Registration number:
for the Year Ended
Bacres Farm Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Bacres Farm Limited
Company Information
Directors |
Mrs K B Moore Mr G J Moore |
Registered office |
|
Accountants |
|
Bacres Farm Limited
(Registration number: 12397766)
Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
10 |
10 |
|
Retained earnings |
(140,858) |
(75,404) |
|
Shareholders' deficit |
(140,848) |
(75,394) |
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
Approved and authorised by the
......................................... |
......................................... |
Bacres Farm Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Going concern
The financial statements have been prepared on a going concern basis on account of assurances given by the directors that they will continue to provide support to the company to meet its financial obligations for the foreseeable future.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.
Bacres Farm Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
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.
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 |
Flock |
straight line over six years |
Fencing |
10% reducing balance |
Plant and Machinery |
25% reducing balance |
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.
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.
Bacres Farm Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
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.
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.
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.
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Bacres Farm Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Bacres Farm Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Tangible assets |
Flock |
Fencing |
Plant and machinery |
Office equipment |
Total |
|
Cost or valuation |
|||||
At 1 October 2022 |
|
|
|
- |
|
Additions |
- |
- |
|
|
|
Disposals |
- |
- |
( |
- |
( |
At 30 September 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 October 2022 |
|
|
|
- |
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 30 September 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 30 September 2023 |
|
|
|
|
|
At 30 September 2022 |
|
|
|
- |
|
Bacres Farm Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Debtors |
2023 |
2022 |
|
Trade debtors |
|
- |
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to related parties |
|
|
|
Taxation and social security |
|
- |
|
Accruals and deferred income |
|
|
|
Other creditors |
|
- |
|
|
|
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Director's loan accounts |
|
|
The director’s loan accounts are non-interest bearing and have no formal repayment terms.
Bacres Farm Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2023
2023 |
2022 |
|
Turnover (analysed below) |
67,954 |
31,100 |
Cost of sales (analysed below) |
(54,163) |
(20,235) |
Gross profit |
13,791 |
10,865 |
Administrative expenses |
||
Employment costs (analysed below) |
(28,804) |
- |
Establishment costs (analysed below) |
(28,034) |
(43,266) |
General administrative expenses (analysed below) |
(15,921) |
(15,052) |
Finance charges (analysed below) |
(179) |
(58) |
Depreciation costs (analysed below) |
(16,005) |
(10,632) |
Other expenses (analysed below) |
(449) |
- |
(89,392) |
(69,008) |
|
Other operating income (analysed below) |
- |
225 |
Operating loss |
(75,601) |
(57,918) |
Interest payable and similar expenses (analysed below) |
(12) |
- |
Loss before tax |
(75,613) |
(57,918) |
Bacres Farm Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2023
2023 |
2022 |
Turnover |
||
Sale of goods, UK |
67,940 |
31,087 |
Other revenue |
14 |
13 |
67,954 |
31,100 |
Cost of sales |
||
Creep / general direct costs |
(15,724) |
(7,648) |
Direct fencing costs |
(23,543) |
- |
Slaughter |
(2,105) |
(2,778) |
Butcher |
(2,256) |
(691) |
Vets |
(4,504) |
(3,251) |
Food and Healthcare |
(6,031) |
(5,867) |
(54,163) |
(20,235) |
Employment costs |
||
Wages and salaries (excluding directors) |
(26,384) |
- |
Subcontract cost |
(2,420) |
- |
(28,804) |
- |
Establishment costs |
||
Rent |
(21,342) |
(25,882) |
Insurance |
(3,093) |
(2,994) |
Use of home as office |
(312) |
(312) |
Repairs and maintenance |
(3,287) |
(14,078) |
(28,034) |
(43,266) |
General administrative expenses |
||
Fencing Consumables |
- |
(543) |
Deadstock |
(500) |
(630) |
Fuel |
(3,588) |
(2,562) |
Farming Consumables |
(3,844) |
(2,974) |
Grass/Sward/Seed |
(926) |
(1,798) |
Chemicals |
(1,586) |
(1,661) |
Shearing |
(1,092) |
(858) |
Muck Spreading |
- |
(270) |
Printing, postage and stationery |
(36) |
(24) |
Trade subscriptions |
(719) |
(878) |
Travel and subsistence |
(7) |
(209) |
Advertising |
(251) |
- |
Accountancy fees |
(3,372) |
(1,590) |
Consultancy fees |
- |
(240) |
Legal and professional fees |
- |
(815) |
Bacres Farm Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2023
2023 |
2022 |
(15,921) |
(15,052) |
Finance charges |
||
Bank charges |
(179) |
(58) |
Depreciation costs |
||
Depreciation of plant and machinery (owned) |
(8,930) |
(3,986) |
Depreciation of fencing |
(555) |
(616) |
Depreciation of office equipment (owned) |
(63) |
- |
Depreciation of Flock |
(6,457) |
(6,030) |
(16,005) |
(10,632) |
Other expenses |
||
(Profit)/loss on disposal of tangible fixed assets |
(449) |
- |
Other operating income |
||
Other operating income |
- |
225 |
Interest payable and similar expenses |
||
Other interest payable |
(12) |
- |