ACCOUNTS - Final Accounts

As restated

HIRST FARMS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2018-02-282018-02-284405440539051254030375500The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activityfalse2017-03-01 00674686 2017-03-01 2018-02-28 00674686 2016-02-29 2017-02-28 00674686 2018-02-28 00674686 2017-02-28 00674686 c:CompanySecretary1 2017-03-01 2018-02-28 00674686 c:Director1 2017-03-01 2018-02-28 00674686 c:RegisteredOffice 2017-03-01 2018-02-28 00674686 d:Buildings 2017-03-01 2018-02-28 00674686 d:LandBuildings 2018-02-28 00674686 d:LandBuildings 2017-03-01 2018-02-28 00674686 d:LandBuildings 2017-02-28 00674686 d:PlantMachinery 2017-03-01 2018-02-28 00674686 d:PlantMachinery 2018-02-28 00674686 d:PlantMachinery 2017-02-28 00674686 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-03-01 2018-02-28 00674686 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2017-03-01 2018-02-28 00674686 d:MotorVehicles 2017-03-01 2018-02-28 00674686 d:MotorVehicles 2018-02-28 00674686 d:MotorVehicles 2017-02-28 00674686 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-03-01 2018-02-28 00674686 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2017-03-01 2018-02-28 00674686 d:FurnitureFittings 2017-03-01 2018-02-28 00674686 d:OfficeEquipment 2017-03-01 2018-02-28 00674686 d:OfficeEquipment 2018-02-28 00674686 d:OfficeEquipment 2017-02-28 00674686 d:OfficeEquipment d:OwnedOrFreeholdAssets 2017-03-01 2018-02-28 00674686 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2017-03-01 2018-02-28 00674686 d:ComputerEquipment 2017-03-01 2018-02-28 00674686 d:OtherPropertyPlantEquipment 2017-03-01 2018-02-28 00674686 d:OwnedOrFreeholdAssets 2017-03-01 2018-02-28 00674686 d:LeasedAssetsHeldAsLessee 2017-03-01 2018-02-28 00674686 d:OtherResidualIntangibleAssets 2017-03-01 2018-02-28 00674686 d:OtherResidualIntangibleAssets 2018-02-28 00674686 d:OtherResidualIntangibleAssets 2017-02-28 00674686 d:FreeholdInvestmentProperty 2017-02-28 00674686 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2018-02-28 00674686 d:CurrentFinancialInstruments 2018-02-28 00674686 d:CurrentFinancialInstruments 2017-02-28 00674686 d:Non-currentFinancialInstruments 2018-02-28 00674686 d:Non-currentFinancialInstruments 2017-02-28 00674686 d:Non-currentFinancialInstruments 1 2018-02-28 00674686 d:Non-currentFinancialInstruments 1 2017-02-28 00674686 d:CurrentFinancialInstruments d:WithinOneYear 2018-02-28 00674686 d:CurrentFinancialInstruments d:WithinOneYear 2017-02-28 00674686 d:Non-currentFinancialInstruments d:AfterOneYear 2018-02-28 00674686 d:Non-currentFinancialInstruments d:AfterOneYear 2017-02-28 00674686 d:ShareCapital 2018-02-28 00674686 d:ShareCapital 2017-02-28 00674686 d:InvestmentPropertiesRevaluationReserve 2018-02-28 00674686 d:InvestmentPropertiesRevaluationReserve 2017-02-28 00674686 d:RetainedEarningsAccumulatedLosses 2018-02-28 00674686 d:RetainedEarningsAccumulatedLosses d:RestatedAmount 2017-02-28 00674686 c:FRS102 2017-03-01 2018-02-28 00674686 c:AuditExemptWithAccountantsReport 2017-03-01 2018-02-28 00674686 c:FullAccounts 2017-03-01 2018-02-28 00674686 c:PrivateLimitedCompanyLtd 2017-03-01 2018-02-28 00674686 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-03-01 2018-02-28 00674686 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2018-02-28 00674686 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-02-28 00674686 d:OtherVehicles 2017-03-01 2018-02-28 00674686 d:OtherVehicles 2018-02-28 00674686 d:OtherVehicles 2017-02-28 00674686 d:OtherVehicles d:LeasedAssetsHeldAsLessee 2017-03-01 2018-02-28 00674686 d:OtherVehicles d:OwnedOrFreeholdAssets 2017-03-01 2018-02-28 00674686 d:LandBuildings d:OwnedOrFreeholdAssets 2017-03-01 2018-02-28 iso4217:GBP xbrli:pure

Registered number: 00674686

HIRST FARMS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

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 - 3
Notes to the financial statements	4 - 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 2018

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 2018 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 27 April 2018. 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

31 October 2018

Page 1

HIRST FARMS LIMITED

REGISTERED NUMBER: 00674686

BALANCE SHEET

AS AT 28 FEBRUARY 2018

			As restated	As restated
	2018	2018	2017	2017
Note	£	£	£	£

Fixed assets
Intangible assets	5		375		500
Tangible assets	6		1,767,969		1,595,165
Investments	7		100		100
Investment property			436,500		436,500
			2,204,944		2,032,265
Current assets
Stocks	9	391,414		281,361
Debtors: amounts falling due within one year	10	224,908		153,452
Cash at bank and in hand		-		1
		616,322		434,814
Creditors: amounts falling due within one year	11	(1,230,623)		(1,132,823)
Net current liabilities			(614,301)		(698,009)
Total assets less current liabilities			1,590,643		1,334,256
Creditors: amounts falling due after more than one year	12		(1,028,208)		(764,407)

Net assets			£562,435		£569,849

Capital and reserves
Called up share capital	1,000	1,000
Fair value reserve	164,522	164,522
Profit and loss account	396,913	404,327
	£562,435	£569,849

Page 2

HIRST FARMS LIMITED

REGISTERED NUMBER: 00674686

BALANCE SHEET (CONTINUED)

AS AT 28 FEBRUARY 2018

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.

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.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2018.

R J Hirst

Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

1.	General information

Hirst Farms Limited is a private company, limited by shares, incorporated and domiciled 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 unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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.

Page 4

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

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

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

2.6

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.

2.7

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 HS232 and BIM55410.

2.8

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 5

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

2.Accounting policies (continued)

2.9

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.

2.10

Financial instruments

The Company only enters into basic financial instrument 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 and loans to related parties.

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 the 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.

2.11

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.

2.12

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.

2.13

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 6

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

2.Accounting policies (continued)

2.14

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.

2.15

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 10 (2017 - 8).

4.	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 losses carried forward of £1,363,128 which can be offset against future taxable profits.

Page 7

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

5.	Intangible assets

	Sugar Beet Quota	Entitlements	Total
	£	£	£
Cost
At 1 March 2017	3,780	625	4,405
At 28 February 2018	3,780	625	4,405
Amortisation
At 1 March 2017	3,780	125	3,905
Charge for the year	-	125	125
At 28 February 2018	3,780	250	4,030
Net book value
At 28 February 2018	£-	£375	£375
At 28 February 2017	£-	£500	£500

Page 8

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

6.	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 1 March 2017	913,530	497,393	59,559	344,616	151,960	1,967,058
Additions	98,662	63,660	3,200	92,159	57,400	315,081
Disposals	-	(12,372)	-	(37,500)	-	(49,872)
At 28 February 2018	1,012,192	548,681	62,759	399,275	209,360	2,232,267
Depreciation
At 1 March 2017	59,889	143,745	19,052	105,743	43,463	371,892
Charge for the year on owned assets	18,120	32,275	3,287	13,547	18,136	85,365
Charge for the year on financed assets	-	4,283	3,165	21,766	4,000	33,214
Disposals	-	(7,423)	-	(18,750)	-	(26,173)
At 28 February 2018	78,009	172,880	25,504	122,306	65,599	464,298
Net book value
At 28 February 2018	£934,183	£375,801	£37,255	£276,969	£143,761	£1,767,969
At 28 February 2017	£853,640	£353,648	£40,507	£238,873	£108,497	£1,595,165

7.	Fixed asset investments

		Unlisted investments
		£
	Cost
	At 1 March 2017 and 28 February 2018	£100

Page 9

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

8.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 March 2017 and 28 February 2018	436,500

The 2018 valuations were made by the director.

Crop in store	121,192	62,366
Cultivations	33,084	34,290
Livestock	185,628	149,800
Consumables	51,510	34,905
	£391,414	£281,361

10.

Debtors

					2018	2017
					£	£


Trade debtors	111,669	88,543
Other debtors	75,081	49,590
Prepayments and accrued income	38,158	15,319
	£224,908	£153,452

Page 10

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

11.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Bank overdraft	606,647	637,063
Bank loans	31,992	46,425
Trade creditors	337,656	76,050
Other taxation and social security	3,630	13,429
Obligations under finance lease and hire purchase contracts	50,499	50,138
Other creditors	59,804	184,357
Accruals and deferred income	140,395	125,361
	£1,230,623	£1,132,823

12.	Creditors: Amounts falling due after more than one year
		2018	2017
		£	£

Bank loans	466,210	499,756
Other loans	46,290	-
Net obligations under finance leases and hire purchase contracts	84,187	59,431
Other creditors	383,129	164,682
Accruals and deferred income	18,392	10,538
Share capital treated as debt	30,000	30,000
	£1,028,208	£764,407

The bank loans and overdraft 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 are secured on the assets to which they relate.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
	2018	2017
	£	£

Repayable by instalments	36,553	64,515
Released to profit and loss account in instalments	17,151	8,161
	53,704	72,676

Page 11

HIRST FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

13.

Reserves

Other reserves

The fair value reserve represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.

14.	Prior year adjustment

A prior year adjustment has been made in respect of an overstatement of the closing stock valuation for the year ended 28 February 2017. The effect on the comparative balance sheet is a decrease in stocks of £14,029.
Similarly, the effect on the opening reserves position is a decrease in the profit and loss account of £14,029.

15.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.

16.	Related party transactions
	At the year end the Company owed £133,447 (2017 - £133,513) to the director. This loan is interest free and is included within other creditors due after more than one year in note 12 to the financial statements.

Page 12