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REGISTERED NUMBER: 10017405 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Banks Farming Limited

Banks Farming Limited (Registered number: 10017405)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Banks Farming Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr T R Banks
Mrs K J Roberts





REGISTERED OFFICE: Unit 3, Mobbs Miller House
Christchurch Road
Northampton
Northamptonshire
NN1 5LL





REGISTERED NUMBER: 10017405 (England and Wales)





ACCOUNTANTS: Richard Clarke & Co (At Your Service) Ltd
Unit 3, Mobbs Miller House
Christchurch Road
Northampton
Northamptonshire
NN1 5LL

Banks Farming Limited (Registered number: 10017405)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 19,627 19,858
Tangible assets 5 1,809,733 1,927,477
Investments 6 10 10
1,829,370 1,947,345

CURRENT ASSETS
Stocks 248,572 182,427
Debtors 7 145,035 259,033
393,607 441,460
CREDITORS
Amounts falling due within one year 8 681,005 654,367
NET CURRENT LIABILITIES (287,398 ) (212,907 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,541,972

1,734,438

CREDITORS
Amounts falling due after more than one
year

9

(1,011,322

)

(1,347,061

)

PROVISIONS FOR LIABILITIES (96,165 ) (35,693 )
NET ASSETS 434,485 351,684

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 434,385 351,584
434,485 351,684

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Banks Farming Limited (Registered number: 10017405)

Balance Sheet - continued
29 February 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 22 May 2024 and were signed on its behalf by:




Mr T R Banks - Director



Mrs K J Roberts - Director


Banks Farming Limited (Registered number: 10017405)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. STATUTORY INFORMATION

Banks Farming 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
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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

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.

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.

Banks Farming Limited (Registered number: 10017405)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
Cost
At 1 March 2023
and 29 February 2024 20,320
Amortisation
At 1 March 2023 462
Charge for year 231
At 29 February 2024 693
Net book value
At 29 February 2024 19,627
At 28 February 2023 19,858

5. TANGIBLE FIXED ASSETS
Tractors
Plant and and Motor
machinery combines vehicles Totals
£    £    £    £   
Cost
At 1 March 2023 840,262 1,413,574 72,464 2,326,300
Additions 141,605 - - 141,605
Disposals (38,250 ) (40,200 ) (38,837 ) (117,287 )
At 29 February 2024 943,617 1,373,374 33,627 2,350,618
Depreciation
At 1 March 2023 147,749 205,097 45,977 398,823
Charge for year 71,014 118,747 2,952 192,713
Eliminated on disposal (7,299 ) (19,192 ) (24,160 ) (50,651 )
At 29 February 2024 211,464 304,652 24,769 540,885
Net book value
At 29 February 2024 732,153 1,068,722 8,858 1,809,733
At 28 February 2023 692,513 1,208,477 26,487 1,927,477

Banks Farming Limited (Registered number: 10017405)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


5. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
Cost
At 1 March 2023 2,095,345
Additions 135,099
Disposals (71,587 )
Transfer to ownership (58,250 )
At 29 February 2024 2,100,607
Depreciation
At 1 March 2023 298,797
Charge for year 175,471
Eliminated on disposal (28,909 )
Transfer to ownership (13,875 )
At 29 February 2024 431,484
Net book value
At 29 February 2024 1,669,123
At 28 February 2023 1,796,548

6. FIXED ASSET INVESTMENTS
Other
investments
£   
Cost
At 1 March 2023
and 29 February 2024 10
Net book value
At 29 February 2024 10
At 28 February 2023 10

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 67,002 61,597
Other debtors 78,033 197,436
145,035 259,033

Banks Farming Limited (Registered number: 10017405)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 68,406 70,749
Hire purchase contracts and finance leases 380,640 456,573
Trade creditors 177,528 88,101
Taxation and social security 4,792 4,085
Other creditors 49,639 34,859
681,005 654,367

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 41,667 76,667
Hire purchase contracts and finance leases 764,555 1,043,594
Other creditors 205,100 226,800
1,011,322 1,347,061

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 33,406 35,749
Other loans - Camgrain harvest advances 3,779 -
Hire purchase contracts and finance leases 1,145,195 1,500,167
1,182,380 1,535,916

The company's bank overdraft facility is secured by way of fixed and floating charges over the assets of the company. The company's Camgrain advance is secured against the company's grain held by Camgrain (a grain storage and marketing cooperative) in its central storage facilities. The company's hire purchase contracts and finance lease agreements are secured by way of a legal charge held over (in respect of hire purchase contracts) or the lessor's legal ownership of (in respect of finance lease agreements) the assets to which they relate.