Burnbank Farms Limited NI024222 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is intensive livestock farming Digita Accounts Production Advanced 6.30.9574.0 true true NI024222 2023-04-01 2024-03-31 NI024222 2024-03-31 NI024222 bus:OrdinaryShareClass1 2024-03-31 NI024222 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 NI024222 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 NI024222 core:CurrentFinancialInstruments 2024-03-31 NI024222 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI024222 core:Non-currentFinancialInstruments 2024-03-31 NI024222 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI024222 core:LandBuildings 2024-03-31 NI024222 core:MotorVehicles 2024-03-31 NI024222 core:OtherPropertyPlantEquipment 2024-03-31 NI024222 bus:SmallEntities 2023-04-01 2024-03-31 NI024222 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI024222 bus:FilletedAccounts 2023-04-01 2024-03-31 NI024222 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI024222 bus:RegisteredOffice 2023-04-01 2024-03-31 NI024222 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 NI024222 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI024222 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI024222 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI024222 core:LandBuildings 2023-04-01 2024-03-31 NI024222 core:MotorVehicles 2023-04-01 2024-03-31 NI024222 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI024222 core:PlantMachinery 2023-04-01 2024-03-31 NI024222 1 2023-04-01 2024-03-31 NI024222 countries:NorthernIreland 2023-04-01 2024-03-31 NI024222 2023-03-31 NI024222 core:LandBuildings 2023-03-31 NI024222 core:MotorVehicles 2023-03-31 NI024222 core:OtherPropertyPlantEquipment 2023-03-31 NI024222 2022-04-01 2023-03-31 NI024222 2023-03-31 NI024222 bus:OrdinaryShareClass1 2023-03-31 NI024222 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 NI024222 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 NI024222 core:CurrentFinancialInstruments 2023-03-31 NI024222 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI024222 core:Non-currentFinancialInstruments 2023-03-31 NI024222 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI024222 core:LandBuildings 2023-03-31 NI024222 core:MotorVehicles 2023-03-31 NI024222 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI024222

Burnbank Farms Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Burnbank Farms Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Burnbank Farms Limited

(Registration number: NI024222)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

567,449

504,832

Current assets

 

Stocks

6

502,532

533,870

Debtors

7

38,324

536

 

540,856

534,406

Creditors: Amounts falling due within one year

8

(717,305)

(930,358)

Net current liabilities

 

(176,449)

(395,952)

Total assets less current liabilities

 

391,000

108,880

Creditors: Amounts falling due after more than one year

8

(161,112)

(37,775)

Provisions for liabilities

(70,307)

(22,266)

Net assets

 

159,581

48,839

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

159,481

48,739

Shareholders' funds

 

159,581

48,839

 

Burnbank Farms Limited

(Registration number: NI024222)
Balance Sheet as at 31 March 2024

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 6 September 2024 and signed on its behalf by:
 

.........................................
Mr John Crooks
Company secretary and director

 

Burnbank Farms Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
2 Loy Street
Cookstown
Co. Tyrone
BT80 8PE

These financial statements were authorised for issue by the Board on 6 September 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 company meets its day to day working capital requirements through ongoing trading and support of its creditors. The directors expect this support to continue and as such consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support.

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 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.

 

Burnbank Farms Limited

Notes to the 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.

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

Land and buildings

5% straight line

Plant and machinery

10%-25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

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 cost 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.

 

Burnbank Farms Limited

Notes to the 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 3 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

71,489

69,170

 

Burnbank Farms Limited

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

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

158,736

62,987

1,853,147

2,074,870

Additions

-

-

139,991

139,991

Disposals

-

-

(5,885)

(5,885)

At 31 March 2024

158,736

62,987

1,987,253

2,208,976

Depreciation

At 1 April 2023

112,250

52,107

1,405,681

1,570,038

Charge for the year

3,490

2,879

65,120

71,489

At 31 March 2024

115,740

54,986

1,470,801

1,641,527

Carrying amount

At 31 March 2024

42,996

8,001

516,452

567,449

At 31 March 2023

46,486

10,880

447,466

504,832

Included within the net book value of land and buildings above is £42,996 (2023 - £46,486) in respect of leasehold buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

502,532

533,870

7

Debtors

Current

2024
£

2023
£

Prepayments

38,324

536

 

38,324

536

 

Burnbank Farms Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

99,251

35,172

Trade creditors

 

492,443

733,704

Taxation and social security

 

9,882

25,974

Accruals and deferred income

 

1,200

1,000

Other creditors

 

114,529

134,508

 

717,305

930,358

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

161,112

37,775

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

21,480

37,775

Hire purchase contracts

139,632

-

161,112

37,775

 

Burnbank Farms Limited

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

Current loans and borrowings

2024
£

2023
£

Bank borrowings

19,300

19,300

Bank overdrafts

16,095

5,872

Hire purchase contracts

63,856

10,000

99,251

35,172

Bank borrowings

Security has been given on the bank overdraft and borrowings of £33,616 (2023 : £30,643).

11

Related party transactions

Other transactions with directors

During the year the company repaid £19,979 to the directors. At the balance sheet date the amount due to the directors was £114,529 (2023 : £134,508). The advance is interest free, unsecured and repayable on demand.