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REGISTERED NUMBER: 00228813 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

BIRDSALL ESTATES COMPANY LIMITED

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


BIRDSALL ESTATES COMPANY LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: The Lord Middleton
B T J Stevens
The Hon J W M Willoughby
G C N Lane Fox
H M C Coghill



SECRETARY: The Lord Middleton



REGISTERED OFFICE: The Estate Office
Birdsall
Malton
North Yorkshire
YO17 9NU



REGISTERED NUMBER: 00228813 (England and Wales)



SOLICITORS: Wrigleys Solicitors LLP
19 Cookridge Street
Leeds
LS1 3AG

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

STRATEGIC REPORT
for the year ended 31 March 2023


The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The profit on the ordinary activities for the year before fair value adjustments on investment property and listed investments and taxation was £1,142,888 (2022 - £549,956). The results are subject to fluctuations in the profits and losses made on disposals of fixed assets and investments, as well as insurance claims receivable in the year. Removing these effects shows an underlying profit for the year of £104,704 (2022 - £338,993).

The company continued to operate its rural activities in agriculture and forestry and the letting of estate properties during the year as well as investigating opportunities to redevelop redundant building stock, improve the housing stock and explore diversification opportunities.

Revenue increased encouragingly on the previous year by 6% to £7.38m, with gross margin improving to 51.4% (2022 - 48.8%). The main reasons for this were increases in grain prices boosting cultivation sales, as well as a 12.2% increase in livestock sales.

PRINCIPAL RISKS AND UNCERTAINTIES
The company makes use of bank facilities and hire purchase finance to enable it to meet its obligations as they fall due. The directors keep this under constant monthly review.

The company is cognisant of credit risk and closely monitors its systems to ensure that they manage the exposure. The company is not exposed to any particularly large concentration of credit risk.

DEVELOPMENTS FOR THE FUTURE
There is still uncertainty surrounding the invasion of Ukraine, coupled with the replacement environmental measures that may help the company mitigate the complete loss of the Basic Payment Scheme in 2027 and reduced amounts receivable from now, although the details of the replacement SFI scheme are becoming clearer. Trading conditions are difficult given extreme volatility of both input and output prices. Coupled with this are shortages, delays of delivery and transport availability. We remain aware of the potential effect on all of our income sources from a potential UK recession and its effect on customer spending budgets.

We are aware of the ongoing inflationary effect on costs, increases in interest rates as well as the possible effects of carbon neutral policies, which we are beginning to explore and assess.

The company has agreed funding to sustain the future activities and fulfil budgeted expenditure for the coming year.

ON BEHALF OF THE BOARD:





The Lord Middleton - Director


12 October 2023

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

REPORT OF THE DIRECTORS
for the year ended 31 March 2023


The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of both arable and livestock farming and general estate management which includes country house tours, woodland and game management and hosting of wedding receptions.

DIVIDENDS
An interim dividend of £0.15 per share was paid on 13 March 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 will be £ 11,400 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

The Lord Middleton
B T J Stevens
The Hon J W M Willoughby
G C N Lane Fox
H M C Coghill

DISCLOSURE IN THE STRATEGIC REPORT
The fair review of the company's business including future developments and risk exposure is included in the Strategic Report.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





The Lord Middleton - Director


12 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BIRDSALL ESTATES COMPANY LIMITED


Opinion
We have audited the financial statements of Birdsall Estates Company Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BIRDSALL ESTATES COMPANY LIMITED


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, taxation legislation, employment, environmental and health and safety legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance and inquired as to any known or suspected instances of non-compliance with laws and regulations.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- perform analytical procedures to identify any unusual or unexpected relationships;
- test journal entries to identify unusual transactions;
- assess whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigate the rationale behind significant or unusual transactions.

To address the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- inquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors as necessary.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement on the financial statements or non-compliance with regulation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BIRDSALL ESTATES COMPANY LIMITED


Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven Aitken (Senior Statutory Auditor)
for and on behalf of Smailes Goldie Watson Limited
Statutory Auditors
Chartered Accountants
12 Alma Square
Scarborough
North Yorkshire
YO11 1JU

12 October 2023

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

INCOME STATEMENT
for the year ended 31 March 2023

2023 2022
Notes £    £    £    £   

REVENUE 3 7,376,059 6,953,376

Cost of sales 3,585,160 3,560,263
GROSS PROFIT 3,790,899 3,393,113

Distribution costs 1,532,539 1,005,022
Administrative expenses 1,922,040 1,912,756
3,454,579 2,917,778
336,320 475,335

Other operating income 4 789,100 104,449
OPERATING PROFIT 6 1,125,420 579,784

Income from fixed asset investments 17,187 69,981
Interest receivable and similar income 3,621 921
20,808 70,902
1,146,228 650,686

Interest payable and similar expenses 7 77,511 77,511
PROFIT BEFORE TAXATION 1,068,717 573,175

Tax on profit 8 137,734 1,955,865
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

930,983

(1,382,690

)

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2023

2023 2022
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 930,983 (1,382,690 )


OTHER COMPREHENSIVE INCOME
Deferred tax movement on revalued assets
Income tax relating to other comprehensive
income

-

(173,219

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

(173,219

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

930,983

(1,555,909

)

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

STATEMENT OF FINANCIAL POSITION
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Property, plant and equipment 11 13,616,471 12,573,598
Investments 12 914,642 992,946
Investment property 13 37,622,119 37,622,119
52,153,232 51,188,663

CURRENT ASSETS
Inventories 14 4,031,297 2,852,191
Debtors 15 845,458 1,292,165
Cash at bank and in hand 1,115,234 2,314,307
5,991,989 6,458,663
CREDITORS
Amounts falling due within one year 16 1,320,123 2,000,651
NET CURRENT ASSETS 4,671,866 4,458,012
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,825,098

55,646,675

CREDITORS
Amounts falling due after more than one year 17 (2,641,284 ) (2,517,010 )

PROVISIONS FOR LIABILITIES 21 (8,901,340 ) (8,766,774 )
NET ASSETS 45,282,474 44,362,891

CAPITAL AND RESERVES
Called up share capital 22 76,000 76,000
Revaluation reserve 23 3,327,600 3,327,600
Retained earnings 23 41,878,874 40,959,291
SHAREHOLDERS' FUNDS 45,282,474 44,362,891

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





The Lord Middleton - Director


BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 76,000 42,353,381 3,500,819 45,930,200

Changes in equity
Dividends - (11,400 ) - (11,400 )
Total comprehensive income - (1,382,690 ) (173,219 ) (1,555,909 )
Balance at 31 March 2022 76,000 40,959,291 3,327,600 44,362,891

Changes in equity
Dividends - (11,400 ) - (11,400 )
Total comprehensive income - 930,983 - 930,983
Balance at 31 March 2023 76,000 41,878,874 3,327,600 45,282,474

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

STATEMENT OF CASH FLOWS
for the year ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 888,506 671,192
Interest paid (77,511 ) (77,511 )
Tax paid 172,789 (10,148 )
Net cash from operating activities 983,784 583,533

Cash flows from investing activities
Purchase of tangible fixed assets (2,109,601 ) (1,108,604 )
Purchase of fixed asset investments - (40,839 )
Purchase of investment property (30,000 ) -
Sale of tangible fixed assets 41,918 69,345
Sale of fixed asset investments 3,506 21,732
Sale of investment property - 468,952
Interest received 3,621 903
Dividends received 47,814 52,270
Net cash from investing activities (2,042,742 ) (536,241 )

Cash flows from financing activities
Capital repayments in year (128,715 ) (68,334 )
Equity dividends paid (11,400 ) (11,400 )
Net cash from financing activities (140,115 ) (79,734 )

Decrease in cash and cash equivalents (1,199,073 ) (32,442 )
Cash and cash equivalents at beginning of year 2 2,314,307 2,346,749

Cash and cash equivalents at end of year 2 1,115,234 2,314,307

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE STATEMENT OF CASH FLOWS
for the year ended 31 March 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,068,717 573,175
Depreciation charges 1,128,980 675,005
Profit on disposal of fixed assets (260,730 ) (193,252 )
Loss/(gain) on revaluation of fixed assets 74,171 (23,219 )
Finance costs 77,511 77,511
Finance income (20,808 ) (70,902 )
2,067,841 1,038,318
Increase in inventories (1,179,106 ) (288,995 )
Decrease/(increase) in trade and other debtors 270,750 (264,983 )
(Decrease)/increase in trade and other creditors (270,979 ) 186,852
Cash generated from operations 888,506 671,192

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,115,234 2,314,307
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 2,314,307 2,346,749


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.4.22 Cash flow changes At 31.3.23
£    £    £    £   
Net cash
Cash at bank
and in hand 2,314,307 (1,199,073 ) 1,115,234
2,314,307 (1,199,073 ) 1,115,234
Debt
Finance leases (68,333 ) 128,715 (375,950 ) (315,568 )
Debts falling due
after 1 year (2,512,500 ) - - (2,512,500 )
(2,580,833 ) 128,715 (375,950 ) (2,828,068 )
Total (266,526 ) (1,070,358 ) (375,950 ) (1,712,834 )

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023


1. STATUTORY INFORMATION

Birdsall Estates Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about The Birdsall Estates Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 402 of the Companies Act 2006 not to prepare consolidated financial statement as it only has one dormant immaterial subsidiary.

Significant judgements and estimates
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements in applying the company's policies
Management have estimated the fair value of investment properties by reference to the latest available independent valuation report prepared by RICS qualified valuers. Management consider this report to be indicative of fair values of investment properties as at the date of these financial statements. Where vacant possession of property has been obtained between the date of the independent valuation and the date of these financial statements, the fair value has been reviewed with reference to relevant information and fair value adjustments have been reported as appropriate.

Critical accounting estimates and assumptions
Useful economic lives and residual values of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The assumptions used regarding useful economic lives and residual values are assessed annually. They are amended when necessary to reflect current estimates, based on market conditions and the physical condition of the assets.

The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover represents amounts receivable for farming operations, rental income, game operations, wedding venue services and associated accommodation. Revenue from farming operations represents the value of sales to customers, net of discounts, allowances, volume and promotional rebates and other payments to customers and excludes VAT. Sales of goods are recognised when the company has delivered product to the customer, the customer has accepted the product, and collection of the related receivable is reasonably assured. Rental income is recognised on a monthly basis in accordance with the rental agreements in place. Income arising from game operations, hosting of weddings and provision of associated accommodation is recognised at the point at which the events take place and accommodation is provided.

Intangible assets
Intangible assets, being Entitlements to Basic Payment Scheme, are initially measured at cost. After initial recognition, intangible assets are measured at cost least accumulated amortisation and any accumulated impairment losses.

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Freehold land is stated at cost and is not depreciated. Where property is reclassified from investment property to tangible fixed assets, they are transferred at the Directors' estimate of fair value at the point of reclassification, in line with the estimation technique of investment properties described in the critical judgements policy. This estimate is considered to be the deemed cost of the affected assets on reclassification. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Freehold landNot provided
Freehold propertyOver 50 years
Plant & machinery and Motor vehicles25% on cost
ChattelsNot provided

The chattels are of an antique nature and as such the directors anticipate that, for the foreseeable future, their estimated residual value will not be less than the book value shown in these accounts.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is stated at its fair value at each reporting date. Gains or losses arising from changes in the fair value of investment property are included in profit or loss for the period in which they arise.

Stocks
Stocks are valued at the lower of cost and net realisable value. Stock of biological assets, being cultivation & produce in hand and livestock, are held under the cost model as permitted under s34 of FRS 102. Cost consists of costs of production together with directly associated overheads.

Neither cultivations nor livestock are depreciated. This is because cultivations are typically sold within one year of harvest and so the directors consider any depreciation to be insignificant to report. Livestock is not depreciated as the vast majority of livestock are born from existing livestock held by the company, meaning any depreciable original acquisition cost of livestock is minimal.

Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

Listed investments are recognised at fair value. Gains and losses arising from changes in the fair value of listed investments are included in profit or loss for the period in which they arise.

Unlisted investments are initially stated at cost. Provision is made against any permanent diminution in the value of unlisted investments.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the profit and loss account on a reducing balance basis. Operating lease rentals are charged against profits of the period to which they relate.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company and is separately disclosed in the notes to the financial statements. Any outstanding contributions at the balance sheet date are disclosed in debtors or creditors.

Grants
Grants are recognised using the accruals model. Revenue grants are recognised as other operating income on a systematic basis over the period in which the related costs for which the grants are intended to compensate are so recognised. Grants receivable as compensation for expenses or losses already incurred, or for the purpose of receiving immediate financial support, are recognised in other operating income in the period in which they become receivable.

Going concern
The company has positive net current assets and adequate banking facilities. As such the directors, having considered the company's working capital forecasts for the next 12 months, have prepared the accounts on a going concern basis.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2023 2022
£    £   
Agricultural goods 5,506,778 5,114,793
Rents receivable 1,414,792 1,402,554
Game 242,022 277,325
Other income 212,467 158,704
7,376,059 6,953,376

4. OTHER OPERATING INCOME

20232022
££
Grant income-778
Gain/(Loss) on revaluation of investments(74,171)23,219
Gain/(Loss) on revaluation of investment properties--
Sundry income55,19080,452
Insurance claims receivable808,081-
789,100104,449

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


5. EMPLOYEES AND DIRECTORS

20232022
££
Wages and salaries1,372,4941,323,844
Social security157,114141,816
Other pension costs63,53082,463
1,593,1381,548,123

The average monthly number of employees during the year was as follows:

20232022

Production, sales and estate management4850
Administration1112
5962

2023 2022
£    £   
Directors' remuneration 282,616 277,697
Directors' pension contributions to money purchase schemes 4,905 4,800

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 159,685 154,305

Total directors' remuneration above includes non-cash benefits.

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 1,065,064 565,866
Depreciation - assets on hire purchase contracts 63,917 97,500
Profit on disposal of fixed assets (260,730 ) (193,252 )
Entitlements to Basic Payment Scheme amortisation - 11,640
Auditors' remuneration 21,500 18,000
Other non- audit services 546 1,000
Fair value (gains)/losses on revaluation of listed investments and investment property 74,171 (23,219 )
Rents receivable from operating leases (1,414,792 ) (1,415,554 )
(Profit)/Loss on disposal of fixed asset investments 627 1,241
(Profit)/Loss on disposal of investment properties 30,000 (18,952 )
Operating lease expense 8,160 1,634

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest paid 77,511 77,511

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
Adjustment for prior year 3,168 (176,385 )

Deferred tax 134,566 2,132,250
Tax on profit 137,734 1,955,865

UK corporation tax has been charged at 19% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,068,717 573,175
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2022 -
19%)

203,056

108,903

Effects of:
Adjustments to tax charge in respect of previous periods 3,168 (6,374 )
Depreciation on non qualifying assets 6,207 6,208
Change in deferred tax rate - 1,867,193

Permanent timing differences (74,697 ) (20,065 )
Total tax charge 137,734 1,955,865

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2023.

2022
Gross Tax Net
£    £    £   
Deferred tax movement on revalued assets - (173,219 ) (173,219 )

Tax effects in the comparative period relating to other comprehensive income consist of the effect of a change in deferred tax rate in the provision relating to revalued property, plant and equipment.

9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 11,400 11,400

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


10. INTANGIBLE FIXED ASSETS
Entitlements
to Basic
Payment
Scheme
£   
COST
At 1 April 2022
and 31 March 2023 703,954
AMORTISATION
At 1 April 2022
and 31 March 2023 703,954
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

11. PROPERTY, PLANT AND EQUIPMENT
Freehold Plant and
property machinery Chattels Totals
£    £    £    £   
COST
At 1 April 2022 6,954,564 5,362,792 3,755,505 16,072,861
Additions 427,403 2,030,539 - 2,457,942
Disposals - (699,856 ) - (699,856 )
At 31 March 2023 7,381,967 6,693,475 3,755,505 17,830,947
DEPRECIATION
At 1 April 2022 771,686 2,727,577 - 3,499,263
Charge for year 34,886 1,094,095 - 1,128,981
Eliminated on disposal - (413,768 ) - (413,768 )
At 31 March 2023 806,572 3,407,904 - 4,214,476
NET BOOK VALUE
At 31 March 2023 6,575,395 3,285,571 3,755,505 13,616,471
At 31 March 2022 6,182,878 2,635,215 3,755,505 12,573,598

The net book value of property, plant and equipment includes £35,815 (2022 - £793,805) of assets in the course of construction at the date of these financial statements. These assets have not been depreciated.

The net book value of property, plant and equipment includes £ 716,783 (2022 - £ 292,500 ) in respect of assets held under hire purchase contracts.

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


12. FIXED ASSET INVESTMENTS
Shares in
group Listed Unlisted
undertakings investments investments Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2022 100 970,290 137,556 1,107,946
Disposals - (4,133 ) - (4,133 )
Revaluations - (74,171 ) - (74,171 )
At 31 March 2023 100 891,986 137,556 1,029,642
PROVISIONS
At 1 April 2022
and 31 March 2023 - - 115,000 115,000
NET BOOK VALUE
At 31 March 2023 100 891,986 22,556 914,642
At 31 March 2022 100 970,290 22,556 992,946

Cost or valuation at 31 March 2023 is represented by:

Shares in
group Listed Unlisted
undertakings investments investments Totals
£    £    £    £   
Valuation in 2023 - 891,986 - 891,986
Cost 100 - 137,556 137,656
100 891,986 137,556 1,029,642

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

The Birdsall Beef Company Limited
Registered office: The Estate Office, Birdsall, Malton, North Yorkshire, YO17 9NU
Nature of business: Dormant subsidiary
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 100 100

Listed investments are held at fair value by reference to market valuations at the reporting date by the company's brokers.

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


13. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 37,622,119
Additions 30,000
Disposals (30,000 )
At 31 March 2023 37,622,119
NET BOOK VALUE
At 31 March 2023 37,622,119
At 31 March 2022 37,622,119

The fair value of the company's investment property at the date of these financial statements has been estimated by the directors of the company, by reference to market evidence and a recent third party valuation by RICS-qualified surveyors.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 37,622,119

14. INVENTORIES
2023 2022
£    £   
Stocks 4,031,297 2,852,191

Stocks are analysed as follows:

20232022
££
Livestock1,518,5751,267,030
Cultivations2,418,0921,470,338
Other items94,630114,823
4,031,2972,852,191

The carrying amount of stock as above includes biological assets, the carrying amounts of which are reconciled as follows:

LivestockCultivationsTotal
£££
Carrying amount at 31 March 20221,097,6101,309,2152,406,826
Purchases-1,972,5471,972,547
Sales(937,733)(1,089,318)(2,027,051
Other changes1,104,413(150,187)954,226
Carrying amount at 31 March 20231,264,2902,042,2583,306,548

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 321,685 424,247
Other debtors 11,995 9,384
Tax - 175,957
VAT 24,237 209,344
Prepayments and accrued income 487,541 473,233
845,458 1,292,165

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 19) 186,784 68,333
Trade creditors 448,579 1,113,951
Social security and other taxes 41,405 38,971
Other creditors 415,170 541,637
Accruals and deferred income 228,185 237,759
1,320,123 2,000,651

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 18) 2,512,500 2,512,500
Hire purchase contracts (see note 19) 128,784 -
Accruals and deferred income - 4,510
2,641,284 2,517,010

18. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans 2,512,500 -

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans - 2,512,500

Bank borrowings include term loans totalling £2,500,000 which bear interest at normal commercial rates at a fixed rate of 3.085% and are repayable in full in November 2027.

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 186,784 68,333
Between one and five years 128,784 -
315,568 68,333

Non-cancellable operating leases
2023 2022
£    £   
Within one year 1,560 1,560
Between one and five years 4,680 6,240
6,240 7,800

Minimum lease revenue falls due as follows:

Non-cancellable operating lease revenue arising from letting of property
2023 2022
£ £

Within one year 803,316 1,132,414
Between one and five years 447,307 715,061
In more than five years 48,253 67,856
1,298,876 1,915,331

20. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,512,500 2,512,500
Hire purchase contracts 315,568 68,333
2,828,068 2,580,833

The bank loan is secured by a legal charge over certain freehold property. Hire purchase contracts are secured against the assets to which they relate.

21. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 8,901,340 8,766,774

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


21. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 8,766,774
Charge to Income Statement during year 134,566
Other comprehensive income
Balance at 31 March 2023 8,901,340

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
76,000 Ordinary £1 76,000 76,000

Shares carry equal voting rights and each share also ranks equally with regard to dividend payments or any other distribution including a distribution arising from the winding up of the company.

23. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2022 40,959,291 3,327,600 44,286,891
Profit for the year 930,983 930,983
Dividends (11,400 ) (11,400 )
At 31 March 2023 41,878,874 3,327,600 45,206,474

Retained earnings records retained earnings and accumulated losses.

The revaluation reserve records non-distributable reserves relating to property, plant and equipment reclassified from investment property at a deemed cost equal to an estimate of fair value as at the date of reclassification, less the relevant deferred tax as included in the deferred tax provision.

24. PENSION COMMITMENTS

The pension cost charge reported in Note 5 represents contributions payable by the company to the scheme. The balance outstanding at the year end was £nil (2022 - £7,200).

25. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 172,338 767,011

26. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

During the year a charitable donation of £10,000 (2022 - £10,000) was made to a trust which holds 22,350 ordinary £1 shares in the company.

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


26. RELATED PARTY DISCLOSURES - continued

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Amount due to related party 383,956 503,439

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Sales 25,905 19,984
Purchases 392,400 5,806
Total remuneration 316,735 310,685
Amount due to related party 3,337 5,100

The key management personnel of the company are considered to be the board of directors.

Balances outstanding at the date of these financial statements relate to the directors, their close family members and a woodlands estate operated by a director.

During the year remuneration of close family members of key management personnel was £90,418 (2022 - £95,628).

Other related parties
2023 2022
£    £   
Sales 30,867 70,516
Purchases 85,789 82,244
Rents receivable 22,762 24,715
Amount due from related party - 307
Amount due to related party - (1,480 )

The above transactions were with a partnership, in which one of the directors is a partner.

27. FINANCIAL ASSETS AND LIABILITIES

The company has the following financial assets measured at fair value through profit & loss:

2023 2022
£ £
Fixed asset investments - listed investments 891,986 970,290
Investment property 37,622,119 37,622,119
38,514,105 38,592,409

The company has no financial liabilities measured at fair value through profit and loss.