Caseware UK (AP4) 2022.0.179 2022.0.179 9false2023-01-01falsemanufacture and distribution of agricultural products10truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00455136 2023-01-01 2023-12-31 00455136 2022-01-01 2022-12-31 00455136 2023-12-31 00455136 2022-12-31 00455136 2022-01-01 00455136 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 00455136 d:Director2 2023-01-01 2023-12-31 00455136 c:MotorVehicles 2023-01-01 2023-12-31 00455136 c:MotorVehicles 2022-12-31 00455136 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00455136 c:FurnitureFittings 2023-01-01 2023-12-31 00455136 c:FurnitureFittings 2022-12-31 00455136 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00455136 c:ComputerEquipment 2023-01-01 2023-12-31 00455136 c:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 00455136 c:OtherPropertyPlantEquipment 2022-12-31 00455136 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00455136 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00455136 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 00455136 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 00455136 c:CurrentFinancialInstruments 2023-12-31 00455136 c:CurrentFinancialInstruments 2022-12-31 00455136 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 00455136 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 00455136 c:ShareCapital 2023-12-31 00455136 c:ShareCapital 2022-12-31 00455136 c:ShareCapital 2022-01-01 00455136 c:CapitalRedemptionReserve 2023-12-31 00455136 c:CapitalRedemptionReserve 2022-12-31 00455136 c:CapitalRedemptionReserve 2022-01-01 00455136 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00455136 c:RetainedEarningsAccumulatedLosses 2023-12-31 00455136 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00455136 c:RetainedEarningsAccumulatedLosses 2022-12-31 00455136 c:RetainedEarningsAccumulatedLosses 2022-01-01 00455136 d:FRS102 2023-01-01 2023-12-31 00455136 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00455136 d:FullAccounts 2023-01-01 2023-12-31 00455136 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00455136 c:MotorVehicles c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 00455136 c:FurnitureFittings c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 00455136 c:OtherPropertyPlantEquipment c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 00455136 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 00455136 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 00455136

 




 
Billericay Farm Services Limited          
 
Financial statements          

For the year ended 31 December 2023          

 
Billericay Farm Services Limited
Registered number:00455136

Balance sheet
As at 31 December 2023


2023

2022 
                                                                                    Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
236,377
235,658

Tangible assets
 5 
52,284
35,051

  
288,661
270,709

Current assets
  

Stock
  
170,201
167,138

Debtors
 6 
153,424
57,205

Cash at bank and in hand
  
1,946
1,365

  
325,571
225,708

Creditors: amounts falling due within one year
 7 
(389,898)
(400,511)

Net current liabilities
  
 
 
(64,327)
 
 
(174,803)

  

Net assets
  
224,334
95,906


Capital and reserves
  

Called up share capital 
  
4,382
4,382

Capital redemption reserve
  
142,128
142,128

Profit and loss account
  
77,824
(50,604)

  
224,334
95,906


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 company has opted not to file the statement of income and retained earnings 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 on 26 March 2024.


M.A.G. Cecil
Director

Page 1

 
Billericay Farm Services Limited
Registered number:00455136
    
Balance sheet (continued)
As at 31 December 2023

The notes on pages 5 to 13 form part of these financial statements.
Page 2

 
Billericay Farm Services Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
4,382
142,128
(127,906)
18,604



Profit for the year
-
-
77,302
77,302



At 1 January 2023
4,382
142,128
(50,604)
95,906



Profit for the year
-
-
128,428
128,428


At 31 December 2023
4,382
142,128
77,824
224,334


Page 3

 
Billericay Farm Services Limited
 


Statement of Changes in Equity (continued)
For the year ended 31 December 2023



















The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
Billericay Farm Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Billericay Farm Services Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is 12-14 School Road, Downham, Billericay, Essex, CM11 1QU. 

2.Accounting policies

  
2.1
Cash flow exemption

The company has taken advantage of the disclosure exemption in preparing these financial statements, as permitted by FRS102, and has therefore not prepared a statement of cashflows on the basis that it is a small company.

 
2.2

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company has applied the exemption available under FRS102 whereby freehold property previously revalued under the previously extant GAAP is no longer revalued. The value of this property as at transition has now been treated as its deemed cost.

Page 5

 
Billericay Farm Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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

Revenue 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 revenue 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.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation will be provided once the assets are considered to be in a position to generate future economic benefits for the company.

Page 6

 
Billericay Farm Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is not provided on freehold land. Depreciation is charged on other fixed assets so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a reducing balance and straight line basis.

Depreciation is provided at the following rates:

Tractors and motor vehicles
-
25%
reducing balance
Fixtures, fittings and equipment
-
20%
reducing balance
Computer equipment
-
20%
straight line
Implements and equipment
-
20%
reducing balance

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 the Profit and Loss Account.

  
2.6
Stock

Stock is 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. 

 
2.7

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.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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.
 

Page 7

 
Billericay Farm Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 

Derecognition of financial instruments
Page 8

 
Billericay Farm Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.10

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.

 
2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.12

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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.13

Taxation

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 balance sheet date in the countries where the company operates and generates income.

Page 9

 
Billericay Farm Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.14

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
5
5



Production and sales
2
3



Office and management
2
2

9
10

Page 10

 
Billericay Farm Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

4.


Intangible assets




Patent and development costs

£



Cost


At 1 January 2023
838,500


Additions
719



At 31 December 2023

839,219



Amortisation


At 1 January 2023
602,842



At 31 December 2023

602,842



Net book value



At 31 December 2023
236,377



At 31 December 2022
235,658



Page 11

 
Billericay Farm Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

5.


Tangible fixed assets





Tractors and motor vehicles
Fixtures, fittings and equipment
Implements and equipment
Total

£
£
£
£



Cost 


At 1 January 2023
34,515
167,995
119,993
322,503


Additions
-
-
25,387
25,387



At 31 December 2023

34,515
167,995
145,380
347,890



Depreciation


At 1 January 2023
31,598
163,491
92,363
287,452


Charge for the year
729
1,899
5,526
8,154



At 31 December 2023

32,327
165,390
97,889
295,606



Net book value



At 31 December 2023
2,188
2,605
47,491
52,284



At 31 December 2022
2,917
4,504
27,630
35,051


6.


Debtors

2023
2022
£
£


Trade debtors
132,987
49,564

Other debtors
2
1,580

Prepayments and accrued income
20,435
6,061

153,424
57,205


Page 12

 
Billericay Farm Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
4,268
2,577

Trade creditors
30,464
25,291

Taxation and social security
12,006
7,130

Other creditors
339,460
362,013

Accruals and deferred income
3,700
3,500

389,898
400,511



8.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund and amounted to £4,831 (2022 -£5,523). The pension cost represents contributions payable by the company to the fund and amounted to £460.81 (2022 - £Nil).

Page 13