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REGISTRAR OF COMPANIES

Registration number: 12293129

Bromfield Farms Limited

Unaudited Financial Statements

31 March 2024

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Bromfield Farms Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bromfield Farms Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bromfield Farms Limited for the year ended 31 March 2024 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Bromfield Farms Limited, as a body, in accordance with the terms of our engagement letter dated 1 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of Bromfield Farms Limited and state those matters that we have agreed to state to the Board of Directors of Bromfield Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bromfield Farms Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Bromfield Farms Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Bromfield Farms Limited. You consider that Bromfield Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Bromfield Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

20 August 2024

 

Bromfield Farms Limited

(Registration number: 12293129)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

40,708

61,439

Tangible assets

5

2,199,956

1,855,755

Investments

6

102

15,133

Other financial assets

7

52,705

42,248

 

2,293,471

1,974,575

Current assets

 

Stocks

720,185

614,766

Debtors

8

169,485

197,090

Cash at bank and in hand

 

237,535

294,274

 

1,127,205

1,106,130

Creditors: Amounts falling due within one year

9

(425,815)

(401,452)

Net current assets

 

701,390

704,678

Total assets less current liabilities

 

2,994,861

2,679,253

Creditors: Amounts falling due after more than one year

9

(199,835)

(203,935)

Provisions for liabilities

(271,401)

(161,804)

Net assets

 

2,523,625

2,313,514

Capital and reserves

 

Allotted, called up and fully paid share capital

200

200

Share premium reserve

1,006,835

1,006,835

Profit and loss account

1,516,590

1,306,479

Total equity

 

2,523,625

2,313,514

 

Bromfield Farms Limited

(Registration number: 12293129)
Balance Sheet as at 31 March 2024 (continued)

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 20 August 2024 and signed on its behalf by:
 

.........................................

A S Armstrong

Director

.........................................

D R Armstrong

Director

.........................................

H W Armstrong

Director

 

Bromfield Farms 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 England and Wales.

The address of its registered office is:
Bromfield Hall
Bromfield
WIGTON
CA7 3NB

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

Bromfield Farms Limited

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

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

Land and buildings

10% reducing balance

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Land and buildings relate to tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 10% straight line over their useful economic life, and not the duration of the lease.

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

 

Bromfield Farms Limited

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

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 the sale of goods 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

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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.

 

Bromfield Farms Limited

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

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.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
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.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Bromfield Farms Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

96,270

96,270

At 31 March 2024

96,270

96,270

Amortisation

At 1 April 2023

34,830

34,830

Amortisation charge

20,732

20,732

At 31 March 2024

55,562

55,562

Carrying amount

At 31 March 2024

40,708

40,708

At 31 March 2023

61,439

61,439

 

Bromfield Farms Limited

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

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

555,755

1,793,008

16,861

2,365,624

Additions

131,559

471,526

-

603,085

Disposals

-

(7,813)

-

(7,813)

At 31 March 2024

687,314

2,256,721

16,861

2,960,896

Depreciation

At 1 April 2023

56,570

445,435

7,864

509,869

Charge for the year

36,495

214,918

2,249

253,662

Eliminated on disposal

-

(2,591)

-

(2,591)

At 31 March 2024

93,065

657,762

10,113

760,940

Carrying amount

At 31 March 2024

594,249

1,598,959

6,748

2,199,956

At 31 March 2023

499,185

1,347,573

8,997

1,855,755

6

Investments

2024
£

2023
£

Investments in subsidiaries

102

15,133

Subsidiaries

£

Cost or valuation

At 1 April 2023

15,133

Revaluation

(15,031)

At 31 March 2024

102

Carrying amount

At 31 March 2024

102

At 31 March 2023

15,133

 

Bromfield Farms Limited

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

7

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

52,705

42,248

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

42,249

42,249

Additions

10,456

10,456

At 31 March 2024

52,705

52,705

Carrying amount

At 31 March 2024

52,705

52,705

At 31 March 2023

42,248

42,248

8

Debtors

2024
£

2023
£

Trade debtors

101,507

64,078

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

10,865

-

Other debtors

57,113

133,012

169,485

197,090

 

Bromfield Farms Limited

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

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

84,835

121,331

Trade creditors

 

220,685

204,183

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

 

-

284

Corporation tax liability

 

36,401

41,022

Other creditors

 

83,894

34,632

 

425,815

401,452

Due after one year

 

Loans and borrowings

10

-

28,345

Other creditors

 

199,835

175,590

 

199,835

203,935

 

Bromfield Farms Limited

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

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

28,345

43,420

Other borrowings

56,490

77,911

84,835

121,331

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

28,345

43,420

Finance lease liabilities are secured on the assets to which they relate.

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

-

28,345

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

-

28,345

Finance lease liabilities are secured on the assets to which they relate.

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2024
£

A S Armstrong

Loan

-

114,913

(103,977)

-

-

267

11,203

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% on advances to directors.