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REGISTERED NUMBER: 00590446 (England and Wales)












BINSTED FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2023






BINSTED FARMS LIMITED (REGISTERED NUMBER: 00590446)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

BINSTED FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2023







DIRECTORS: Mr L B Wishart
Mrs M A Wishart
Mrs E Norris





REGISTERED OFFICE: 2 St Andrews Place
Lewes
East Sussex
BN7 1UP





REGISTERED NUMBER: 00590446 (England and Wales)





ACCOUNTANTS: Clark Brownscombe
Chartered Accountants
2 St Andrews Place
Lewes
East Sussex
BN7 1UP

BINSTED FARMS LIMITED (REGISTERED NUMBER: 00590446)

BALANCE SHEET
30TH SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,849,584 7,623,253
Investment property 5 9,067,364 9,067,364
16,916,948 16,690,617

CURRENT ASSETS
Stocks 180,754 397,561
Debtors 6 161,360 96,589
Cash at bank and in hand 658,591 774,190
1,000,705 1,268,340
CREDITORS
Amounts falling due within one year 7 237,729 282,658
NET CURRENT ASSETS 762,976 985,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,679,924

17,676,299

PROVISIONS FOR LIABILITIES 8 3,693,993 3,693,993
NET ASSETS 13,985,931 13,982,306

CAPITAL AND RESERVES
Called up share capital 9 16,100 16,100
Profit and loss account - not distributable 10 6,387,288 6,387,288
Fair value reserve 10 5,321,331 5,321,331
Retained earnings 10 2,261,212 2,257,587
SHAREHOLDERS' FUNDS 13,985,931 13,982,306

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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.

BINSTED FARMS LIMITED (REGISTERED NUMBER: 00590446)

BALANCE SHEET - continued
30TH SEPTEMBER 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 20th March 2024 and were signed on its behalf by:





Mr L B Wishart - Director


BINSTED FARMS LIMITED (REGISTERED NUMBER: 00590446)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


1. STATUTORY INFORMATION

Binsted 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Liquid funds
The funds at the bank are held at the deliberate intention of the directors as working capital and for possible future purchases of farmland.

BINSTED FARMS LIMITED (REGISTERED NUMBER: 00590446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1st October 2022 7,518,611 523,343 8,041,954
Additions 18,140 274,000 292,140
Disposals - (159,000 ) (159,000 )
At 30th September 2023 7,536,751 638,343 8,175,094
DEPRECIATION
At 1st October 2022 - 418,701 418,701
Charge for year - 65,809 65,809
Eliminated on disposal - (159,000 ) (159,000 )
At 30th September 2023 - 325,510 325,510
NET BOOK VALUE
At 30th September 2023 7,536,751 312,833 7,849,584
At 30th September 2022 7,518,611 104,642 7,623,253

Cost or valuation at 30th September 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2017 276,845 - 276,845
Valuation in 2016 144,018 - 144,018
Valuation in 2015 5,094,149 - 5,094,149
Valuation in 1998 1,477,878 - 1,477,878
Cost 543,861 638,343 1,182,204
7,536,751 638,343 8,175,094

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 525,721 525,721

BINSTED FARMS LIMITED (REGISTERED NUMBER: 00590446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2022
and 30th September 2023 9,067,364
NET BOOK VALUE
At 30th September 2023 9,067,364
At 30th September 2022 9,067,364

Fair value at 30th September 2023 is represented by:
£   
Valuation in 2017 332,578
Valuation in 2016 172,643
Valuation in 2015 6,106,706
Valuation in 1998 1,771,634
Cost 683,803
9,067,364

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 683,803 683,803

The investment property was valued on an open market basis on 30th September 2022 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 143,159 80,496
Other debtors 18,201 16,093
161,360 96,589

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 92,285 28,878
Taxation and social security 25,263 55,961
Other creditors 120,181 197,819
237,729 282,658

BINSTED FARMS LIMITED (REGISTERED NUMBER: 00590446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 2,813,713 2,813,713
Other timing differences 880,280 880,280
3,693,993 3,693,993

Deferred
tax
£   
Balance at 1st October 2022 3,693,993
Charge to income statement
Charge to fair value reserve
Balance at 30th September 2023 3,693,993

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
16,100 Ordinary £1 16,100 16,100

10. RESERVES
Profit
and loss
account - Fair
Retained not value
earnings distributable reserve Totals
£    £    £    £   

At 1st October 2022 2,257,587 6,387,288 5,321,331 13,966,206
Profit for the year 84,125 - - 84,125
Dividends (80,500 ) - - (80,500 )
At 30th September 2023 2,261,212 6,387,288 5,321,331 13,969,831

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BINSTED FARMS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Binsted Farms Limited for the year ended 30th September 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Binsted Farms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Binsted Farms Limited and state those matters that we have agreed to state to the Board of Directors of Binsted Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Binsted Farms Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Binsted Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Binsted Farms Limited. You consider that Binsted Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Binsted Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Clark Brownscombe
Chartered Accountants
2 St Andrews Place
Lewes
East Sussex
BN7 1UP


20th March 2024