Acorah Software Products - Accounts Production 19.3.550 false true 30 November 2024 1 December 2023 false 1 December 2024 30 November 2025 30 November 2025 03509543 Mr Jonathan Mason Mr Adrian Phillips Mr Jonathan Mason iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03509543 2024-11-30 03509543 2025-11-30 03509543 2024-12-01 2025-11-30 03509543 frs-core:CurrentFinancialInstruments 2025-11-30 03509543 frs-core:Non-currentFinancialInstruments 2025-11-30 03509543 frs-core:BetweenOneFiveYears 2025-11-30 03509543 frs-core:FurnitureFittings 2025-11-30 03509543 frs-core:FurnitureFittings 2024-12-01 2025-11-30 03509543 frs-core:FurnitureFittings 2024-11-30 03509543 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2025-11-30 03509543 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-12-01 2025-11-30 03509543 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-11-30 03509543 frs-core:MotorVehicles 2025-11-30 03509543 frs-core:MotorVehicles 2024-12-01 2025-11-30 03509543 frs-core:MotorVehicles 2024-11-30 03509543 frs-core:PlantMachinery 2025-11-30 03509543 frs-core:PlantMachinery 2024-12-01 2025-11-30 03509543 frs-core:PlantMachinery 2024-11-30 03509543 frs-core:WithinOneYear 2025-11-30 03509543 frs-core:RevaluationReserve 2024-11-30 03509543 frs-core:RevaluationReserve 2025-11-30 03509543 frs-core:ShareCapital 2025-11-30 03509543 frs-core:RetainedEarningsAccumulatedLosses 2024-12-01 2025-11-30 03509543 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2024-11-30 03509543 frs-core:RetainedEarningsAccumulatedLosses 2025-11-30 03509543 frs-bus:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 03509543 frs-bus:FilletedAccounts 2024-12-01 2025-11-30 03509543 frs-bus:SmallEntities 2024-12-01 2025-11-30 03509543 frs-bus:AuditExempt-NoAccountantsReport 2024-12-01 2025-11-30 03509543 frs-bus:SmallCompaniesRegimeForAccounts 2024-12-01 2025-11-30 03509543 frs-core:UnlistedNon-exchangeTraded 2025-11-30 03509543 frs-core:UnlistedNon-exchangeTraded 2024-11-30 03509543 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-11-30 03509543 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2025-11-30 03509543 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2025-11-30 03509543 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-11-30 03509543 frs-core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2025-11-30 03509543 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2025-11-30 03509543 frs-bus:Director1 2024-12-01 2025-11-30 03509543 frs-bus:Director2 2024-12-01 2025-11-30 03509543 frs-bus:Director2 2024-11-30 03509543 frs-bus:Director2 2025-11-30 03509543 frs-bus:CompanySecretary1 2024-12-01 2025-11-30 03509543 frs-countries:EnglandWales 2024-12-01 2025-11-30 03509543 2023-11-30 03509543 2024-11-30 03509543 2023-12-01 2024-11-30 03509543 frs-core:CurrentFinancialInstruments 2024-11-30 03509543 frs-core:Non-currentFinancialInstruments 2024-11-30 03509543 frs-core:BetweenOneFiveYears 2024-11-30 03509543 frs-core:WithinOneYear 2024-11-30 03509543 frs-core:RevaluationReserve 2024-11-30 03509543 frs-core:ShareCapital 2024-11-30 03509543 frs-core:RetainedEarningsAccumulatedLosses 2024-11-30
Registered number: 03509543
Farmtec Assets Limited
Unaudited Financial Statements
For The Year Ended 30 November 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 03509543
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,144,642 2,192,948
Investment Properties 5 500,000 500,000
Investments 6 10,500 10,500
2,655,142 2,703,448
CURRENT ASSETS
Stocks 7 354,827 159,725
Debtors 8 2,173,615 2,525,627
Cash at bank and in hand 1,672,911 1,317,676
4,201,353 4,003,028
Creditors: Amounts Falling Due Within One Year 9 (1,676,758 ) (1,842,511 )
NET CURRENT ASSETS (LIABILITIES) 2,524,595 2,160,517
TOTAL ASSETS LESS CURRENT LIABILITIES 5,179,737 4,863,965
Creditors: Amounts Falling Due After More Than One Year 10 (1,368,798 ) (1,058,592 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (127,845 ) (140,973 )
NET ASSETS 3,683,094 3,664,400
CAPITAL AND RESERVES
Called up share capital 12 932 640,932
Revaluation reserve 14 1,327,758 1,327,758
Profit and Loss Account 2,354,404 1,695,710
SHAREHOLDERS' FUNDS 3,683,094 3,664,400
Page 1
Page 2
For the year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jonathan Mason
Director
Mr Adrian Phillips
Director
17/07/2026
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Farmtec Assets Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03509543 . The registered office is Gilfach Farm, Cwmbach, Whitland, Carmarthen, SA34 0DN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold None
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2024: 23)
23 23
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 December 2024 1,633,260 961,064 233,223 44,905 2,872,452
Additions - 60,349 163,546 4,269 228,164
Disposals - - (126,450 ) - (126,450 )
Transfers - (26,728 ) 32,968 (6,240 ) -
As at 30 November 2025 1,633,260 994,685 303,287 42,934 2,974,166
Depreciation
As at 1 December 2024 4,205 548,055 112,264 14,980 679,504
Provided during the period - 172,056 62,212 4,166 238,434
Disposals - - (88,414 ) - (88,414 )
Transfers (4,205 ) (37,673 ) 30,588 11,290 -
As at 30 November 2025 - 682,438 116,650 30,436 829,524
Net Book Value
As at 30 November 2025 1,633,260 312,247 186,637 12,498 2,144,642
As at 1 December 2024 1,629,055 413,009 120,959 29,925 2,192,948
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5. Investment Property
2025
£
Fair Value
As at 1 December 2024 and 30 November 2025 500,000
6. Investments
Unlisted
£
Cost or Valuation
As at 1 December 2024 10,500
Additions 4,167
As at 30 November 2025 14,667
Provision
As at 1 December 2024 -
Added in period 4,167
As at 30 November 2025 4,167
Net Book Value
As at 30 November 2025 10,500
As at 1 December 2024 10,500
7. Stocks
2025 2024
£ £
Stock 103,922 116,704
Work in progress 250,905 43,021
354,827 159,725
8. Debtors
2025 2024
£ £
Due within one year
Trade debtors 2,079,686 2,365,480
Amounts owed by group undertakings 4,136 3,634
Other debtors 67,135 156,513
2,150,957 2,525,627
...CONTINUED
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Due after more than one year
Other debtors 22,658 -
2,173,615 2,525,627
9. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 131,194 153,323
Trade creditors 820,394 855,565
Bank loans and overdrafts 102,680 98,991
Other creditors 106,526 197,143
Taxation and social security 515,964 537,489
1,676,758 1,842,511
10. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 306,958 217,642
Bank loans 738,270 840,950
Other creditors 323,570 -
1,368,798 1,058,592
11. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 131,194 153,323
Later than one year and not later than five years 306,958 217,642
438,152 370,965
438,152 370,965
12. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 932 640,932
During the year the 640,000 £1 preference shares were redeemed at a discount. The outstanding balances due of £359,833 are disclosed in other creditors and are repayable over 10 years.
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13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2024 Amounts advanced Amounts repaid Amounts written off As at 30 November 2025
£ £ £ £ £
Mr Adrian Phillips 54,436 12,699 - - 67,135
The above loan is unsecured, interest free and repayable on demand.
14. Reserves
Revaluation reserve Profit and Loss Account
£ £
As at 1 December 2024 1,327,758 1,695,710
Profit for the year and total comprehensive income - 658,694
As at 30 November 2025 1,327,758 2,354,404
15. Related Party Transactions
One of the directors, Mr AH Phillips has entered into a land leasing agreement, between the landowner, Farmtec Assets Ltd and the A&L Phillips Partnership of which he is a partner. In turn, this land is sub-let to a third party.
The amount of rent invoiced by Farmtec Assets Ltd to A&L Phillips Partnership in the year was £27,360, of which £22,800 was outstanding at the year end.
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