REGISTERED NUMBER: |
BURROUGH COURT ESTATE LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
REGISTERED NUMBER: |
BURROUGH COURT ESTATE LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
BURROUGH COURT ESTATE LIMITED (REGISTERED NUMBER: 00384922) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 8 |
BURROUGH COURT ESTATE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
BURROUGH COURT ESTATE LIMITED (REGISTERED NUMBER: 00384922) |
STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Revaluation reserve | 12 |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
BURROUGH COURT ESTATE LIMITED (REGISTERED NUMBER: 00384922) |
STATEMENT OF FINANCIAL POSITION - continued |
30 SEPTEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
BURROUGH COURT ESTATE LIMITED (REGISTERED NUMBER: 00384922) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Burrough Court Estate Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of produce, rents receivable and the basic farm payment, all excluding value added tax. |
Sales of produce are recognised upon despatch of goods. Rents receivable are recognised in the period to which they relate. The basic farm payment is recognised in the financial statements in accordance with current H M Revenue & Customs guidance. |
Intangible assets |
Intangible assets consist of website cost development. The asset is recognised at fair value and written off on a 33% straight line basis. |
Tangible fixed assets |
No depreciation has been provided for freehold buildings. It is the company's policy to maintain its properties in a continual state of sound repair. In the case of freehold buildings, the directors consider that the lives of these buildings and their residual value are such that their depreciation is not significant. |
The directors have adopted a revaluation policy for freehold property as set out in note 5. |
Depreciation rates on fixtures and fittings vary from 10% to 33% on a straight line or reducing balance basis depending on the useful economic life of the asset. |
Motor Vehicles are depreciated on a 25% reducing balance basis. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
The stock valuation has been prepared by Fisher German, Chartered Surveyors, and is stated at the lower of cost and fair value less costs to complete and sell after making due allowance for obsolete and slow moving items. In respect of crops in store, deemed cost has been used for valuation purposes. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 statement of financial position date. |
BURROUGH COURT ESTATE LIMITED (REGISTERED NUMBER: 00384922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for the directors. It also operates a group money purchase pension scheme for employees. The assets of these schemes are held separately from those of the company in independently administered funds. Contributions payable for the period are charged to the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Entitlements | Website | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
and 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
Amortisation for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
BURROUGH COURT ESTATE LIMITED (REGISTERED NUMBER: 00384922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Cost or valuation at 30 September 2023 is represented by: |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2017 | 5,539,828 | - | - | 5,539,828 |
Valuation in 2023 | 1,834,411 | - | - | 1,834,411 |
Cost | 2,125,761 | 612,935 | 10,000 | 2,748,696 |
9,500,000 | 612,935 | 10,000 | 10,122,935 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,125,761 | 1,665,844 |
Aggregate depreciation | 110,189 | 110,189 |
Freehold property was valued on an open market basis on 30 September 2023 by the directors . |
BURROUGH COURT ESTATE LIMITED (REGISTERED NUMBER: 00384922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
Additions |
Revaluations | 3,372,493 |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Fair value at 30 September 2023 is represented by: |
£ |
Valuation in 2017 | 1,163,469 |
Valuation in 2023 | 3,372,493 |
Cost | 2,564,038 |
7,100,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,564,038 | 2,471,906 |
Investment property was valued on an open market basis on 30 September 2023 by the directors . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
BURROUGH COURT ESTATE LIMITED (REGISTERED NUMBER: 00384922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loan > 5 years | 1,023,538 | 1,189,822 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Bank loans |
Bank loans and overdrafts are secured by fixed and floating charges over the company's assets. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 8,972 | 8,972 |
12. | RESERVES |
Revaluation | Other |
reserve | reserves |
£ | £ |
At 1 October 2022 | 4,959,828 | 1,163,469 |
Transfer | (2,633,375 | ) | - |
Revaluation | 1,834,411 | 3,372,493 |
Deferred tax | (498,000 | ) | (739,118 | ) |
At 30 September 2023 | 3,662,864 | 3,796,844 |
The aggregate surplus on re-measurement of freehold properties and investment properties net of associated deferred tax is transferred to a separate non-distributable revaluation reserve and other reserves respectively in order to assist with the identification of profits available for distribution. |