4 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,210 5,210 5,210 xbrli:pure xbrli:shares iso4217:GBP 07569316 2022-04-01 2023-03-31 07569316 2023-03-31 07569316 2022-03-31 07569316 2021-04-01 2022-03-31 07569316 2022-03-31 07569316 2021-03-31 07569316 core:LandBuildings core:ShortLeaseholdAssets 2022-04-01 2023-03-31 07569316 core:PlantMachinery 2022-04-01 2023-03-31 07569316 core:FurnitureFittings 2022-04-01 2023-03-31 07569316 core:MotorVehicles 2022-04-01 2023-03-31 07569316 bus:Director1 2022-04-01 2023-03-31 07569316 bus:Director2 2022-04-01 2023-03-31 07569316 bus:Director3 2022-04-01 2023-03-31 07569316 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 07569316 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 07569316 core:PlantMachinery 2022-03-31 07569316 core:FurnitureFittingsToolsEquipment 2022-03-31 07569316 core:MotorVehicles 2022-03-31 07569316 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 07569316 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 07569316 core:PlantMachinery 2023-03-31 07569316 core:FurnitureFittingsToolsEquipment 2023-03-31 07569316 core:MotorVehicles 2023-03-31 07569316 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07569316 core:WithinOneYear 2023-03-31 07569316 core:WithinOneYear 2022-03-31 07569316 core:AfterOneYear 2023-03-31 07569316 core:AfterOneYear 2022-03-31 07569316 core:ShareCapital 2023-03-31 07569316 core:ShareCapital 2022-03-31 07569316 core:RetainedEarningsAccumulatedLosses 2023-03-31 07569316 core:RetainedEarningsAccumulatedLosses 2022-03-31 07569316 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 07569316 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 07569316 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 07569316 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 07569316 core:PlantMachinery 2022-03-31 07569316 core:FurnitureFittingsToolsEquipment 2022-03-31 07569316 core:MotorVehicles 2022-03-31 07569316 bus:SmallEntities 2022-04-01 2023-03-31 07569316 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07569316 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07569316 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07569316 bus:FullAccounts 2022-04-01 2023-03-31 07569316 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 07569316
Billingsmoor Farm Limited
Filleted Unaudited Financial Statements
31 March 2023
Billingsmoor Farm Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
5,210
5,210
Tangible assets
6
408,677
385,969
---------
---------
413,887
391,179
Current assets
Stocks
117,081
130,695
Debtors
7
94,503
90,600
Cash at bank and in hand
46,956
38,381
---------
---------
258,540
259,676
Creditors: amounts falling due within one year
8
339,957
378,347
---------
---------
Net current liabilities
81,417
118,671
---------
---------
Total assets less current liabilities
332,470
272,508
Creditors: amounts falling due after more than one year
9
149,658
146,987
Provisions
Taxation including deferred tax
52,525
48,210
---------
---------
Net assets
130,287
77,311
---------
---------
Billingsmoor Farm Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
130,187
77,211
---------
--------
Shareholders funds
130,287
77,311
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
G R Lammie
J P Lammie
Director
Director
A G Lammie
Director
Company registration number: 07569316
Billingsmoor Farm Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% reducing balance
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Milking equipment
-
10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Intangible assets
Entitlements
£
Cost
At 1 April 2022 and 31 March 2023
5,210
-------
Amortisation
At 1 April 2022 and 31 March 2023
-------
Carrying amount
At 31 March 2023
5,210
-------
At 31 March 2022
5,210
-------
6. Tangible assets
Land and buildings
Office equipment
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
132,232
8,980
342,399
118,599
2,089
604,299
Additions
87,977
87,977
Disposals
( 43,767)
( 2,984)
( 46,751)
---------
-------
---------
---------
-------
---------
At 31 Mar 2023
132,232
8,980
386,609
115,615
2,089
645,525
---------
-------
---------
---------
-------
---------
Depreciation
At 1 Apr 2022
4,554
144,542
67,233
2,001
218,330
Charge for the year
1,148
39,642
5,045
22
45,857
Disposals
( 25,291)
( 2,048)
( 27,339)
---------
-------
---------
---------
-------
---------
At 31 Mar 2023
5,702
158,893
70,230
2,023
236,848
---------
-------
---------
---------
-------
---------
Carrying amount
At 31 Mar 2023
132,232
3,278
227,716
45,385
66
408,677
---------
-------
---------
---------
-------
---------
At 31 Mar 2022
132,232
4,426
197,857
51,366
88
385,969
---------
-------
---------
---------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
77,778
72,894
Other debtors
16,725
17,706
--------
--------
94,503
90,600
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,000
14,000
Trade creditors
109,734
100,578
Corporation tax
403
Social security and other taxes
2,046
Other creditors
215,820
261,723
---------
---------
339,957
378,347
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
101,256
114,422
Other creditors
48,402
32,565
---------
---------
149,658
146,987
---------
---------
10. Other financial commitments
The company had total commitments at the balance sheet date of £300,475.