Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31true2021-04-0110falseFarming10trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00591983 2021-04-01 2022-03-31 00591983 2020-04-01 2021-03-31 00591983 2022-03-31 00591983 2021-03-31 00591983 c:Director1 2021-04-01 2022-03-31 00591983 d:Buildings 2021-04-01 2022-03-31 00591983 d:Buildings 2022-03-31 00591983 d:Buildings 2021-03-31 00591983 d:Buildings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00591983 d:Buildings d:LeasedAssetsHeldAsLessee 2021-04-01 2022-03-31 00591983 d:Buildings d:LongLeaseholdAssets 2021-04-01 2022-03-31 00591983 d:Buildings d:ShortLeaseholdAssets 2021-04-01 2022-03-31 00591983 d:PlantMachinery 2021-04-01 2022-03-31 00591983 d:PlantMachinery 2022-03-31 00591983 d:PlantMachinery 2021-03-31 00591983 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00591983 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-04-01 2022-03-31 00591983 d:MotorVehicles 2021-04-01 2022-03-31 00591983 d:MotorVehicles 2022-03-31 00591983 d:MotorVehicles 2021-03-31 00591983 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00591983 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-04-01 2022-03-31 00591983 d:FurnitureFittings 2021-04-01 2022-03-31 00591983 d:FurnitureFittings 2022-03-31 00591983 d:FurnitureFittings 2021-03-31 00591983 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00591983 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2021-04-01 2022-03-31 00591983 d:OfficeEquipment 2021-04-01 2022-03-31 00591983 d:ComputerEquipment 2021-04-01 2022-03-31 00591983 d:OtherPropertyPlantEquipment 2021-04-01 2022-03-31 00591983 d:OtherPropertyPlantEquipment 2022-03-31 00591983 d:OtherPropertyPlantEquipment 2021-03-31 00591983 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00591983 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2021-04-01 2022-03-31 00591983 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00591983 d:LeasedAssetsHeldAsLessee 2021-04-01 2022-03-31 00591983 d:CurrentFinancialInstruments 2022-03-31 00591983 d:CurrentFinancialInstruments 2021-03-31 00591983 d:Non-currentFinancialInstruments 2022-03-31 00591983 d:Non-currentFinancialInstruments 2021-03-31 00591983 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00591983 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 00591983 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 00591983 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-31 00591983 d:ShareCapital 2022-03-31 00591983 d:ShareCapital 2021-03-31 00591983 d:CapitalRedemptionReserve 2022-03-31 00591983 d:CapitalRedemptionReserve 2021-03-31 00591983 d:RetainedEarningsAccumulatedLosses 2022-03-31 00591983 d:RetainedEarningsAccumulatedLosses 2021-03-31 00591983 c:FRS102 2021-04-01 2022-03-31 00591983 c:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 00591983 c:FullAccounts 2021-04-01 2022-03-31 00591983 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 00591983 2 2021-04-01 2022-03-31 00591983 6 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 00591983










NEWCOME-BAKER FARMS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

 
NEWCOME-BAKER FARMS LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 10


 
NEWCOME-BAKER FARMS LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEWCOME-BAKER FARMS LTD
FOR THE YEAR ENDED 31 MARCH 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newcome-Baker Farms Ltd for the year ended 31 March 2022 which comprise  the Balance Sheet and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Newcome-Baker Farms Ltd, as a body, in accordance with the terms of our engagement letter dated 1 July 2022Our work has been undertaken solely to prepare for your approval the financial statements of Newcome-Baker Farms Ltd  and state those matters that we have agreed to state to the Board of Directors of Newcome-Baker Farms Ltd, as a body, 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 Newcome-Baker Farms Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Newcome-Baker Farms Ltd 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 of Newcome-Baker Farms Ltd. You consider that Newcome-Baker Farms Ltd 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 Newcome-Baker Farms Ltd. 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
15 August 2022
Page 1

 
NEWCOME-BAKER FARMS LTD
REGISTERED NUMBER: 00591983

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,928,338
9,754,886

Investments
 5 
86
86

  
9,928,424
9,754,972

Current assets
  

Stocks
  
819,261
625,966

Debtors: amounts falling due within one year
 6 
327,913
318,926

Cash at bank and in hand
  
122,381
320,680

  
1,269,555
1,265,572

Creditors: amounts falling due within one year
 7 
(735,869)
(698,880)

Net current assets
  
 
 
533,686
 
 
566,692

Total assets less current liabilities
  
10,462,110
10,321,664

Creditors: amounts falling due after more than one year
 8 
(6,454,829)
(6,756,623)

Provisions for liabilities
  

Deferred tax
  
(484,898)
(410,185)

Net assets
  
3,522,383
3,154,856


Capital and reserves
  

Called up share capital 
  
81,540
81,540

Capital redemption reserve
  
13,046
13,046

Profit and loss account
  
3,427,797
3,060,270

  
3,522,383
3,154,856


Page 2

 
NEWCOME-BAKER FARMS LTD
REGISTERED NUMBER: 00591983
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The directors consider 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 the Companies Act 2006.

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 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 18 July 2022.




W G N Barber
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The registered office address and principal place of business of the company is Wethered Manor, Sedgeford, Hunstanton, Norfolk, PE36 5LR.
The company's principal activity continues to be that of farming.

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

Turnover comprises revenue recognised by the company in respect of crops and livestock sold, work done, rents and grants receivable, exclusive of Value Added Tax.

Revenue is recognised in the following manner:-

Crops and livestock sold - on physical delivery to the customer;
Work done - on completion of engagement;
Rents - amounts receivable in the year;
Grants income - in the year when the qualifying conditions entitling payment are met.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.7

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 profit or loss 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.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

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.

Page 5

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a straight line and reducing balance method.

Depreciation is provided on the following basis:

Property & improvements
-
4% straight line
Poultry and biomass buildings
-
2.5% straight line
Poultry plant and equipment
-
4% straight line
Plant and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Tractors
-
25% reducing balance
Office equipment
-
10% reducing balance
Solar panels
-
4% straight line
Fixtures & fittings
-
10% reducing balance

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 profit or loss.

 
2.10

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.

 
2.11

Stocks

Stocks and closing valuation for cultivations (work in progress) are valued at the lower of cost and net realisable value. Costs have been determined from cost of production calculations. Net realisable value represents estimated selling price for produce in store with values reduced in accordance with guidance within H M Revenue & Customs help sheet HS232. Consumable stocks are valued at cost.

 
2.12

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.

 
2.13

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.

Page 6

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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, loans to related parties and investments in 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2021 - 10).

Page 7

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Tractors & harvesters
Fixtures & fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2021
6,859,870
3,699,160
59,650
1,158,386
59,835
11,836,901


Additions
189,770
424,518
-
-
-
614,288


Disposals
-
(34,620)
-
(164,775)
-
(199,395)



At 31 March 2022

7,049,640
4,089,058
59,650
993,611
59,835
12,251,794



Depreciation


At 1 April 2021
434,651
906,713
43,393
662,374
34,884
2,082,015


Charge for the year on owned assets
83,176
206,096
4,065
54,491
2,493
350,321


Charge for the year on financed assets
-
-
-
68,093
-
68,093


Disposals
-
(17,876)
-
(159,097)
-
(176,973)



At 31 March 2022

517,827
1,094,933
47,458
625,861
37,377
2,323,456



Net book value



At 31 March 2022
6,531,813
2,994,125
12,192
367,750
22,458
9,928,338



At 31 March 2021
6,425,219
2,792,447
16,257
496,012
24,951
9,754,886


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2021
86



At 31 March 2022
86




Page 8

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Debtors

2022
2021
£
£


Trade debtors
82,473
56,989

Other debtors
245,440
261,937

327,913
318,926



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
276,285
267,547

Trade creditors
302,164
285,549

Other taxation and social security
34,991
-

Obligations under finance lease and hire purchase contracts
58,727
64,430

Other creditors
418
-

Accruals and deferred income
63,284
81,354

735,869
698,880


The bank loans and overdraft are secured by a legal charge over land and buildings owned by the company.
Hire purchase liabilities are secured on the assets financed.

Page 9

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
6,399,387
6,677,693

Net obligations under finance leases and hire purchase contracts
55,442
78,930

6,454,829
6,756,623


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

2022
2021
£
£


Repayable by instalments
5,227,949
5,616,117

5,227,949
5,616,117




9.


Transactions with directors

As at 1 April 2021 the balance on a joint directors loan account was overdrawn by £109,220.
During the year the directors made net repayments to the company totalling £51,873.
As at 31 March 2022 the balance on this joint director's loan account was overdrawn by 
£57,347 and is included within other debtors in note 6 to the financial statements.
Interest totalling £1,666 was charged by the company during the year on this loan. The loan was repaid after the year end.
As at 1 April 2021 the balance on another directors loan account was overdrawn by 
£8,010.
During the year the directors made net repayments to the company totalling £3,363 on behalf of this director.
As at 31 March 2022 the balance on this director's loan account was overdrawn by 
£4,647 and is included within other debtors in note 6 to the financial statements.
Interest totalling £127 was charged by the company during the year on this loan. 

Page 10