Homeacres Farm Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01162430

Homeacres Farm Limited

Filleted Unaudited Financial Statements

For the year ended

31 May 2025

Homeacres Farm Limited

Financial Statements

Year ended 31 May 2025

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Homeacres Farm Limited

Statement of Financial Position

31 May 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	5		2,365,010		2,516,218

Current assets

Debtors	6	–	643
Cash at bank and in hand		91,508	1,485
		--------	-------
		91,508	2,128

Creditors: amounts falling due within one year	7	62,919		37,158
		--------		--------
Net current assets/(liabilities)			28,589		( 35,030)
			-------------		-------------
Total assets less current liabilities			2,393,599		2,481,188

Provisions

Taxation including deferred tax	98,996	95,152
	-------------	-------------
Net assets	2,294,603	2,386,036
	-------------	-------------

Capital and reserves

Called up share capital	12,000	12,000
Revaluation reserve	266,581	266,581
Profit and loss account	2,016,022	2,107,455
	-------------	-------------
Shareholders funds	2,294,603	2,386,036
	-------------	-------------

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 May 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 financial statements for the year in question in accordance with section 476 ;

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

Homeacres Farm Limited

Statement of Financial Position (continued)

31 May 2025

These financial statements were approved by the board of directors and authorised for issue on 29 April 2026 , and are signed on behalf of the board by:

T S Nothard	K D Northard
Director	Director

Company registration number: 01162430

Homeacres Farm Limited

Notes to the Financial Statements

Year ended 31 May 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the the registered office is The Granary, Homeacres Farm, Luddington Road, Garthorpe, Scunthorpe, DN17 4RU, North Lincolnshire.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, '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 as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

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

Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreement.

(d) Current & deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

(e) Tangible assets

Land and buildings and plant and machinery are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment properties are recorded at market value.

(f) 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	-	0%
Plant & Equipment	-	15%
Fixtures & Fittings	-	10%

No depreciation is provided on freehold land or on investment properties.

(g) Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the profit and loss.

(h) 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.

(i) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(j) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, 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.

4. Employee numbers

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

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 June 2024	2,453,984	193,017	4,183	2,651,184
Disposals	( 140,000)	–	–	( 140,000)
	-------------	----------	-------	-------------
At 31 May 2025	2,313,984	193,017	4,183	2,511,184
	-------------	----------	-------	-------------
Depreciation
At 1 June 2024	30,391	102,179	2,396	134,966
Charge for the year	–	11,030	178	11,208
	-------------	----------	-------	-------------
At 31 May 2025	30,391	113,209	2,574	146,174
	-------------	----------	-------	-------------
Carrying amount
At 31 May 2025	2,283,593	79,808	1,609	2,365,010
	-------------	----------	-------	-------------
At 31 May 2024	2,423,593	90,838	1,787	2,516,218
	-------------	----------	-------	-------------

Investment properties have been valued by the director who has experience in the location and category of the investment property being valued.

6. Debtors

	2025	2024
	£	£
Other debtors	–	643
	----	----

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	11,312	17,630
Corporation tax	14,218	10,509
Social security and other taxes	860	–
Director loan accounts	15,908	6,593
Other creditors	20,621	2,426
	--------	--------
	62,919	37,158
	--------	--------

8. Related party transactions

During the year the d irectors received loans from the company. The Maximum loan to the directors was £55,477. At the year end date the Directors were owed £ 15,909 (2024:£6,594) on a directors loan account.