Huttons Ambo Farms Limited Filleted accounts for Companies House (small and micro)

HUTTONS AMBO FARMS LIMITED - Company Information

0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-06 Sage Accounts Production Advanced 2023 - FRS102_2023 70,158 70,158 7,452 323 7,775 7,775 7,452 xbrli:pure xbrli:shares iso4217:GBP 00971810 2022-04-06 2023-04-05 00971810 2023-04-05 00971810 2022-04-05 00971810 2021-04-06 2022-04-05 00971810 2022-04-05 00971810 2021-04-05 00971810 core:LandBuildings core:LongLeaseholdAssets 2022-04-06 2023-04-05 00971810 core:PlantMachinery 2022-04-06 2023-04-05 00971810 bus:Director1 2022-04-06 2023-04-05 00971810 core:LandBuildings core:LongLeaseholdAssets 2022-04-05 00971810 core:PlantMachinery 2022-04-05 00971810 core:LandBuildings core:LongLeaseholdAssets 2023-04-05 00971810 core:PlantMachinery 2023-04-05 00971810 core:WithinOneYear 2023-04-05 00971810 core:WithinOneYear 2022-04-05 00971810 core:ShareCapital 2023-04-05 00971810 core:ShareCapital 2022-04-05 00971810 core:RetainedEarningsAccumulatedLosses 2023-04-05 00971810 core:RetainedEarningsAccumulatedLosses 2022-04-05 00971810 core:CostValuation core:Non-currentFinancialInstruments 2022-04-05 00971810 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-04-05 00971810 core:CostValuation core:Non-currentFinancialInstruments 2023-04-05 00971810 core:Non-currentFinancialInstruments 2023-04-05 00971810 core:Non-currentFinancialInstruments 2022-04-05 00971810 core:LandBuildings core:LongLeaseholdAssets 2022-04-05 00971810 core:PlantMachinery 2022-04-05 00971810 bus:SmallEntities 2022-04-06 2023-04-05 00971810 bus:AuditExemptWithAccountantsReport 2022-04-06 2023-04-05 00971810 bus:SmallCompaniesRegimeForAccounts 2022-04-06 2023-04-05 00971810 bus:PrivateLimitedCompanyLtd 2022-04-06 2023-04-05 00971810 bus:FullAccounts 2022-04-06 2023-04-05 00971810 core:IntangibleAssetsOtherThanGoodwill 2022-04-06 2023-04-05 00971810 core:IntangibleAssetsOtherThanGoodwill 2023-04-05

COMPANY REGISTRATION NUMBER: 00971810

Huttons Ambo Farms Limited

Filleted Unaudited Financial Statements

For the year ended

5 April 2023

Huttons Ambo Farms Limited

Statement of Financial Position

5 April 2023

	2023		2022
Note	£	£	£	£

Fixed assets

Tangible assets	5	7,974	4,677
Investments	6	7,775	7,452
		--------	--------
		15,749	12,129

Current assets

Stocks		297,502	223,358
Debtors	7	103,468	74,450
Cash at bank and in hand		750,421	435,782
		-------------	----------
		1,151,391	733,590

Creditors: amounts falling due within one year	8	676,990		382,312
		-------------		----------
Net current assets			474,401		351,278
			----------		----------
Total assets less current liabilities			490,150		363,407

Provisions	1,994	889
	----------	----------
Net assets	488,156	362,518
	----------	----------

Capital and reserves

Called up share capital	600	600
Profit and loss account	487,556	361,918
	----------	----------
Shareholders funds	488,156	362,518
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Huttons Ambo Farms Limited

Statement of Financial Position (continued)

5 April 2023

These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:

C E S Jenyns
Director

Company registration number: 00971810

Huttons Ambo Farms Limited

Notes to the Financial Statements

Year ended 5 April 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Grange, Huttons Ambo, York, YO60 7HJ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(d) Current and deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(e) Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to the expense over the lease term, on a straight-line basis.

(f) Intangible assets

Basic Payment Scheme entitlements acquired via the ownership of existing land were revalued to fair value on transition to FRS 102 Section 1A and are being amortised over their expected useful life.

(g) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Basic Payment Scheme entitlements	-	17% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(h) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

(i) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property alterations	-	4% reducing balance
Plant and machinery	-	20% reducing balance

(j) Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

(k) Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

(l) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

(m) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stock of unsold crops on hand are valued under the 'deemed cost' principles set out in the "Guidance Notes in Agricultural Stock Valuations for Tax Purposes", HMRC Helpsheet HS232 "farm stock valuation" (previously BEN 19) - a widely accepted method of stock valuation used in the agriculture industry.

(n) Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Intangible assets

	Basic Payment Scheme entitlements
	£
Cost
At 6 April 2022 and 5 April 2023	70,158
	--------
Amortisation
At 6 April 2022 and 5 April 2023	70,158
	--------
Carrying amount
At 5 April 2023	–
	--------
At 5 April 2022	–
	--------

The entitlements previously owned by the company but acquired at nil cost were revalued to their fair value on transition to FRS102 Section 1A which has subsequently been treated as their deemed cost and have been amortised in line with the accounting policy. The fair value element was fully amortised at 5 April 2023.

5. Tangible assets

	Leasehold property alterations	Plant and machinery	Total
	£	£	£
Cost
At 6 April 2022	357	12,889	13,246
Additions	–	5,250	5,250
	----	--------	--------
At 5 April 2023	357	18,139	18,496
	----	--------	--------
Depreciation
At 6 April 2022	155	8,414	8,569
Charge for the year	8	1,945	1,953
	----	--------	--------
At 5 April 2023	163	10,359	10,522
	----	--------	--------
Carrying amount
At 5 April 2023	194	7,780	7,974
	----	--------	--------
At 5 April 2022	202	4,475	4,677
	----	--------	--------

6. Investments

	Other investments other than loans
	£
Cost
At 6 April 2022	7,452
Additions	323
	-------
At 5 April 2023	7,775
	-------
Impairment
At 6 April 2022 and 5 April 2023	–
	-------

Carrying amount
At 5 April 2023	7,775
	-------
At 5 April 2022	7,452
	-------

7. Debtors

	2023	2022
	£	£
Trade debtors	101,308	66,294
Other debtors	2,160	8,156
	----------	--------
	103,468	74,450
	----------	--------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	232,798	130,206
Trade creditors	381,531	208,370
Corporation tax	28,720	19,826
Other creditors	33,941	23,910
	----------	----------
	676,990	382,312
	----------	----------