REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
H C BOURN & SON (FARMING) LIMITED |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
Investment property | 5 |
Current assets |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings | 12 |
Shareholders' funds |
H C BOURN & SON (FARMING) LIMITED (REGISTERED NUMBER: 09033834) |
Statement of Financial Position - continued |
31 March 2023 |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Freehold land | - |
Farm buildings | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
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 |
Somersby Homes Limited | 1,078,996 | - |
Loan to Urban Studies PLP | 250,000 | - |
VAT |
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 |
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 |
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 |
10. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
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: | £ | £ |
Ordinary A | 1p | 105 | 105 |
12. | Reserves |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
At 31 March 2023 |
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. |