Company No: 04613100 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	10,369,783		9,305,466
		10,369,783		9,305,466
Current assets
Stocks	4	474,669		122,310
Debtors	5	839,148		1,081,750
Cash at bank and in hand	6	1,629,081		453,666
		2,942,898		1,657,726
Creditors: amounts falling due within one year	7	( 5,318,855)		( 3,915,297)
Net current liabilities		(2,375,957)		(2,257,571)
Total assets less current liabilities		7,993,826		7,047,895
Creditors: amounts falling due after more than one year	8	( 533,548)		( 518,912)
Provision for liabilities		( 1,077,310)		( 874,688)
Net assets		6,382,968		5,654,295
Capital and reserves
Called-up share capital		100		100
Profit and loss account		6,382,868		5,654,195
Total shareholders' funds		6,382,968		5,654,295

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.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Martin Haskett Agricultural Contractors Limited (registered number: 04613100) were approved and authorised for issue by the Director on 24 December 2025. They were signed on its behalf by:

Mr M H Haskett Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Martin Haskett Agricultural Contractors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of
services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates
and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Land and buildings	20 years straight line
	not depreciated
Plant and machinery	10 % reducing balance
Vehicles	25 % reducing balance
Office equipment	15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	7		7

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	789,012		9,894,797		193,225		5,133		10,882,167
Additions	0		5,830,003		130,403		0		5,960,406
Disposals	0		( 4,547,640)		( 135,401)		0		( 4,683,041)
At 31 March 2025	789,012		11,177,160		188,227		5,133		12,159,532
Accumulated depreciation
At 01 April 2024	154,285		1,355,832		62,191		4,393		1,576,701
Charge for the financial year	17,584		631,977		16,255		185		666,001
Disposals	0		( 440,540)		( 12,413)		0		( 452,953)
At 31 March 2025	171,869		1,547,269		66,033		4,578		1,789,749
Net book value
At 31 March 2025	617,143		9,629,891		122,194		555		10,369,783
At 31 March 2024	634,727		8,538,965		131,034		740		9,305,466

4. Stocks

	2025		2024
	£		£
Stocks	474,669		122,310

5. Debtors

	2025		2024
	£		£
Trade debtors	736,954		980,713
VAT recoverable	101,194		101,037
Other debtors	1,000		0
	839,148		1,081,750

6. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	1,629,081		453,666

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,476		9,229
Trade creditors	3,042,416		2,389,397
Taxation and social security	10,236		61,556
Obligations under finance leases and hire purchase contracts	1,383,281		675,599
Other creditors	872,446		779,516
	5,318,855		3,915,297

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	24,224		35,323
Obligations under finance leases and hire purchase contracts	509,324		483,589
	533,548		518,912

The loan liabilities disclosed under creditors are secured against specific assets held by the company.
The HP liabilities disclosed under creditors are secured against the assets to which they relate.

9. Related party transactions

Other related party transactions

Included within other creditors is a loan from an associated company of £132,729 (2024 - £186,169 in other debtors LY). The loan is interest free and repayable on demand.

Included within other borrowings is a loan from a related party of £254,353 (2024 - £257,147). Interest is charged at the commercial rate.

The company's immediate parent is Grove Farm Holdings Limited, incorporated in England and Wales.