High House Farm Limited - Period Ending 2019-03-31
High House Farm Limited - Period Ending 2019-03-31
Registration number:
for the Year Ended
Chartered Accountants
High House Farm Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
High House Farm Limited
Company Information
Directors |
The Hon J H T Russell Mr H J T Russell Mr J P F Russell |
Company secretary |
The Hon J H T Russell |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
High House Farm Limited
for the Year Ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of High House Farm Limited for the year ended 31 March 2019 as set out on pages 3 to 11 from the company's 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 Board of Directors of High House Farm Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of High House Farm Limited and state those matters that we have agreed to state to the Board of Directors of High House Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than High House Farm Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that High House Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of High House Farm Limited. You consider that High House Farm Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of High House Farm 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 accounts.
Chartered Accountants
34 High East Street
Dorchester
Dorset
DT1 1HA
High House Farm Limited
(Registration number: 00426430)
Balance Sheet as at 31 March 2019
Note |
2019 |
(As restated) |
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£ |
£ |
£ |
£ |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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|
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Other financial assets |
80,648 |
80,374 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Total equity |
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For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
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High House Farm Limited
Statement of Changes in Equity
for the Year Ended 31 March 2019
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2018 |
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|
( |
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Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
At 31 March 2019 |
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|
( |
|
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2017 |
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|
( |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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New share capital subscribed |
- |
( |
- |
( |
At 31 March 2018 |
|
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( |
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High House Farm Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Ringstead Farm
Ringstead
Dorchester
Dorset
DT2 8NF
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. The company has net current liabilities, but only in respect of amounts due to The Hon J H T Russell (Director) who will continue to support the company and only demand repayment of amounts due to him from the company to the extent that it will not impact the going concern.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Grants that impose specified future performance-related conditions, such as Basic Payment Scheme (BPS) subsidies, are recognised in income only when the performance-related conditions are met.
Other grants
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
High House Farm Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land and buildings |
Freehold land nil, buildings 4% per annum on cost |
Plant, machinery and equipment |
12.5% - 15% reducing balance basis |
Computer equipment |
15% reducing balance basis |
Cottage fixtures and fittings |
12.5% reducing balance basis |
Motor vehicles |
25% reducing balance basis |
Intangible assets
Intangible assets are stated in the statement of financial position at cost, less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Basic Payment Scheme Entitlements |
20% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less selling costs.
Biological assets are stated in the Balance Sheet at cost, less any accumulated depreciation and any accumulated impairment losses. For home-bred animals, cost represents a deemed cost valuation.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
High House Farm Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
High House Farm Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Intangible assets |
Basic Payment Scheme Entitlements |
Total |
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Cost |
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At 1 April 2018 |
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At 31 March 2019 |
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Amortisation |
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At 1 April 2018 |
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Amortisation charge |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
- |
- |
At 31 March 2018 |
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Tangible assets |
Land and buildings |
Plant, machinery and equipment |
Cottage fixtures and fittings |
Total |
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Cost |
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At 1 April 2018 |
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Additions |
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- |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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- |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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- |
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At 31 March 2018 |
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- |
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The Freehold land and buildings were valued by Carter Jonas on 31 January 2014 at £4,100,000.
High House Farm Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2018 |
620 |
79,753 |
80,373 |
Fair value adjustments |
275 |
- |
275 |
At 31 March 2019 |
895 |
79,753 |
80,648 |
Carrying amount |
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At 31 March 2019 |
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80,648 |
At 31 March 2018 |
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80,374 |
Stocks |
2019 |
2018 |
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Other inventories |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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High House Farm Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
(As restated) |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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1,906,691 |
1,812,864 |
Creditors: amounts falling due after more than one year
Note |
2019 |
(As restated) |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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1,906,691 |
1,812,864 |
High House Farm Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Bank loans and overdrafts
Bank loans and overdrafts totalling £2,226,574 (2018 - £2,036,853) are secured on fixed and floating charges over the company and all property and assets present and future including, goodwill, book debts, capital buildings, fixtures and fixed plant and machinery.
Bank loans include aggregate amounts of £1,663,869 (2018 - £1,297,698) which fall due after five years and which are payable by instalments.