Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-313true2023-04-01falseNo description of principal activity3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03512939 2023-04-01 2024-03-31 03512939 2022-04-01 2023-03-31 03512939 2024-03-31 03512939 2023-03-31 03512939 c:Director1 2023-04-01 2024-03-31 03512939 c:Director3 2023-04-01 2024-03-31 03512939 d:Buildings 2023-04-01 2024-03-31 03512939 d:Buildings 2024-03-31 03512939 d:Buildings 2023-03-31 03512939 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03512939 d:PlantMachinery 2023-04-01 2024-03-31 03512939 d:PlantMachinery 2024-03-31 03512939 d:PlantMachinery 2023-03-31 03512939 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03512939 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03512939 d:FreeholdInvestmentProperty 2024-03-31 03512939 d:FreeholdInvestmentProperty 2023-03-31 03512939 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 03512939 d:CurrentFinancialInstruments 2024-03-31 03512939 d:CurrentFinancialInstruments 2023-03-31 03512939 d:Non-currentFinancialInstruments 2024-03-31 03512939 d:Non-currentFinancialInstruments 2023-03-31 03512939 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03512939 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03512939 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 03512939 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03512939 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 03512939 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 03512939 d:ShareCapital 2024-03-31 03512939 d:ShareCapital 2023-03-31 03512939 d:RevaluationReserve 2024-03-31 03512939 d:RevaluationReserve 2023-03-31 03512939 d:RetainedEarningsAccumulatedLosses 2024-03-31 03512939 d:RetainedEarningsAccumulatedLosses 2023-03-31 03512939 c:FRS102 2023-04-01 2024-03-31 03512939 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03512939 c:FullAccounts 2023-04-01 2024-03-31 03512939 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03512939 5 2023-04-01 2024-03-31 03512939 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 03512939 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03512939 d:OtherDeferredTax 2024-03-31 03512939 d:OtherDeferredTax 2023-03-31 03512939 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number:
03512939













BRININGHAM FARMS LIMITED


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
BRININGHAM FARMS LIMITED
REGISTERED NUMBER:03512939

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,778,382
5,802,114

Investment property
 5 
1,816,600
1,840,000

  
7,594,982
7,642,114

Current assets
  

Stocks
  
191,921
231,085

Debtors: amounts falling due within one year
 6 
90,080
44,876

  
282,001
275,961

Creditors: amounts falling due within one year
 7 
(1,266,533)
(1,327,043)

Net current liabilities
  
 
 
(984,532)
 
 
(1,051,082)

Total assets less current liabilities
  
6,610,450
6,591,032

Creditors: amounts falling due after more than one year
 8 
(314,519)
(359,108)

Provisions for liabilities
  

Deferred tax
 10 
(245,864)
(265,183)

  
 
 
(245,864)
 
 
(265,183)

Net assets
  
6,050,067
5,966,741


Capital and reserves
  

Called up share capital 
  
1,035,000
1,035,000

Revaluation reserve
  
2,325,213
2,325,213

Profit and loss account
  
2,689,854
2,606,528

  
6,050,067
5,966,741


Page 1

 
BRININGHAM FARMS LIMITED
REGISTERED NUMBER:03512939
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




E H Jones
Mrs V H Jones
Director
Director


Date: 21 October 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
BRININGHAM FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Briningham Farms Limited is a private company limited by shares incorporated in England and Wales, registration number 03512939. The registered office is Church Farm, Little Witchingham, Norwich, Norfolk, NR9 5PA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and returned earnings in the same period as the related expenditure.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
BRININGHAM FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
BRININGHAM FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Land, buildings and property improvements
-
Nil / 4% straight line
Plant and machinery
-
25% reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the statement of financial position.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income statement.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the cost of purchase.
At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 5

 
BRININGHAM FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 6

 
BRININGHAM FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 April 2023
5,725,730
255,050
5,980,780


Additions
-
345
345



At 31 March 2024

5,725,730
255,395
5,981,125



Depreciation


At 1 April 2023
12,542
166,124
178,666


Charge for the year on owned assets
1,759
22,318
24,077



At 31 March 2024

14,301
188,442
202,743



Net book value



At 31 March 2024
5,711,429
66,953
5,778,382



At 31 March 2023
5,713,188
88,926
5,802,114

Page 7

 
BRININGHAM FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
 
Cost or valuation at 31 March 2021 is as follows:

Land and buildings
£


At cost
4,492,368
At valuation:

25 August 2011
1,233,362



5,725,730

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
4,329,354
4,329,354

Net book value
4,329,354
4,329,354

Page 8

 
BRININGHAM FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
1,840,000


Surplus on revaluation
(23,400)



At 31 March 2024
1,816,600

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
832,685
832,685

832,685
832,685

Page 9

 
BRININGHAM FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
87,130
41,480

Other debtors
-
98

Prepayments and accrued income
2,950
3,298

90,080
44,876



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
357,753
403,178

Bank loans
42,440
29,990

Trade creditors
114,644
139,345

Corporation tax
33,852
35,730

Other creditors
711,519
710,000

Accruals and deferred income
6,325
8,800

1,266,533
1,327,043


Details of security provided:
The bank loans and overdraft are secured by way of a legal charge over the 472 acres of land, house and buildings owned by the company at Briningham, Norfolk. Assets purchased under finance leases or hire purchase agreements are secured on the asset they relate to.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
314,519
359,108

314,519
359,108


Page 10

 
BRININGHAM FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
42,440
29,990


42,440
29,990

Amounts falling due 1-2 years

Bank loans
314,519
359,108


314,519
359,108



356,959
389,098



10.


Deferred taxation




2024


£






At beginning of year
(265,183)


Charged to profit or loss
19,319



At end of year
(245,864)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(80,982)
(85,702)

Capital gain on investment property revaluation
(164,882)
(179,481)

(245,864)
(265,183)

Page 11

 
BRININGHAM FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Related party transactions

The company has taken advantage of the exemption in FRS102 from the requirement to disclose transactions with group companies on the grounds that Briningham Farms Limited is a subsidiary of Harold Jones (Farms) Limited.
The directors have loan accounts with the Company. Interest is chargeable on these loans at the discretion of the directors. The directors have agreed that there will be no interest charged on the loans during the year.
At the year end the Company owed the directors a total of £708,657 (2023: £710,000).


Page 12