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REGISTERED NUMBER: 00539386 (England and Wales)
















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Bates Bros (Farms) Limited

Bates Bros (Farms) Limited (Registered number: 00539386)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Bates Bros (Farms) Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: A C Bates
Mrs V A Bates
Mrs A R Bates





REGISTERED OFFICE: Lower Honeydon Farm
Honeydon
Bedfordshire
MK44 2LR





REGISTERED NUMBER: 00539386 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Bates Bros (Farms) Limited (Registered number: 00539386)

Abridged Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,300,133 1,370,183
Investments 6 100 100
1,300,233 1,370,283

CURRENT ASSETS
Stocks 459,580 323,908
Debtors 45,033 38,895
Cash at bank 52,425 128,460
557,038 491,263
CREDITORS
Amounts falling due within one year 257,032 265,711
NET CURRENT ASSETS 300,006 225,552
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,600,239

1,595,835

CREDITORS
Amounts falling due after more than one
year

7

(136,532

)

(177,042

)

PROVISIONS FOR LIABILITIES (161,425 ) (149,275 )
NET ASSETS 1,302,282 1,269,518

CAPITAL AND RESERVES
Called up share capital 9 5,000 5,000
Retained earnings 1,297,282 1,264,518
SHAREHOLDERS' FUNDS 1,302,282 1,269,518

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Bates Bros (Farms) Limited (Registered number: 00539386)

Abridged Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





Mrs V A Bates - Director


Bates Bros (Farms) Limited (Registered number: 00539386)

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

1. STATUTORY INFORMATION

Bates Bros (Farms) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The balance sheet shows net current liabilities at the year end but it has the support of both its directors and financiers. The directors have indicated that they will not seek repayment of their loans until funds permit and the loans will not be repaid to the detriment of the company's operations.

Turnover
Turnover represents net invoiced sales of goods excluding value added tax. Income from Single Farm Payment entitlements is recognised as income of the accounting period in which all eligibility criteria for the season question are met. The land must be eligible for subsidy for the entire calendar year, hence the income is not recognised until 31 December. Rental income is recognised on an accruals basis, with any rental income received in advance being deferred and any rental income paid in arrears being accrued.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangibles is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% on cost and not provided
Improvements to property - 20% on cost and 10% on cost
Plant and machinery - 20% on reducing balance and 10% on reducing balance
Motor vehicles - 20% on reducing balance
Tractors & combines - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Bates Bros (Farms) Limited (Registered number: 00539386)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Bates Bros (Farms) Limited (Registered number: 00539386)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2022
and 30 June 2023 38,597
AMORTISATION
At 1 July 2022
and 30 June 2023 38,597
NET BOOK VALUE

At 30 June 2023 -
At 30 June 2022 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2022 2,280,390
Additions 67,181
Disposals (55,500 )
At 30 June 2023 2,292,071
DEPRECIATION
At 1 July 2022 910,207
Charge for year 132,992
Eliminated on disposal (51,261 )
At 30 June 2023 991,938
NET BOOK VALUE
At 30 June 2023 1,300,133
At 30 June 2022 1,370,183

Plant and machinery includes assets with a net book value of £38,310 (2022 - £78,422) subject to hire purchase agreements. Depreciation charged on these assets was £9,578 (2022 - £19,605).

Tractors and combines includes assets with a net book value of £386,705 (2022 - £321,138) subject to hire purchase agreements. Depreciation charged on these assets was £68,242 (2022- £Nil).

Bates Bros (Farms) Limited (Registered number: 00539386)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 July 2022
and 30 June 2023 100
NET BOOK VALUE
At 30 June 2023 100
At 30 June 2022 100

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
30.6.23 30.6.22
£    £   
Repayable by instalments
Bank loans more 5 yr by instal - 4,661

8. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Hire purchase contracts 146,340 171,879

The bank overdraft is secured by a first legal charge on freehold property.

Hire purchase liabilities are secured by the individual assets to which the liabilities relate.

9. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:
Number: Class: Nominal value: 30.06.23 30.06.22

2,950 Ordinary A £1 2,950 2,950
550 Ordinary B £1 550 550
500 Ordinary C £1 500 500
500 Ordinary D £1 500 500
500 Ordinary E £1 500 500
5,000 5,000

Bates Bros (Farms) Limited (Registered number: 00539386)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

30.6.23 30.6.22
£    £   
A C Bates
Balance outstanding at start of year (32 ) 8,110
Amounts advanced 9,620 8,796
Amounts repaid - (16,938 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,588 (32 )