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Registered number: 00590543









BARCHAM FARMS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
BARCHAM FARMS LIMITED
REGISTERED NUMBER: 00590543

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
129,749
141,534

Investment property
 5 
1,184,050
954,050

  
1,313,799
1,095,584

Current assets
  

Stocks
  
20,000
20,638

Debtors: amounts falling due within one year
 6 
35,223
45,138

Cash at bank and in hand
  
33,173
15,102

  
88,396
80,878

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(85,111)
(30,089)

Net current assets
  
 
 
3,285
 
 
50,789

Total assets less current liabilities
  
1,317,084
1,146,373

Creditors: amounts falling due after more than one year
 8 
(156,326)
(221,611)

  

Net assets
  
1,160,758
924,762


Capital and reserves
  

Called up share capital 
 11 
5,000
5,000

Profit and loss account
  
1,155,758
919,762

  
1,160,758
924,762


Page 1

 
BARCHAM FARMS LIMITED
REGISTERED NUMBER: 00590543

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The director considers 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 director acknowledges her 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 statement of income and retained earnings 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 by: 






Mrs D J M Barcham-Stevens
Director

Date: 23 October 2023

Page 2

 
BARCHAM FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


GENERAL INFORMATION

Barcham Farms Limited is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is Barcham Farm, Barcham Road, Soham, Ely, CB7 5TU.  This Company is not part of a group.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
BARCHAM FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
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 Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

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.

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Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant & machinery
-
20% Reducing balance
Motor vehicles
-
25% Reducing balance

 
2.5

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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.

 
2.8

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 4

 
BARCHAM FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.10

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.

 
2.11

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.

 
2.12

INTEREST INCOME

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

Page 5

 
BARCHAM FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

BORROWING COSTS

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

 
2.14

TAXATION

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 corporation 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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 3 (2022 - 2).

Page 6

 
BARCHAM FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


TANGIBLE FIXED ASSETS





Land and buildings
Other fixed assets
Total

£
£
£



Cost


At 1 May 2022
117,210
131,269
248,479


Disposals
(6,721)
(398)
(7,119)



At 30 April 2023

110,489
130,871
241,360



Depreciation


At 1 May 2022
-
106,945
106,945


Charge for the year on owned assets
-
5,052
5,052


Disposals
-
(386)
(386)



At 30 April 2023

-
111,611
111,611



Net book value



At 30 April 2023
110,489
19,260
129,749



At 30 April 2022
117,210
24,324
141,534


5.


INVESTMENT PROPERTY


Freehold investment property

£



Valuation


At 1 May 2022
954,050


Surplus on revaluation
230,000



At 30 April 2023
1,184,050

The 2023 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
265,363
265,363

Page 7

 
BARCHAM FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


DEBTORS

2023
2022
£
£


Trade debtors
1,857
9,349

Other debtors
33,366
35,789

35,223
45,138



7.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
3

Bank loans
66,956
7,800

Trade creditors
6,731
11,452

Other taxation and social security
657
1,003

Other creditors
75
70

Accruals and deferred income
10,692
9,761

85,111
30,089



8.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
156,326
221,611


The aggregate amount of creditors for which security has been given amounted to £198,581 (2022 - £196,910).

Page 8

 
BARCHAM FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
66,956
7,800

Amounts falling due 1-2 years

Bank loans
7,800
66,459

Amounts falling due 2-5 years

Bank loans
148,526
155,152


223,282
229,411



10.


DEFERRED TAXATION


2022


£






At beginning of year
(73,937)


Charged to profit or loss
73,937



At end of year
-

Page 9

 
BARCHAM FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

11.


SHARE CAPITAL

2023
2022
£
£
Authorised, allotted, called up and fully paid



5,000 (2022 - 5,000) Ordinary shares of £1.00 each
5,000
5,000



12.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £361 (2022 - £429). Contributions totalling £75 (2022 - £70) were payable to the fund at the balance sheet date and are included in creditors.


13.


DIRECTOR'S BENEFITS: ADVANCES, CREDIT AND GUARANTEES

At 1 May 2022 the director of the Company owed the Company £22,430. During the year they made repayments of £3,203. They also paid expenses on behalf of the Company of £3,842. At 30 April 2023 £23,069 was owed to the Company. This loan is interest free and repayable on demand. S455 tax has been provided for in full.



Page 10