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Registration number: 00886404

Prepared for the registrar

The Barton Farms Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

The Barton Farms Limited
 

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

The Barton Farms Limited
 

Company Information

Directors

J D B Caithie

Mrs T A Caithie

Registered office

Barton House
Barton on the Heath
Moreton-in-Marsh
Gloucestershire
GL56 0PJ

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

The Barton Farms Limited
 

(Registration number: 00886404)
Balance Sheet as at 31 January 2024

Note

2024
 £

2023
 £

Fixed assets

 

Herd

4

25,870

25,446

Tangible assets

5

5,537,080

5,558,977

Investments

6

505

505

 

5,563,455

5,584,928

Current assets

 

Stocks

116,449

133,435

Debtors

7

74,616

80,210

 

191,065

213,645

Creditors: Amounts falling due within one year

8

(1,282,296)

(1,207,805)

Net current liabilities

 

(1,091,231)

(994,160)

Total assets less current liabilities

 

4,472,224

4,590,768

Creditors: Amounts falling due after more than one year

8

(651,950)

(651,950)

Deferred tax liabilities

(811,135)

(816,556)

Net assets

 

3,009,139

3,122,262

Capital and reserves

 

Called up share capital

10,000

10,000

Other reserves

3,080,186

3,080,186

Profit and loss account

(81,047)

32,076

Total equity

 

3,009,139

3,122,262

 

The Barton Farms Limited
 

(Registration number: 00886404)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 


J D B Caithie
Director

 

The Barton Farms 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:
Barton House
Barton on the Heath
Moreton-in-Marsh
Gloucestershire
GL56 0PJ

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

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.

 

The Barton Farms Limited
 

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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 property

Nil

Plant and machinery

10 / 15% reducing balance

Property improvements

Nil

Motor vehicles

25% reducing balance

Farm buildings

2% reducing balance

Deer herd

The herd has been included within fixed assets at tax value under ITTOIA 2005, s111, as there is a herd basis election in place.

Investments

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.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

 

The Barton Farms Limited
 

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

The Barton Farms Limited
 

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

The Barton Farms Limited
 

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

 

4

Herd

Deer herd
 £

Cost

At 1 February 2023

25,446

Additions

1,575

Disposals

(1,151)

At 31 January 2024

25,870

Carrying amount

At 31 January 2024

25,870

At 31 January 2023

25,446

Deer Herd reconciliation

No.

At 1 February 2023

129

Additions

9

Disposals

(6)

At 31 January 2024

132

 

The Barton Farms Limited
 

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

 

5

Tangible assets

Land and property
£

Plant and machinery
 £

Motor vehicles
 £

Property improvements
 £

Farm buildings
 £

Total
£

Cost

At 1 February 2023

4,667,000

580,889

10,142

546,973

396,205

6,201,209

Additions

-

4,957

-

-

-

4,957

Disposals

-

(4,500)

-

-

-

(4,500)

At 31 January 2024

4,667,000

581,346

10,142

546,973

396,205

6,201,666

Depreciation

At 1 February 2023

-

438,781

9,234

-

194,217

642,232

Charge for the year

-

20,196

227

-

4,040

24,463

Eliminated on disposal

-

(2,109)

-

-

-

(2,109)

At 31 January 2024

-

456,868

9,461

-

198,257

664,586

Carrying amount

At 31 January 2024

4,667,000

124,478

681

546,973

197,948

5,537,080

At 31 January 2023

4,667,000

142,108

908

546,973

201,988

5,558,977

The land and property was revalued on 31 January 2016 using a deathbed valuation.

 

The Barton Farms Limited
 

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

 

6

Investments

2024
£

2023
£

Other investments

505

505

Other investments

£

Cost

At 1 February 2023

505

At 31 January 2024

505

Carrying amount

At 31 January 2024

505

At 31 January 2023

505

 

7

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

5,444

54,572

Amounts owed by related parties

12

34,941

-

Other debtors

 

10,914

13,607

Prepayments

 

23,317

12,031

   

74,616

80,210

 

The Barton Farms Limited
 

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

 

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

10

147,855

148,146

Trade creditors

 

31,700

5,777

Amounts due to related parties

12

1,074,873

1,031,077

Social security and other taxes

 

998

1,043

Accrued expenses

 

26,870

21,762

 

1,282,296

1,207,805

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

651,950

651,950

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

21,781

Revaluation of property

789,354

811,135

2023

Liability
£

Fixed asset timing differences

27,202

Revaluation of property

789,354

816,556

 

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

147,855

132,274

HP and finance lease liabilities

-

15,872

147,855

148,146

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

651,950

651,950

 

The Barton Farms Limited
 

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


Bank borrowings
Bank borrowings are secured by legal charges over the properties held.

Finance lease liabilities
Finance lease liabilities are secured over the related assets.
 

 

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

         
 

12

Related party transactions


Amounts due to directors
At the balance sheet date the amount due from/(to) directors was £34,901 (2023 - £(10,636)).

Amounts due to parent companies
At the balance sheet date the amount due to the parent company was £1,074,833 (2023 - £1,020,441).