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REGISTERED NUMBER: 09033834 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

H C BOURN & SON (FARMING) LIMITED

H C BOURN & SON (FARMING) LIMITED (REGISTERED NUMBER: 09033834)

Contents of the Financial Statements
for the year ended 31 March 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


H C BOURN & SON (FARMING) LIMITED

Company Information
for the year ended 31 March 2023







Directors: Mr H C Bourn
Mr J G C Bourn





Secretary: Mr M J Cherry





Registered office: The Old Rectory
Louth Road
West Barkwith
Lincolnshire
LN8 5LF





Registered number: 09033834 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
23 Algitha Road
Skegness
United Kingdom
PE25 2AG

H C BOURN & SON (FARMING) LIMITED (REGISTERED NUMBER: 09033834)

Statement of Financial Position
31 March 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 2,341,486 2,349,381
Investment property 5 415,000 415,000
2,756,486 2,764,381

Current assets
Stocks 6 3,508,800 2,800,159
Debtors 7 1,525,830 191,981
Cash at bank 354,720 946,491
5,389,350 3,938,631
Creditors
Amounts falling due within one year 8 823,026 930,485
Net current assets 4,566,324 3,008,146
Total assets less current liabilities 7,322,810 5,772,527

Creditors
Amounts falling due after more than one year 9 (2,389,741 ) (1,933,552 )

Provisions for liabilities (8,202 ) (9,702 )
Net assets 4,924,867 3,829,273

Capital and reserves
Called up share capital 11 105 105
Retained earnings 12 4,924,762 3,829,168
Shareholders' funds 4,924,867 3,829,273

H C BOURN & SON (FARMING) LIMITED (REGISTERED NUMBER: 09033834)

Statement of Financial Position - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:





Mr H C Bourn - Director


H C BOURN & SON (FARMING) LIMITED (REGISTERED NUMBER: 09033834)

Notes to the Financial Statements
for the year ended 31 March 2023


1. Statutory information

H C Bourn & Son (Farming) 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land - Farm land is not depreciated
Farm buildings - Farm buildings are not depreciated
Plant and machinery - 8% Straight line
Motor vehicles - 8% Straight line

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Single farm payment
The single farm payment is recognised in the financial statements in accordance with H M Revenue and Customs guidance.

3. Employees and directors

The average number of employees during the year was NIL (2022 - NIL).

H C BOURN & SON (FARMING) LIMITED (REGISTERED NUMBER: 09033834)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


4. Tangible fixed assets
Freehold Farm Plant and Motor
land buildings machinery vehicles Totals
£ £ £ £ £
Cost
At 1 April 2022 2,048,318 250,000 53,468 13,425 2,365,211
Disposals - - - (13,425 ) (13,425 )
At 31 March 2023 2,048,318 250,000 53,468 - 2,351,786
Depreciation
At 1 April 2022 - - 5,996 9,834 15,830
Charge for year - - 4,304 906 5,210
Eliminated on disposal - - - (10,740 ) (10,740 )
At 31 March 2023 - - 10,300 - 10,300
Net book value
At 31 March 2023 2,048,318 250,000 43,168 - 2,341,486
At 31 March 2022 2,048,318 250,000 47,472 3,591 2,349,381

5. Investment property
Total
£
Fair value
At 1 April 2022
and 31 March 2023 415,000
Net book value
At 31 March 2023 415,000
At 31 March 2022 415,000

The directors are not aware of any material changes in the value of the buildings and therefore, the fair value has not been updated in the current year.

6. Stocks
2023 2022
£ £
Valuation 3,508,800 2,800,159

7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 82,936 77,020
Somersby Homes Limited 1,078,996 -
Loan to Urban Studies PLP 250,000 -
VAT 113,898 114,961
1,525,830 191,981

H C BOURN & SON (FARMING) LIMITED (REGISTERED NUMBER: 09033834)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 89,696 113,081
H R Bourn & Sons 609,719 440,774
H R Bourn & Sons (Linwood)
Limited 21,773 26,469
E J Bourn (Farming) Limited 3,305 3,762
Corporation tax 98,533 346,399
823,026 930,485

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Nat west bank loan 1,275,000 1,275,000
Directors' loan accounts 1,114,741 658,552
2,389,741 1,933,552

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 1,275,000 1,275,000

A National Westminster Plc loan was drawn on the 28 May 2020 for £1,275,000.
The National Westminster Plc bank has a personal guarantee for the loan from Mr H C Bourn. A 1st legal charge over 209.29 acres of farm land and its associated assets at Valley Farm, Panton, Market Rasen Lincolnshire. A 1st legal charge over 290.78 acres of farm land and its associated assets at Malt Kiln Farm, Wragby Lincolnshire. A 1st legal charge over 111.89 acres of farm land and its associated assets at Manor Farm, West Barkwith Lincolnshire.

The loan is on an interest only basis.

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
10,500 Ordinary A 1p 105 105

12. Reserves
Retained
earnings
£

At 1 April 2022 3,829,168
Profit for the year 1,095,594
At 31 March 2023 4,924,762

H C BOURN & SON (FARMING) LIMITED (REGISTERED NUMBER: 09033834)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


13. Related party disclosures

Mr H C Bourn
Director of the Company.


During the year the company paid a rent for farm land of £413,500, (2022 - £167,000) to Mr H C Bourn.

The directors' current account is unsecured interest free and repayable on demand, no amounts have been written off during the year.

Movement on the loan during the year amounted to £456,188, (2022 - £595,779).

2023 2022
£ £
Amount due to related party at the balance sheet date 1,114,740 658,552

H R Bourn and Sons

A business in which Mr H C Bourn is a partner.


During the year the company invoiced H R Bourn and Sons for farming operations amounting to £307,734, (2022 - £480,321).

During the year H R Bourn and Sons invoiced the company for farming operations on an arms length farm contracting arrangement, for an amount of £1,097,610, (2022 - £1,042,382).

2023 2022
£ £
Amount due to related party at the balance sheet date 609,719 440,774

H R Bourn & Sons (Linwood) Limited

A Company in which Mr H C Bourn is a director


During the year the company invoiced H R Bourn & Sons (Linwood) Limited for farming operations on an arms length farm contracting arrangement, for an amount of £4,688, (2022 - £14,881).

During the year H R Bourn & Sons (Linwood) Limited invoiced the company for farming operations on an arms length farm contracting arrangement, for an amount of £28,523, (2022 - £40,814).

2023 2022
£ £
Amount due to related party at the balance sheet date 21,773 26,469

H C BOURN & SON (FARMING) LIMITED (REGISTERED NUMBER: 09033834)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


13. Related party disclosures - continued

E J Bourn (Farming) Limited

A Company owned by the director's brother


During the year the company invoiced E J Bourn (Farming) Limited for farming operations on an arms length farm contracting arrangement, for an amount of £1,928, (2022 - £2,316).

During the year E J Bourn (Farming) Limited invoiced the company for farming operations on an arms length farm contracting arrangement, for an amount of £5,220, (2022 - £8,824).

2023 2022
£ £
Amount due to related party at the balance sheet date 3,305 3,762

Somersby Homes Limited

A Company in which Mr H C Bourn is a director


During the year the company made loans to Somersby Homes Limited amounting to £1,078,996 for building and development operations on an arms length arrangement.

2023 2022
£ £
Amount due from related party at the balance sheet date 1,078,996 -

14. Ultimate controlling party

The controlling party is Mr H C Bourn.