Baldings Farming Limited 03440542 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of farming and the provision of fully serviced gallops. Digita Accounts Production Advanced 6.30.9574.0 true 03440542 2023-01-01 2023-12-31 03440542 2023-12-31 03440542 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 03440542 core:CurrentFinancialInstruments 2023-12-31 03440542 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03440542 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 03440542 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 03440542 core:PlantMachinery 2023-12-31 03440542 bus:SmallEntities 2023-01-01 2023-12-31 03440542 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03440542 bus:FullAccounts 2023-01-01 2023-12-31 03440542 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03440542 bus:RegisteredOffice 2023-01-01 2023-12-31 03440542 bus:Director2 2023-01-01 2023-12-31 03440542 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03440542 core:Land 2023-01-01 2023-12-31 03440542 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03440542 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 03440542 core:LeaseholdImprovements 2023-01-01 2023-12-31 03440542 core:PlantMachinery 2023-01-01 2023-12-31 03440542 countries:EnglandWales 2023-01-01 2023-12-31 03440542 2022-12-31 03440542 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 03440542 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 03440542 core:PlantMachinery 2022-12-31 03440542 2022-01-01 2022-12-31 03440542 2022-12-31 03440542 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 03440542 core:CurrentFinancialInstruments 2022-12-31 03440542 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03440542 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 03440542 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 03440542 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 03440542

Baldings Farming Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Baldings Farming Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Baldings Farming Limited

(Registration number: 03440542)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

759,767

800,643

Current assets

 

Debtors

5

93,707

72,382

Cash at bank and in hand

 

120,794

80,647

 

214,501

153,029

Creditors: Amounts falling due within one year

6

(56,050)

(77,171)

Net current assets

 

158,451

75,858

Total assets less current liabilities

 

918,218

876,501

Provisions for liabilities

(18,589)

(22,271)

Net assets

 

899,629

854,230

Capital and reserves

 

Called up share capital

550,000

550,000

Retained earnings

349,629

304,230

Shareholders' funds

 

899,629

854,230

 

Baldings Farming Limited

(Registration number: 03440542)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

.........................................
Lady Emma Alice Mary Balding
Director

 

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

Revenue recognition

Turnover comprises revenue recognised by the company in respect of gallop fees, sheep sales, sales of haylage and grants and subsidies received during the year.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

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:

Asset class

Depreciation method and rate

Land

Nil

Property improvements

25% reducing balance

Plant and machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Property Improvements
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

606,968

185,544

164,064

956,576

Additions

-

-

3,635

3,635

At 31 December 2023

606,968

185,544

167,699

960,211

Depreciation

At 1 January 2023

-

80,953

74,980

155,933

Charge for the year

-

26,148

18,363

44,511

At 31 December 2023

-

107,101

93,343

200,444

Carrying amount

At 31 December 2023

606,968

78,443

74,356

759,767

At 31 December 2022

606,968

104,591

89,084

800,643

5

Debtors

Current

2023
£

2022
£

Trade debtors

84,510

72,382

Other debtors

9,197

-

 

93,707

72,382

 

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

-

13,064

Trade creditors

24,441

29,591

Taxation and social security

23,193

26,100

Other creditors

8,416

8,416

56,050

77,171

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

13,064

8

Related party transactions

During the year, in the ordinary course of business, on normal commercial terms and at arm's length prices, the following transactions took place with Kingsclere Training Establishment, a partnership in which Mr I A Balding, Mrs E A M Balding and Mr A M Balding are partners:

Expenses recharged to Kingsclere Training Establishment in respect of the use of gallop facilities: £317,805.
Expenses recharged by Kingsclere Training Establishment to Baldings Farming Limited: £84,000.

Kingsclere Training Establishment acts as agents on behalf of the Company in the collection of fees charged directly to the owners of the racehorses using the gallops, which are owned and operated by Baldings Farming Limited.

At 31 December 2023 Kingsclere Training Establishment owed Baldings Farming Limited an amount totalling £84,510 (2022: £72,382) which is included in debtors. This is offset by the amount owed by Baldings Farming Limited to Kingsclere Training Establishment as at 31 December 2023 of £24,716 (2022: £31,676) which is included in creditors. This gives a net balance due from Kingsclere Training Establishment of £59,794 (2022: £40,706).