IRIS Accounts Production v24.1.9.2 08152095 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh081520952022-12-31081520952023-12-31081520952023-01-012023-12-31081520952021-12-31081520952022-01-012022-12-31081520952022-12-3108152095ns15:EnglandWales2023-01-012023-12-3108152095ns14:PoundSterling2023-01-012023-12-3108152095ns10:Director12023-01-012023-12-3108152095ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3108152095ns10:SmallEntities2023-01-012023-12-3108152095ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3108152095ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3108152095ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108152095ns10:FullAccounts2023-01-012023-12-310815209512023-01-012023-12-3108152095ns10:Director22023-01-012023-12-3108152095ns10:RegisteredOffice2023-01-012023-12-3108152095ns5:CurrentFinancialInstruments2023-12-3108152095ns5:CurrentFinancialInstruments2022-12-3108152095ns5:Non-currentFinancialInstruments2023-12-3108152095ns5:Non-currentFinancialInstruments2022-12-3108152095ns5:ShareCapital2023-12-3108152095ns5:ShareCapital2022-12-3108152095ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3108152095ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3108152095ns5:RetainedEarningsAccumulatedLosses2023-12-3108152095ns5:RetainedEarningsAccumulatedLosses2022-12-3108152095ns5:NetGoodwill2023-01-012023-12-3108152095ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108152095ns5:PlantMachinery2023-01-012023-12-3108152095ns5:NetGoodwill2022-12-3108152095ns5:NetGoodwill2023-12-3108152095ns5:NetGoodwill2022-12-3108152095ns5:PlantMachinery2022-12-3108152095ns5:PlantMachinery2023-12-3108152095ns5:PlantMachinery2022-12-3108152095ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3108152095ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3108152095ns5:Secured2023-12-3108152095ns5:Secured2022-12-31
REGISTERED NUMBER: 08152095 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

OSBORNE FARMING LTD

OSBORNE FARMING LTD (REGISTERED NUMBER: 08152095)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OSBORNE FARMING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D J Osborne
J P Osborne





REGISTERED OFFICE: St Johns House
Castle Street
Taunton
Somerset
TA1 4AY





REGISTERED NUMBER: 08152095 (England and Wales)





ACCOUNTANTS: Mitchells Chartered Accountants
St. John's House,
Castle Street,
Taunton
Somerset
TA1 4AY

OSBORNE FARMING LTD (REGISTERED NUMBER: 08152095)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 243,814 264,857
243,814 264,857

CURRENT ASSETS
Stocks 23,380 154,110
Debtors 6 400,221 303,754
Cash in hand 466 466
424,067 458,330
CREDITORS
Amounts falling due within one year 7 651,648 455,908
NET CURRENT (LIABILITIES)/ASSETS (227,581 ) 2,422
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,233

267,279

CREDITORS
Amounts falling due after more than one
year

8

(26,071

)

(183,048

)

PROVISIONS FOR LIABILITIES (16,843 ) (34,685 )
NET (LIABILITIES)/ASSETS (26,681 ) 49,546

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 60,220 60,220
Retained earnings (87,001 ) (10,774 )
SHAREHOLDERS' FUNDS (26,681 ) 49,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

OSBORNE FARMING LTD (REGISTERED NUMBER: 08152095)

BALANCE SHEET - continued
31 DECEMBER 2023



The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2024 and were signed on its behalf by:





D J Osborne - Director


OSBORNE FARMING LTD (REGISTERED NUMBER: 08152095)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Osborne Farming Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Positive Goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance, 15% on reducing balance and 5% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

OSBORNE FARMING LTD (REGISTERED NUMBER: 08152095)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Current asset investments
Current asset investments are included at the lower of cost and net realisable value.

Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's directors (and bankers).

The directors have prepared the financial statements on a going concern basis, on the understanding that they will continue to provide financial support if it is required and, accordingly, the financial statements do not include any adjustments that would result if this support were not forthcoming.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 93,583
AMORTISATION
At 1 January 2023
and 31 December 2023 93,583
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

OSBORNE FARMING LTD (REGISTERED NUMBER: 08152095)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 420,614
Additions 8
At 31 December 2023 420,622
DEPRECIATION
At 1 January 2023 155,757
Charge for year 21,051
At 31 December 2023 176,808
NET BOOK VALUE
At 31 December 2023 243,814
At 31 December 2022 264,857

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 14,493 2,724
Other debtors 385,728 301,030
400,221 303,754

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 164,313 141,788
Trade creditors 34,898 70,139
Taxation and social security 47,175 35,004
Other creditors 405,262 208,977
651,648 455,908

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 26,071 31,048
Other creditors - 152,000
26,071 183,048

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,440 11,693

OSBORNE FARMING LTD (REGISTERED NUMBER: 08152095)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 159,405 136,949

10. RELATED PARTY DISCLOSURES

Included in other debtors is £354,179 (2022 - £299,831) of which is owed from an entity in which a Director is a Partner. This loan is interest free and repayable on demand.

Included in other debtors is £221 (2022 - £nil) of which is owed from an entity in which a Director is also a Director. This loan is interest free and repayable on demand.