Company Registration No. 01380799 (England and Wales)
Brown Bank (Farmers) Limited
Unaudited financial statements
for the year ended 31 January 2024
Pages for filing with the registrar
Brown Bank (Farmers) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Brown Bank (Farmers) Limited
Statement of financial position
As at 31 January 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
187
374
Tangible assets
4
201,156
210,130
Investments
5
208,088
203,897
409,431
414,401
Current assets
Stocks
86,269
56,421
Debtors
6
4,101
Cash at bank and in hand
79,068
159,028
165,337
219,550
Creditors: amounts falling due within one year
7
(95,126)
(103,226)
Net current assets
70,211
116,324
Total assets less current liabilities
479,642
530,725
Provisions for liabilities
(6,579)
(6,761)
Net assets
473,063
523,964
Capital and reserves
Called up share capital
8
10,000
10,000
Profit and loss reserves
463,063
513,964
Total equity
473,063
523,964
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Brown Bank (Farmers) Limited
Statement of financial position (continued)
As at 31 January 2024
2
The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
Hamish Patrick
Director
Company Registration No. 01380799
Brown Bank (Farmers) Limited
Notes to the financial statements
For the year ended 31 January 2024
3
1
Accounting policies
Company information
Brown Bank (Farmers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Winyates, Hartwith, Harrogate, North Yorkshire, HG3 3EX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Basic Payment Entitlements
20% per annum
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Brown Bank (Farmers) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
4
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings
2% per annum
Plant and machinery
10% per annum
Agricultural buildings
10% per annum
Motor vehicles
10% per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
The valuation of commercial livestock is at fair value. The valuation of feedstock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Brown Bank (Farmers) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
5
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Brown Bank (Farmers) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
6
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between taxable profits and results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
Brown Bank (Farmers) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
7
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Intangible fixed assets
Basic Payment Entitlements
£
Cost
At 1 February 2023 and 31 January 2024
2,029
Amortisation and impairment
At 1 February 2023
1,655
Amortisation charged for the year
187
At 31 January 2024
1,842
Carrying amount
At 31 January 2024
187
At 31 January 2023
374
Brown Bank (Farmers) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
8
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023
196,382
273,416
469,798
Additions
389
389
Disposals
(4,700)
(4,700)
At 31 January 2024
196,382
269,105
465,487
Depreciation and impairment
At 1 February 2023
9,770
249,898
259,668
Depreciation charged in the year
3,428
5,935
9,363
Eliminated in respect of disposals
(4,700)
(4,700)
At 31 January 2024
13,198
251,133
264,331
Carrying amount
At 31 January 2024
183,184
17,972
201,156
At 31 January 2023
186,612
23,518
210,130
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
208,088
203,897
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 February 2023
203,897
Additions
24,482
Valuation changes
(2,005)
Disposals
(18,286)
At 31 January 2024
208,088
Carrying amount
At 31 January 2024
208,088
At 31 January 2023
203,897
Brown Bank (Farmers) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
9
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
125
Other debtors
3,976
4,101
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,977
21,874
Corporation tax
908
4,774
Other taxation and social security
2,015
47
Other creditors
87,226
76,531
95,126
103,226
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
9
Related party transactions
Hamish Patrick, a director of Brown Bank (Farmers) Limited operates a loan account with the company. The loan balance owed by the company at the year end was £36,098 (2023: £33,598). The loan is interest free and falls due for repayment after more than one year from the balance sheet date.
Sarah-Jane Dawson, a director of Brown Bank (Farmers) Limited operates a loan account with the company. The loan balance owed by the company at the year end was £41,733 (2023: £37,733). The loan is interest free and falls due for repayment after more than one year from the balance sheet date.
2024-01-312023-02-01false28 October 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityFrancis DawsonHamish PatrickSarah-Jane DawsonSarah-Jane Dawsonfalsefalse013807992023-02-012024-01-31013807992024-01-31013807992023-01-3101380799core:PatentsTrademarksLicencesConcessionsSimilar2024-01-3101380799core:PatentsTrademarksLicencesConcessionsSimilar2023-01-3101380799core:LandBuildings2024-01-3101380799core:OtherPropertyPlantEquipment2024-01-3101380799core:LandBuildings2023-01-3101380799core:OtherPropertyPlantEquipment2023-01-3101380799core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3101380799core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3101380799core:CurrentFinancialInstruments2024-01-3101380799core:CurrentFinancialInstruments2023-01-3101380799core:ShareCapital2024-01-3101380799core:ShareCapital2023-01-3101380799core:RetainedEarningsAccumulatedLosses2024-01-3101380799core:RetainedEarningsAccumulatedLosses2023-01-3101380799bus:Director22023-02-012024-01-3101380799core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3101380799core:PatentsTrademarksLicencesConcessionsSimilar2023-02-012024-01-3101380799core:LandBuildingscore:OwnedOrFreeholdAssets2023-02-012024-01-3101380799core:PlantMachinery2023-02-012024-01-3101380799core:FurnitureFittings2023-02-012024-01-3101380799core:MotorVehicles2023-02-012024-01-31013807992022-02-012023-01-3101380799core:PatentsTrademarksLicencesConcessionsSimilar2023-01-3101380799core:LandBuildings2023-01-3101380799core:OtherPropertyPlantEquipment2023-01-31013807992023-01-3101380799core:LandBuildings2023-02-012024-01-3101380799core:OtherPropertyPlantEquipment2023-02-012024-01-3101380799core:WithinOneYear2024-01-3101380799core:WithinOneYear2023-01-3101380799bus:PrivateLimitedCompanyLtd2023-02-012024-01-3101380799bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3101380799bus:FRS1022023-02-012024-01-3101380799bus:AuditExemptWithAccountantsReport2023-02-012024-01-3101380799bus:Director12023-02-012024-01-3101380799bus:Director32023-02-012024-01-3101380799bus:CompanySecretary12023-02-012024-01-3101380799bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP