Huttons Ambo Farms Limited Filleted accounts for Companies House (small and micro)

HUTTONS AMBO FARMS LIMITED - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2019-04-06 Sage Accounts Production Advanced 2020 - FRS102_2019 70,158 46,772 11,693 58,465 11,693 23,386 6,889 223 7,112 7,112 6,889 xbrli:pure xbrli:shares iso4217:GBP 00971810 2019-04-06 2020-04-05 00971810 2020-04-05 00971810 2019-04-05 00971810 2019-04-05 00971810 core:LandBuildings core:LongLeaseholdAssets 2019-04-06 2020-04-05 00971810 core:PlantMachinery 2019-04-06 2020-04-05 00971810 bus:Director1 2019-04-06 2020-04-05 00971810 core:LandBuildings core:LongLeaseholdAssets 2019-04-05 00971810 core:PlantMachinery 2019-04-05 00971810 core:LandBuildings core:LongLeaseholdAssets 2020-04-05 00971810 core:PlantMachinery 2020-04-05 00971810 core:WithinOneYear 2020-04-05 00971810 core:WithinOneYear 2019-04-05 00971810 core:ShareCapital 2020-04-05 00971810 core:ShareCapital 2019-04-05 00971810 core:RevaluationReserve 2020-04-05 00971810 core:RevaluationReserve 2019-04-05 00971810 core:RetainedEarningsAccumulatedLosses 2020-04-05 00971810 core:RetainedEarningsAccumulatedLosses 2019-04-05 00971810 core:CostValuation core:Non-currentFinancialInstruments 2019-04-05 00971810 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2020-04-05 00971810 core:CostValuation core:Non-currentFinancialInstruments 2020-04-05 00971810 core:Non-currentFinancialInstruments 2020-04-05 00971810 core:Non-currentFinancialInstruments 2019-04-05 00971810 core:LandBuildings core:LongLeaseholdAssets 2019-04-05 00971810 core:PlantMachinery 2019-04-05 00971810 bus:SmallEntities 2019-04-06 2020-04-05 00971810 bus:AuditExemptWithAccountantsReport 2019-04-06 2020-04-05 00971810 bus:FullAccounts 2019-04-06 2020-04-05 00971810 bus:SmallCompaniesRegimeForAccounts 2019-04-06 2020-04-05 00971810 bus:PrivateLimitedCompanyLtd 2019-04-06 2020-04-05 00971810 core:IntangibleAssetsOtherThanGoodwill 2019-04-06 2020-04-05 00971810 core:IntangibleAssetsOtherThanGoodwill 2020-04-05 00971810 core:IntangibleAssetsOtherThanGoodwill 2019-04-05

COMPANY REGISTRATION NUMBER: 00971810

Huttons Ambo Farms Limited

Filleted Unaudited Financial Statements

For the year ended

5 April 2020

Huttons Ambo Farms Limited

Statement of Financial Position

5 April 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Intangible assets	4	11,693	23,386
Tangible assets	5	5,838	7,364
Investments	6	7,112	6,889
		--------	--------
		24,643	37,639

Current assets

Stocks		136,215	99,983
Debtors	7	72,658	19,540
Cash at bank and in hand		223,643	246,353
		----------	----------
		432,516	365,876

Creditors: amounts falling due within one year	8	236,461		195,365
		----------		----------
Net current assets			196,055		170,511
			----------		----------
Total assets less current liabilities			220,698		208,150

Provisions	1,072	1,014
	----------	----------
Net assets	219,626	207,136
	----------	----------

Capital and reserves

Called up share capital	600	600
Revaluation reserve	11,693	23,386
Profit and loss account	207,333	183,150
	----------	----------
Shareholders funds	219,626	207,136
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 5 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Huttons Ambo Farms Limited

Statement of Financial Position (continued)

5 April 2020

These financial statements were approved by the board of directors and authorised for issue on 18 November 2020 , and are signed on behalf of the board by:

C E S Jenyns
Director

Company registration number: 00971810

Huttons Ambo Farms Limited

Notes to the Financial Statements

Year ended 5 April 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Grange, Huttons Ambo, York, YO60 7HJ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(d) Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to the expense over the lease term, on a straight-line basis.

(e) Intangible assets

Basic Payment Scheme entitlements acquired via the ownership of existing land were revalued to fair value on transition to FRS 102 Section 1A and are being amortised over their expected useful life. At the reporting date the expected useful life is 6 years, reflecting the 6 year period of benefit to be received via the Basic Payment Scheme which commenced in 2015 and is expected to cease in 2020.

(f) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Basic Payment Scheme entitlements	-	17% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(g) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

(h) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property alterations	-	4% reducing balance
Plant and machinery	-	20% reducing balance

(i) Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

(j) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

(k) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stock of unsold crops on hand are valued under the 'deemed cost' principles set out in the "Guidance Notes in Agricultural Stock Valuations for Tax Purposes", HMRC Helpsheet HS232 "farm stock valuation" (previously BEN 19) - a widely accepted method of stock valuation used in the agriculture industry.

(l) Financial instruments

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 entity after deducting all of its financial liabilities.

4. Intangible assets

	Basic Payment Scheme entitlements
	£
Cost
At 6 April 2019 and 5 April 2020	70,158
	--------
Amortisation
At 6 April 2019	46,772
Charge for the year	11,693
	--------
At 5 April 2020	58,465
	--------
Carrying amount
At 5 April 2020	11,693
	--------
At 5 April 2019	23,386
	--------

The entitlements previously owned by the company but acquired at nil cost were revalued to their fair value on transition to FRS102 Section 1A which has subsequently been treated as their deemed cost and have been amortised in line with the accounting policy. The amortised fair value element at 5 April 2020 is £11,693 which is shown separately within the fair value reserve.

5. Tangible assets

	Leasehold property alterations	Plant and machinery	Total
	£	£	£
Cost
At 6 April 2019	6,695	16,146	22,841
Disposals	( 6,338)	( 4,632)	( 10,970)
	-------	--------	--------
At 5 April 2020	357	11,514	11,871
	-------	--------	--------
Depreciation
At 6 April 2019	5,298	10,179	15,477
Charge for the year	9	319	328
Disposals	( 5,169)	( 4,603)	( 9,772)
	-------	--------	--------
At 5 April 2020	138	5,895	6,033
	-------	--------	--------
Carrying amount
At 5 April 2020	219	5,619	5,838
	-------	--------	--------
At 5 April 2019	1,397	5,967	7,364
	-------	--------	--------

6. Investments

	Other investments other than loans
	£
Cost
At 6 April 2019	6,889
Additions	223
	-------
At 5 April 2020	7,112
	-------
Impairment
At 6 April 2019 and 5 April 2020	–
	-------

Carrying amount
At 5 April 2020	7,112
	-------
At 5 April 2019	6,889
	-------

7. Debtors

	2020	2019
	£	£
Trade debtors	58,940	5,072
Other debtors	13,718	14,468
	--------	--------
	72,658	19,540
	--------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	64,465	72,973
Trade creditors	138,339	90,700
Corporation tax	6,044	4,240
Other creditors	27,613	27,452
	----------	----------
	236,461	195,365
	----------	----------

9. Financial instruments

10. Events after the end of the reporting period

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. Despite all of this, the company has traded profitably in the period to date.