Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-08-01falsefarming2830truetrue 12145378 2022-08-01 2023-07-31 12145378 2021-08-01 2022-07-31 12145378 2023-07-31 12145378 2022-07-31 12145378 2021-08-01 12145378 c:Director1 2022-08-01 2023-07-31 12145378 c:Director5 2022-08-01 2023-07-31 12145378 d:PlantMachinery 2022-08-01 2023-07-31 12145378 d:PlantMachinery 2023-07-31 12145378 d:PlantMachinery 2022-07-31 12145378 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 12145378 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 12145378 d:CurrentFinancialInstruments 2023-07-31 12145378 d:CurrentFinancialInstruments 2022-07-31 12145378 d:Non-currentFinancialInstruments 2023-07-31 12145378 d:Non-currentFinancialInstruments 2022-07-31 12145378 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 12145378 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 12145378 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 12145378 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 12145378 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 12145378 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 12145378 d:ShareCapital 2022-08-01 2023-07-31 12145378 d:ShareCapital 2023-07-31 12145378 d:ShareCapital 2021-08-01 2022-07-31 12145378 d:ShareCapital 2022-07-31 12145378 d:ShareCapital 2021-08-01 12145378 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 12145378 d:RetainedEarningsAccumulatedLosses 2023-07-31 12145378 d:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 12145378 d:RetainedEarningsAccumulatedLosses 2022-07-31 12145378 d:RetainedEarningsAccumulatedLosses 2021-08-01 12145378 c:OrdinaryShareClass1 2022-08-01 2023-07-31 12145378 c:OrdinaryShareClass1 2023-07-31 12145378 c:OrdinaryShareClass1 2022-07-31 12145378 c:FRS102 2022-08-01 2023-07-31 12145378 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 12145378 c:FullAccounts 2022-08-01 2023-07-31 12145378 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12145378 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 12145378 d:HirePurchaseContracts d:WithinOneYear 2022-07-31 12145378 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 12145378 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-07-31 12145378 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-31 12145378 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-07-31 12145378 d:LeasedAssetsHeldAsLessee 2023-07-31 12145378 d:LeasedAssetsHeldAsLessee 2022-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12145378










B & C FARMING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
B & C FARMING LIMITED
REGISTERED NUMBER: 12145378

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,275,197
2,055,048

  
2,275,197
2,055,048

Current assets
  

Stocks
  
1,757,310
1,556,826

Debtors: amounts falling due within one year
 5 
2,060,222
1,976,449

  
3,817,532
3,533,275

Creditors: amounts falling due within one year
 6 
(3,108,579)
(3,027,628)

Net current assets
  
 
 
708,953
 
 
505,647

Total assets less current liabilities
  
2,984,150
2,560,695

Creditors: amounts falling due after more than one year
 7 
(1,998,186)
(2,024,043)

Provisions for liabilities
  

Deferred tax
  
(302,638)
(239,893)

  
 
 
(302,638)
 
 
(239,893)

Net assets
  
683,326
296,759


Capital and reserves
  

Called up share capital 
 10 
2,700
2,650

Profit and loss account
  
680,626
294,109

  
683,326
296,759


Page 1

 
B & C FARMING LIMITED
REGISTERED NUMBER: 12145378
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 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 income statement 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 by: 




................................................
Mr A W J Bambridge
................................................
Mr R J Crane
Director
Director


Date: 9 February 2024

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

Page 2

 
B & C FARMING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2021
2,300
146,848
149,148


Comprehensive income for the year

Profit for the year

-
147,261
147,261

Shares issued during the year
350
-
350


Total transactions with owners
350
-
350



At 1 August 2022
2,650
294,109
296,759


Comprehensive income for the year

Profit for the year

-
386,517
386,517


Contributions by and distributions to owners

Shares issued during the year
50
-
50


Total transactions with owners
50
-
50


At 31 July 2023
2,700
680,626
683,326


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

Page 3

 
B & C FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

B & C Farming Limited is a private company limited by shares and incorporated in England and Wales, registration number 12145378. The registered office is Summerhill House, 1 Sculthorpe Road, Fakenham, Norfolk, NR21 9HA.

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 financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
B & C FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

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 Income statement in the same period as the related expenditure.

 
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.

 
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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
B & C FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

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.

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

Depreciation is provided on the following basis:

Plant & machinery
-
15-25% reducing balance and 0-20 years straight line

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.

Page 6

 
B & C FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.11

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.

 
2.12

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.

 
2.13

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 reporting 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 Statement of financial position.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 30).

Page 7

 
B & C FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Plant & machinery

£



Cost or valuation


At 1 August 2022
2,886,789


Additions
747,364


Disposals
(123,417)



At 31 July 2023

3,510,736



Depreciation


At 1 August 2022
831,741


Charge for the year on owned assets
211,893


Charge for the year on financed assets
246,043


Disposals
(54,138)



At 31 July 2023

1,235,539



Net book value



At 31 July 2023
2,275,197



At 31 July 2022
2,055,048

Page 8

 
B & C FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,230,360
1,494,055

1,230,360
1,494,055


5.


Debtors

2023
2022
£
£


Trade debtors
1,836,749
1,486,430

Other debtors
17,592
56,963

Prepayments and accrued income
205,881
433,056

2,060,222
1,976,449



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
1,039,932
863,356

Bank loans
11,211
10,232

Trade creditors
1,074,446
1,004,512

Amounts owed to group undertakings
349,689
331,710

Other taxation and social security
20,025
27,882

Obligations under finance lease and hire purchase contracts
324,543
547,348

Accruals and deferred income
288,733
242,588

3,108,579
3,027,628


Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate. 
There are non-contractual repayment terms of £13,500 per month starting in August 2023 and no interest is being charged on the amounts owed to group undertakings.

Page 9

 
B & C FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,289
33,087

Net obligations under finance leases and hire purchase contracts
530,876
481,906

Amounts owed to group undertakings
1,428,862
1,488,862

Accruals and deferred income
17,159
20,188

1,998,186
2,024,043


Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
There are non-contractual repayment terms of £13,500 per month starting in August 2023 and no interest is being charged on the amounts owed to group undertakings.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2023
2022
£
£


Repayable by instalments
780,862
1,002,862

780,862
1,002,862

There are non-contractual repayment terms of £13,500 per month starting in August 2023 and no interest is being charged on the amounts owed to group undertakings.


8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
11,211
10,232


Amounts falling due 2-5 years

Bank loans
21,289
33,087


32,500
43,319


Page 10

 
B & C FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
324,543
547,348

Between 1-5 years
530,876
481,906

855,419
1,029,254

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



27,000 (2022 - 26,500) Ordinary shares of £0.10 each
2,700
2,650


500 Ordinary shares of £0.10 each were allotted during the year with an aggregate nominal value and consideration received of £50


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £54,763 (2022 - £52,971) . Contributions totalling £nil (2022 - £nil) were payable to the fund at the reporting date and are included in creditors.


12.


Related party transactions

At the year end there were balances owed to TECS Farming Limited by B & C Farming Limited worth £1,778,551 (2022 - £1,820,572). There are non-contractual repayment terms of £13,500 per month starting in August 2023 and no interest is being charged.


13.


Controlling party

The immediate and ultimate controlling party and parent company is TECS Farming Limited whose registered office is Summerhill House, 1 Sculthorpe Road, Fakenham, Norfolk, NR21 9HA.
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
Page 11