ACCOUNTS - Final Accounts

HIRST FARMS LIMITED - Company Information

Caseware UK (AP4) 2014.0.91 2014.0.91 2017-02-282017-02-284405440537801253905500625Mixed farming & operation of fun parkfalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrue2016-02-29 00674686 2016-02-29 2017-02-28 00674686 2015-03-01 2016-02-28 00674686 2017-02-28 00674686

2017-02-28 00674686 2016-02-28 00674686

2016-02-28 00674686 d:CompanySecretary1 2016-02-29 2017-02-28 00674686 d:Director1 2016-02-29 2017-02-28 00674686 d:RegisteredOffice 2016-02-29 2017-02-28 00674686 c:Buildings 2016-02-29 2017-02-28 00674686 c:Buildings 2017-02-28 00674686 c:Buildings 2016-02-28 00674686 c:Buildings c:OwnedOrFreeholdAssets 2016-02-29 2017-02-28 00674686 c:PlantMachinery 2016-02-29 2017-02-28 00674686 c:PlantMachinery 2017-02-28 00674686 c:PlantMachinery 2016-02-28 00674686 c:PlantMachinery c:OwnedOrFreeholdAssets 2016-02-29 2017-02-28 00674686 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2016-02-29 2017-02-28 00674686 c:MotorVehicles 2016-02-29 2017-02-28 00674686 c:MotorVehicles 2017-02-28 00674686 c:MotorVehicles 2016-02-28 00674686 c:MotorVehicles c:OwnedOrFreeholdAssets 2016-02-29 2017-02-28 00674686 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2016-02-29 2017-02-28 00674686 c:FurnitureFittings 2016-02-29 2017-02-28 00674686 c:OfficeEquipment 2016-02-29 2017-02-28 00674686 c:OfficeEquipment c:LeasedAssetsHeldAsLessee 2016-02-29 2017-02-28 00674686 c:ComputerEquipment 2016-02-29 2017-02-28 00674686 c:OtherPropertyPlantEquipment 2016-02-29 2017-02-28 00674686 c:OtherPropertyPlantEquipment 2017-02-28 00674686 c:OtherPropertyPlantEquipment 2016-02-28 00674686 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2016-02-29 2017-02-28 00674686 c:OwnedOrFreeholdAssets 2016-02-29 2017-02-28 00674686 c:LeasedAssetsHeldAsLessee 2016-02-29 2017-02-28 00674686 c:OtherResidualIntangibleAssets 2016-02-29 2017-02-28 00674686 c:OtherResidualIntangibleAssets 2017-02-28 00674686 c:OtherResidualIntangibleAssets 2016-02-28 00674686 c:Non-currentFinancialInstruments c:UnlistedNon-exchangeTraded 2017-02-28 00674686 c:CurrentFinancialInstruments 2017-02-28 00674686 c:CurrentFinancialInstruments 2016-02-28 00674686 c:Non-currentFinancialInstruments 2017-02-28 00674686 c:Non-currentFinancialInstruments 2016-02-28 00674686 c:Non-currentFinancialInstruments 1 2017-02-28 00674686 c:CurrentFinancialInstruments c:WithinOneYear 2017-02-28 00674686 c:CurrentFinancialInstruments c:WithinOneYear 2016-02-28 00674686 c:Non-currentFinancialInstruments c:AfterOneYear 2017-02-28 00674686 c:Non-currentFinancialInstruments c:AfterOneYear 2016-02-28 00674686 c:ShareCapital 2017-02-28 00674686 c:ShareCapital 2016-02-28 00674686 c:RetainedEarningsAccumulatedLosses 2017-02-28 00674686 c:RetainedEarningsAccumulatedLosses 2016-02-28 00674686 d:FRS102 2016-02-29 2017-02-28 00674686 d:AuditExemptWithAccountantsReport 2016-02-29 2017-02-28 00674686 d:FullAccounts 2016-02-29 2017-02-28 00674686 d:PrivateLimitedCompanyLtd 2016-02-29 2017-02-28 00674686 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-02-29 2017-02-28 00674686 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-02-28 00674686 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-02-28 00674686 c:OtherVehicles 2016-02-29 2017-02-28 00674686 c:OtherVehicles 2017-02-28 00674686 c:OtherVehicles 2016-02-28 00674686 c:OtherVehicles c:LeasedAssetsHeldAsLessee 2016-02-29 2017-02-28 00674686 c:OtherVehicles c:OwnedOrFreeholdAssets 2016-02-29 2017-02-28 iso4217:GBP xbrli:pure

Registered number: 00674686

HIRST FARMS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

HIRST FARMS LIMITED

COMPANY INFORMATION

Director	R J Hirst


Company secretary	Mrs K E Hirst


Registered number	00674686


Registered office	Carr Farm
	Ormesby St Margaret
	Great Yarmouth
	Norfolk
	NR29 3LG


Accountants	MA Partners LLP
	Chartered Accountants
	7 The Close
	Norwich
	Norfolk
	NR1 4DJ

HIRST FARMS LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 4
Notes to the financial statements	5 - 12

HIRST FARMS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HIRST FARMS LIMITED
FOR THE YEAR ENDED 28 FEBRUARY 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hirst Farms Limited for the year ended 28 February 2017 which comprise the Balance sheet and the related notes from the Company 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 at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of Hirst Farms Limited in accordance with the terms of our engagement letter dated 2 April 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Hirst Farms Limited and state those matters that we have agreed to state to the director of Hirst Farms Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hirst Farms Limited and its director for our work or for this report.

It is your duty to ensure that Hirst Farms 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 or loss of Hirst Farms Limited. You consider that Hirst Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Hirst Farms 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.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ
 

22 September 2017

Page 1

HIRST FARMS LIMITED

REGISTERED NUMBER: 00674686

BALANCE SHEET

AS AT 28 FEBRUARY 2017

	2017	2017	2016	2016
Note	£	£	£	£

Fixed assets
Intangible assets	4		500		625
Tangible assets	5		1,867,143		1,802,362
Investments	6		100		100
			1,867,743		1,803,087
Current assets
Stocks	7	295,390		270,409
Debtors		153,452		198,369
Cash at bank and in hand		1		1
		448,843		468,779
Creditors: amounts falling due within one year	8	(1,132,823)		(1,105,927)
Net current liabilities			(683,980)		(637,148)
Total assets less current liabilities			1,183,763		1,165,939
Creditors: amounts falling due after more than one year	9		(764,407)		(755,664)

Net assets			£419,356		£410,275

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	418,356	409,275
	£419,356	£410,275

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 2

HIRST FARMS LIMITED

REGISTERED NUMBER: 00674686

BALANCE SHEET (CONTINUED)

AS AT 28 FEBRUARY 2017

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 3

HIRST FARMS LIMITED

REGISTERED NUMBER: 00674686

BALANCE SHEET (CONTINUED)

AS AT 28 FEBRUARY 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 September 2017.

R J Hirst

Director

The notes on pages 5 to 12 form part of these financial statements.

Page 4

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

1.	General information

Hirst Farms Limited is a private company, limited by shares, incorporated and domicile in England and Wales. The registered office is Carr Farm, Ormesby St Margaret, Great Yarmouth, Norfolk, NR29 3LG.
The Company's principle activity is that of mixed farming and the operation of a livery and fun park.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The financial statements for the year ended 28 February 2017 are the Company’s first financial statements that comply with FRS 102. The Company’s date of transition to FRS 102 is 1 March 2015. The Company’s last financial statements prepared in accordance with previous UK GAAP were for the year ended 29 February 2016.
Information on the impact of first-time adoption of FRS 102 is given in note 13.
The following principal accounting policies have been applied:

2.2

Revenue recognition

Turnover comprises revenue recognised by the Company in respect of crop and livestock sales, rents and subsidies received, work done for third parties and the operation of a fun park and livery, exclusive of Value Added Tax.
 

Revenue is recognised in the following manner:
 

·Crops and livestock sold - on physical delivery to the customer;

·Rent receivable - amounts receivable in the year;

·Subsidy income - in the year when the qualifying conditions entitling payment are met;

·Work done - on provision of service to the customer;

·Fun park and livery income - at the point of sale.

2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Sugar beet quota is stated at cost less amortisation and has been fully amortised over its expected useful life. Acquired basic payment scheme entitlements are amortised to the Profit and loss account over their remaining estimated useful life of five years.

Page 5

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

2.Accounting policies (continued)

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Farm buildings and improvements	-	2%	straight line
Plant and machinery	-	20%	straight line
Motor vehicles	-	25%	straight line
Tractors and trailers	-	20%	straight line
Office equipment	-	25%	straight line
Livery equipment	-	20%	straight line
Fun park equipment	-	20%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

2.5

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.6

Stocks

Stocks and closing valuation for cultivations are valued at the lower of cost and net realisable value and have been valued by a professional valuer in accordance with the Royal Institution of Chartered Surveyors' and Central Association of Agricultural Valuers' Guidance Notes.
Net realisable value represents estimated selling price for produce in store with values reduced in accordance with the guidance within H M Revenue & Customs help sheet IR232 and BIM55410.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

2.Accounting policies (continued)

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:

·at fair value with changes recognised in the Profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably;

·at cost less impairment for all other investments.

2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Finance costs

Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 7

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

2.Accounting policies (continued)

2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.14

Borrowing costs

All borrowing costs are recognised in the Profit and loss account in the year in which they are incurred.

Employees

The average monthly number of employees, including directors, during the year was 8 (2016 - 7).

4.	Intangible assets

	Sugar Beet Quota	Entitlements	Total
	£	£	£
Cost
At 29 February 2016	3,780	625	4,405
At 28 February 2017	3,780	625	4,405
Amortisation
At 29 February 2016	3,780	-	3,780
Charge for the year	-	125	125
At 28 February 2017	3,780	125	3,905
Net book value
At 28 February 2017	£-	£500	£500
At 28 February 2016	£-	£625	£625

Page 8

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

5.	Tangible fixed assets

	Land and buildings	Plant & machinery	Motor vehicles & trailers	Tractors & combine harvesters	Fun park, livery and office equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 29 February 2016	1,159,160	455,119	51,906	344,616	78,591	2,089,392
Additions	32,053	42,274	21,098	-	73,525	168,950
Disposals	-	-	(13,445)	-	(156)	(13,601)
At 28 February 2017	1,191,213	497,393	59,559	344,616	151,960	2,244,741
Depreciation
At 29 February 2016	47,381	115,361	20,894	75,746	27,648	287,030
Charge for the year on owned assets	18,214	27,124	2,967	9,198	11,852	69,355
Charge for the year on financed assets	-	1,260	5,275	20,799	4,000	31,334
Disposals	-	-	(10,084)	-	(37)	(10,121)
At 28 February 2017	65,595	143,745	19,052	105,743	43,463	377,598
Net book value
At 28 February 2017	£1,125,618	£353,648	£40,507	£238,873	£108,497	£1,867,143
At 28 February 2016	£1,111,779	£339,758	£31,012	£268,870	£50,943	£1,802,362

6.	Fixed asset investments

		Unlisted investments
		£
	Cost
	At 29 February 2016 and 28 February 2017	£100

Page 9

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

7.	Stocks
		2017	2016
		£	£

Crop in store	72,879	86,995
Cultivations	37,806	22,896
Livestock	149,800	131,525
Consumables	34,905	28,993
	£295,390	£270,409

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank overdrafts	637,063	569,121
Bank loans	46,425	92,519
Trade creditors	76,050	92,078
Other taxation and social security	13,429	10,324
Obligations under finance lease and hire purchase contracts	50,138	43,623
Other creditors	184,357	153,504
Accruals and deferred income	125,361	144,758
	£1,132,823	£1,105,927

Page 10

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

9.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Bank loans	499,756	520,093
Net obligations under finance leases and hire purchase contracts	59,431	73,288
Other creditors	164,682	150,000
Accruals and deferred income	10,538	12,283
Share capital treated as debt	30,000	-
	£764,407	£755,664

Secured loans

Bank loans of £546,180 (2016 - £612,612) are secured on assets owned by the Company and by legal charges over property owned personally by the director. The director has also provided a personal guarantee limited to £1,000,000 in support of the bank loans.
Net obligations under finance leases and hire purchase contracts of £109,569 (2016 - £116,911) are secured on the assets to which they relate.

Creditors include amounts not wholly repayable within 5 years as follows:
	2017	2016
	£	£


Repayable by instalments	64,515	92,113
Repayable other than by instalments	-	303,000
Released to profit and loss account in instalments	8,161	8,372
	£72,676	£403,485

10.	Taxation

	Factors affecting tax charge for the year
	The Company utilised unrelieved tax losses brought forward from previous accounting periods to eliminate the corporation tax charge for the year.

Factors that may affect future tax charges

At the balance sheet date, the Company had unrelieved tax losses carried forward of £1,250,463 which can be offset against future taxable profits.

Page 11

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

11.Director's personal guarantees

The director has provided a personal guarantee limited to £1,000,000 in support of the Company's bank loans and overdraft. This is supported by legal charges over personally owned property.

12.	Related party transactions
	At the year end the Company owed £133,513 (2016 - £98,051) to the director. This loan is interest free and repayable on demand and is included in other creditors due within one year in note 8 to the financial statements.

13.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 12