Grant Farming Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08206833 (England and Wales)

GRANT FARMING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

P J Grant

M R Grant

Mrs N J Grant

REGISTERED OFFICE:

Laburnum House

Main Road

Langrick

Boston

Lincolnshire

PE22 7AN

REGISTERED NUMBER:

08206833 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

5 Resolution Close

Endeavour Park

Boston

Lincolnshire

PE21 7TT

FIXED ASSETS

Intangible assets

4

-

26,575

Tangible assets

5

8,971,010

9,043,314

Investments

6

1,156

1,156

8,972,166

9,071,045

CURRENT ASSETS

Valuation

430,365

563,152

Debtors

7

2,150,693

1,066,084

2,581,058

1,629,236

CREDITORS

Amounts falling due within one year

8

1,813,038

1,621,427

NET CURRENT ASSETS

768,020

7,809

TOTAL ASSETS LESS CURRENT LIABILITIES

9,740,186

9,078,854

CREDITORS

Amounts falling due after more than one year

9

(4,154,270

)

(3,747,417

)

PROVISIONS FOR LIABILITIES

(147,562

)

(63,474

)

NET ASSETS

5,438,354

5,267,963

CAPITAL AND RESERVES

Called up share capital

12

20

20

Share premium

3,939,141

3,939,141

Retained earnings

1,499,193

1,328,802

SHAREHOLDERS' FUNDS

5,438,354

5,267,963

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2021 and were signed on its behalf by:

P J Grant - Director

1.	STATUTORY INFORMATION

Grant Farming 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 (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of farm crops and livestock, diversification income and basic payment scheme income excluding value added tax.

Sales of crops are recognised on dispatch.

Basic payment scheme entitlements

Intangible assets consist of entitlements to the Basic Payment Scheme. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019.

Tangible fixed assets

Tangible fixed assets are held at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings - not provided and straight line over 14 years

Plant and machinery etc - 25% and 15% on reducing balance and straight line over 20 years

Government grants

Government grants that are classified as revenue grants are recognised in the income statement in the period to which they relate, with any amounts not yet recognised being shown as a liability in the statement of financial position.

The government grants received relate to support in respect of the Covid 19 pandemic, including the East Lindsey District Council Business Grant.

Valuation

The valuation has been prepared by independent valuers at the lower of cost and estimated selling price less costs to sell.

Biological assets, living plants are included at the lower of cost and estimated selling price less costs to sell.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

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.

Fixed asset investments

Fixed asset investments are stated at cost, unless in the opinion of the directors, there has been an impairment, in which case an appropriate adjustment has been made.

Basic payment scheme

The basic payment scheme is recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2019

and 30 June 2020

98,965

AMORTISATION

At 1 July 2019

72,390

Charge for year

26,575

At 30 June 2020

98,965

NET BOOK VALUE

At 30 June 2020

-

At 30 June 2019

26,575

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2019

8,063,422

1,550,828

9,614,250

Additions

-

152,054

152,054

Disposals

-

(84,914

)

(84,914

)

At 30 June 2020

8,063,422

1,617,968

9,681,390

DEPRECIATION

At 1 July 2019

68,058

502,878

570,936

Charge for year

18,575

168,779

187,354

Eliminated on disposal

-

(47,910

)

(47,910

)

At 30 June 2020

86,633

623,747

710,380

NET BOOK VALUE

At 30 June 2020

7,976,789

994,221

8,971,010

At 30 June 2019

7,995,364

1,047,950

9,043,314

The net book value of tangible fixed assets includes £ 205,704 (2019 - £ 175,337 ) in respect of assets held under hire purchase contracts.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2019

and 30 June 2020

1,156

NET BOOK VALUE

At 30 June 2020

1,156

At 30 June 2019

1,156

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

392,447

168,211

Other debtors

1,758,246

897,873

2,150,693

1,066,084

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

1,156,165

907,387

Hire purchase contracts (see note 10)

69,663

55,639

Trade creditors

326,449

208,679

Amounts owed to group undertakings

31

1,662

Taxation and social security

3,944

36,387

Other creditors

256,786

411,673

1,813,038

1,621,427

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

2,728,600

2,302,285

Hire purchase contracts (see note 10)

94,643

84,968

Other creditors

1,331,027

1,360,164

4,154,270

3,747,417

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

900,000

900,000

Repayable by instalments

Bank loans

2,009,894

1,750,638

10.	LEASING AGREEMENTS

The company has operating lease commitments that are covered by AHA tenancy agreements. The current annual commitment in respect of these agreements is £77,410 (2019 - £77,410).

The company has future operating lease commitments of £259,875 (2019 - £375,375).

11.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

357,681

350,988

Bank loans

3,527,084

2,858,684

Hire purchase contracts

164,306

140,607

4,049,071

3,350,279

Bank loans and overdraft are secured on land and buildings owned by the company.

Legal mortgages are secured on the assets to which they relate.

Hire purchase contracts are secured on the assets to which they relate.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

625

Ordinary A

£0.01

6

6

1,250

Ordinary B

£0.01

13

13

1

Ordinary C

£1.00

1

1

20

20