Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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182,665 | 165,773 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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168,184 | 129,839 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Provision for liabilities | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Bray Farms Ltd (registered number:
Mrs E J Bray
Director |
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.
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.
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.
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.
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.
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 |
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Plant and machinery |
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Vehicles |
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Office equipment |
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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.
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.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Vehicles | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 September 2022 |
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Additions |
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At 31 August 2023 |
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Accumulated depreciation | |||||||||
At 01 September 2022 |
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Charge for the financial year |
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At 31 August 2023 |
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Net book value | |||||||||
At 31 August 2023 |
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At 31 August 2022 |
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2023 | 2022 | ||
£ | £ | ||
Stocks |
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£ | £ | ||
Trade debtors |
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Other debtors |
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£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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.