Registered number
00687758
Bridge & Ivy Farms Limited
Filleted Accounts
31 March 2023
Bridge & Ivy Farms Limited
Registered number: 00687758
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,179,135 1,080,505
Investments 4 (5,000) (5,000)
1,174,135 1,075,505
Current assets
Debtors 5 280,658 28,486
Investments held as current assets 6 - 40,000
Cash at bank and in hand 1,107,771 1,145,956
1,388,429 1,214,442
Creditors: amounts falling due within one year 7 (867,843) (705,811)
Net current assets 520,586 508,631
Total assets less current liabilities 1,694,721 1,584,136
Creditors: amounts falling due after more than one year 8 - (1,527)
Provisions for liabilities (41,939) -
Net assets 1,652,782 1,582,609
Capital and reserves
Called up share capital 21,000 21,000
Profit and loss account 1,631,782 1,561,609
Shareholders' funds 1,652,782 1,582,609
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Hayward
Director
Approved by the board on 19 December 2023
Bridge & Ivy Farms Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 1,125,952 225,022 42,936 1,393,910
Additions 23,000 220,800 42 243,842
Disposals - (96,900) - (96,900)
At 31 March 2023 1,148,952 348,922 42,978 1,540,852
Depreciation
At 1 April 2022 212,446 82,863 18,096 313,405
Charge for the year - 39,725 8,587 48,312
At 31 March 2023 212,446 122,588 26,683 361,717
Net book value
At 31 March 2023 936,506 226,334 16,295 1,179,135
At 31 March 2022 913,506 142,159 24,840 1,080,505
4 Investments
Other
investments
£
Cost
At 1 April 2022 (5,000)
At 31 March 2023 (5,000)
5 Debtors 2023 2022
£ £
Trade debtors 2,686 5,536
Other debtors 277,972 22,950
280,658 28,486
6 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments - 40,000
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 88 -
Obligations under finance lease and hire purchase contracts 102,538 84,091
Trade creditors 237,218 163,691
Corporation tax 13,646 44,519
Other taxes and social security costs (18,253) (6,196)
Directors Loan GH Jnr 414,606 301,706
Other creditors 118,000 118,000
867,843 705,811
8 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors - 1,527
9 Other information
Bridge & Ivy Farms Limited is a private company limited by shares and incorporated in England. Its registered office is Unit 3 Cristal Business Park 47 Knightsdale Road, Ipswich Suffolk, IP1 4JJ:
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