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REGISTERED NUMBER: 04002017 (England and Wales)















ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BRADLEYS FARMS LIMITED

BRADLEYS FARMS LIMITED (REGISTERED NUMBER: 04002017)






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




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 9

BRADLEYS FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr G Bradley
Mr K Bradley





REGISTERED OFFICE: Park Farm
Burned House Lane
Preesall
Poulton le Fylde
Lancashire
FY6 0PQ





REGISTERED NUMBER: 04002017 (England and Wales)





ACCOUNTANTS: Miller Roskell Limited
Chartered Certified Accountants
17 Victoria Road East
Thornton Cleveleys
Lancashire
FY5 5HT

BRADLEYS FARMS LIMITED (REGISTERED NUMBER: 04002017)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,310,570 1,347,444
1,310,570 1,347,444

CURRENT ASSETS
Stocks 1,165,125 1,257,425
Debtors 360,762 390,875
Cash in hand 428 706
1,526,315 1,649,006
CREDITORS
Amounts falling due within one year 1,180,145 1,249,724
NET CURRENT ASSETS 346,170 399,282
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,656,740

1,746,726

CREDITORS
Amounts falling due after more than one
year

1,531,882

1,706,151
NET ASSETS 124,858 40,575

CAPITAL AND RESERVES
Called up share capital 300 300
Revaluation reserve 7 443,228 443,228
Retained earnings (318,670 ) (402,953 )
SHAREHOLDERS' FUNDS 124,858 40,575

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.

BRADLEYS FARMS LIMITED (REGISTERED NUMBER: 04002017)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2024 and were signed on its behalf by:





Mr G Bradley - Director


BRADLEYS FARMS LIMITED (REGISTERED NUMBER: 04002017)

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

1. STATUTORY INFORMATION

Bradleys Farms Limited 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

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, classed as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviews 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.

Milk quota are being amortised evenly over their estimated useful life of nil years.

Development costs are being amortised evenly over their estimated useful life of nil years.

Milk quota amortisation
Purchased milk quota was amortised on a straight line basis over its useful economic life.

Single farm payment amortisation
The amount paid in connection with the purchase of the single farm payment entitlement, has been amortised over its useful economic life and holds no value in the accounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 5% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Trading stock is valued at the lower of cost and net realisable value, after due regards for obsolete and slow moving stocks. The cost of livestock is determined on an individual basis, and represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs.

Herd stock is included in the balance sheet at the original cost of the herd adjusted annually for additions to, or disposals from the herd.

Additions to the herd are included at cost except where there is a reinstatement of the disposal to the herd from prior year. In this case they are reinstated at the prior year disposal value.

Disposals from the herd are disposed of at an average cost except where there have been additions to the herd in the prior year. In this case they are disposed of on a last in first out basis.


BRADLEYS FARMS LIMITED (REGISTERED NUMBER: 04002017)

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

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants such as the single farm payment are included in the profit and loss account when all necessary conditions for receipt have been met.

3. EMPLOYEES AND DIRECTORS

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

BRADLEYS FARMS LIMITED (REGISTERED NUMBER: 04002017)

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

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 689,906
AMORTISATION
At 1 January 2023
and 31 December 2023 689,906
NET BOOK VALUE

At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 January 2023 2,725,326
Additions 62,821
At 31 December 2023 2,788,147
DEPRECIATION
At 1 January 2023 1,377,882
Charge for year 99,695
At 31 December 2023 1,477,577
NET BOOK VALUE
At 31 December 2023 1,310,570
At 31 December 2022 1,347,444

Cost or valuation at 31 December 2023 is represented by:

Totals
£   
Valuation in 2018 443,228
Cost 2,344,919
2,788,147

If land had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 216,772 216,772

Value of land in freehold land and buildings 216,772 216,772

BRADLEYS FARMS LIMITED (REGISTERED NUMBER: 04002017)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST OR VALUATION
At 1 January 2023 299,148
Transfer to ownership (57,500 )
At 31 December 2023 241,648
DEPRECIATION
At 1 January 2023 115,583
Charge for year 24,442
Transfer to ownership (36,883 )
At 31 December 2023 103,142
NET BOOK VALUE
At 31 December 2023 138,506
At 31 December 2022 183,565

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 388,803 376,411
Bank loans 1,490,249 1,572,792
1,879,052 1,949,203

7. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 443,228

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr G Bradley and Mr K Bradley
Balance outstanding at start of year 25,998 15,818
Amounts advanced 45,196 25,998
Amounts repaid (25,998 ) (15,818 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 45,196 25,998

BRADLEYS FARMS LIMITED (REGISTERED NUMBER: 04002017)

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

9. ULTIMATE CONTROLLING PARTY

The controlling party is the directors.

The Company is controlled by the directors who own the majority of the issues share capital.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BRADLEYS FARMS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bradleys Farms Limited for the year ended 31 December 2023 which comprise the Abridged Income Statement, Abridged Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Bradleys Farms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bradleys Farms Limited and state those matters that we have agreed to state to the Board of Directors of Bradleys Farms Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bradleys Farms 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 Bradleys Farms Limited. You consider that Bradleys Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Bradleys Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Miller Roskell Limited
Chartered Certified Accountants
17 Victoria Road East
Thornton Cleveleys
Lancashire
FY5 5HT


22 September 2024