Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Mr A J Bray 09/08/2019 Mrs E J Bray 09/08/2019 19 August 2024 The principal activity of the company is growing of other perennial crops, raising of other cattle and buffalo. 12147313 2023-08-31 12147313 bus:Director1 2023-08-31 12147313 bus:Director2 2023-08-31 12147313 2022-08-31 12147313 core:CurrentFinancialInstruments 2023-08-31 12147313 core:CurrentFinancialInstruments 2022-08-31 12147313 core:Non-currentFinancialInstruments 2023-08-31 12147313 core:Non-currentFinancialInstruments 2022-08-31 12147313 core:ShareCapital 2023-08-31 12147313 core:ShareCapital 2022-08-31 12147313 core:RetainedEarningsAccumulatedLosses 2023-08-31 12147313 core:RetainedEarningsAccumulatedLosses 2022-08-31 12147313 core:LandBuildings 2022-08-31 12147313 core:PlantMachinery 2022-08-31 12147313 core:Vehicles 2022-08-31 12147313 core:OfficeEquipment 2022-08-31 12147313 core:LandBuildings 2023-08-31 12147313 core:PlantMachinery 2023-08-31 12147313 core:Vehicles 2023-08-31 12147313 core:OfficeEquipment 2023-08-31 12147313 bus:OrdinaryShareClass1 2023-08-31 12147313 2022-09-01 2023-08-31 12147313 bus:FilletedAccounts 2022-09-01 2023-08-31 12147313 bus:SmallEntities 2022-09-01 2023-08-31 12147313 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 12147313 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 12147313 bus:Director1 2022-09-01 2023-08-31 12147313 bus:Director2 2022-09-01 2023-08-31 12147313 core:LandBuildings core:TopRangeValue 2022-09-01 2023-08-31 12147313 core:PlantMachinery 2022-09-01 2023-08-31 12147313 core:Vehicles 2022-09-01 2023-08-31 12147313 core:OfficeEquipment 2022-09-01 2023-08-31 12147313 2021-09-01 2022-08-31 12147313 core:LandBuildings 2022-09-01 2023-08-31 12147313 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 12147313 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 12147313 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12147313 (England and Wales)

BRAY FARMS LTD

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

BRAY FARMS LTD

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

BRAY FARMS LTD

BALANCE SHEET

As at 31 August 2023
BRAY FARMS LTD

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 182,665 165,773
182,665 165,773
Current assets
Stocks 4 121,319 119,172
Debtors 5 42,791 4,692
Cash at bank and in hand 4,074 5,975
168,184 129,839
Creditors: amounts falling due within one year 6 ( 343,229) ( 270,176)
Net current liabilities (175,045) (140,337)
Total assets less current liabilities 7,620 25,436
Creditors: amounts falling due after more than one year 7 ( 7,299) ( 32,040)
Provision for liabilities ( 12,881) ( 11,466)
Net liabilities ( 12,560) ( 18,070)
Capital and reserves
Called-up share capital 8 99 99
Profit and loss account ( 12,659 ) ( 18,169 )
Total shareholders' deficit ( 12,560) ( 18,070)

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Bray Farms Ltd (registered number: 12147313) were approved and authorised for issue by the Board of Directors on 19 August 2024. They were signed on its behalf by:

Mrs E J Bray
Director
BRAY FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
BRAY FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

General information and basis of accounting

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. As at 31 August 2023 the company had net current liabilities of £175,045 (2022 - £140,337). Included within this figure is £238,486 (2022 - £158,974 ) which is owed to the directors of the company who have agreed not to demand repayment within 12 months of the financial statements on the basis that this could jeopardise the future of the company. The directors are satisfied that the going concern basis of preparation remains appropriate. In forming this opinion, the directors have made all necessary enquiries and considered a period of no less than 12 months from the date of approval of these financial statements.

The directors are also satisfied with the profitable trading performance subsequent to the year end and their assessment is that the company will continue to be able to meet its liabilities as they fall due for the foreseeable future.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance
Office equipment 15 % reducing balance
Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

The company holds the following financial instruments:

Short term trade and other debtors and creditors;
Bank loans; and
Cash and bank balances.

All financial instruments are classified as basic.

Basic financial assets
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 September 2022 23,420 180,927 84,323 749 289,419
Additions 0 33,846 8,470 0 42,316
At 31 August 2023 23,420 214,773 92,793 749 331,735
Accumulated depreciation
At 01 September 2022 468 94,428 28,542 208 123,646
Charge for the financial year 461 15,244 9,638 81 25,424
At 31 August 2023 929 109,672 38,180 289 149,070
Net book value
At 31 August 2023 22,491 105,101 54,613 460 182,665
At 31 August 2022 22,952 86,499 55,781 541 165,773

4. Stocks

2023 2022
£ £
Stocks 121,319 119,172

5. Debtors

2023 2022
£ £
Trade debtors 878 600
Other debtors 41,913 4,092
42,791 4,692

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 7,316
Trade creditors 14,586 6,229
Taxation and social security 157 157
Other creditors 328,486 256,474
343,229 270,176

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 20,884
Other creditors 7,299 11,156
7,299 32,040

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
99 Ordinary shares of £ 1.00 each 99 99

9. Related party transactions

Transactions with other related parties connected by virtue of common directorship

A company with a director and shareholder in common with the Company:
An amount of £61,469 is owed to this related party at the year end (2022 - £27,844). This loan is interest free and repayable on demand.

A company with a director and shareholder in common with the Company:
An amount of £1,200 is owed by this related party at the year end (2022 - £1,200). This loan is interest free and repayable on demand.

A partnership related to the director-shareholders of the Company:
An amount of £16,261 is owed to this related party at the year end (2022 - £61,647). This loan is interest free and repayable on demand.