REGISTERED NUMBER: 01718710 (England and Wales)

M. FARNSWORTH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr R. G. A. Barber

REGISTERED OFFICE:

Gibracks Farm

Moor Hall Lane

Danbury

Essex

CM3 4ER

REGISTERED NUMBER:

01718710 (England and Wales)

FIXED ASSETS

Intangible assets

4

54,083

-

Property, plant and equipment

5

9,259,408

6,090,590

Investment property

6

500,000

500,000

9,813,491

6,590,590

CURRENT ASSETS

Stocks

55,140

69,920

Debtors

7

87,845

56,124

142,985

126,044

CREDITORS

Amounts falling due within one year

8

(6,716,162

)

(3,374,507

)

NET CURRENT LIABILITIES

(6,573,177

)

(3,248,463

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,240,314

3,342,127

CREDITORS

Amounts falling due after more than one year

9

(1,436,393

)

(1,455,481

)

PROVISIONS FOR LIABILITIES

(30,031

)

(49,373

)

NET ASSETS

1,773,890

1,837,273

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Fair value reserve

11

216,300

216,300

Retained earnings

11

1,527,590

1,590,973

SHAREHOLDERS' FUNDS

1,773,890

1,837,273

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 24 November 2025 and were signed by:

Mr R. G. A. Barber - Director

1.	STATUTORY INFORMATION

M. Farnsworth 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 (£), rounded to the nearest Pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

The turnover shown in the income statement is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

Goodwill

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.

Goodwill is being amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets

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

Freehold property - 2% on cost

Plant and machinery - 12.5% on cost

Motor vehicles - 20% on cost

Land and mixed used property is not depreciated.

Investment properties

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The net of tax amount is transferred to a fair value reserve.

Stocks

Stocks are valued by the director at the lower of cost and net realisable value.

Financial instruments

Basic financial instruments are recognised at amortised cost.

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 balance sheet date.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

55,000

At 31 January 2025

55,000

AMORTISATION

Charge for year

917

At 31 January 2025

917

NET BOOK VALUE

At 31 January 2025

54,083

5.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 February 2024

6,187,674

143,264

42,053

6,372,991

Additions

3,073,384

115,000

-

3,188,384

At 31 January 2025

9,261,058

258,264

42,053

9,561,375

DEPRECIATION

At 1 February 2024

117,778

143,264

21,359

282,401

Charge for year

10,156

2,500

6,910

19,566

At 31 January 2025

127,934

145,764

28,269

301,967

NET BOOK VALUE

At 31 January 2025

9,133,124

112,500

13,784

9,259,408

At 31 January 2024

6,069,896

-

20,694

6,090,590

Included within the cost of the Freehold Property is an amount of £2,315,920 (2024: £2,315,920) in respect of non-depreciable land. Also included within the cost of Freehold Property are three Mixed Use properties and as the cost of the buildings have not been separately identified, they have therefore been treated as non-depreciable.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2024

and 31 January 2025

500,000

NET BOOK VALUE

At 31 January 2025

500,000

At 31 January 2024

500,000

The investment property was valued by the director at his estimate of market value as at 31st January 2025. The original cost of the property was £225,801.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

22,186

1,695

Other debtors

21,062

14,472

Amounts due from related undertakings

34,229

34,229

Prepayments and accrued income

10,368

5,728

87,845

56,124

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

55,621

39,029

Trade creditors

83,080

73,164

Other tax and social security

968

402

Amounts due to related undertakings

6,555,464

3,239,980

Other creditors

5,416

5,542

Accruals and deferred income

15,613

16,390

6,716,162

3,374,507

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

1,436,393

1,455,481

Bank loans include amounts payable after more than 5 years other than by instalments of £906,250 (2024: £906,250).

Bank loans also include amounts payable by instalments after 5 years of £530,143 (2024: £549,230).

10.	SECURED DEBTS

The bank loans and overdraft are secured on the land held by the company by way of a legal charge over land owned by the company.

11.

RESERVES

Retained earnings

Fair value reserve

Totals

£

£

£

At 1 February 2024

1,590,973

216,300

1,807,273

Loss for the year

(63,383)

-

(63,383

)

Fair value adjustment

-

-

-

Deferred Tax

-

-

-

At 31 January 2025

1,527,590

216,300

1,743,890

12.	RELATED PARTY TRANSACTIONS

During the year Delenco Foods Ltd, a company controlled by Delenco Holdings Ltd, loaned £3,150,000 to the company and at the year end £6,514,426 was owed to Delenco Foods Ltd (2024: £3,199,548). Delenco Holdings Ltd is under the control of R.G.A Barber.

There were sales in the year to Delenco Foods Ltd of £229,174 and purchases of £219,088.

In November 2024 assets and goodwill were purchased from Delenco Foods Ltd totalling £165,000.

At the year end £41,038 was due to Corporation Farms Ltd (2024: £40,432) a company which has a shareholding in the Holding Company and in which RGA Barber has a shareholding.

There is a balance due from A & G Barber Farms of £34,229 at the year end (2024: £34,229), a partnership controlled by Mr R & Mrs S Barber.

The holding company of M Farnsworth Ltd is Gibcracks Farms Ltd.