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Registered number: 12733026
Hollingbourne Farm (JA) Ltd
Financial statements
Information for filing with the registrar
for the year ended 30 September 2021
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Hollingbourne Farm (JA) Ltd
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Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Hollingbourne Farm (JA) Ltd
for the year ended 30 September 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hollingbourne Farm (JA) Ltd for the year ended 30 September 2021 which comprise the balance sheet, the statement of changes in equity 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 Hollingbourne Farm (JA) 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 Hollingbourne Farm (JA) Ltd and state those matters that we have agreed to state to the Board of directors of Hollingbourne Farm (JA) Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hollingbourne Farm (JA) Ltd and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Hollingbourne Farm (JA) 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 Hollingbourne Farm (JA) Ltd. You consider that Hollingbourne Farm (JA) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Hollingbourne Farm (JA) 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.
Chavereys
25 November 2022
Page 1
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Hollingbourne Farm (JA) Ltd
Registered number:12733026
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Balance sheet
as at 30 September 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 2
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Hollingbourne Farm (JA) Ltd
Registered number:12733026
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Balance sheet (continued)
as at 30 September 2021
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 11 form part of these financial statements.
Page 3
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Hollingbourne Farm (JA) Ltd
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Statement of changes in equity
for the year ended 30 September 2021
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Shares issued during the year
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Shares issued during the year
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The notes on pages 5 to 11 form part of these financial statements.
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Page 4
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Hollingbourne Farm (JA) Ltd
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Notes to the financial statements
for the year ended 30 September 2021
Hollingbourne Farm (JA) Ltd is a private company, limited by shares and incorporated in England and Wales.
The company number is 12733026 and the address of the registered office is Court Lodge, Lenham, Maidstone, Kent, England, ME17 2QD.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in pound sterling and all values are rounded to the nearest pound (£) except where otherwise indicated.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Page 5
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Hollingbourne Farm (JA) Ltd
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Notes to the financial statements
for the year ended 30 September 2021
2.Accounting policies (continued)
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Current and deferred taxation
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The tax charge for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Page 6
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Hollingbourne Farm (JA) Ltd
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Notes to the financial statements
for the year ended 30 September 2021
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Biological assets are living plants and animals controlled by the company, from which it expects to derive future economic benefit. Living plants are measured at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Agricultural support schemes
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Payments received under agricultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.
Amounts received under the Basic Payment Scheme are recognised on 31 December in the year of claim. No provision has been made for penalties arising from the failure to comply with 'cross compliance' conditions, as defined by the RPA, except for where notification has been received.
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The average monthly number of employees, including directors, during the year was 4 (2020 - 0).
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Page 7
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Hollingbourne Farm (JA) Ltd
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Notes to the financial statements
for the year ended 30 September 2021
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Additions include £2,634,462 relating to assets acquired during the year under statutory demerger.
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Additions relate to assets acquired during the year under statutory demerger.
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Page 8
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Hollingbourne Farm (JA) Ltd
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Notes to the financial statements
for the year ended 30 September 2021
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Biological assets - Growing crops
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Net movement from cultivations on 2021 and 2022 harvests
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The bank loans are secured against freehold agricultural land owned by the company.
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Page 9
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Hollingbourne Farm (JA) Ltd
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Notes to the financial statements
for the year ended 30 September 2021
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Analysis of the maturity of loans is given below:
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Amounts falling due after more than 5 years
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Charged to the profit and loss account
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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1,045,022 (2020 - 100) Ordinary shares of £1.00 each
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During the year 1,044,922 ordinary shares of £1 each were issued at par as part of an indirect statutory demerger.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £865 (2020 - £nil). Contributions totalling £nil (2020 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
Page 10
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Hollingbourne Farm (JA) Ltd
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Notes to the financial statements
for the year ended 30 September 2021
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Related party transactions
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During the year, £520,252 was loaned to the company by one of the directors. At the end of the year, £520,252 was outstanding and included within creditors. This amount is unsecured, repayable upon demand and no guarantees have been received.
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The ultimate controlling party is J A Boyd.
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Indirect statutory demerger
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During the year, John Boyd (Farms) Limited undertook an indirect statutory demerger, in line with HMRC clearance received on 21 September 2020. On 30 March 2021, the relevant proportion of the John Boyd (Farms) Limited assets were transferred to the company and the company issued 1,044,922 ordinary £1 shares to J A Boyd, a director, in return.
Page 11
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