Registered number
01269154
Crow Hall Farms Limited
Unaudited Filleted Accounts
30 November 2018
Crow Hall Farms Limited
Registered number: 01269154
Balance Sheet
as at 30 November 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 6 53,111 84,760
Tangible assets 7 1,807,026 1,818,765
Investment Properties 8 605,000 600,000
Biological Assets 9 182,115 181,827
2,647,252 2,685,352
Current assets
Inventories 10 87,595 78,396
Debtors 11 182,933 210,766
270,528 289,162
Creditors: amounts falling due within one year 12 (277,453) (276,801)
Net current (liabilities)/assets (6,925) 12,361
Total assets less current liabilities 2,640,327 2,697,713
Creditors: amounts falling due after more than one year 13 (1,065,695) (1,087,950)
Provisions for liabilities - deferred taxation (14,254) (18,043)
Net assets 1,560,378 1,591,720
Capital and reserves
Called up share capital 15 111 111
Other reserves 871,977 871,977
Share premium 65,989 65,989
Profit and loss account 19 622,301 653,643
Shareholders' funds 1,560,378 1,591,720
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS102 Section 1A - small entities.
M E Dickinson
Approved by the board on 29 March 2019
Crow Hall Farms Limited
Notes to the Accounts
For the year ended 30 November 2018
1 Accounting policies
Statutory information
The company is a private company, limited by shares, domiciled in England and Wales and whose registered number is 01269154. The registered office is located at Crow Hall Farm, Bardon Mill, Hexham, Northumberland, NE47 7BJ.
Compliance with accounting standards
The financial statements are prepared in accordance with the provisions of FRS102 Section1A small entities. There were no material departures from that standard.
The principal accounting policies adopted in the presentation of the financial statements are set out below.
The financial statements have been prepared under the historical cost convention as modified for the revaluation of certain fixed assets.
Intangible assets
Intangible assets which comprise basic farm payment entitlements are included at fair value. Fair value is considered at each reporting date and any changes in fair value are recognised in the profit and loss account. The entitlements are being amortised over four years from 1st December 2016. Deferred tax is provided on these gains at the rate expected to apply when the entitlements are sold.
Property, plant and equipment assets and depreciation
Property, plant and equipment assets are stated at cost less depreciation and impairment. Depreciation is provided at the rates calculated to write off the cost of fixed assets over their expected useful lives on the following bases:
Freehold land & woodlands No depreciation
Buildings and improvements 4% reducing balance
Plant and machinery 15% reducing balance
Investment property
Investment properties are included at fair value. Fair value is considered at each reporting date and any changes in fair value are recognised in the profit and loss account. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Finance leases or hire purchase contracts and leasing
Assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of finance charges, are included in creditors. Finance charges are charged to profits using the effective interest method or similar bases.



Rental payments under operating lease are charged to the profit and loss account on a straight line basis over the period of the lease.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to sell.
1 Accounting policies ~ continued
Biological assets
Biological assets, being living plants and animals, are included at the lower of cost and estimated selling price less costs to sell. Depreciation is provided at rates calculated to write off the cost of breeding animals over their expected productive lives on the following bases:
Breeding cattle 10% reducing balance
Breeding sheep 4% reducing balance
Income recognition
Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have been transferred to them.
Deferred tax
Deferred taxation is provided on the liability method to take account of the timing differences between the treatment of certain items for financial statements and their tax treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of material timing differences.
Government grants
Income grants are recognised on an accruals basis.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Interest payable 2018 2017
£ £
Bank overdraft and other short term borrowings 4,557 3,132
Finance leases and hire purchase contracts 1,401 1,374
5,958 4,506
3 Other operating income 2018 2017
£ £
Wayleaves 2,845 3,682
Fair value gains on investment properties - -
Fair value gains on intangible assets - -
2,845 3,682
4 Employees 2018 2017
Number Number
Average number of persons employed by the company 4 4
5 Tax on ordinary activities 2018 2017
£ £
Tax on ordinary profits (1,744) -
Deferred tax (3,789) (5,525)
(5,533) (5,525)
The company has tax losses of £299,955 ( 2017 : £269,703 ) and capital losses of £123,685 (2017: £123,685) available to carry forward to offset future profits and gains.
6 Intangible fixed assets
Basic farm payment entitlements
£
Cost
At 1 December 2017 113,014
Additions -
Impairment (6,793)
At 30 November 2018 106,221
Amortisation
At 1 December 2017 (28,254)
Provided during the year (24,856)
On impairment -
At 30 November 2018 (53,110)
Net book value
At 30 November 2018 53,111
At 30 November 2017 84,760
7 Tangible fixed assets
Freehold land Buildings & improvements Plant and machinery Total
£ £ £ £
Cost
At 1 December 2017 1,292,900 504,424 365,515 2,162,839
Additions - 17,563 31,665 49,228
Disposals - 0 (35,350) (35,350)
At 30 November 2018 1,292,900 521,987 361,830 2,176,717
Depreciation
At 1 December 2017 - 216,621 127,453 344,074
Charge for the year - 11,512 36,287 47,799
On disposals - 0 (22,182) (22,182)
At 30 November 2018 - 228,133 141,558 369,691
Net book value
At 30 November 2018 1,292,900 293,854 220,272 1,807,026
At 30 November 2017 1,292,900 287,803 238,062 1,818,765
The net book value of assets held under finance leases or hire purchase contracts, included in plant and machinery, amounts to £87,472 (2017: £102,908).
8 Investment Properties
£
Fair value at 1 December 2017 600,000
Additions at cost 10,240
Net gains from fair vale adjustments -
Fair value impairment (5,240)
Fair value at 30 November 2018 605,000
The historical cost of the investment properties as at 30th November 2018 has been estimated as £197,740.
9 Biological Assets
£
Breeding livestock
Cost
As at 1 December 2017 247,020
Net changes in the year 19,826
As at 30 November 2018 266,846
Depreciation
As at 1 December 2017 (65,193)
Recoveries on disposals in the year 13,598
Charge for the year (33,136)
As at 30 November 2018 (84,731)
Net book value
As at 30 November 2018 182,115
As at 30 November 2017 181,827
10 Inventories 2018 2017
£ £
Biological assets being trading livestock 44,249 27,570
Deadstock & other stocks 43,346 50,826
87,595 78,396
11 Debtors 2018 2017
£ £
Trade debtors 182,933 202,054
Value added tax - 8,712
182,933 210,766
12 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 195,063 226,265
Obligations under finance lease and hire purchase contracts 15,563 6,350
Trade creditors 37,625 35,970
Value added tax 6,124 -
Other creditors 23,078 8,216
277,453 276,801
A mortgage dated 10th July 2009 over the company's assets was created by the company for securing all monies due or to become due from the company to Lloyds Bank on any account whatsoever.
The amounts due under hire purchase obligations are secured on the assets to which they relate.
13 Creditors: amounts falling due after one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 2,594 37,830
Other creditors 1,063,101 1,050,120
1,065,695 1,087,950
The amounts due under hire purchase obligations are secured on the assets to which they relate.
14 Deferred taxation
2018 2017
£ £
As at 1 December 2017 18,043 23,568
Credit to profit or loss (3,789) (5,525)
As at 30 November 2018 14,254 18,043
The provision for deferred tax is made up as follows:
2018 2017
£ £
Potential gains on investment properties and basic farm payment entitlements 37,754 41,543
Tax losses carried forward (23,500) (23,500)
14,254 18,043
15 Share capital
2018 2017
£ £ £ £
Authorised Allotted and fully paid Authorised Allotted and fully paid
Ordinary shares of £1 each 10,000 111 10,000 111
16 Control
The company is under the control of the trustees of a number of settlements whose beneficiaries are the members of the Dickinson family.
17 Other financial commitments 2018 2017
£ £
Total future minimum payments under non-cancellable operating leases 9,900 9,900
18 Related party transactions
Finance for the company is provided by the directors of the company by way of loans on an interest free basis with the amounts owing to and by the directors being disclosed in notes 12 and 13. There is no set date for the repayment of these loans. No amounts have been written off or waived. Should any loan become overdrawn the deficit amount is repayable to the company at the earliest opportunity.
19 Unrealised profits
Unrealised profits arising from FRS102 adjustments included in the profit and loss account reserve are noted below.
2018 2017
£ £
Unrealised profits 354,819 408,613
354,819 408,613
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