3 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-06 Sage Accounts Production Advanced 2021 - FRS102_2021 82,798 82,798 100 100 100 xbrli:pure xbrli:shares iso4217:GBP 04258026 2022-04-06 2023-04-05 04258026 2023-04-05 04258026 2022-04-05 04258026 2021-04-06 2022-04-05 04258026 2022-04-05 04258026 core:PlantMachinery 2022-04-06 2023-04-05 04258026 core:MotorVehicles 2022-04-06 2023-04-05 04258026 bus:Director1 2022-04-06 2023-04-05 04258026 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-05 04258026 core:LandBuildings 2022-04-05 04258026 core:PlantMachinery 2022-04-05 04258026 core:MotorVehicles 2022-04-05 04258026 core:LandBuildings 2023-04-05 04258026 core:PlantMachinery 2023-04-05 04258026 core:MotorVehicles 2023-04-05 04258026 core:WithinOneYear 2023-04-05 04258026 core:WithinOneYear 2022-04-05 04258026 core:AfterOneYear 2023-04-05 04258026 core:AfterOneYear 2022-04-05 04258026 core:ShareCapital 2023-04-05 04258026 core:ShareCapital 2022-04-05 04258026 core:RevaluationReserve 2023-04-05 04258026 core:RevaluationReserve 2022-04-05 04258026 core:CapitalRedemptionReserve 2023-04-05 04258026 core:CapitalRedemptionReserve 2022-04-05 04258026 core:RetainedEarningsAccumulatedLosses 2023-04-05 04258026 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-04-05 04258026 core:CostValuation core:Non-currentFinancialInstruments 2023-04-05 04258026 core:Non-currentFinancialInstruments 2023-04-05 04258026 core:LandBuildings 2022-04-05 04258026 core:PlantMachinery 2022-04-05 04258026 core:MotorVehicles 2022-04-05 04258026 bus:SmallEntities 2022-04-06 2023-04-05 04258026 bus:AuditExemptWithAccountantsReport 2022-04-06 2023-04-05 04258026 bus:FullAccounts 2022-04-06 2023-04-05 04258026 bus:SmallCompaniesRegimeForAccounts 2022-04-06 2023-04-05 04258026 bus:PrivateLimitedCompanyLtd 2022-04-06 2023-04-05 04258026 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-06 2023-04-05 04258026 core:AfterOneYear 2022-04-06 2023-04-05
COMPANY REGISTRATION NUMBER: 04258026
BASHFARMS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 April 2023
BASHFARMS LIMITED
STATEMENT OF FINANCIAL POSITION
5 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
3,149,406
3,046,599
Investments
7
100
--------------
--------------
3,149,506
3,046,599
Current assets
Stocks
281,632
198,345
Debtors
8
873,685
295,942
Cash at bank and in hand
3,810
6,407
--------------
-----------
1,159,127
500,694
Creditors: amounts falling due within one year
9
619,182
689,231
--------------
-----------
Net current assets/(liabilities)
539,945
( 188,537)
--------------
--------------
Total assets less current liabilities
3,689,451
2,858,062
Creditors: amounts falling due after more than one year
10
1,816,310
1,162,133
--------------
--------------
Net assets
1,873,141
1,695,929
--------------
--------------
BASHFARMS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
5 April 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
50
50
Revaluation reserve
1,695,829
1,695,829
Capital redemption reserve
50
50
Profit and loss account
177,212
--------------
--------------
Shareholders funds
1,873,141
1,695,929
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 February 2024 , and are signed on behalf of the board by:
H R B Massingberd-Mundy
Director
Company registration number: 04258026
BASHFARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Clapgate Farm, Ashby Puerorum, Horncastle, Lincolnshire, LN9 6QU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Interest Option
-
Over the life of the option
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Development costs
£
Cost
At 6 April 2022 and 5 April 2023
82,798
---------
Amortisation
At 6 April 2022 and 5 April 2023
82,798
---------
Carrying amount
At 5 April 2023
---------
At 5 April 2022
---------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 6 April 2022
2,570,079
1,054,685
21,099
3,645,863
Additions
329,940
14,350
344,290
Disposals
( 177,480)
( 177,480)
--------------
--------------
---------
--------------
At 5 April 2023
2,570,079
1,207,145
35,449
3,812,673
--------------
--------------
---------
--------------
Depreciation
At 6 April 2022
596,185
3,079
599,264
Charge for the year
130,868
6,897
137,765
Disposals
( 73,762)
( 73,762)
--------------
--------------
---------
--------------
At 5 April 2023
653,291
9,976
663,267
--------------
--------------
---------
--------------
Carrying amount
At 5 April 2023
2,570,079
553,854
25,473
3,149,406
--------------
--------------
---------
--------------
At 5 April 2022
2,570,079
458,500
18,020
3,046,599
--------------
--------------
---------
--------------
7. Investments
Shares in group undertakings
£
Cost
At 6 April 2022
Additions
100
-----
At 5 April 2023
100
-----
Impairment
At 6 April 2022 and 5 April 2023
-----
Carrying amount
At 5 April 2023
100
-----
At 5 April 2022
-----
The investment represents a 100% shareholding of the subsidiary company, Cottam Farming Company Limited, that was incorporated in the period. The registered office of the company is The Maltings, 11-15 Brayford Wharf East, Lincoln, United Kingdom, LN5 7AY.
8. Debtors
2023
2022
£
£
Trade debtors
422,069
283,392
Amounts owed by group undertakings and undertakings in which the company has a participating interest
367,712
Other debtors
83,904
12,550
-----------
-----------
873,685
295,942
-----------
-----------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
360,122
383,358
Trade creditors
125,802
132,625
Social security and other taxes
9,244
37,790
Other creditors
124,014
135,458
-----------
-----------
619,182
689,231
-----------
-----------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2023 2022
£ £
Bank loans and overdrafts (Secured on assets of the company) 360,122 383,358
Hire Purchase (Secured on the assets concerned) 83,673 99,690
----------- -----------
443,795 483,048
----------- -----------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,644,400
977,074
Other creditors
171,910
185,059
--------------
--------------
1,816,310
1,162,133
--------------
--------------
The following liabilities disclosed under creditors falling due after more that one year are secured by the company:
2023 2022
£ £
Bank loans and overdrafts (Secured on the assets of the company) 617,567 656,383
Hire Purchase (Secured on the assets concerned) 171,910 185,059
----------- -----------
789,477 841,442
----------- -----------