REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
H R BOURN & SONS (LINWOOD) LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
H R BOURN & SONS (LINWOOD) LIMITED |
H R BOURN & SONS (LINWOOD) LIMITED (REGISTERED NUMBER: 03745477) |
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 R BOURN & SONS (LINWOOD) LIMITED |
Company Information |
for the year ended 31 March 2023 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
23 Algitha Road |
Skegness |
United Kingdom |
PE25 2AG |
H R BOURN & SONS (LINWOOD) LIMITED (REGISTERED NUMBER: 03745477) |
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 |
Share premium | 12 |
Retained earnings | 12 |
Shareholders' funds |
H R BOURN & SONS (LINWOOD) LIMITED (REGISTERED NUMBER: 03745477) |
Statement of Financial Position - continued |
31 March 2023 |
The director acknowledges his 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 director and authorised for issue on |
H R BOURN & SONS (LINWOOD) LIMITED (REGISTERED NUMBER: 03745477) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
H R Bourn & Sons (Linwood) 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 and property | - |
Tenants fixtures | - |
Plant and machinery | - |
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. |
Investment properties are included in the balance sheet at their open market value (valued by the director). Any aggregate surplus or deficit arising from changes in the market value are transferred to the fair value reserve on an annual basis which will not be distributed. The uplift or deficit will also be shown on the other comprehensive income statement. Any movement on the fair value in future will be subject to deferred taxation. |
Stocks |
The farm valuation values, stock at the lower of cost and net realisable value,after making due allowance for obsolete and slow moving items. The property valuation is at market value. |
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. |
H R BOURN & SONS (LINWOOD) LIMITED (REGISTERED NUMBER: 03745477) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Tangible fixed assets |
Freehold |
land and | Tenants | Plant and |
property | fixtures | machinery | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 | 14,372,429 | 175,408 | 238 | 14,548,075 |
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 of the opinion that the investment property in the financial accounts is valued at the current market value. |
6. | Stocks |
2023 | 2022 |
£ | £ |
Valuation | 1,458,175 | 1,263,224 |
Property stock |
The residential property is valued at cost £601,790 (2022 £601,790). The development land is valued at cost £9,201 (2022 £9,201). |
H R BOURN & SONS (LINWOOD) LIMITED (REGISTERED NUMBER: 03745477) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
H C Bourn (Farming) Limited | 21,773 | 26,469 |
E J Bourn (Farming) Limited | - | 1,845 |
Somersby Homes Ltd |
VAT |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
H R Bourn & Sons | 214,066 | 283,528 |
E J Bourn (Farming) Limited | 264 | - |
Corporation tax |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Lloyds bank loan | 1,950,000 | 2,460,000 |
Barclays loan | 2,610,000 | 2,610,000 |
Agricultural mortgage corporation loan | 835,000 | 835,000 |
Agricultural mortgage corporation loan | 170,000 | 170,000 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Agricultural mortgage corporation loan |
Agricultural mortgage corporation loan | 170,000 | 170,000 |
All the above loans are repayable after more than five years. |
H R BOURN & SONS (LINWOOD) LIMITED (REGISTERED NUMBER: 03745477) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
10. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The Agricultural Mortgage Corporation loan is secured on 681 acres of land at Linwood owned by the company. |
The Lloyds Bank loan is secured on 896 acres of land at Toft Farm, Toft by Newton, Lincolnshire, which is owned by the company. |
The Barclays Bank loan is secured on 24.85 acres of land at Glebe Farm, Willingham Road, Market Rasen. 54.41 acres of land at Springfield Farm, Middle Rasen. 104.72 acres of land at Green Lane, Stixwould. 201.69 acres of land at Corner Farm, Toft Newton. 170.47 acres of land West Farm, Usselby.30.32 acres of land at Middle Rasen. 62.47 acres of land at Tealby. 29.55 acres of land at Nettleton. 24.98 acres of land at Dunholme a total of 147.32 acres of farm land at Nettleton Top, Market Rasen and Manor Farmhouse, North Street, Middle Rasen, Lincolnshire, which is owned by the company. |
All loans are on an interest only basis. |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,173,000 | 10,173,000 |
The original share capital was 1000 shares. There have been eleven additional rights issues, allotting an additional 1,0172000. shares. All the shares were allocated to Mrs K M Bourn (Deceased). |
The shares were transferred on the 12 July 2022 to Mr H C Bourn and Mr E J Bourn. |
12. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2022 | 3,033,054 |
Profit for the year |
At 31 March 2023 | 3,590,336 |
13. | Related party disclosures |
H R BOURN & SONS (LINWOOD) LIMITED (REGISTERED NUMBER: 03745477) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
13. | Related party disclosures - continued |
H R Bourn and Sons |
In which the Director,Mr H C Bourn, is a partner |
During the year the company invoiced H R Bourn and Sons for farming operations on an arms' length farm contracting arrangement, for an amount of £195,642 (2022 - £129,234). |
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 £624,033 (2022 - £603,254). |
2023 | 2022 |
£ | £ |
Amount due to related party at the balance sheet date | 214,066 | 283,528 |
H C Bourn & Son (Farming) Limited |
In which Mr H C Bourn is a director. |
During the year the company invoiced H C Bourn & Son (Farming) Limited for farming operations on an arms' length farm contracting arrangement, for an amount of £28,523 (2022 - £40,814). |
During the year H C Bourn & Son (Farming) Limited invoiced the company for farming operations on an arms' length farm contracting arrangement, for an amount of £4,688 (2022 - £14,881). |
2023 | 2022 |
£ | £ |
Amount due from related party at the balance sheet date | 21,773 | 26,469 |
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 1,257 (2022 - £12,142). |
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 £1,138 (2022 - £11,669). |
2023 | 2022 |
£ | £ |
Amount due (to)/from related party at the balance sheet date | (264 | ) | 1,845 |
H R BOURN & SONS (LINWOOD) LIMITED (REGISTERED NUMBER: 03745477) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
13. | Related party disclosures - continued |
Somersby Homes Limited |
In which Mr H C Bourn is a director. |
Somersby Homes Limited for the sale of development land including any properties and foundations on an arms' length basis.Balance at 2022 = £418,500 repaid in 2023 £104,625. |
2023 | 2022 |
£ | £ |
Amount due from related party at the balance sheet date | 313,875 | 418,500 |
14. | Ultimate controlling party |
The controlling party is Mr H C Bourn. |