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COMPANY REGISTRATION NUMBER: 06469013
Bow Wood Farms Limited
Filleted Unaudited Financial Statements
30 September 2023
Bow Wood Farms Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
12,959
8,714
Herd basis
6
29,900
23,450
-------
-------
42,859
32,164
Current assets
Stocks
14,524
6,250
Cash at bank and in hand
6,935
54,824
-------
-------
21,459
61,074
Creditors: amounts falling due within one year
7
433,588
471,552
---------
---------
Net current liabilities
412,129
410,478
---------
---------
Total assets less current liabilities
( 369,270)
( 378,314)
Creditors: amounts falling due after more than one year
8
21,865
32,477
---------
---------
Net liabilities
( 391,135)
( 410,791)
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 392,135)
( 411,791)
---------
---------
Shareholders deficit
( 391,135)
( 410,791)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bow Wood Farms Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr SK Lomax
Director
Company registration number: 06469013
Bow Wood Farms Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Willey Lodge, Willey, Presteigne, Powys, LD8 2NB, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company during this uncertain period.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Herd basis
An election has been made to treat livestock under the Herd basis (ss109-127, Corporation Tax Act 2009). The effect of the election is that the initial purchase of the herd, and any subsequent purchases of animals, get no tax relief. A renewals basis applies where animals are replaced or there is a minor disposal, with the sales proceeds taxed as receipts and the replacement cost as a deduction. Disposal of all or more than 20% of the herd with no replacement is not a taxable receipt as it is the sale of a capital asset. The Herd is valued using the production cost, or the model of fair value.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 October 2022
43,469
43,469
Additions
6,250
6,250
-------
------
-------
At 30 September 2023
43,469
6,250
49,719
-------
------
-------
Depreciation
At 1 October 2022
34,755
34,755
Charge for the year
1,484
521
2,005
-------
------
-------
At 30 September 2023
36,239
521
36,760
-------
------
-------
Carrying amount
At 30 September 2023
7,230
5,729
12,959
-------
------
-------
At 30 September 2022
8,714
8,714
-------
------
-------
6. Herd basis
Herd basis (Cattle)
£
Cost
At 1 October 2022
23,450
Additions
6,450
-------
At 30 September 2023
29,900
-------
Impairment
At 1 October 2022 and 30 September 2023
-------
Carrying amount
At 30 September 2023
29,900
-------
At 30 September 2022
23,450
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,704
9,705
Social security and other taxes
59,389
50,409
Other creditors
364,495
411,438
---------
---------
433,588
471,552
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,865
32,477
-------
-------