Ingleborough Farms Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09027248 (England and Wales)

INGLEBOROUGH FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

W L Roughton

REGISTERED OFFICE:

Ingleborough House

Main Road

Friskney

Boston

Lincolnshire

PE22 8SE

REGISTERED NUMBER:

09027248 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

FIXED ASSETS

Intangible assets

4

310,000

310,000

Tangible assets

5

2,307,862

2,278,811

Investments

6

7,680

15,360

Investment property

7

150,000

150,000

2,775,542

2,754,171

CURRENT ASSETS

Valuation

156,814

196,406

Debtors

8

815,496

511,593

972,310

707,999

CREDITORS

Amounts falling due within one year

9

248,476

312,598

NET CURRENT ASSETS

723,834

395,401

TOTAL ASSETS LESS CURRENT LIABILITIES

3,499,376

3,149,572

CREDITORS

Amounts falling due after more than one year

10

1,003,809

711,444

NET ASSETS

2,495,567

2,438,128

CAPITAL AND RESERVES

Called up share capital

12

48,582

48,582

Share premium

2,220,729

2,220,729

Retained earnings

226,256

168,817

SHAREHOLDERS' FUNDS

2,495,567

2,438,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 22 May 2023 and were signed by:

W L Roughton - Director

1.	STATUTORY INFORMATION

Ingleborough Farms 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 represents net invoiced sales of produce, excluding valued added tax, and includes the Single Farm Payment and environmental subsidies.

Sales of produce are recognised upon despatch.

The Basic Farm Payment is recognised in the financial statements in accordance with current H.M.Revenue & Customs guidance.

Tenancies

Tenancies are recorded at the directors valuation on the group reconstruction and not amortised.

Basic payment scheme entitlements

Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off on a straight line basis 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.

Land and buildings

-

Nil

Plant and machinery etc

-

33% on cost, 25% on reducing balance, 15% on reducing balance, 10% on cost, 5% on cost and Straight line over 25 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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 estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Basic

Farm

Payment

Tenancies

Entitlement

Totals

£

£

£

COST OR VALUATION

At 1 February 2022

and 31 January 2023

310,000

46,410

356,410

AMORTISATION

At 1 February 2022

and 31 January 2023

-

46,410

46,410

NET BOOK VALUE

At 31 January 2023

310,000

-

310,000

At 31 January 2022

310,000

-

310,000

Cost or valuation at 31 January 2023 is represented by:

Basic

Farm

Payment

Tenancies

Entitlement

Totals

£

£

£

Valuation in 2019

(122,415

)

-

(122,415

)

Cost

432,415

46,410

478,825

310,000

46,410

356,410

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2022

2,162,620

257,376

2,419,996

Additions

-

52,897

52,897

At 31 January 2023

2,162,620

310,273

2,472,893

DEPRECIATION

At 1 February 2022

-

141,185

141,185

Charge for year

-

23,846

23,846

At 31 January 2023

-

165,031

165,031

NET BOOK VALUE

At 31 January 2023

2,162,620

145,242

2,307,862

At 31 January 2022

2,162,620

116,191

2,278,811

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 February 2022

15,360

Disposals

(7,680

)

At 31 January 2023

7,680

NET BOOK VALUE

At 31 January 2023

7,680

At 31 January 2022

15,360

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2022

and 31 January 2023

150,000

NET BOOK VALUE

At 31 January 2023

150,000

At 31 January 2022

150,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

40,563

25,041

Other debtors

774,933

486,552

815,496

511,593

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

51,679

35,272

Hire purchase contracts

-

1,743

Trade creditors

21,093

21,123

Other creditors

175,704

254,460

248,476

312,598

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

1,003,809

711,444

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due in more than 5 years by instalments

924,205

109,909

11.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

1,020,771

735,262

Hire purchase contracts

-

1,743

1,020,771

737,005

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

48,582

Ordinary

£1

48,582

48,582

13.	RELATED PARTY DISCLOSURES

During the year the company made a loan to a shareholder of £295,004 which is outstanding at the year end. The loan is interest free and repayable on demand.