Company Registration No. 03176110 (England and Wales)
CROSSLANDS HILL FARMING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
CROSSLANDS HILL FARMING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CROSSLANDS HILL FARMING COMPANY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2021
30 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,765,093
1,485,862
Investment properties
5
450,000
Investments
6
100
100
3,765,193
1,935,962
Current assets
Stocks
19,462
31,453
Debtors
8
137,435
371,912
Cash at bank and in hand
91,768
31,976
248,665
435,341
Creditors: amounts falling due within one year
9
(621,160)
(497,968)
Net current liabilities
(372,495)
(62,627)
Total assets less current liabilities
3,392,698
1,873,335
Creditors: amounts falling due after more than one year
10
(1,745,637)
Provisions for liabilities
(82,558)
(124,250)
Net assets
1,564,503
1,749,085
Capital and reserves
Called up share capital
703,002
703,002
Revaluation reserve
359,602
Profit and loss reserves
501,899
1,046,083
Total equity
1,564,503
1,749,085
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 30 April 2021 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.
The financial statements were approved by the board of directors and authorised for issue on 7 March 2022 and are signed on its behalf by:
Mr J Bell
Mrs L Hunter Bell
Director
Director
Company Registration No. 03176110
CROSSLANDS HILL FARMING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 2 -
1
Accounting policies
Company information
Crosslands Hill Farming Company Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Thirsk Hall, Thirsk, North Yorkshire, YO7 1PL.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover consists of consideration received for sales of crops, contracting work, subsidies and rental income. Turnover
is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
1.4
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 of assets less their residual values over their useful lives on the following bases:
Entitlements
Straight line basis over 10 years
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
CROSSLANDS HILL FARMING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold buildings
Straight line basis over 50 years
Plant and machinery
Fixed plant - straight line basis over 10 years Equipment - reducing balance basis 15%
Motor vehicles
25% reducing balance
Freehold land is not depreciated.
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
.
The company has elected to treat property rented to other group companies as tangible fixed assets as provided for in FRS102. Property rented in this way is accounted for under the cost model and the valuation on the date of transfer from investment properties is used as the deemed cost. Fair value gains previously recorded on this property have been transferred to a revaluation reserve, net of any related deferred tax.
Depreciation is not charged on assets in the course of construction until completed.
1.6
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.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
1.8
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).
1.9
Stocks
Stocks
are stated at the lower of cost
s of production
and
estimated selling price less costs to sell. Cost comprises direct cultivating costs and, where applicable, other direct costs including labour and those overheads or allocations of overheads that have been incurred in the cultivating and harvesting of crops.
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.
CROSSLANDS HILL FARMING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 4 -
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
, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CROSSLANDS HILL FARMING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 5 -
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease 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 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 obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
5
3
Intangible fixed assets
Entitlements
£
Cost
At 1 May 2020 and 30 April 2021
769
Amortisation and impairment
At 1 May 2020 and 30 April 2021
769
Carrying amount
At 30 April 2021
At 30 April 2020
CROSSLANDS HILL FARMING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2020
1,181,360
837,798
2,019,158
Additions
2,349,887
2,349,887
Disposals
(34,000)
(34,000)
At 30 April 2021
3,531,247
803,798
4,335,045
Depreciation and impairment
At 1 May 2020
53,679
479,617
533,296
Depreciation charged in the year
2,689
52,881
55,570
Eliminated in respect of disposals
(18,914)
(18,914)
At 30 April 2021
56,368
513,584
569,952
Carrying amount
At 30 April 2021
3,474,879
290,214
3,765,093
At 30 April 2020
1,127,681
358,181
1,485,862
5
Investment property
2021
£
Fair value
At 1 May 2020
450,000
Transfers
(450,000)
At 30 April 2021
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
100
100
7
Subsidiaries
Details of the company's subsidiaries at 30 April 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Thirsk Lodge Barns Limited
England
Ordinary
100.00
CROSSLANDS HILL FARMING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 7 -
8
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
34,953
353,112
Corporation tax recoverable
5,633
937
Amounts owed by group undertakings
1,711
Other debtors
91,339
14,428
Prepayments and accrued income
3,799
3,435
137,435
371,912
9
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
8,333
Trade creditors
462,007
167,314
Other creditors
150,820
330,654
621,160
497,968
Included within other creditors are secured hire purchase liabilities of £Nil (2020 - £24,750
)
10
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,745,637
The bank loans are secured on the land held in the company and also land held personally by the director J Bell.
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
1,496,050
-
11
Related party transactions
Transactions with related parties
Included in other creditors are
loans
from t
he director-shareholde
rs
totalling £
149,370
(20
20
- £
304,454
).
The loans are interest free, unsecured and repayable on demand.
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false
07 March 2022
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
Mr J Bell
Mrs L Hunter Bell
Mr R Taylor
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