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

HERITAGE FARMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03246777

Heritage Farms Limited

Filleted Unaudited Financial Statements

31 March 2023

Heritage Farms Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	4	1,864,739	2,995,216
Investments	5	194,001	194,000
		------------	------------
		2,058,740	3,189,216

Current assets

Debtors	6	2,308,605	122,907
Cash at bank and in hand		–	344
		------------	---------
		2,308,605	123,251

Creditors: amounts falling due within one year	7	961,894		919,299
		------------		---------
Net current assets/(liabilities)			1,346,711	( 796,048)
			------------	------------
Total assets less current liabilities			3,405,451	2,393,168

Creditors: amounts falling due after more than one year	8	63,150	85,741
		------------	------------
Net assets		3,342,301	2,307,427
		------------	------------

Capital and reserves

Called up share capital	9	1,752,500	1,752,500
Profit and loss account		1,589,801	554,927
		------------	------------
Shareholders funds		3,342,301	2,307,427
		------------	------------

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 31 March 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Heritage Farms Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 19 December 2023 , and are signed on behalf of the board by:

L Edgar
Director

Company registration number: 03246777

Heritage Farms Limited

Notes to the Financial Statements

Year ended 31 March 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 Gosterwood Manor Lodge, The Estate Office, Dorking, Surrey, RH5 5RX.

2. Statement of compliance

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

3. Accounting policies

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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Income 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 pay or recover 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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold Property	-	2% straight line
Leasehold Property	-	10% straight line
Plant & Machinery	-	7.5% to 25% straight line

Investments

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

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Freehold property	Leasehold property	Plant and machinery	Total
	£	£	£	£
Cost
At 1 April 2022	2,988,076	39,381	401,484	3,428,941
Additions	–	–	8,295	8,295
Disposals	( 1,109,263)	–	–	( 1,109,263)
	------------	--------	---------	------------
At 31 March 2023	1,878,813	39,381	409,779	2,327,973
	------------	--------	---------	------------
Depreciation
At 1 April 2022	88,789	39,381	305,555	433,725
Charge for the year	4,217	–	25,292	29,509
	------------	--------	---------	------------
At 31 March 2023	93,006	39,381	330,847	463,234
	------------	--------	---------	------------
Carrying amount
At 31 March 2023	1,785,807	–	78,932	1,864,739
	------------	--------	---------	------------
At 31 March 2022	2,899,287	–	95,929	2,995,216
	------------	--------	---------	------------

5. Investments

	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 April 2022	–	194,000	194,000
Additions	1	–	1
	----	---------	---------
At 31 March 2023	1	194,000	194,001
	----	---------	---------
Impairment
At 1 April 2022 and 31 March 2023	–	–	–
	----	---------	---------

Carrying amount
At 31 March 2023	1	194,000	194,001
	----	---------	---------
At 31 March 2022	–	194,000	194,000
	----	---------	---------

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
HFL Property Services Limited	Ordinary	100

Heritage Farms Limited owns 100% of the issued share capital of HFL Property Serrvices Limited. During the year Heritage Farms Limited transferred three freehold properties to HFL Property Services Limited at valuation.

6. Debtors

	2023	2022
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,174,999	–
Other debtors	133,606	122,907
	------------	---------
	2,308,605	122,907
	------------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	13,589	4,200
Trade creditors	73,551	7,839
Corporation tax	53,764	53,764
Other creditors	820,990	853,496
	---------	---------
	961,894	919,299
	---------	---------

Included within creditors due within one year and creditors due after one year are hire purchase liabilities secured on the assets concerned.

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	10,400	15,541
Other creditors	52,750	70,200
	--------	--------
	63,150	85,741
	--------	--------

9. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	1,752,500	1,752,500	1,752,500	1,752,500
	------------	------------	------------	------------

10. Related party transactions

The company was under the control of Mr L Edgar throughout the current and previous year. Mr L Edgar is the sole director and shareholder. Included in other creditors is a balance due to the director of £517,312 (2022: £565,948).