Garthorpe Farming Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00581479 (England and Wales)

GARTHORPE FARMING COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr W Bradwell

Mrs S J Bradwell

SECRETARY:

Mrs S J Bradwell

REGISTERED OFFICE:

College Farm

Garthorpe

Scunthorpe

North Lincolnshire

DN17 4RX

REGISTERED NUMBER:

00581479 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

14 London Road

Newark

Nottinghamshire

NG24 1TW

FIXED ASSETS

Intangible assets

4

-

3,270

Property, plant and equipment

5

2,384,134

2,349,915

Investments

6

214,015

Investment property

7

1,444,785

4,042,934

4,011,985

CURRENT ASSETS

Inventories

173,465

266,727

Debtors

8

266,473

123,273

Cash at bank and in hand

190,635

191,771

630,573

581,771

CREDITORS

Amounts falling due within one year

9

814,678

918,235

NET CURRENT LIABILITIES

(184,105

)

(336,464

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,858,829

3,675,521

CREDITORS

Amounts falling due after more than one year

10

(470,184

)

(405,528

)

PROVISIONS FOR LIABILITIES

(247,771

)

(232,311

)

NET ASSETS

3,140,874

3,037,682

CAPITAL AND RESERVES

Called up share capital

12

1,500

Fair value reserve

13

271,892

Retained earnings

2,867,482

2,764,290

SHAREHOLDERS' FUNDS

3,140,874

3,037,682

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2025 and were signed on its behalf by:

Mr W Bradwell - Director

1.	STATUTORY INFORMATION

Garthorpe Farming Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is the value of sales of deadstock and grants receivable during the year exclusive of value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

5% on cost, 1% on cost and Land - Not depreciated

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance, 15% on reducing balance and 10% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Inventories

Inventories consists of deadstock and tenantright. The valuation of tenantright is based on the cost of materials and labour to 5 April 2025 applied on the crops to be harvested in 2025. Deadstock is valued at the cost of production which represents the lower of cost and net realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 6 April 2024

5,449

Disposals

(5,449

)

At 5 April 2025

-

AMORTISATION

At 6 April 2024

2,179

Eliminated on disposal

(2,179

)

At 5 April 2025

-

NET BOOK VALUE

At 5 April 2025

-

At 5 April 2024

3,270

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 6 April 2024

2,098,194

1,954,140

4,052,334

Additions

-

247,136

Disposals

-

(145,000

)

(145,000

)

At 5 April 2025

2,098,194

2,056,276

4,154,470

DEPRECIATION

At 6 April 2024

409,190

1,293,229

1,702,419

Charge for year

26,693

134,608

161,301

Eliminated on disposal

-

(93,384

)

(93,384

)

At 5 April 2025

435,883

1,334,453

1,770,336

NET BOOK VALUE

At 5 April 2025

1,662,311

721,823

2,384,134

At 5 April 2024

1,689,004

660,911

2,349,915

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 6 April 2024

and 5 April 2025

214,015

NET BOOK VALUE

At 5 April 2025

214,015

At 5 April 2024

214,015

Cost or valuation at 5 April 2025 is represented by:

Other

investments

£

Valuation in 2025

214,015

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2024

and 5 April 2025

1,444,785

NET BOOK VALUE

At 5 April 2025

1,444,785

At 5 April 2024

1,444,785

Fair value at 5 April 2025 is represented by:

£

Valuation in 2024

324,037

Cost

1,120,748

1,444,785

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

231,276

85,993

Other debtors

35,197

37,280

266,473

123,273

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

42,684

157,043

Trade creditors

117,946

46,925

Taxation and social security

35,817

6,300

Other creditors

618,231

707,967

814,678

918,235

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Bank loans

416,236

344,561

Other creditors

53,948

60,967

470,184

405,528

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank loans

458,920

501,604

Bank borrowings are secured on a first legal charge over existing property.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

1,500

Ordinary

£1

1,500

13.

RESERVES

Fair

value

reserve

£

At 6 April 2024

and 5 April 2025

271,892

14.	RELATED PARTY DISCLOSURES

The company farms rent free 311 acres of land owned both jointly or solely by a director.