Registered number
NI656947
B & M Farms Ltd
Filleted Accounts
30 November 2023
B & M Farms Ltd
Registered number: NI656947
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 245,420 234,965
Current assets
Stocks 36,700 31,950
Debtors 4 2,977 33,206
Cash at bank and in hand 18,592 15,456
58,269 80,612
Creditors: amounts falling due within one year 5 (248,979) (283,379)
Net current liabilities (190,710) (202,767)
Net assets 54,710 32,198
Capital and reserves
Profit and loss account 54,710 32,198
Shareholders' funds 54,710 32,198
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Samuel Gordon
Director
Approved by the board on 28 August 2024
B & M Farms Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 232,000 3,488 235,488
Additions - 10,900 10,900
At 30 November 2023 232,000 14,388 246,388
Depreciation
At 1 December 2022 - 523 523
Charge for the year - 445 445
At 30 November 2023 - 968 968
Net book value
At 30 November 2023 232,000 13,420 245,420
At 30 November 2022 232,000 2,965 234,965
4 Debtors 2023 2022
£ £
Trade debtors - 29,506
Other debtors 2,977 3,700
2,977 33,206
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 149,591 187,178
Taxation and social security costs 6,168 10,131
Other creditors 93,220 86,070
248,979 283,379
6 Other information
B & M Farms Ltd is a private company limited by shares and incorporated in N.Ireland. Its registered office is:
27 Sheeptown Road
Newry
Down
BT34 2LA
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