Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.12falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01Farming13truetrue 06643261 2022-04-01 2023-03-31 06643261 2021-04-01 2022-03-31 06643261 2023-03-31 06643261 2022-03-31 06643261 c:Director1 2022-04-01 2023-03-31 06643261 c:Director2 2022-04-01 2023-03-31 06643261 c:RegisteredOffice 2022-04-01 2023-03-31 06643261 d:Buildings 2022-04-01 2023-03-31 06643261 d:Buildings 2023-03-31 06643261 d:Buildings 2022-03-31 06643261 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06643261 d:Buildings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 06643261 d:PlantMachinery 2022-04-01 2023-03-31 06643261 d:PlantMachinery 2023-03-31 06643261 d:PlantMachinery 2022-03-31 06643261 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06643261 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 06643261 d:MotorVehicles 2022-04-01 2023-03-31 06643261 d:MotorVehicles 2023-03-31 06643261 d:MotorVehicles 2022-03-31 06643261 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06643261 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 06643261 d:FurnitureFittings 2022-04-01 2023-03-31 06643261 d:FurnitureFittings 2023-03-31 06643261 d:FurnitureFittings 2022-03-31 06643261 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06643261 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 06643261 d:OfficeEquipment 2022-04-01 2023-03-31 06643261 d:OfficeEquipment 2023-03-31 06643261 d:OfficeEquipment 2022-03-31 06643261 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06643261 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 06643261 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06643261 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 06643261 d:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 06643261 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 06643261 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 06643261 d:CurrentFinancialInstruments 2023-03-31 06643261 d:CurrentFinancialInstruments 2022-03-31 06643261 d:CurrentFinancialInstruments 2 2023-03-31 06643261 d:CurrentFinancialInstruments 2 2022-03-31 06643261 d:Non-currentFinancialInstruments 2023-03-31 06643261 d:Non-currentFinancialInstruments 2022-03-31 06643261 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06643261 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06643261 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06643261 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 06643261 d:ShareCapital 2023-03-31 06643261 d:ShareCapital 2022-03-31 06643261 d:SharePremium 2023-03-31 06643261 d:SharePremium 2022-03-31 06643261 d:RevaluationReserve 2022-04-01 2023-03-31 06643261 d:RevaluationReserve 2023-03-31 06643261 d:RevaluationReserve 2022-03-31 06643261 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 06643261 d:RetainedEarningsAccumulatedLosses 2023-03-31 06643261 d:RetainedEarningsAccumulatedLosses 2022-03-31 06643261 c:OrdinaryShareClass1 2022-04-01 2023-03-31 06643261 c:OrdinaryShareClass1 2023-03-31 06643261 c:PreferenceShareClass1 2022-04-01 2023-03-31 06643261 c:PreferenceShareClass1 2023-03-31 06643261 c:FRS102 2022-04-01 2023-03-31 06643261 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06643261 c:FullAccounts 2022-04-01 2023-03-31 06643261 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06643261 2 2022-04-01 2023-03-31 06643261 5 2022-04-01 2023-03-31 06643261 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06643261










BOWES FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
BOWES FARMS LIMITED
 
 
COMPANY INFORMATION


Directors
K D Bowes 
A P Case 




Registered number
06643261



Registered office
Saham Hall Farm
Threxton Road

Saham Toney

Thetford

Norfolk

IP25 7AB




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
BOWES FARMS LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 11


 
BOWES FARMS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BOWES FARMS LIMITED
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bowes Farms Limited for the year ended 31 March 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Bowes Farms Limited, as a body, in accordance with the terms of our engagement letter dated 22 April 2021Our work has been undertaken solely to prepare for your approval the financial statements of Bowes Farms Limited  and state those matters that we have agreed to state to the Board of Directors of Bowes Farms Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bowes Farms Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Bowes Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bowes Farms Limited. You consider that Bowes Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Bowes Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
22 November 2023
Page 1

 
BOWES FARMS LIMITED
REGISTERED NUMBER: 06643261

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
108,404

Tangible assets
 5 
6,563,002
6,704,204

Investments
 6 
50
50

  
6,563,052
6,812,658

Current assets
  

Stocks
  
1,463,863
1,210,491

Debtors: amounts falling due within one year
 7 
1,184,440
780,901

Cash at bank and in hand
  
7,799
109,928

  
2,656,102
2,101,320

Creditors: amounts falling due within one year
 8 
(1,304,488)
(635,958)

Net current assets
  
 
 
1,351,614
 
 
1,465,362

Total assets less current liabilities
  
7,914,666
8,278,020

Creditors: amounts falling due after more than one year
 9 
(1,181,404)
(1,238,860)

Provisions for liabilities
  

Deferred tax
  
(138,519)
(172,027)

Net assets
  
6,594,743
6,867,133


Capital and reserves
  

Called up share capital 
  
1,033
1,033

Share premium account
 11 
29,773
29,773

Revaluation reserve
 11 
4,885,116
4,975,853

Profit and loss account
 11 
1,678,821
1,860,474

  
6,594,743
6,867,133


Page 2

 
BOWES FARMS LIMITED
REGISTERED NUMBER: 06643261
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 November 2023.




K D Bowes
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
BOWES FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The registered office address, and principal place of activity of the company is Saham Hall Farm, Saham Toney, Norfolk, IP25 7AB.
The company's principal activity continues to be that of farming.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of crops and livestock sold, work done, rents and grants receivable, exclusive of Value Added Tax.

Revenue is recognised in the following manner:-

Crops and livestock sold - on physical delivery to the customer;
Work done - on completion of engagement;
Rents - amounts receivable in the year;
Grants income - in the year when the qualifying conditions entitling payment are met.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
BOWES FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
BOWES FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant and machinery
-
15% reducing balance
Motor vehicles
-
20% straight line
Tractors and combines
-
10 years straight line
Office equipment
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Stocks

Stocks and closing valuation for cultivations (work in progress) are valued at the lower of cost and net realisable value. Costs have been determined from cost of production calculations. Net realisable value represents estimated selling price for produce in store with values reduced in accordance with guidance within H M Revenue & Customs help sheet HS232. Consumable stocks are valued at cost.

Page 6

 
BOWES FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 7

 
BOWES FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.19

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 13).


4.


Intangible assets




Basic payment entitlements

£



Valuation


At 1 April 2022
108,404


Written off
(108,404)



At 31 March 2023

-






Net book value



At 31 March 2023
-



At 31 March 2022
108,404



Page 8

 
BOWES FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Tractors & combines
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
5,813,883
1,252,476
155,054
900,266
22,572
8,144,251


Additions
-
43,770
32,869
1,903
883
79,425


Disposals
-
(31,241)
-
-
-
(31,241)



At 31 March 2023

5,813,883
1,265,005
187,923
902,169
23,455
8,192,435



Depreciation


At 1 April 2022
-
705,545
115,192
602,288
17,022
1,440,047


Charge for the year on owned assets
-
87,510
30,231
87,320
965
206,026


Charge for the year on financed assets
-
-
-
7,300
-
7,300


Disposals
-
(23,940)
-
-
-
(23,940)



At 31 March 2023

-
769,115
145,423
696,908
17,987
1,629,433



Net book value



At 31 March 2023
5,813,883
495,890
42,500
205,261
5,468
6,563,002



At 31 March 2022
5,813,883
546,931
39,863
297,978
5,549
6,704,204


6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2022
50



At 31 March 2023
50




Page 9

 
BOWES FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Debtors

2023
2022
£
£


Trade debtors
512,154
219,743

Other debtors
672,286
561,158

1,184,440
780,901



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
342,803
-

Bank loans
40,000
36,667

Trade creditors
744,897
472,124

Obligations under finance lease and hire purchase contracts
17,457
16,744

Other creditors
158,224
109,316

Share capital treated as debt
1,107
1,107

1,304,488
635,958


The bank loans and overdraft are secured by a legal mortgage over freehold land and a fixed and floating charge over the company's remaining assets.
The obligations under finance leases and hire purchase contracts are secured on the assets financed.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
123,333
163,333

Net obligations under finance leases and hire purchase contracts
18,200
35,656

Other creditors
1,039,871
1,039,871

1,181,404
1,238,860


Page 10

 
BOWES FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



1,033 Ordinary A Shares shares of £1.00 each
1,033
1,033

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



1,107 Ordinary B Shares shares of £1.00 each
1,107
1,107



11.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative value of revaluations of the company's Freehold Property and Basic Payment Entitlements to fair value.

Profit & loss account

The profit and loss account includes all current and prior periods retained profits and losses.

Page 11