Croftmarsh Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01374509 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Croftmarsh Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

11

DIRECTORS:

Mrs S E Bowser

G G Bowser

REGISTERED OFFICE:

Cowbank House

Croftmarsh

Skegness

Lincolnshire

PE24 4SP

REGISTERED NUMBER:

01374509 (England and Wales)

ACCOUNTANTS:

INSIGHT

Acorn House

Church Lane

Croft

Skegness

Lincolnshire

PE24 4RW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

6,046,575

5,905,408

Investments

6

90,020

90,020

6,136,595

5,995,428

CURRENT ASSETS

Stocks

7

1,167,603

1,001,099

Debtors

8

179,564

79,507

Cash at bank and in hand

858,952

587,187

2,206,119

1,667,793

CREDITORS

Amounts falling due within one year

9

833,890

527,113

NET CURRENT ASSETS

1,372,229

1,140,680

TOTAL ASSETS LESS CURRENT LIABILITIES

7,508,824

7,136,108

CREDITORS

Amounts falling due after more than one year

10

(5,885,153

)

(5,883,036

)

PROVISIONS FOR LIABILITIES

(132,763

)

(111,091

)

NET ASSETS

1,490,908

1,141,981

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

14

21,586

21,586

Retained earnings

14

1,468,322

1,119,395

1,490,908

1,141,981

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 20 September 2023 and were signed on its behalf by:

Mrs S E Bowser - Director

G G Bowser - Director

1.	STATUTORY INFORMATION

Croftmarsh 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.

Turnover

Turnover represents net invoiced sales of produce,excluding value added tax,recognised upon the dispatch of the produce.

Intangible fixed assets

Intangible assets consist of entitlements to the basic payment.The entitlements are recognised at market value and written off over the period to 31 December 2019, when the scheme ends.

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 a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

at varying rates on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Valuation

Tenantright,produce and growing crops have been valued by an independent qualified valuer on a cost of production basis and are stated at the lower of cost and net realisable value.

The basic farm payment

The basic farm payment is recognised in the financial statements in accordance with current H.M.Revenue & Customs guidance.

Government grants

Capital grants- the income received is deferred and released over the life of the asset.

Revenue grants - the income received is recognised on receipt.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

and 31 December 2022

180,530

AMORTISATION

At 1 January 2022

and 31 December 2022

180,530

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 January 2022

5,307,769

94,028

1,904,804

Additions

186,653

26,698

345,033

Disposals

(64,414

)

-

(128,568

)

At 31 December 2022

5,430,008

120,726

2,121,269

DEPRECIATION

At 1 January 2022

108,247

85,734

1,225,361

Charge for year

15,739

3,411

267,768

Eliminated on disposal

-

-

(64,400

)

At 31 December 2022

123,986

89,145

1,428,729

NET BOOK VALUE

At 31 December 2022

5,306,022

31,581

692,540

At 31 December 2021

5,199,522

8,294

679,443

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

28,468

4,048

7,339,117

Additions

-

-

558,384

Disposals

-

-

(192,982

)

At 31 December 2022

28,468

4,048

7,704,519

DEPRECIATION

At 1 January 2022

10,972

3,395

1,433,709

Charge for year

1,500

217

288,635

Eliminated on disposal

-

-

(64,400

)

At 31 December 2022

12,472

3,612

1,657,944

NET BOOK VALUE

At 31 December 2022

15,996

436

6,046,575

At 31 December 2021

17,496

653

5,905,408

Included in cost of land and buildings is freehold land of £ 3,478,111 (2021 - £ 3,478,111 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2022

and 31 December 2022

676,862

DEPRECIATION

At 1 January 2022

and 31 December 2022

317,917

NET BOOK VALUE

At 31 December 2022

358,945

At 31 December 2021

358,945

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2022

and 31 December 2022

90,020

NET BOOK VALUE

At 31 December 2022

90,020

At 31 December 2021

90,020

Cost or valuation at 31 December 2022 is represented by:

Other

investments

£

Valuation in 2017

26,007

Valuation in 2018

64,013

90,020

7.

STOCKS

31.12.22

31.12.21

£

£

Development land

690,000

500,000

Produce and stores

477,603

501,099

1,167,603

1,001,099

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

94,569

33,316

Other debtors

84,995

46,191

179,564

79,507

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Hire purchase contracts (see note 12)

174,166

107,467

Trade creditors

88,355

80,453

Taxation and social security

42,598

3,799

Other creditors

528,771

335,394

833,890

527,113

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Hire purchase contracts (see note 12)

72,809

136,535

Other creditors

5,812,344

5,746,501

5,885,153

5,883,036

Amounts falling due in more than five years:

Repayable by instalments

Mortgage more than 5 years

4,835,000

4,761,813

11.

LOANS

An analysis of the maturity of loans is given below:

31.12.22

31.12.21

£

£

Amounts falling due within one year or on demand:

Mortgages

120,000

120,000

Amounts falling due between one and two years:

Mortgages - 1-2 years

240,000

240,000

Preference shares

370,000

370,000

610,000

610,000

Amounts falling due between two and five years:

Mortgage - 2-5 years

360,000

360,000

Amounts falling due in more than five years:

Repayable by instalments

Mortgage more than 5 years

4,835,000

4,761,813

12.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.22

31.12.21

£

£

Net obligations repayable:

Within one year

174,166

107,467

Between one and five years

72,809

136,535

246,975

244,002

Non-cancellable operating

leases

31.12.22

31.12.21

£

£

Within one year

190,502

198,650

13.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Mortgages

5,555,000

5,481,813

Hire purchase contracts

246,975

244,002

5,801,975

5,725,815

The company has Redeemable Preference shares.Subject to the provisions of the Companies Act 2006, the company may at the time redeem the whole or any part of the preference shares upon giving to the shareholders whose shares are to be redeemed not less than three months notice in writing expiring at any time.The company shall not be entitled to redeem any preference shares unless it is fully paid.The redeemable preference shares are currently considered to be core funding and there are no plans to redeem the shares within one year of the statement of financial position date.Consequently,they are shown as a long term financial liability.

Mortgage and overdraft

The mortgage and overdraft are secured against certain amounts of the property of Croft Marsh Farm , Croft, Skegness.

Hire purchase

The hire purchase loans are secured against the assets to which they relate.

14.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2022

1,119,395

21,586

1,140,981

Profit for the year

348,927

348,927

At 31 December 2022

1,468,322

21,586

1,489,908

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 Croftmarsh Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet 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 Croftmarsh 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 Croftmarsh Limited and state those matters that we have agreed to state to the Board of Directors of Croftmarsh 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 Croftmarsh Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Croftmarsh 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 Croftmarsh Limited. You consider that Croftmarsh 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 Croftmarsh 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.

INSIGHT

Acorn House

Church Lane

Croft

Skegness

Lincolnshire

PE24 4RW

20 September 2023