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Bright Farming Limited

Annual Report and Unaudited Financial Statements
Year Ended 28 February 2023

Registration number: 06816729

 

Bright Farming Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Bright Farming Limited

Company Information

Directors

Mr R A Bright

Mrs E M Bright

Registered office

Oak View
Stockland
Honiton
EX14 9EL

Accountants

Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

 

Bright Farming Limited

Balance Sheet

28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,230,955

1,220,272

Current assets

 

Stocks

6

925,820

577,920

Debtors

7

99,203

37,295

Cash at bank and in hand

 

346,091

102,604

 

1,371,114

717,819

Creditors: Amounts falling due within one year

8

(907,250)

(458,104)

Net current assets

 

463,864

259,715

Total assets less current liabilities

 

1,694,819

1,479,987

Creditors: Amounts falling due after more than one year

8

(25,248)

(258,330)

Provisions for liabilities

(110,700)

(82,750)

Net assets

 

1,558,871

1,138,907

Capital and reserves

 

Called up share capital

10

200

200

Profit and loss account

1,558,671

1,138,707

Shareholders' funds

 

1,558,871

1,138,907

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 21 November 2023 and signed on its behalf by:
 

.........................................
Mr R A Bright
Director

Company Registration Number: 06816729

 

Bright Farming Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Oak View
Stockland
Honiton
EX14 9EL

The principal place of business is:
Broadhayes Farm
Stockland
Honiton
Devon
EX14 9EL

These financial statements were authorised for issue by the Board on 21 November 2023.

2

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 7).

 

Bright Farming Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

4

Intangible assets

Basic Payment Entitlement
 £

Total
£

Cost or valuation

At 1 March 2022

5,518

5,518

At 28 February 2023

5,518

5,518

Amortisation

At 1 March 2022

5,518

5,518

At 28 February 2023

5,518

5,518

Carrying amount

At 28 February 2023

-

-

 

Bright Farming Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

5

Tangible assets

Freehold Property
£

Leasehold property and tenants' improvements
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 March 2022

719,539

111,332

15,774

2,282

888,921

1,737,848

Additions

-

658

808

-

107,251

108,717

Disposals

-

-

-

(1,282)

-

(1,282)

At 28 February 2023

719,539

111,990

16,582

1,000

996,172

1,845,283

Depreciation

At 1 March 2022

-

77,148

11,490

1,435

427,503

517,576

Charge for the year

-

11,274

1,019

141

85,315

97,749

Eliminated on disposal

-

-

-

(997)

-

(997)

At 28 February 2023

-

88,422

12,509

579

512,818

614,328

Carrying amount

At 28 February 2023

719,539

23,568

4,073

421

483,354

1,230,955

At 28 February 2022

719,539

34,184

4,284

847

461,418

1,220,272

 

Bright Farming Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

Livestock - Pigs

670,500

452,250

Deadstock

255,320

125,670

Total inventories

925,820

577,920

7

Debtors

2023
£

2022
£

Trade debtors

17,949

7,523

Other debtors

81,254

29,772

99,203

37,295

 

Bright Farming Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

8

Creditors

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

475,996

88,000

Trade creditors

 

178,089

235,076

Social security and other taxes

 

1,121

61

Other creditors

 

157,844

132,267

Corporation tax

94,200

2,700

 

907,250

458,104

Due after one year

 

Loans and borrowings

9

25,248

258,330

9

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

25,248

258,330

2023
£

2022
£

Current loans and borrowings

Bank borrowings

445,996

58,000

Other borrowings

30,000

30,000

475,996

88,000

Bank borrowings

Included in total bank borrowings at the year end is £435,996 (2022 - £271,201) on which the following security has been provided:

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.

A legal charge over 46.61 Acres or Thereabouts of Land at Ridge Court, Stockland, Honiton, Devon in form and substance satisfactory to the Bank.

In April 2023, this loan was fully repaid.

During the accounting year ended 28 February 2023, the company signed a loan agreement which contained fixed charges and floating charges on all the property or undertaking of the company. In May 2023, this loan was fully repaid.

 

Bright Farming Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         

11

Related party transactions

Directors' remuneration

Summary of transactions with other related parties

Close family members of the directors
 
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.