T Hammond Farms Limited - Accounts to registrar (filleted) - small 22.3
T Hammond Farms Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period |
| 28 February 2021 to 26 February 2022 |
| for |
| T Hammond Farms Limited |
| T Hammond Farms Limited (Registered number: 11101807) |
| Contents of the Financial Statements |
| for the Period 28 February 2021 to 26 February 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| T Hammond Farms Limited |
| Company Information |
| for the Period 28 February 2021 to 26 February 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| T Hammond Farms Limited (Registered number: 11101807) |
| Balance Sheet |
| 26 February 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks | 7 |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Retained earnings | 15 |
| 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. |
| T Hammond Farms Limited (Registered number: 11101807) |
| Balance Sheet - continued |
| 26 February 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| T Hammond Farms Limited (Registered number: 11101807) |
| Notes to the Financial Statements |
| for the Period 28 February 2021 to 26 February 2022 |
| 1. | STATUTORY INFORMATION |
| T Hammond Farms Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable for crops sold and other work carried out for customers, excluding discounts, rebates, value added tax and other sales taxes. Single farm payments received and receivable are accounted for evenly over an assumed 12-month growing year commencing 1 April in each year. |
| Goodwill |
| Goodwill arising on the transfer of the assets less liabilities of the predecessor partnership is being written off on a straight-line basis over a period of 10 years from 27 October 2020. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter. |
| Leasehold improvements | - | Straight line over 10 years |
| Plant and machinery | - | Straight line over 5-10 years |
| Vehicles and trailers | - | Straight line over 2-10 years |
| Computer equipment | - | Straight line over 5-10 years |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost (including the cost of inputs to growing crops) and net realisable value, after making due allowance to write down items that cannot be sold or used by the company within a reasonable period of time. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current and 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
| T Hammond Farms Limited (Registered number: 11101807) |
| Notes to the Financial Statements - continued |
| for the Period 28 February 2021 to 26 February 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their capital cost, excluding any interest and finance charges, and depreciated in accordance with the company's depreciation policies. The capital element of the future hire purchase payments is treated as a liability and interest is charged to the income statement on a reducing balance basis over the period of the agreement. |
| Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is capitalised and disclosed under tangible fixed assets at its capital cost, excluding any interest and finance charges, and depreciated in accordance with the company's depreciation policies. Future instalments under the lease agreement, excluding finance charges, are treated as a liability and interest is charged to the income statement on a reducing balance basis over the period of the agreement. |
| Rentals paid under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged against profits on a straight-line basis over the period of the lease. |
| Pension costs |
| The company operates a defined contribution pension scheme. Contributions payable by the company to the scheme are charged to the income statement in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 28 February 2021 |
| and 26 February 2022 |
| AMORTISATION |
| At 28 February 2021 |
| Charge for period |
| At 26 February 2022 |
| NET BOOK VALUE |
| At 26 February 2022 |
| At 27 February 2021 |
| T Hammond Farms Limited (Registered number: 11101807) |
| Notes to the Financial Statements - continued |
| for the Period 28 February 2021 to 26 February 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Vehicles |
| Leasehold | Plant and | and | Computer |
| improvements | machinery | trailers | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 28 February 2021 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 26 February 2022 |
| DEPRECIATION |
| At 28 February 2021 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 26 February 2022 |
| NET BOOK VALUE |
| At 26 February 2022 |
| At 27 February 2021 |
| 6. | FIXED ASSET INVESTMENTS |
| Subsidiary company | Total |
| £ | £ |
| At 28 February 2021 | 150 | 150 |
| Additions | - | - |
| Disposals | - | - |
| At 26 February 2022 | 150 | 150 |
| 7. | STOCKS |
| 2022 | 2021 |
| £ | £ |
| Growing crops | 399,402 | 311,484 |
| Seeds, plants, chemicals and fertilisers | 205,934 | 203,110 |
| Fuels and sundry stocks | 19,376 | 16,356 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| T Hammond Farms Limited (Registered number: 11101807) |
| Notes to the Financial Statements - continued |
| for the Period 28 February 2021 to 26 February 2022 |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Other loans (see note 11) |
| Hire purchase contracts (see note 12) |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Other loans (see note 11) |
| Hire purchase contracts (see note 12) |
| Accruals and deferred income |
| 11. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Other loans |
| Amounts falling due between two and five years: |
| Other loans - 2-5 years |
| 12. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2022 | 2021 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 13. | PROVISIONS FOR LIABILITIES |
| 2022 | 2021 |
| £ | £ |
| Deferred tax | 64,141 | 96,001 |
| T Hammond Farms Limited (Registered number: 11101807) |
| Notes to the Financial Statements - continued |
| for the Period 28 February 2021 to 26 February 2022 |
| 13. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 28 February 2021 |
| Credit to Income Statement during period | ( |
) |
| Balance at 26 February 2022 |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted , issued and fully paid: |
Number: |
Class: |
Nominal value: |
2022 |
2021 |
| £ | £ |
| 76,000 | AA Ordinary shares | £1 | 76,000 | 76,000 |
| 76,000 | AB Ordinary shares | £1 | 76,000 | 76,000 |
| 360 | B Ordinary shares | £1 | 360 | 360 |
| 360 | C Ordinary shares | £1 | 360 | 360 |
| 360 | D Ordinary shares | £1 | 360 | 360 |
| 360 | E Ordinary shares | £1 | 360 | 360 |
| 240 | F Ordinary shares | £1 | 240 | 240 |
| 240 | G Ordinary shares | £1 | 240 | 240 |
| 240 | H Ordinary shares | £1 | 240 | 240 |
| 1,008,000 | A Preference shares | £1 | 1,008,000 | 1,008,000 |
| 1,008,000 | B Preference shares | £1 | 1,008,000 | 1,008,000 |
| 2,170,160 | 2,170,160 |
| 15. | RESERVES |
| Retained |
| earnings |
| £ |
| At 28 February 2021 |
| Deficit for the period | ( |
) |
| At 26 February 2022 |