafts

73,268

101,606

The bank overdrafts are secured by fixed and floating charges over the assets of the company.

9.	CALLED UP SHARE

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

898

Ordinary A

£1

898

2,101

Ordinary B

£1

2,101

2,999

10.

RESERVES

Non

Capital

Retained

distributable

redemption

Revaluation

earnings

reserves

reserve

Totals

£

At 1 April 2024

961,235

1,666,719

2,001

2,444,624

5,074,579

Deficit for the year

(5,151

)

(5,151

)

Dividends

(30,000

)

(30,000

)

Transfer

46,411

(46,411

)

-

At 31 March 2025

972,495

1,620,308

2,001

2,444,624

5,039,428

Non distributable reserves represent the net value of investment property valuations at 31 March 2025 of £1,974,144 less the related deferred tax liability of £353,836. Revaluation gains and losses, net of deferred tax, in relation to investment properties are recognised in the profit and loss account in the year of valuation and allocated to non distributable reserves by way of a transfer from distributable reserves.

The revaluation reserve represents the net value of freehold property valuations at 31 March 2025 of £3,228,140 less the related deferred tax liability of £783,516. Revaluation gains, net of deferred tax, in relation to freehold property are allocated direct to the revaluation reserve, however the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. Revaluation losses are allocated allocated against the revaluation reserve to the extent of any previously recognised revaluation gain. If a revaluation decrease exceeds the revaluation gains in the revaluation reserve, the excess is recognised in profit or loss.