Company registration number 04455841 (England and Wales)
HOME FARM (NACTON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
HOME FARM (NACTON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
HOME FARM (NACTON) LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
786
Tangible assets
4
4,898,667
4,713,912
Investment properties
5
575,000
575,000
Investments
6
100
100
5,473,767
5,289,798
Current assets
Stocks
2,161,966
2,473,560
Debtors
7
1,751,196
1,399,900
Cash at bank and in hand
2,773,681
2,102,615
6,686,843
5,976,075
Creditors: amounts falling due within one year
8
(1,786,803)
(1,668,287)
Net current assets
4,900,040
4,307,788
Total assets less current liabilities
10,373,807
9,597,586
Creditors: amounts falling due after more than one year
9
(91,440)
(148,487)
Provisions for liabilities
(1,113,756)
(1,015,148)
Net assets
9,168,611
8,433,951
Capital and reserves
Called up share capital
1,152,000
1,152,000
Share premium account
60,000
60,000
Revaluation reserve
216,776
216,776
Profit and loss reserves
7,739,835
7,005,175
Total equity
9,168,611
8,433,951

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

HOME FARM (NACTON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2025
31 May 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 December 2025 and are signed on its behalf by:
Mr N Bence-Jones
Director
Company Registration No. 04455841
HOME FARM (NACTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information

Home Farm (Nacton) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A, Camilla Court The Street, Nacton, Ipswich, IP10 0EU. The company's registration number is 04455841.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the total amounts receivable for crops and services supplied in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of crops is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised in line with the contracting agreements.

Rent receivable is recognised on an accruals basis in line with the rental agreements in place.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Water licences
8 years straight line
FBT
7 years straight line
HOME FARM (NACTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Capital improvements
10% reducing balance
Implements and tractors
15% to 25% reducing balance
Motor vehicles
25% reducing balance
Irrigation and ditching
10% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

HOME FARM (NACTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

HOME FARM (NACTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 6 -
1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted provided that the fair value of the share based payments are material and that there is significant likelihood that the shares will vest within 1 year.

HOME FARM (NACTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 7 -
1.15
Leases

Leases are classified as finance leases/hire purchase agreements whenever the terms of the lease/hire purchase agreement transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases/hire purchase agreements are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease/hire purchase obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

1.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17

Basic payment scheme

The basic payment scheme is a subsidy payment based on farmed land held at 15 May for the relevant calendar year. It is recognised once a claim has been submitted for the relevant land and is recognised in the financial statements on an accruals basis.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
38
45
HOME FARM (NACTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
3
Intangible fixed assets
Water licences
FBT
Total
£
£
£
Cost
At 1 June 2024 and 31 May 2025
64,851
15,800
80,651
Amortisation and impairment
At 1 June 2024
64,851
15,014
79,865
Amortisation charged for the year
-
0
786
786
At 31 May 2025
64,851
15,800
80,651
Carrying amount
At 31 May 2025
-
0
-
0
-
0
At 31 May 2024
-
0
786
786

The FBT (Farm Business Tenancy) intangible asset specified above is the Stamp Duty Tax attributable on the renewal of the FBT

HOME FARM (NACTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 9 -
4
Tangible fixed assets
Capital improvements
Implements and tractors
Motor vehicles
Irrigation and ditching
Total
£
£
£
£
£
Cost
At 1 June 2024
3,822,597
7,312,968
233,377
530,383
11,899,325
Additions
-
0
923,860
104,301
64,314
1,092,475
Disposals
-
0
(50,899)
-
0
-
0
(50,899)
At 31 May 2025
3,822,597
8,185,929
337,678
594,697
12,940,901
Depreciation and impairment
At 1 June 2024
2,576,089
4,279,487
93,164
236,673
7,185,413
Depreciation charged in the year
128,579
681,651
53,930
35,400
899,560
Eliminated in respect of disposals
-
0
(42,739)
-
0
-
0
(42,739)
At 31 May 2025
2,704,668
4,918,399
147,094
272,073
8,042,234
Carrying amount
At 31 May 2025
1,117,929
3,267,530
190,584
322,624
4,898,667
At 31 May 2024
1,246,508
3,033,481
140,213
293,710
4,713,912
5
Investment property
2025
£
Fair value
At 1 June 2024 and 31 May 2025
575,000

Investment property comprises the Bacton Surgery. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 17 November 2020 by Savills plc, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors believe this to still be a fair reflection of the value of the property at the balance sheet date.

6
Fixed asset investments
2025
2024
£
£
Investments
100
100
HOME FARM (NACTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
6
Fixed asset investments
(Continued)
- 10 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 June 2024 & 31 May 2025
100
Carrying amount
At 31 May 2025
100
At 31 May 2024
100
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,164,580
806,564
Corporation tax recoverable
-
0
9,956
Amounts owed by group undertakings and undertakings in which the company has a participating interest
181,510
284,104
Other debtors
312,225
201,036
1,658,315
1,301,660
Amounts falling due after more than one year:
2025
2024
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
92,881
98,240
Total debtors
1,751,196
1,399,900
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
730,597
713,691
Corporation tax
31,384
-
0
Other taxation and social security
38,180
32,986
Other creditors
986,642
921,610
1,786,803
1,668,287
HOME FARM (NACTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
8
Creditors: amounts falling due within one year
(Continued)
- 11 -

Included in other creditors above is a balance of £208,556 (2024: £269,738) relating to HP liabilities which are secured over the assets to which the agreements relate.

9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
91,440
148,487

Included in other creditors above is a balance of £81,440 (2024: £133,487) relating to HP liabilities which are secured over the assets to which the agreements relate.

10
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
182,629
590,939
11
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
59,150
-
0
12
Related party transactions

Mr N Bence-Jones (Director) has given a personal guarantee of £150,000 on the company's bank overdraft facility.

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