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REGISTERED NUMBER: 03745477 (England and Wales)















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: Mr H C Bourn





Secretary: Mr M J Cherry





Registered office: Farm Office, Barn Farm
Torrington Lane
Wragby
Market Rasen
Lincolnshire
LN8 5LE





Registered number: 03745477 (England and Wales)





Accountants: Haines Watts
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 14,519,874 14,548,076
Investment property 5 2,571,435 2,571,435
17,091,309 17,119,511

Current assets
Stocks 6 2,069,166 1,874,215
Debtors 7 428,875 527,227
Cash at bank 144,063 258,042
2,642,104 2,659,484
Creditors
Amounts falling due within one year 8 405,042 497,896
Net current assets 2,237,062 2,161,588
Total assets less current liabilities 19,328,371 19,281,099

Creditors
Amounts falling due after more than one year 9 (5,565,000 ) (6,075,000 )

Provisions for liabilities (35 ) (45 )
Net assets 13,763,336 13,206,054

Capital and reserves
Called up share capital 11 10,173,000 10,173,000
Share premium 12 838,590 838,590
Retained earnings 12 2,751,746 2,194,464
Shareholders' funds 13,763,336 13,206,054

H R BOURN & SONS (LINWOOD) LIMITED (REGISTERED NUMBER: 03745477)

Statement of Financial Position - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 9 November 2023 and were signed by:





Mr H C Bourn - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and property - Farm land is not depreciated
Tenants fixtures - 5% on cost
Plant and machinery - 20% on reducing balance

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 14,372,429 563,049 21,985 14,957,463
Depreciation
At 1 April 2022 - 387,641 21,747 409,388
Charge for year - 28,153 48 28,201
At 31 March 2023 - 415,794 21,795 437,589
Net book value
At 31 March 2023 14,372,429 147,255 190 14,519,874
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 2,571,435
Net book value
At 31 March 2023 2,571,435
At 31 March 2022 2,571,435

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 610,991 610,991
2,069,166 1,874,215

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 35,858 18,709
H C Bourn (Farming) Limited 21,773 26,469
E J Bourn (Farming) Limited - 1,845
Somersby Homes Ltd 313,875 418,500
VAT 57,369 61,704
428,875 527,227

8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 53,340 56,619
H R Bourn & Sons 214,066 283,528
E J Bourn (Farming) Limited 264 -
Corporation tax 137,372 157,749
405,042 497,896

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
5,565,000 6,075,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Agricultural mortgage corporation loan 835,000 835,000
Agricultural mortgage corporation loan 170,000 170,000
1,005,000 1,005,000

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 5,565,000 6,075,000

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: £ £
10,173,000 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 2,194,464 838,590 3,033,054
Profit for the year 557,282 557,282
At 31 March 2023 2,751,746 838,590 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.