Company registration number 06171799 (England and Wales)
HEART OF ENGLAND FARMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
HEART OF ENGLAND FARMS LTD
COMPANY INFORMATION
Directors
Mrs J A Gronning
Mr O M Gronning
Company number
06171799
Registered office
Heart of England Farms
Henley Road
Claverdon
CV35 8PS
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
HEART OF ENGLAND FARMS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
HEART OF ENGLAND FARMS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HEART OF ENGLAND FARMS LTD FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Heart of England Farms Ltd for the year ended 31 March 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Heart of England Farms Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Heart of England Farms Ltd
and state those matters that we have agreed to state to the Board of Directors of Heart of England Farms Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heart of England Farms Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Heart of England Farms Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Heart of England Farms Ltd. You consider that Heart of England Farms Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Heart of England Farms Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
19 December 2022
HEART OF ENGLAND FARMS LTD
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,977,735
1,599,902
Current assets
Stocks
177,035
176,035
Debtors
5
459,467
191,891
Cash at bank and in hand
409,185
409,972
1,045,687
777,898
Creditors: amounts falling due within one year
6
(954,710)
(718,330)
Net current assets
90,977
59,568
Total assets less current liabilities
2,068,712
1,659,470
Creditors: amounts falling due after more than one year
7
(269,554)
(118,098)
Provisions for liabilities
(92,177)
(81,044)
Net assets
1,706,981
1,460,328
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,706,980
1,460,327
Total equity
1,706,981
1,460,328
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 31 March 2022 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.
HEART OF ENGLAND FARMS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
31 March 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 December 2022 and are signed on its behalf by:
Mrs J A Gronning
Mr O M Gronning
Director
Director
Company Registration No. 06171799
HEART OF ENGLAND FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information
Heart of England Farms Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Heart of England Farms, Henley Road, Claverdon, CV35 8PS.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
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 and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
Plant and equipment
15% reducing balance
Motor vehicles
25% reducing balance
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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
HEART OF ENGLAND FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
1.8
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
HEART OF ENGLAND FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
32
32
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
60,402
(2,726)
Adjustments in respect of prior periods
14,169
Total current tax
74,571
(2,726)
Deferred tax
Origination and reversal of timing differences
11,133
(19,928)
Total tax charge/(credit)
85,704
(22,654)
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2021
1,205,658
730,051
204,064
2,139,773
Additions
320,653
143,240
15,200
479,093
Disposals
(16,315)
(16,315)
At 31 March 2022
1,526,311
856,976
219,264
2,602,551
Depreciation and impairment
At 1 April 2021
32,300
365,643
141,928
539,871
Depreciation charged in the year
75,128
19,334
94,462
Eliminated in respect of disposals
(9,517)
(9,517)
At 31 March 2022
32,300
431,254
161,262
624,816
Carrying amount
At 31 March 2022
1,494,011
425,722
58,002
1,977,735
At 31 March 2021
1,173,358
364,408
62,136
1,599,902
HEART OF ENGLAND FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
85,837
88,675
Corporation tax recoverable
2,497
Other debtors
373,630
100,719
459,467
191,891
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
100,874
50,468
Trade creditors
79,367
120,487
Corporation tax
102,845
Other taxation and social security
26,491
21,923
Other creditors
645,133
525,452
954,710
718,330
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
269,554
118,098
8
Directors' transactions
As at 31 March 2022, the director's loan account was £230,593 overdrawn. The company charged interest at 2% on the overdrawn directors' loan account.
Dividends totalling £48,000 (2021 - £24,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mrs J A Gronning -
2.00
24,259
126,510
57
(35,530)
115,296
Mr O M Gronning -
2.00
24,260
126,510
57
(35,530)
115,297
48,519
253,020
114
(71,060)
230,593