Kirton Farmers (Notts) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01163749 (England and Wales)

Unaudited Financial Statements

for the Year Ended 5 April 2023

for

Kirton Farmers (Notts) Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

P E Hoggard

Mrs S Hoggard

REGISTERED OFFICE:

25 Brunts Street

Mansfield

Nottinghamshire

NG18 1AX

REGISTERED NUMBER:

01163749 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

25 Brunts Street

Mansfield

Nottinghamshire

NG18 1AX

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kirton Farmers (Notts) Limited for the year ended 5 April 2023 which comprise the Income Statement, Balance Sheet, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kirton Farmers (Notts) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kirton Farmers (Notts) Limited and state those matters that we have agreed to state to the Board of Directors of Kirton Farmers (Notts) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kirton Farmers (Notts) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kirton Farmers (Notts) Limited 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 Kirton Farmers (Notts) Limited. You consider that Kirton Farmers (Notts) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kirton Farmers (Notts) Limited. 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.

Wright Vigar Limited

Chartered Accountants & Business Advisers

25 Brunts Street

Mansfield

Nottinghamshire

NG18 1AX

27 July 2023

FIXED ASSETS

Tangible assets

4

2,317,178

2,079,337

CURRENT ASSETS

Stocks

186,080

256,469

Debtors

5

1,179,868

327,143

1,365,948

583,612

CREDITORS

Amounts falling due within one year

6

621,095

253,703

NET CURRENT ASSETS

744,853

329,909

TOTAL ASSETS LESS CURRENT LIABILITIES

3,062,031

2,409,246

CREDITORS

Amounts falling due after more than one year

7

(1,506,902

)

(1,221,554

)

PROVISIONS FOR LIABILITIES

(44,994

)

(1,913

)

NET ASSETS

1,510,135

1,185,779

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Revaluation reserve

439,421

630,728

Retained earnings

1,069,714

554,051

SHAREHOLDERS' FUNDS

1,510,135

1,185,779

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2023 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 26 July 2023 and were signed on its behalf by:

P E Hoggard - Director

1.	STATUTORY INFORMATION

Kirton Farmers (Notts) 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

4% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 6 April 2022

2,216,032

526,728

5,172

445,904

3,193,836

Additions

483,207

9,648

2,367

100,350

595,572

Disposals

(266,260

)

-

-

-

(266,260

)

At 5 April 2023

2,432,979

536,376

7,539

546,254

3,523,148

DEPRECIATION

At 6 April 2022

559,717

413,274

2,267

139,241

1,114,499

Charge for year

10,899

18,465

1,055

61,052

91,471

At 5 April 2023

570,616

431,739

3,322

200,293

1,205,970

NET BOOK VALUE

At 5 April 2023

1,862,363

104,637

4,217

345,961

2,317,178

At 5 April 2022

1,656,315

113,454

2,905

306,663

2,079,337

Included in cost or valuation of land and buildings is freehold land of £ 1,805,928 (2022 - £ 1,573,530 ) which is not depreciated.

Cost or valuation at 5 April 2023 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2013

439,421

-

-

-

439,421

Cost

1,993,558

536,376

7,539

546,254

3,083,727

2,432,979

536,376

7,539

546,254

3,523,148

If Freehold Land & Buildings had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

2,008,558

1,585,304

Aggregate depreciation

570,616

559,717

Value of land in freehold land and buildings

1,437,942

1,573,529

Freehold Land and buildings were valued on an open market basis on 5 April 2013 by Brown & Co, Retford .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

98,625

59,826

Other debtors

1,081,243

267,317

1,179,868

327,143

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

286,448

177,926

Finance leases

23,756

28,436

Trade creditors

43,583

42,771

Taxation and social security

11,578

-

Other creditors

255,730

4,570

621,095

253,703

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

1,494,652

1,185,548

Finance leases

12,250

36,006

1,506,902

1,221,554

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdrafts

185,208

96,068

Bank loans

1,595,892

1,267,406

Finance leases

36,006

64,442

1,817,106

1,427,916

There is a fixed and floating charge over the assets of the company dated 20 May 2023.

There is also a fixed charge over land at Walesby dated 25 May 2006

There is also a fixed cerate over land at Yew Tree Farm, Kirton.

There is also a fixed charge over part of Manor Farm, Main Street, Kirton dated 5 January 2023.

The finance leases are secured on the assets leased.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 5 April 2023 and 5 April 2022:

2023

2022

£

£

P E Hoggard

Balance outstanding at start of year

217,466

30,025

Amounts advanced

15,465

874,503

Amounts repaid

(484,045

)

(687,062

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(251,114

)

217,466