Fairholme Farming Limited - Accounts to registrar (filleted) - small 22.3
Fairholme Farming Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
| FOR |
| FAIRHOLME FARMING LIMITED |
| FAIRHOLME FARMING LIMITED (REGISTERED NUMBER: 07982920) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2022 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| FAIRHOLME FARMING LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 March 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| FAIRHOLME FARMING LIMITED (REGISTERED NUMBER: 07982920) |
| STATEMENT OF FINANCIAL POSITION |
| 31 March 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Property, plant and equipment | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Inventories |
| Debtors | 7 |
| Prepayments and accrued income |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| FAIRHOLME FARMING LIMITED (REGISTERED NUMBER: 07982920) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 March 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 |
| FAIRHOLME FARMING LIMITED (REGISTERED NUMBER: 07982920) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2022 |
| 1. | STATUTORY INFORMATION |
| Fairholme Farming Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset less its residual value over its estimated useful life: |
| Land and buildings | - | Land - 0%, Buildings - 5% straight line |
| Plant and machinery | - | 20% reducing balance |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value. |
| Taxation |
| Taxation for the year 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 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. |
| FAIRHOLME FARMING LIMITED (REGISTERED NUMBER: 07982920) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the profit and loss account on an effective rate basis over the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate. |
| Pension costs and other post-retirement benefits |
| Contributions are made to personal pension schemes of the directors and are charged to the profit and loss account in the period to which they relate. |
| Going concern |
| The accounts have been prepared on a going concern basis on the strength of confirmation from the directors that they will continue to provide financial support by not seeking repayment of loan accounts due until other creditors have been paid in full. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 April 2021 |
| and 31 March 2022 |
| AMORTISATION |
| At 1 April 2021 |
| and 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| FAIRHOLME FARMING LIMITED (REGISTERED NUMBER: 07982920) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2022 |
| 5. | PROPERTY, PLANT AND EQUIPMENT |
| Land and | Plant and |
| buildings | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2022 |
| DEPRECIATION |
| At 1 April 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| Included in cost of land and buildings is freehold land of £ 2,133,984 (2021 - £ 2,133,984 ) which is not depreciated. |
| The net book value of property, plant and equipment includes £ 113,740 in respect of assets held under hire purchase contracts. |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| FAIRHOLME FARMING LIMITED (REGISTERED NUMBER: 07982920) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2022 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 925,232 | 919,936 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 38,666 | - |
| Bank borrowings are secured by a debenture incorporating a fixed and floating charge over all current and future assets of the company. In addition there are legal charges over certain property owned by the directors. Hire purchase agreements are secured on the assets to which they relate. |