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Company Registration number: 08352168

Kirkbarrow Hall Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 March 2023

 

Kirkbarrow Hall Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Kirkbarrow Hall Limited

Balance Sheet as at 31 March 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

6

794,684

642,393

Current assets

 

Stocks

7

229,179

175,245

Debtors

8

155,459

103,891

Cash at bank and in hand

 

193,191

42,110

 

577,829

321,246

Creditors: Amounts falling due within one year

9

(418,030)

(363,855)

Net current assets/(liabilities)

 

159,799

(42,609)

Total assets less current liabilities

 

954,483

599,784

Creditors: Amounts falling due after more than one year

9

(43,969)

(57,835)

Provisions for liabilities

(67,892)

(67,892)

Net assets

 

842,622

474,057

Capital and reserves

 

Called up share capital

3

3

Retained earnings

842,619

474,054

Shareholders' funds

 

842,622

474,057

 

Kirkbarrow Hall Limited

Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

Company registration number: 08352168

Approved and authorised by the Board on 30 August 2023 and signed on its behalf by:
 

.........................................
Mr G F Fabi
Director

 

Kirkbarrow Hall Limited

Notes to the financial statements for the Year Ended 31 March 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kirkbarrow Hall
Tirril
Penrith
CA10 2LR

These financial statements were authorised for issue by the Board on 30 August 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

 

Kirkbarrow Hall Limited

Notes to the financial statements for the Year Ended 31 March 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Taxation

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.
 

The current corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

No depreciation has been provided for on the freehold property as this is kept in a sound state of repair and the depreciation charge would be immaterial.

The animals comprised in the production herd are valued at cost with replacements valued at the original cost of the animals they replace. Additional animals are valued at cost when transferred to the herd. No depreciation is applied to the herd.

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

Plant and machinery

20% reducing balance and 25% straight line

Motor vehicles

25% reducing balance

Property improvements

No charge

Tractors

20% reducing balance

 

Kirkbarrow Hall Limited

Notes to the financial statements for the Year Ended 31 March 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Kirkbarrow Hall Limited

Notes to the financial statements for the Year Ended 31 March 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Kirkbarrow Hall Limited

Notes to the financial statements for the Year Ended 31 March 2023 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 9).

4

PROFIT BEFORE TAX

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

67,283

64,158

Amortisation expense

(1,645)

(1,265)

5

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

34,835

34,835

At 31 March 2023

34,835

34,835

Amortisation

At 1 April 2022

34,835

34,835

At 31 March 2023

34,835

34,835

Carrying amount

At 31 March 2023

-

-

 

Kirkbarrow Hall Limited

Notes to the financial statements for the Year Ended 31 March 2023 (continued)

6

TANGIBLE ASSETS

Property improvements
£

Plant and machinery
£

Tractors
 £

Motor vehicles
 £

Herd
 £

Total
£

Cost or valuation

At 1 April 2022

158,775

364,336

224,700

67,481

160,644

975,936

Additions

-

87,879

126,000

64,730

-

278,609

Disposals

-

(14,700)

(69,500)

(44,731)

(3,600)

(132,531)

At 31 March 2023

158,775

437,515

281,200

87,480

157,044

1,122,014

Depreciation

At 1 April 2022

-

159,732

125,501

48,310

-

333,543

Charge for the year

-

43,768

14,823

8,692

-

67,283

Eliminated on disposal

-

(11,617)

(33,916)

(27,963)

-

(73,496)

At 31 March 2023

-

191,883

106,408

29,039

-

327,330

Carrying amount

At 31 March 2023

158,775

245,632

174,792

58,441

157,044

794,684

At 31 March 2022

158,775

204,604

99,199

19,171

160,644

642,393

 

Kirkbarrow Hall Limited

Notes to the financial statements for the Year Ended 31 March 2023 (continued)

7

TRADING STOCK

2023
£

2022
£

Stocks

229,179

175,245

8

DEBTORS

Current

2023
£

2022
£

Trade debtors

52,512

50,434

Prepayments

1,250

1,979

Other debtors

101,697

51,478

 

155,459

103,891

9

CREDITORS

Creditors: amounts falling due within one year

2023
£

(As restated)

2022
£

Due within one year

Bank loans and overdrafts

54,225

95,229

Trade creditors

98,522

163,831

Taxation and social security

1,853

3,314

Accruals and deferred income

102,894

12,214

Other creditors

43,056

29,935

Amounts due to related parties

117,480

59,332

418,030

363,855


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £54,225 (2022 - £95,229).

 

Kirkbarrow Hall Limited

Notes to the financial statements for the Year Ended 31 March 2023 (continued)

9

CREDITORS (continued)

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

43,969

57,835


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £43,969 (2022 - £57,835).

10

PRIOR YEAR ADJUSTMENT

The company has restated the accounts of the prior year for a misclassification of directors pension contributions.

£74,650 of pension contributions are now included in the profit and loss account in 2022 which has reduced retained earnings by £74,650 and had an equal and opposite effect on current liabilities.