Registered number
06349831
BYWATER FARMS LTD
Filleted Accounts
31 August 2023
BYWATER FARMS LTD
Registered number: 06349831
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 55,241 55,241
Tangible assets 4 104,198 100,779
159,439 156,020
Current assets
Stocks 44,892 44,744
Debtors 5 18,850 58,190
Cash at bank and in hand 17,674 67,123
81,416 170,057
Creditors: amounts falling due within one year 6 (182,178) (226,924)
Net current liabilities (100,762) (56,867)
Total assets less current liabilities 58,677 99,153
Creditors: amounts falling due after more than one year 7 (4,500) (4,500)
Net assets 54,177 94,653
Capital and reserves
Called up share capital 100 100
Profit and loss account 54,077 94,553
Shareholders' funds 54,177 94,653
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.
Mr Wayne Bywater
Director
Approved by the board on 22 March 2024
BYWATER FARMS LTD
Notes to the Accounts
for the year ended 31 August 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tractors over 5 years
Equipment over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Land and quota
Cost
At 1 September 2022 55,241
At 31 August 2023 55,241
Amortisation
At 31 August 2023 -
Net book value
At 31 August 2023 55,241
At 31 August 2022 55,241
4 Tangible fixed assets
Tractors Equip Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 221,830 102,546 10,800 335,176
Additions - 16,517 11,917 28,434
Disposals - (2,500) - (2,500)
At 31 August 2023 221,830 116,563 22,717 361,110
Depreciation
At 1 September 2022 147,526 78,960 7,911 234,397
Charge for the year 14,860 7,008 975 22,843
On disposals (328) - - (328)
At 31 August 2023 162,058 85,968 8,886 256,912
Net book value
At 31 August 2023 59,772 30,595 13,831 104,198
At 31 August 2022 74,304 23,586 2,889 100,779
5 Debtors 2023 2022
£ £
Trade debtors 283 37,695
Other debtors 18,567 20,495
18,850 58,190
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 15,411 39,580
Directors' loan accounts 125,772 120,106
Taxation and social security costs 3,311 10,298
Other creditors 37,684 56,940
182,178 226,924
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other loan 4,500 4,500
8 Other information
BYWATER FARMS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Lydmore House
St Ann's Fort
Kings Lynn
Norfolk
PE30 2EU
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