Weald Barkfold Farm Limited 05981173 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is dairy farming, cattle rearing, sale of hay and sileage. Digita Accounts Production Advanced 6.30.9574.0 true 05981173 2022-07-01 2023-06-30 05981173 2023-06-30 05981173 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-06-30 05981173 bus:PreferenceShareClass1 bus:CumulativeShares 2023-06-30 05981173 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:CurrentFinancialInstruments 2023-06-30 05981173 core:CurrentFinancialInstruments 2023-06-30 05981173 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 05981173 core:FurnitureFittingsToolsEquipment 2023-06-30 05981173 core:LandBuildings 2023-06-30 05981173 core:MotorVehicles 2023-06-30 05981173 bus:SmallEntities 2022-07-01 2023-06-30 05981173 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 05981173 bus:FullAccounts 2022-07-01 2023-06-30 05981173 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 05981173 bus:RegisteredOffice 2022-07-01 2023-06-30 05981173 bus:CompanySecretaryDirector2 2022-07-01 2023-06-30 05981173 bus:Director2 2022-07-01 2023-06-30 05981173 bus:Director4 2022-07-01 2023-06-30 05981173 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-07-01 2023-06-30 05981173 bus:OrdinaryShareClass2 bus:CumulativeShares 2022-07-01 2023-06-30 05981173 bus:PreferenceShareClass1 bus:CumulativeShares 2022-07-01 2023-06-30 05981173 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05981173 core:IntangibleAssetsOtherThanGoodwill 2022-07-01 2023-06-30 05981173 core:Buildings 2022-07-01 2023-06-30 05981173 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 05981173 core:LandBuildings 2022-07-01 2023-06-30 05981173 core:MotorVehicles 2022-07-01 2023-06-30 05981173 core:PlantMachinery 2022-07-01 2023-06-30 05981173 countries:England 2022-07-01 2023-06-30 05981173 2022-06-30 05981173 core:FurnitureFittingsToolsEquipment 2022-06-30 05981173 core:LandBuildings 2022-06-30 05981173 core:MotorVehicles 2022-06-30 05981173 2021-07-01 2022-06-30 05981173 2022-06-30 05981173 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-06-30 05981173 bus:PreferenceShareClass1 bus:CumulativeShares 2022-06-30 05981173 core:CurrentFinancialInstruments 2022-06-30 05981173 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 05981173 core:FurnitureFittingsToolsEquipment 2022-06-30 05981173 core:LandBuildings 2022-06-30 05981173 core:MotorVehicles 2022-06-30 05981173 bus:OrdinaryShareClass1 bus:CumulativeShares 2021-07-01 2022-06-30 05981173 bus:OrdinaryShareClass2 bus:CumulativeShares 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05981173

Weald Barkfold Farm Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Weald Barkfold Farm Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Weald Barkfold Farm Limited

Company Information

Directors

Mrs Margaret Jean Capsey

Mrs Sharon Ann Lammas

Mr Howard John Capsey

Company secretary

Mrs Sharon Ann Lammas

Registered office

3 Bank Buildings
149 High Street
Cranleigh
Surrey
GU6 8BB

Accountants

MSH Accountancy Limited
3 Bank Buildings
149 High Street
Cranleigh
Surrey
GU6 8BB

 

Weald Barkfold Farm Limited

(Registration number: 05981173)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

4

232,789

245,959

Current assets

 

stocks

6

265,046

313,707

Debtors

7

2,669

1,223

Other financial assets

5

912,203

885,824

Cash at bank and in hand

 

103,884

100,025

 

1,283,802

1,300,779

Creditors: Amounts falling due within one year

8

(34,015)

(50,067)

Net current assets

 

1,249,787

1,250,712

Total assets less current liabilities

 

1,482,576

1,496,671

Provisions for liabilities

(32,095)

(26,638)

Net assets

 

1,450,481

1,470,033

capital and reserves

 

Called up share capital

9

200

200

Profit and loss account

1,450,281

1,469,833

Total equity

 

1,450,481

1,470,033

For the financial year ending 30 June 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.

 

Weald Barkfold Farm Limited

(Registration number: 05981173)
Balance Sheet as at 30 June 2023

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.

Approved and authorised by the Board on 25 March 2024 and signed on its behalf by:
 

.........................................
Mr Howard John Capsey
Director

   
     
 

Weald Barkfold Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
3 Bank Buildings
149 High Street
Cranleigh
Surrey
GU6 8BB
England

These financial statements were authorised for issue by the Board on 25 March 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.

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.

 

Weald Barkfold Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

The current income 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.

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

Vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Short leasehold buildings

10% reducing balance

Amortisation

Asset class

Amortisation method and rate

Intangible Assets

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Weald Barkfold Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Weald Barkfold Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 6).

 

Weald Barkfold Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

321,542

226,628

4,515

552,685

Additions

-

1,800

-

1,800

Disposals

-

(1,475)

-

(1,475)

At 30 June 2023

321,542

226,953

4,515

553,010

Depreciation

At 1 July 2022

114,263

188,027

4,436

306,726

Charge for the year

4,850

10,100

20

14,970

Eliminated on disposal

-

(1,475)

-

(1,475)

At 30 June 2023

119,113

196,652

4,456

320,221

Carrying amount

At 30 June 2023

202,429

30,301

59

232,789

At 30 June 2022

207,279

38,601

79

245,959

Included within the net book value of land and buildings above is £158,785 (2022 - £158,785) in respect of freehold land and buildings and £43,645 (2022 - £48,494) in respect of short leasehold land and buildings.
 

 

Weald Barkfold Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 July 2022

885,824

885,824

Fair value adjustments

26,311

26,311

Additions

15,606

15,606

Disposals

(15,538)

(15,538)

At 30 June 2023

912,203

912,203

Impairment

Carrying amount

At 30 June 2023

912,203

912,203

6

Stocks

2023
£

2022
£

Other inventories

265,046

313,707

7

Debtors

Current

2023
£

2022
£

Other debtors

2,669

1,223

 

Weald Barkfold Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

14,837

Accruals and deferred income

1,200

4,065

Other creditors

32,815

31,165

34,015

50,067

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

120

120

120

120

Preference of £1 each

80

80

80

80

 

200

200

200

200

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £83.75 (2022 - £96.9613) per each Ordinary

 

10,050

 

11,635

Interim dividend of £314.524 (2022 - £288.00) per each Ordinary A

 

25,162

 

23,040

   

35,212

 

34,675

 

Weald Barkfold Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

15,166

13,369

Contributions paid to money purchase schemes

87,920

4,200

103,086

17,569