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Registration number: 01193381

Bucher Farms Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Bucher Farms Ltd
(Registration number: 01193381)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Bucher Farms Ltd
(Registration number: 01193381)

Company Information

Directors

R A Bucher

J K Bucher

J R Bucher

Company secretary

R A Bucher

Registered office

Hall Farm
Knettishall
Diss
Norfolk
IP22 2TQ

Registered number

01193381

Accountants

Evolve Tax & Accountancy LLP
Chartered Certified Accountants
Baythorne Hall
Baythorne End
Halstead
Essex
CO9 4AH

 

Bucher Farms Ltd
(Registration number: 01193381)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

5

2,114,574

2,528,199

Investments

6

40,000

40,000

 

2,154,574

2,568,199

Current assets

 

Stocks

7

4,500

5,500

Debtors

8

9,612

115,747

Investments

9

2,281,215

2,043,533

Cash at bank and in hand

 

28,535

50,461

 

2,323,862

2,215,241

Creditors: Amounts falling due within one year

10

(166,939)

(173,181)

Net current assets

 

2,156,923

2,042,060

Total assets less current liabilities

 

4,311,497

4,610,259

Creditors: Amounts falling due after more than one year

10

(760,585)

(890,905)

Provisions for liabilities

(136,694)

(139,220)

Net assets

 

3,414,218

3,580,134

Capital and Reserves

 

Called up share capital

11

10,000

10,000

Retained Earnings

3,404,218

3,570,134

Shareholders' funds

 

3,414,218

3,580,134

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Bucher Farms Ltd
(Registration number: 01193381)

Balance Sheet as at 31 March 2024

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 3 October 2024 and signed on its behalf by:
 

.........................................
J R Bucher
Director

 

Bucher Farms Ltd
(Registration number: 01193381)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Hall Farm
Knettishall
Diss
Norfolk
IP22 2TQ
England

These financial statements were authorised for issue by the Board on 3 October 2024.

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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Bucher Farms Ltd
(Registration number: 01193381)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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

Freehold land

Nil

Plant and machinery

6 to 8 years straight line/20% reducing balance

Motor vehicles

6 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Bucher Farms Ltd
(Registration number: 01193381)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Amortisation method and rate

Entitlements

3 years straight line

Investments

Fixed asset investments not carried at market value

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.

Trade Debtors

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

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade Creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Bucher Farms Ltd
(Registration number: 01193381)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 8 (2023 - 9).

 

Bucher Farms Ltd
(Registration number: 01193381)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

6,784

6,784

At 31 March 2024

6,784

6,784

Amortisation

At 1 April 2023

6,784

6,784

At 31 March 2024

6,784

6,784

Carrying amount

At 31 March 2024

-

-

5

Tangible Assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

1,775,743

52,225

2,300,273

4,128,241

Additions

-

-

20,300

20,300

Disposals

(218,818)

-

(133,675)

(352,493)

At 31 March 2024

1,556,925

52,225

2,186,898

3,796,048

Depreciation

At 1 April 2023

-

46,070

1,553,972

1,600,042

Charge for the year

-

1,539

160,911

162,450

Eliminated on disposal

-

-

(81,018)

(81,018)

At 31 March 2024

-

47,609

1,633,865

1,681,474

Carrying amount

At 31 March 2024

1,556,925

4,616

553,033

2,114,574

At 31 March 2023

1,775,743

6,155

746,301

2,528,199

Included within the net book value of land and buildings above is £1,556,925 (2023 - £1,775,743) in respect of freehold land and buildings.
 

 

Bucher Farms Ltd
(Registration number: 01193381)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Investments

2024
£

2023
£

Other investments

40,000

40,000

7

Stocks

2024
£

2023
£

Other inventories

4,500

5,500

8

Debtors

The directors have reviewed trade debtors for impairment and consider the impairment losses to be provided for the year are £Nil (2023 - £Nil)

All amounts are due within one year.

Current

Note

2024
£

2023
£

Amounts owed by related parties

-

112,669

Prepayments

 

560

773

Other debtors

 

9,052

2,305

   

9,612

115,747

9

Current asset investments

2024
£

2023
£

Other investments

2,281,215

2,043,533

 

Bucher Farms Ltd
(Registration number: 01193381)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

137,357

166,796

Trade Creditors

 

3,128

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

20,448

-

Taxation and social security

 

2,006

2,385

Accruals and deferred income

 

4,000

4,000

 

166,939

173,181

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

760,585

890,905

 

Bucher Farms Ltd
(Registration number: 01193381)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

         

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

756,310

826,844

Hire purchase contracts

4,275

64,061

760,585

890,905

Current loans and borrowings

2024
£

2023
£

Bank borrowings

77,551

91,642

Hire purchase contracts

59,806

75,154

137,357

166,796