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Company Registration number: 06884474

Brackenbarrow Farm Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 October 2023

 

Brackenbarrow Farm Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Brackenbarrow Farm Limited

Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

533,702

512,955

Current assets

 

Stocks

5

227,885

221,151

Debtors

6

41,115

15,472

Investments

7

57

57

Cash at bank and in hand

 

-

6,746

 

269,057

243,426

Creditors: Amounts falling due within one year

8

(253,165)

(151,141)

Net current assets

 

15,892

92,285

Total assets less current liabilities

 

549,594

605,240

Creditors: Amounts falling due after more than one year

8

(441,915)

(505,591)

Provisions for liabilities

(23,557)

(20,473)

Net assets

 

84,122

79,176

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

58,000

58,000

Retained earnings

25,922

20,976

Shareholders' funds

 

84,122

79,176

 

Brackenbarrow Farm Limited

Balance Sheet as at 31 October 2023 (continued)

For the financial year ending 31 October 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 06884474

Approved and authorised by the Board on 29 January 2024 and signed on its behalf by:
 

.........................................
Mrs C Sanderson
Director

 

Brackenbarrow Farm Limited

Notes to the financial statements for the Year Ended 31 October 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:
Croftlands
Brackenbarrow Farm
Deanscales
Cockermouth
CA13 0SL

These financial statements were authorised for issue by the Board on 29 January 2024.

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 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

 

Brackenbarrow Farm Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred 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.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Brackenbarrow Farm Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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

Land and buildings

No charge on land and buildings, improvements 10% straight line

Plant and machinery

15% reducing balance and 10% straight line

Motor vehicles

20% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Brackenbarrow Farm Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Brackenbarrow Farm Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

4

TANGIBLE ASSETS

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

90,609

1,041,740

103,979

1,236,328

Additions

42,795

88,085

-

130,880

Disposals

-

(21,418)

-

(21,418)

At 31 October 2023

133,404

1,108,407

103,979

1,345,790

Depreciation

At 1 November 2022

1,240

714,517

7,616

723,373

Charge for the year

5,520

96,409

4,041

105,970

Eliminated on disposal

-

(17,255)

-

(17,255)

At 31 October 2023

6,760

793,671

11,657

812,088

Carrying amount

At 31 October 2023

126,644

314,736

92,322

533,702

At 31 October 2022

89,369

327,223

96,363

512,955

Revaluation

The fair value of the company's Land and buildings was revalued on 31 October 2021. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £68,645 (2022 - £31,369).

 

Brackenbarrow Farm Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

5

STOCKS

2023
£

2022
£

Hay, straw and silage

49,105

36,625

Fuel and oil

782

501

Medicines

728

415

Cattle

177,270

183,610

227,885

221,151

6

DEBTORS

Current

2023
£

2022
£

Trade debtors

32,596

767

Prepayments

593

540

Other debtors

7,926

14,165

 

41,115

15,472

7

CURRENT ASSET INVESTMENTS

2023
£

2022
£

Other investments

57

57

 

Brackenbarrow Farm Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

8

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

204,942

95,745

Trade creditors

 

15,195

52,095

Taxation and social security

 

3,089

545

Accruals and deferred income

 

8,151

2,050

Other creditors

 

21,788

706

 

253,165

151,141

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £98,498 (2022 - £89,685).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

439,025

502,191

Deferred income

 

2,890

3,400

 

441,915

505,591

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £428,525 (2022 - £485,627).

 

Brackenbarrow Farm Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

9

LOANS AND BORROWINGS

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

361,876

423,795

Hire purchase contracts

77,149

77,389

Other borrowings

-

1,007

439,025

502,191

2023
£

2022
£

Current loans and borrowings

Bank borrowings

63,033

63,585

Bank overdrafts

100,444

-

Hire purchase contracts

40,584

26,942

Other borrowings

881

5,218

204,942

95,745