Well Barn Farm Limited 03504020 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the growing of cereals. Digita Accounts Production Advanced 6.30.9574.0 true false true 03504020 2023-02-01 2024-01-31 03504020 2024-01-31 03504020 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-01-31 03504020 core:CurrentFinancialInstruments 2024-01-31 03504020 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 03504020 core:FurnitureFittings 2024-01-31 03504020 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 03504020 core:MotorVehicles 2024-01-31 03504020 core:OfficeEquipment 2024-01-31 03504020 1 2024-01-31 03504020 bus:SmallEntities 2023-02-01 2024-01-31 03504020 bus:Audited 2023-02-01 2024-01-31 03504020 bus:FilletedAccounts 2023-02-01 2024-01-31 03504020 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 03504020 bus:RegisteredOffice 2023-02-01 2024-01-31 03504020 bus:CompanySecretaryDirector1 2023-02-01 2024-01-31 03504020 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03504020 core:FurnitureFittings 2023-02-01 2024-01-31 03504020 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 03504020 core:LandBuildings 2023-02-01 2024-01-31 03504020 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03504020 core:MotorVehicles 2023-02-01 2024-01-31 03504020 core:OfficeEquipment 2023-02-01 2024-01-31 03504020 1 2023-02-01 2024-01-31 03504020 countries:EnglandWales 2023-02-01 2024-01-31 03504020 1 2023-02-01 2024-01-31 03504020 2023-01-31 03504020 core:FurnitureFittings 2023-01-31 03504020 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 03504020 core:MotorVehicles 2023-01-31 03504020 core:OfficeEquipment 2023-01-31 03504020 1 2023-01-31 03504020 2022-02-01 2023-01-31 03504020 2023-01-31 03504020 core:CurrentFinancialInstruments 2023-01-31 03504020 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 03504020 core:FurnitureFittings 2023-01-31 03504020 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 03504020 core:MotorVehicles 2023-01-31 03504020 core:OfficeEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 03504020

Well Barn Farm Limited

Filleted Financial Statements

for the Year Ended 31 January 2024

 

Well Barn Farm Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Well Barn Farm Limited

(Registration number: 03504020)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,527,857

11,822,219

Investment property

5

1,875,000

1,250,000

Other financial assets

6

14

14

 

13,402,871

13,072,233

Current assets

 

Stocks

7

271,585

303,903

Debtors

8

84,437

96,501

Cash at bank and in hand

 

61,768

184,414

 

417,790

584,818

Creditors: Amounts falling due within one year

9

(11,550,816)

(11,371,775)

Net current liabilities

 

(11,133,026)

(10,786,957)

Net assets

 

2,269,845

2,285,276

Capital and reserves

 

Called up share capital

2,853,630

2,853,630

Share premium reserve

54,373

54,373

Other reserves

1,248,410

809,019

Retained earnings

(1,886,568)

(1,431,746)

Shareholders' funds

 

2,269,845

2,285,276

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 30 October 2024 and signed on its behalf by:
 

.........................................
A P Bradshaw
Company secretary and director

 

Well Barn Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 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:
First Floor
23 Beaumont Mews
London
W1G 6EN
England

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 which assumes the continued support of CCO Trading Limited. The Company has received confirmation from CCO Trading Limited of its intention to provide such financial support as is necessary for the Company to continue in operation for at least 12 months from the date of signing the financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 October 2024 was Dean Blunden BFP FCA, who signed for and on behalf of UHY Ross Brooke.

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.

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 the Statement of Comprehensive Income 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 Comprehensive Income in the same period as the related expenditure.

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.

 

Well Barn Farm Limited

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

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

2% straight line

Motor vehicles

25% reducing balance

Fixtures and fittings

20% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowances for obsolete and slow-moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At each Balance Sheet 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 the Statement of Comprehensive Income.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

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.

 

Well Barn Farm Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

13,280,080

640,192

16,199

142,143

14,078,614

Additions

-

2,123

-

38,585

40,708

Disposals

-

-

-

(5,229)

(5,229)

Transfers to/from investment property

(293,276)

-

-

-

(293,276)

Transfers

-

(52,507)

-

-

(52,507)

At 31 January 2024

12,986,804

589,808

16,199

175,499

13,768,310

Depreciation

At 1 February 2023

1,585,483

536,895

15,488

118,529

2,256,395

Charge for the year

111,983

24,859

178

10,021

147,041

Eliminated on disposal

-

-

-

(2,809)

(2,809)

Transfers

(124,481)

(35,693)

-

-

(160,174)

At 31 January 2024

1,572,985

526,061

15,666

125,741

2,240,453

Carrying amount

At 31 January 2024

11,413,819

63,747

533

49,758

11,527,857

At 31 January 2023

11,694,597

103,297

711

23,614

11,822,219

Included within the net book value of land and buildings above is £11,413,819 (2023 - £11,694,597) in respect of freehold land and buildings.
 

 

Well Barn Farm Limited

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

5

Investment properties

Total
£

At 1 February 2022

1,250,000

Transfers to and from owner-occupied property

185,609

Fair value adjustments

439,391

At 31 January 2023

1,875,000

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 with a carrying amount of £349,102 (2023: £358,871) being cost of £488,455 (2023: £488,455) and accumulated depreciation and impairments of £139,353 (2023: £129,584).

There has been no valuation of investment property by an independent valuer.

 

Well Barn Farm Limited

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

6

Fixed asset investments (current and non-current)

Unlisted investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

14

14

At 31 January 2024

14

14

Carrying amount

At 31 January 2024

14

14

7

Stocks

2024
£

2023
£

Raw materials and consumables

269,710

302,027

Finished goods and goods for resale

1,875

1,876

271,585

303,903

8

Debtors

Current

2024
£

2023
£

Trade debtors

2,166

10,691

Prepayments

26,521

43,291

Other debtors

55,750

42,519

 

84,437

96,501

 

Well Barn Farm Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

28,953

16,103

Trade creditors

 

23,020

64,161

Amounts owed to related parties

11

11,442,258

11,054,258

Taxation and social security

 

2,199

2,024

Other creditors

 

54,386

235,229

 

11,550,816

11,371,775

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

28,953

16,103

11

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

At 31 January 2024
£

Director loan account

(185,762)

230,562

44,800

 

Under FRS 102 Section 33, the Company is exempt from disclosing related party transactions with its Parent Company and fellow wholly owned subsidiaries, as 100% of the voting rights are controlled by CCO Trading Limited.

Transactions between CCO Trading Limited and its related parties are included in the Company's consolidated financial statements.

During the year H Osmond purchased £37,500 (2023: £nil) of shooting days from the Company.

Included within other debtors is a loan of £44,800 due from H Osmond (2023: £185,762 due to H Osmond). The loan is interest free and has no fixed date for repayment.

 

Well Barn Farm Limited

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

12

Parent and ultimate parent undertaking

The company's immediate parent is CCO Trading Limited, incorporated in England and Wales.

  These financial statements are available upon request from CCO Trading Limited, 23 Beaumont Mews, First Floor, London, W1G 6EN.

 The ultimate controlling party is H Osmond.