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Registration number: 797772

Banks Farm (Chesterblade) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Banks Farm (Chesterblade) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Banks Farm (Chesterblade) Limited

Company Information

Directors

Mr Ed Green

Mrs Anna Green

Registered office

Wynslade
Vallis Manor
Egford
Frome
Somerset
BA11 2JQ

Accountants

Delphi Accounting Ltd
Chartered Tax Advisers
Unit M6
Frome Business Park
Manor Road
Frome
Somerset
BA11 4FN

 

Banks Farm (Chesterblade) Limited

(Registration number: 797772)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,145,909

4,112,441

Current assets

 

Stocks

6

571

571

Debtors

7

14,158

17,781

Investments

8

1,315

1,315

Cash at bank and in hand

 

11,575

-

 

27,619

19,667

Creditors: Amounts falling due within one year

9

(598,516)

(808,919)

Net current liabilities

 

(570,897)

(789,252)

Total assets less current liabilities

 

3,575,012

3,323,189

Creditors: Amounts falling due after more than one year

9

(391,917)

(420,919)

Provisions for liabilities

(278,139)

(271,703)

Net assets

 

2,904,956

2,630,567

Capital and reserves

 

Called up share capital

10

151,000

151,000

Revaluation reserve

1,153,831

1,153,831

Retained earnings

1,600,125

1,325,736

Shareholders' funds

 

2,904,956

2,630,567

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.

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 10 October 2024 and signed on its behalf by:
 

 

Banks Farm (Chesterblade) Limited

(Registration number: 797772)
Balance Sheet as at 31 March 2024

.........................................
Mr Ed Green
Director

 

Banks Farm (Chesterblade) Limited

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 United Kingdom.

The address of its registered office is:
Wynslade
Vallis Manor
Egford
Frome
Somerset
BA11 2JQ

These financial statements were authorised for issue by the Board on 10 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).

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.

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.

 

Banks Farm (Chesterblade) Limited

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

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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

Motor vehicles

25% reducing balance

Plant & machinery

25% reducing balance

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:

Asset class

Amortisation method and rate

Entitlements

20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Banks Farm (Chesterblade) Limited

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

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.

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.

 

Banks Farm (Chesterblade) Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Banks Farm (Chesterblade) Limited

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

22,064

22,064

At 31 March 2024

22,064

22,064

Amortisation

At 1 April 2023

22,064

22,064

At 31 March 2024

22,064

22,064

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

4,848,369

76,862

75,270

5,000,501

Additions

-

3,520

53,401

56,921

At 31 March 2024

4,848,369

80,382

128,671

5,057,422

Depreciation

At 1 April 2023

771,177

54,841

62,042

888,060

Charge for the year

411

6,385

16,657

23,453

At 31 March 2024

771,588

61,226

78,699

911,513

Carrying amount

At 31 March 2024

4,076,781

19,156

49,972

4,145,909

At 31 March 2023

4,077,192

22,021

13,228

4,112,441

Included within the net book value of land and buildings above is £4,076,781 (2023 - £4,077,193) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

571

571

 

Banks Farm (Chesterblade) Limited

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

6,274

3,722

Prepayments

4,167

2,986

Other debtors

3,717

11,073

 

14,158

17,781

8

Current asset investments

2024
£

2023
£

Other investments

1,315

1,315

 

Banks Farm (Chesterblade) Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

131,073

312,981

Trade creditors

 

8,525

26,563

Taxation and social security

 

30,963

19,319

Accruals and deferred income

 

2,950

3,933

Other creditors

 

425,005

446,123

 

598,516

808,919

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

391,917

420,919

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

15,100

15,100

15,100

15,100

Ordinary B shares of £1 each

38,276

38,276

38,276

38,276

Ordinary C shares of £1 each

90,074

90,074

90,074

90,074

Ordinary D shares of £1 each

7,550

7,550

7,550

7,550

151,000

151,000

151,000

151,000

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

349,098

420,919

Hire purchase contracts

42,819

-

391,917

420,919

Current loans and borrowings

 

Banks Farm (Chesterblade) Limited

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

2024
£

2023
£

Bank borrowings

93,509

81,332

Bank overdrafts

-

231,649

Hire purchase contracts

9,307

-

Other borrowings

28,257

-

131,073

312,981

12

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £0.4834 (2023 - £2.053) per each Ordinary A shares

7,300

31,000

Final dividend of £0.6793 (2023 - £0.627) per each Ordinary B shares

26,000

24,000

Final dividend of £0.411 (2023 - £0.4163) per each Ordinary C shares

37,000

37,500

Final dividend of £8.20 (2023 - £5.3735) per each Ordinary D shares

62,000

40,570

132,300

133,070

13

Related party transactions

 

Banks Farm (Chesterblade) Limited

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

Transactions with directors

2024

At 1 April 2023
£

At 31 March 2024
£

Mr Ed Green

365,833

365,833

Mrs Pamela Green

9,316

9,316

Mrs Anna Green

42,070

42,070

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 March 2023
£

Mr Ed Green

391,868

(50,140)

24,105

-

365,833

Mrs Pamela Green

9,316

(24,000)

24,000

-

9,316

Mrs Anna Green

30,016

(18,946)

31,000

-

42,070

 

Banks Farm (Chesterblade) Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,700

20,023