IRIS Accounts Production v24.2.0.383 00714797 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh007147972023-03-31007147972024-03-31007147972023-04-012024-03-31007147972022-02-28007147972022-03-012023-03-31007147972023-03-3100714797ns15:EnglandWales2023-04-012024-03-3100714797ns14:PoundSterling2023-04-012024-03-3100714797ns10:Director12023-04-012024-03-3100714797ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3100714797ns10:SmallEntities2023-04-012024-03-3100714797ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3100714797ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3100714797ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3100714797ns10:FullAccounts2023-04-012024-03-3100714797ns10:Director22023-04-012024-03-3100714797ns10:RegisteredOffice2023-04-012024-03-3100714797ns5:CurrentFinancialInstruments2024-03-3100714797ns5:CurrentFinancialInstruments2023-03-3100714797ns5:ShareCapital2024-03-3100714797ns5:ShareCapital2023-03-3100714797ns5:CapitalRedemptionReserve2024-03-3100714797ns5:CapitalRedemptionReserve2023-03-3100714797ns5:FurtherSpecificReserve3ComponentTotalEquity2024-03-3100714797ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-3100714797ns5:RetainedEarningsAccumulatedLosses2024-03-3100714797ns5:RetainedEarningsAccumulatedLosses2023-03-3100714797ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-3100714797ns5:LandBuildings2023-03-3100714797ns5:PlantMachinery2023-03-3100714797ns5:LandBuildings2023-04-012024-03-3100714797ns5:PlantMachinery2023-04-012024-03-3100714797ns5:LandBuildings2024-03-3100714797ns5:PlantMachinery2024-03-3100714797ns5:LandBuildings2023-03-3100714797ns5:PlantMachinery2023-03-3100714797ns5:ListedExchangeTradedns5:CostValuation2023-03-3100714797ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-03-3100714797ns5:ListedExchangeTradedns5:AdditionsToInvestments2024-03-3100714797ns5:UnlistedNon-exchangeTradedns5:AdditionsToInvestments2024-03-3100714797ns5:DisposalsRepaymentsInvestmentsns5:ListedExchangeTraded2024-03-3100714797ns5:DisposalsRepaymentsInvestmentsns5:UnlistedNon-exchangeTraded2024-03-3100714797ns5:ListedExchangeTradedns5:RevaluationsIncreaseDecreaseInInvestments2024-03-3100714797ns5:UnlistedNon-exchangeTradedns5:RevaluationsIncreaseDecreaseInInvestments2024-03-3100714797ns5:ListedExchangeTradedns5:CostValuation2024-03-3100714797ns5:UnlistedNon-exchangeTradedns5:CostValuation2024-03-3100714797ns5:ListedExchangeTraded2024-03-3100714797ns5:UnlistedNon-exchangeTraded2024-03-3100714797ns5:ListedExchangeTraded2023-03-3100714797ns5:UnlistedNon-exchangeTraded2023-03-3100714797ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3100714797ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31
REGISTERED NUMBER: 00714797 (England and Wales)















BANNISTER FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






BANNISTER FARMS LIMITED (REGISTERED NUMBER: 00714797)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


BANNISTER FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mrs B M White
Mr S J White





REGISTERED OFFICE: Ovens Farm
Brinkhill Road
Harrington
Louth
Lincolnshire
LN11 8RD





REGISTERED NUMBER: 00714797 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

BANNISTER FARMS LIMITED (REGISTERED NUMBER: 00714797)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 588,694 1,231,775
Investments 5 10,629,194 22,134
11,217,888 1,253,909

CURRENT ASSETS
Valuation 345,340 832,137
Debtors 6 177,178 7,887,891
Cash at bank and in hand 971,175 980,740
1,493,693 9,700,768
CREDITORS
Amounts falling due within one year 7 1,489,665 1,058,397
NET CURRENT ASSETS 4,028 8,642,371
TOTAL ASSETS LESS CURRENT LIABILITIES 11,221,916 9,896,280

PROVISIONS FOR LIABILITIES 284,507 245,575
NET ASSETS 10,937,409 9,650,705

CAPITAL AND RESERVES
Called up share capital 8 6,001 6,001
Capital redemption reserve 1,999 1,999
Fair value reserve 474,077 -
Retained earnings 10,455,332 9,642,705
SHAREHOLDERS' FUNDS 10,937,409 9,650,705

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

BANNISTER FARMS LIMITED (REGISTERED NUMBER: 00714797)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





Mrs B M White - Director


BANNISTER FARMS LIMITED (REGISTERED NUMBER: 00714797)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Bannister 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The comparative financial statements cover a longer period and as such the current year is not entirely comparable. The accounting reference date was changed to align with the farm sale.

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 as modified by the revaluation of certain assets.

During the year, the farm sale was completed. Farming operations have now been wound down, other than some carry over crop to be sold in 2024/25. The business has sufficient reserves for the foreseeable future and these accounts have therefore been prepared on a going concern basis.

Turnover
Turnover represents net invoiced sales of produce, excluding value added tax, and includes the Basic Farm Payment and environmental subsidies.

Sales of produce are recognised upon despatch.

Income from Basic Payment Scheme and Sustainable Farming Incentives is recognised in the financial statements in accordance with current HM Revenue & Customs guidance.

Intangible fixed assets
Amortisation is provided on intangible fixed assets at rates to write over each asset over its estimated useful life being:

Basic farm payment entitlements - 5 years straight line to 31 December 2019.

Tangible fixed assets
Freehold Property- Nil, Straight Line over 10 Years and Straight Line over 25 Years
Plant & Machinery- 10% and 25% Reducing Balance Method
Fixtures & Fittings- 10% and 25% Reducing Balance Method
Motor Vehicles- 25% Reducing Balance Method

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at deemed cost after making due allowance for slow moving and obsolete items.

Previously, stocks have been valued by professional valuers in accordance with HS232 Farm Stock Valuation and recognised at the lower of cost and estimated selling price less cost to sell.

BANNISTER FARMS LIMITED (REGISTERED NUMBER: 00714797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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
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.

Investments
Unlisted investments are valued at historic cost. Listed investments are valued at fair value with any gain or loss reported through the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 7 ) .

BANNISTER FARMS LIMITED (REGISTERED NUMBER: 00714797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 526,961 3,092,957 3,619,918
Additions - 498,361 498,361
Disposals (135,343 ) (2,754,114 ) (2,889,457 )
At 31 March 2024 391,618 837,204 1,228,822
DEPRECIATION
At 1 April 2023 281,260 2,106,883 2,388,143
Charge for year 27,590 177,767 205,357
Eliminated on disposal - (1,953,372 ) (1,953,372 )
At 31 March 2024 308,850 331,278 640,128
NET BOOK VALUE
At 31 March 2024 82,768 505,926 588,694
At 31 March 2023 245,701 986,074 1,231,775

5. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 - 22,134 22,134
Additions 17,465,363 - 17,465,363
Disposals (7,468,316 ) (22,090 ) (7,490,406 )
Revaluations 632,103 - 632,103
At 31 March 2024 10,629,150 44 10,629,194
NET BOOK VALUE
At 31 March 2024 10,629,150 44 10,629,194
At 31 March 2023 - 22,134 22,134

Cost or valuation at 31 March 2024 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2024 10,629,150 - 10,629,150
Cost - 44 44
10,629,150 44 10,629,194

BANNISTER FARMS LIMITED (REGISTERED NUMBER: 00714797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 91,156 404,768
Other debtors 86,022 7,483,123
177,178 7,887,891

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 97,710
Taxation and social security 506,101 637,699
Other creditors 983,564 322,988
1,489,665 1,058,397

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £ £

3,121 A Ordinary £1 3,121 3,121
2,380 B Ordinary £1 2,380 2,380
500 C Ordinary £1 500 500
6,001 6,001

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year £190,157 was repaid by the directors (2023 - £190,157 was advanced) and there was no outstanding balance at the year end.

The balance was unsecured, interest free and repayable on demand.