Company Registration No. 07998330 (England and Wales)
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
30 September 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,937
Tangible assets
4
10,931,621
10,799,990
Investments
5
2,500
2,500
10,934,121
10,806,427
Current assets
Stocks
229,468
161,993
Debtors
6
102,578
272,771
Cash at bank and in hand
83,341
17,354
415,387
452,118
Creditors: amounts falling due within one year
7
(2,719,272)
(3,007,758)
Net current liabilities
(2,303,885)
(2,555,640)
Total assets less current liabilities
8,630,236
8,250,787
Creditors: amounts falling due after more than one year
8
(27,654)
(41,480)
Net assets
8,602,582
8,209,307
Capital and reserves
Called up share capital
24,667
1
Share premium account
1,208,635
Profit and loss reserves
7,369,280
8,209,306
Total equity
8,602,582
8,209,307
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 September 2020 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.
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2020
30 September 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2021 and are signed on its behalf by:
Lady J H Parker
Director
Company Registration No. 07998330
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 3 -
1
Accounting policies
Company information
Fir Farm Holdings Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
22 Chancery Lane, London, WC2A 1LS.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Entitlements
18% reducing balance
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.4
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
18%/2% reducing balance
Land and buildings improvements
18% reducing balance
Plant and equipment
18% reducing balance
Computers
18% reducing balance
Motor vehicles
18% reducing balance
Herd stock
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
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Borrowing costs related to fixed assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
1.7
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.
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.8
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.
1.9
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 6 -
1.11
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
4
3
Intangible fixed assets
Entitlements
£
Cost
At 1 October 2019
59,807
Disposals
(4,800)
At 30 September 2020
55,007
Amortisation and impairment
At 1 October 2019
55,870
Amortisation charged for the year
1
Disposals
(864)
At 30 September 2020
55,007
Carrying amount
At 30 September 2020
At 30 September 2019
3,937
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Herd stock
Total
£
£
£
£
Cost
At 1 October 2019
10,294,633
667,490
284,545
11,246,668
Additions
407,152
34,176
64,150
505,478
Disposals
(3,470)
(241,695)
(245,165)
At 30 September 2020
10,701,785
698,196
107,000
11,506,981
Depreciation and impairment
At 1 October 2019
135,127
311,551
446,678
Depreciation charged in the year
63,485
66,248
129,733
Eliminated in respect of disposals
(1,051)
(1,051)
At 30 September 2020
198,612
376,748
575,360
Carrying amount
At 30 September 2020
10,503,173
321,448
107,000
10,931,621
At 30 September 2019
10,159,506
355,939
284,545
10,799,990
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
2,500
2,500
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
6,650
132,641
Other debtors
95,928
140,130
102,578
272,771
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 8 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
26
Trade creditors
116,634
124,196
Taxation and social security
2,138
Other creditors
2,600,474
2,883,562
2,719,272
3,007,758
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
27,654
41,480