Leaze Farm Ltd

(Registration number: 08665867)
Balance Sheet as at 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 provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 December 2025 and signed on its behalf by:
 

Mrs C E Stevens Director

A M Stevens Director

Leaze Farm Ltd

Notes to the Unaudited Financial Statements for the 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:
39-40 High Street
Taunton
Somerset
TA1 3PN

These financial statements were authorised for issue by the Board on 24 December 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 presentational currency is £ Sterling.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

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.

Leaze Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 of tangible assets

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	0%
Plant and machinery	15% reducing balance
Motor vehicles and tractors	15% reducing balance

Biological non current assets
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise the dairy herd.

Depreciation of biological non current assets
Depreciation is charged so as to write off the cost of assets, less their estimated selling price less costs to sale, over their useful economic life as follows:

Leaze Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Asset class	Depreciation method and rate
Dairy herd	Depreciated to cull value over useful life of 5 years on straight line basis

Biological current assets
Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise beef youngstock.

Stocks

Stocks comprising agricultural produce (ie crops in store) and deadstock such as feed, seed, fertiliser and sprays are stated at the lower of cost and estimated selling price, less costs to complete and sell. Agricultural produce (ie crops in store) harvested from biological assets are measured at the point of harvest.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leaze Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Security is provided by way of the assets themselves.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2024 - 5).

Leaze Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Land and buildings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	169,420	239,890	228,799	638,109
Additions	11,721	16,953	-	28,674
At 31 March 2025	181,141	256,843	228,799	666,783
Depreciation
At 1 April 2024	-	153,609	77,577	231,186
Charge for the year	-	15,490	22,682	38,172
At 31 March 2025	-	169,099	100,259	269,358
Carrying amount
At 31 March 2025	181,141	87,744	128,540	397,425
At 31 March 2024	169,420	86,281	151,222	406,923

Included within the net book value of land and buildings above is £181,141 (2024 - £169,420) in respect of freehold land and buildings.
 

Leaze Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5	Non current biological assets

	Dairy herd £	Total £
Cost or valuation
At 1 April 2024	439,091	439,091
Disposals	(2,686)	(2,686)
At 31 March 2025	436,405	436,405
Depreciation
At 1 April 2024	90,918	90,918
Eliminated on disposal	(556)	(556)
At 31 March 2025	90,362	90,362
Carrying amount
At 31 March 2025	346,043	346,043
At 31 March 2024	348,173	348,173

6	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 April 2024	351,765	351,765
At 31 March 2025	351,765	351,765
Carrying amount
At 31 March 2025	351,765	351,765

Leaze Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7	Current biological assets

	Beef youngstock £	Total £
Cost or valuation
Additions	96,840	96,840
At 31 March 2025	96,840	96,840
Depreciation
Carrying amount
At 31 March 2025	96,840	96,840
At 31 March 2024	79,560	79,560

8

Stocks

	2025 £	2024 £
Other inventories	3,500	3,500

9

Debtors

Current	Note	2025 £	2024 £
Trade debtors		-	69,211
Amounts owed by related parties		20,800	10,900
Other debtors		529,148	464,154
		549,948	544,265

Leaze Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

10

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	11	20,000	80,000
Trade creditors		17,212	79,165
Accruals and deferred income		6,080	6,281
Corporation tax		129,467	21,465
Taxation and social security		4,223	29,628
Other creditors		359,548	426,861
		536,530	643,400