Company registration number SC039708 (Scotland)
BEARCROFT FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BEARCROFT FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BEARCROFT FARMS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,821,009
2,322,587
Investments
4
314
314
1,821,323
2,322,901
Current assets
Debtors
5
1,593,077
686,588
Cash at bank and in hand
144,244
306,638
1,737,321
993,226
Creditors: amounts falling due within one year
6
(50,551)
(42,924)
Net current assets
1,686,770
950,302
Total assets less current liabilities
3,508,093
3,273,203
Provisions for liabilities
(240,983)
(267,745)
Net assets
3,267,110
3,005,458
Capital and reserves
Called up share capital
37,295
37,295
Share premium account
7
262,921
262,921
Other reserves
7
175,634
181,850
Profit and loss reserves
7
2,791,260
2,523,392
Total equity
3,267,110
3,005,458
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BEARCROFT FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 June 2024 and are signed on its behalf by:
Miss C Atkin
Director
Company Registration No. SC039708
BEARCROFT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Bearcroft Farms Limited is a private company limited by shares incorporated in Scotland. The registered office is Bearcroft Farm, Holywood, Dumfries, United Kingdom, DG2 0RJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
Plant and equipment
15% reducing balance and on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
BEARCROFT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
4
BEARCROFT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 January 2023
2,306,081
154,300
8,218
2,468,599
Additions
5,175
5,175
Disposals
(500,000)
(500,000)
At 31 December 2023
1,806,081
159,475
8,218
1,973,774
Depreciation and impairment
At 1 January 2023
137,794
8,218
146,012
Depreciation charged in the year
6,753
6,753
At 31 December 2023
144,547
8,218
152,765
Carrying amount
At 31 December 2023
1,806,081
14,928
1,821,009
At 31 December 2022
2,306,081
16,506
2,322,587
Freehold property was valued by Savills in April 2020 and a median value of £2,500,000 was reported.
During the year ended 31 December 2023 there was no external valuation completed. The directors are of the opinion that the values above are not materially different to current market values.
If land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
2023
2022
£
£
Cost
1,630,450
2,385,015
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
314
314
BEARCROFT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,431
Other debtors
1,587,646
686,588
1,593,077
686,588
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,160
16,204
Taxation and social security
11,356
15,269
Other creditors
25,035
11,451
50,551
42,924
7
Reserves
Share premium
Share premium account includes amounts received above ordinary share value price during historical share purchases.
Other reserves
Other reserves include gains on changes in fair value of freehold property which is a non-distributable reserve so is shown separately from profit and loss reserves.
Other reserves
The profit and loss account includes current and prior year retained earnings.
8
Secured Debts
Oxbury Bank PLC holds a floating charge over all assets of the company in respect of amounts advanced by the bank to the parent company.
9
Related party transactions
Included in other debtors is an amount totalling £1,426,802 due to the company from Atkin Property Ltd, the majority shareholder.
The loan is interest free.
BEARCROFT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Directors' transactions
Included in other debtors are amounts owed to the company by the directors totalling £32,247 (2022: £62,671). During the year, expenses totalling £2,196 (2022: £2,789) were paid by the company on behalf of the directors, the directors paid expenses totalling £1,078 (2022: £397) and were reimbursed £1,078 (2022: £397).
The loans are interest free and have no fixed repayment terms.
11
Parent company
The parent company is Atkin Property Limited.
The ultimate controlling party is Ms Catherine Atkin.