1 July 2023 v2024.41.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP107846102023-07-012024-06-30107846102024-06-30107846102023-06-3010784610core:WithinOneYear2024-06-3010784610core:WithinOneYear2023-06-3010784610core:AfterOneYear2024-06-3010784610core:AfterOneYear2023-06-3010784610core:ShareCapital2024-06-3010784610core:ShareCapital2023-06-3010784610core:RetainedEarningsAccumulatedLosses2024-06-3010784610core:RetainedEarningsAccumulatedLosses2023-06-3010784610bus:Director12023-07-012024-06-3010784610bus:Director22023-07-012024-06-3010784610bus:RegisteredOffice2023-07-012024-06-3010784610core:OtherResidualIntangibleAssets2023-07-012024-06-3010784610core:LandBuildings2023-07-012024-06-3010784610core:PlantMachinery2023-07-012024-06-30107846102022-07-012023-06-3010784610core:IntangibleAssetsOtherThanGoodwill2024-06-3010784610core:LandBuildings2023-07-0110784610core:PlantMachinery2023-07-01107846102023-07-0110784610core:LandBuildings2024-06-3010784610core:PlantMachinery2024-06-3010784610core:LandBuildings2023-06-3010784610core:PlantMachinery2023-06-301078461012023-07-012024-06-3010784610countries:EnglandWales2023-07-012024-06-3010784610bus:AuditExemptWithAccountantsReport2023-07-012024-06-3010784610bus:PrivateLimitedCompanyLtd2023-07-012024-06-3010784610bus:SmallEntities2023-07-012024-06-3010784610bus:FullAccounts2023-07-012024-06-30
Company registration number:
10784610
B & S Farming Limited
Unaudited Filleted Financial Statements for the year ended
30 June 2024
B & S Farming Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of B & S Farming Limited
Year ended
30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
B & S Farming Limited
for the year ended
30 June 2024
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
B & S Farming Limited
, as a body, in accordance with the terms of my engagement letter dated 2 July 2021. My work has been undertaken solely to prepare for your approval the
financial statements
of
B & S Farming Limited
and state those matters that I have agreed to state to the Board of Directors of
B & S Farming Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
B & S Farming Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
B & S Farming 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
B & S Farming Limited
. You consider that
B & S Farming Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of B & S Farming Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Angela Hayward Accountant Ltd
Chartered Accountant
17 High Street
Needham Market
Ipswich
Suffolk
IP6 8AL
United Kingdom
Date:
3 September 2024
B & S Farming Limited
Statement of Financial Position
30 June 2024
20242023
Note££
Fixed assets    
Tangible assets 6
4,663,050
 
4,908,850
 
Current assets    
Stocks
995,447
 
1,037,863
 
Debtors 7
239,769
 
122,982
 
Cash at bank and in hand
672,818
  -  
1,908,034
 
1,160,845
 
Creditors: amounts falling due within one year 8
(308,337
)
(1,047,407
)
Net current assets
1,599,697
 
113,438
 
Total assets less current liabilities 6,262,747   5,022,288  
Creditors: amounts falling due after more than one year 9
(4,793,663
)
(4,745,593
)
Provisions for liabilities
(156,000
)
(99,000
)
Net assets
1,313,084
 
177,695
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
1,312,984
 
177,595
 
Shareholders funds
1,313,084
 
177,695
 
For the year ending
30 June 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
3 September 2024
, and are signed on behalf of the board by:
J Baker
A Smits
DirectorDirector
Company registration number:
10784610
B & S Farming Limited
Notes to the Financial Statements
Year ended
30 June 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Poplar Business Centre The Heath
,
Woolpit
,
Bury St. Edmunds
,
Suffolk
,
IP30 9RN
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Other intangible assets
25% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over 20 years
Plant and machinery
25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Livestock is measured at its estimated selling price less costs to complete and sell. Feed stocks are measured at the lower of cost and estimated selling price. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2023:
5.00
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 July 2023
and
30 June 2024
45,000
 
Amortisation  
At
1 July 2023
and
30 June 2024
45,000
 
Carrying amount  
At
30 June 2024
-  
At 30 June 2023 -  

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 July 2023
5,518,620
 
83,104
 
5,601,724
 
Disposals -  
(6,450
)
(6,450
)
At
30 June 2024
5,518,620
 
76,654
 
5,595,274
 
Depreciation      
At
1 July 2023
643,026
 
49,848
 
692,874
 
Charge
230,717
 
15,083
 
245,800
 
Disposals -  
(6,450
)
(6,450
)
At
30 June 2024
873,743
 
58,481
 
932,224
 
Carrying amount      
At
30 June 2024
4,644,877
 
18,173
 
4,663,050
 
At 30 June 2023
4,875,594
 
33,256
 
4,908,850
 

7 Debtors

20242023
££
Trade debtors
223,635
 
36,793
 
Other debtors
16,134
 
86,189
 
239,769
 
122,982
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
154,181
 
385,579
 
Trade creditors
150,737
 
362,299
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest -  
296,270
 
Taxation and social security
2,171
 
1,435
 
Other creditors
1,248
 
1,824
 
308,337
 
1,047,407
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
3,680,648
 
3,632,578
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,113,015
 
1,113,015
 
4,793,663
 
4,745,593
 
The company has a bank loan of £3,811,496 (2023: £3,821,245) and an overdraft facility which are secured by a fixed and floating charge over the company's assets.
The bank loan bears interest at 2.95% above Bank of England Base rate. Monthly repayments commenced in September 2022 and will continue over a further 15 years. The amount repayable by installments falling due after five years is estimated at £2,835,368 (2023: £2,760,000).

10 Controlling party

B & S Farming Limited is a 100% subsidiary of S & B Group Ltd. S & B Group Ltd is jointly owned by Mr J Baker and Mr A Smits.