Year Ended
Registration number:
Bright Farming Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Bright Farming Limited
Company Information
Directors |
Mr R A Bright Mrs E M Bright |
Registered office |
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Accountants |
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Bright Farming Limited
Balance Sheet
28 February 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Bright Farming Limited
Balance Sheet
28 February 2023
For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 06816729
Bright Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Broadhayes Farm
Stockland
Honiton
Devon
EX14 9EL
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including section 1A and the Companies Act 2006. There are no material departures from FRS 102.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable (excluding Value Added Tax) for the sale of goods and provision of services in the ordinary course of the company’s activities.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
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.
Bright Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Tangible assets
Tangible assets are stated 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.
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 |
15% reducing balance |
Fixtures and fittings |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Leasehold property and tenants' improvements |
10% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Basic Payment Entitlement |
33% straight line |
Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
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.
Bright Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Bright Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Intangible assets |
Basic Payment Entitlement |
Total |
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Cost or valuation |
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At 1 March 2022 |
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At 28 February 2023 |
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Amortisation |
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At 1 March 2022 |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
- |
- |
Bright Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Tangible assets |
Freehold Property |
Leasehold property and tenants' improvements |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 March 2022 |
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Additions |
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Disposals |
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At 28 February 2023 |
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Depreciation |
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At 1 March 2022 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
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- |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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Bright Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Stocks |
2023 |
2022 |
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Livestock - Pigs |
670,500 |
452,250 |
Deadstock |
255,320 |
125,670 |
Total inventories |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Bright Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Creditors |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Corporation tax |
94,200 |
2,700 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Bank borrowings
Included in total A Guarantee for £400,000 from the directors in form and substance satisfactory to the bank supported by a legal charge over 47.32 Acres or Thereabouts of Land and Building at Stockton Hill, Dalwood, Axminster, Devon in form and substance satisfactory to the Bank.
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Bright Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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200 |
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200 |
Related party transactions |
Directors' remuneration
Summary of transactions with other related parties
Historically, close family members of the directors have loaned monies to the company.
At the balance sheet date, the amount due to the close family members was £30,000 (2022: £30,000).
The loan is interest free and repayable upon demand.