Grants Farm Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07186458 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

GRANTS FARM LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Buttress

P M Buttress

T M Buttress

REGISTERED OFFICE:

32 The Square

Gillingham

Dorset

SP8 4AR

REGISTERED NUMBER:

07186458 (England and Wales)

ACCOUNTANTS:

Andrews and Palmer

Chartered Accountants

32 The Square

Gillingham

Dorset

SP8 4AR

FIXED ASSETS

Investment property

4

1,387,000

1,387,000

CURRENT ASSETS

Debtors

5

41,209

34,435

Cash at bank

-

3,636

41,209

38,071

CREDITORS

Amounts falling due within one year

6

6,969

7,926

NET CURRENT ASSETS

34,240

30,145

TOTAL ASSETS LESS CURRENT LIABILITIES

1,421,240

1,417,145

PROVISIONS FOR LIABILITIES

179,072

179,072

NET ASSETS

1,242,168

1,238,073

CAPITAL AND RESERVES

Called up share capital

7

4,504

4,504

Share premium

8

446,301

446,301

Non distributable fair

value reserve

8

763,414

763,414

Retained earnings

8

27,949

23,854

SHAREHOLDERS' FUNDS

1,242,168

1,238,073

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2023 and were signed on its behalf by:

D J Buttress - Director

1.	STATUTORY INFORMATION

Grants Farm 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 as modified by the revaluation of certain assets.

These financial statements have been prepared in accordance with the provisions of Section1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the net income from renting agricultural land and buildings, excluding value added tax.

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - 2 ).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

and 31 March 2022

1,387,000

NET BOOK VALUE

At 31 March 2022

1,387,000

At 31 March 2021

1,387,000

Fair value at 31 March 2022 is represented by:

£

Valuation in 2011

197,486

Valuation in 2013

88,000

Valuation in 2014

59,200

Valuation in 2015

58,800

Valuation in 2019

(88,200

)

Valuation in 2021

627,200

Cost

444,514

1,387,000

If agricultural land & buildings had not been revalued it would have been included at the following historical cost:

31.3.22

31.3.21

£

£

Cost

444,514

444,514

Agricultural land & buildings was valued on an open market basis on 3 August 2021 by Symonds & Sampson LLP .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Other debtors

41,209

34,435

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Tax

961

918

Other creditors

2,314

-

Directors' current accounts

2,313

4,627

Accrued expenses

1,381

2,381

6,969

7,926

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

4,504

Ordinary

£1

4,504

4,504

8.

RESERVES

Non

distributable

fair

Retained

Share

value

earnings

premium

reserve

Totals

£

£

£

£

At 1 April 2021

23,854

446,301

763,414

1,233,569

Profit for the year

4,095

4,095

At 31 March 2022

27,949

446,301

763,414

1,237,664

The non distributable fair value reserve represents the cumulative difference between historic cost and fair value of the investment properties, net of relevant deferred tax adjustments.