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Company registration number: 03144665
Branthwaite Hall Agricultural Limited
Unaudited filleted financial accounts
For the year ended
31 January 2024
Branthwaite Hall Agricultural Limited
Contents
Statement of financial position
Notes to the financial accounts
Branthwaite Hall Agricultural Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 3 11,780 13,306
Tangible assets 4 2,336,000 2,323,942
Investments 5 ( 13,528) ( 12,412)
________ ________
2,334,252 2,324,836
Current assets
Stocks 5,882 7,036
Debtors 6 1,005,299 947,043
Cash at bank and in hand 1,119,624 1,030,511
________ ________
2,130,805 1,984,590
Creditors: amounts falling due
within one year 7 ( 79,046) ( 6,195)
________ ________
Net current assets 2,051,759 1,978,395
________ ________
Total assets less current liabilities 4,386,011 4,303,231
Creditors: amounts falling due
after more than one year 8 - ( 3,405)
Provisions for liabilities ( 69,399) ( 55,891)
________ ________
Net assets 4,316,612 4,243,935
________ ________
Capital and reserves
Called up share capital 10,000 10,000
Share premium account 1,644,519 1,644,519
Profit and loss account 2,662,093 2,589,416
________ ________
Shareholders funds 4,316,612 4,243,935
________ ________
For the 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 financial accounts for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial accounts.
These financial accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial accounts were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mrs C J Gate
Director
Company registration number: 03144665
Branthwaite Hall Agricultural Limited
Notes to the financial accounts
Year ended 31 January 2024
1. Accounting policies
General information
The company is a private company limited by shares, registered in England and Wales, registration number 03144665 . The address of the registered office is Oxford Chambers, New Oxford Street, Workington, CA14 2LR.
Basis of preparation
These financial accounts have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied with the same financial statements.
The financial accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial accounts are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover consists of the sales value, excluding VAT, of all work done in the period under contracts to supply goods and services to third parties. It includes the relevant proportion of contract values where work is partially performed in the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals payable under operating leases are charged against income on a straight line basis over the term of the lease.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Basic Payment Scheme Entitlement - 20 % straight line
Sporting Rights - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are included at cost less depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings - 5 % straight line
Leasehold expenditure - 10 % straight line
Plant and machinery - 10 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised using the accrual model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.Grants relating to assets are recognised in income on a systemic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of an asset.
Deferred taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in comprehensive income when due.
2. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
3. Intangible assets
Other intangible assets
£
Cost
At 1 February 2023 and 31 January 2024 60,098
________
Amortisation
At 1 February 2023 46,792
Charge for the year 1,526
________
At 31 January 2024 48,318
________
Carrying amount
At 31 January 2024 11,780
________
At 31 January 2023 13,306
________
4. Tangible assets
Freehold property Short leasehold property Plant and machinery Motor vehicles Total
£ £ £ £ £
Cost
At 1 February 2023 1,932,177 6,251 922,308 53,768 2,914,504
Additions - - 25,352 44,990 70,342
________ ________ ________ ________ ________
At 31 January 2024 1,932,177 6,251 947,660 98,758 2,984,846
________ ________ ________ ________ ________
Depreciation
At 1 February 2023 21,300 5,626 520,750 42,886 590,562
Charge for the year 1,000 625 42,691 13,968 58,284
________ ________ ________ ________ ________
At 31 January 2024 22,300 6,251 563,441 56,854 648,846
________ ________ ________ ________ ________
Carrying amount
At 31 January 2024 1,909,877 - 384,219 41,904 2,336,000
________ ________ ________ ________ ________
At 31 January 2023 1,910,877 625 401,558 10,882 2,323,942
________ ________ ________ ________ ________
5. Investments
Shares in group undertakings Total
£ £
Cost
At 1 February 2023 ( 12,412) ( 12,412)
Fair value adjustment (1,116) (1,116)
________ ________
At 31 January 2024 ( 13,528) ( 13,528)
________ ________
Impairment
At 1 February 2023 and 31 January 2024 - -
________ ________
Carrying amount
At 31 January 2024 ( 13,528) ( 13,528)
________ ________
At 31 January 2023 ( 12,412) ( 12,412)
________ ________
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Shares in group undertakings Total
£ £
At 31 January 2024
Aggregate cost 72,670 72,670
Aggregate depreciation - -
________ ________
Carrying amount 72,670 72,670
________ ________
At 31 January 2023
Aggregate cost 72,670 72,670
Aggregate depreciation - -
________ ________
Carrying amount 72,670 72,670
________ ________
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Forestry and Agricultural Restoration Ltd Oxford Chambers, New Oxford Street, Workington, CA14 2LR Ordinary 80
6. Debtors
2024 2023
£ £
Trade debtors 69,393 7,050
Amounts owed by group undertakings and undertakings in which the company has a participating interest 91,589 112,168
Other debtors 844,317 827,825
________ ________
1,005,299 947,043
________ ________
7. Creditors: amounts falling due within one year
2024 2023
£ £
Taxation and social security 73,182 6
Other creditors 5,864 6,189
________ ________
79,046 6,195
________ ________
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Government Grants - 3,405
________ ________
9. Government grants
2024 2023
£ £
At start of period 3,404 6,813
Grants received or receivable (-) (-)
Released to the profit or loss (3,404) (3,409)
________ ________
At end of period - 3,404
________ ________
10. Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £194 (2023 - £194) were due to the fund. They are included in other creditors.
11. Directors advances, credits and guarantees
During the year the company made advances to Mr D W Gate, a director, totalling £40,324 (2023 - £nil). No repayments (2023 - £30,537) were made by 31 January 2024 and so the balance outstanding at the year end, 31 January 2024, was £119,167 (2023 - £78,843). During the year the company made advances to Mrs C J Gate , a director, totalling £40,324 (2023 - £nil). No repayments (2023 - £30,537) were made by 31 January 2024 and so the balance outstanding at the year end, 31 January 2024, was £119,167 (2023 - £78,843). Where applicable, interest is charged on overdrawn loan accounts at the rate of 2% per annum for the period to 5 April 2023 and 2.25% per annum thereafter. Loans are repayable on demand.
12. Related party transactions
During the year the company made advances of £829 to New Estates Limited (2023 - repayments £13,719). The amount owing from New Gate Estates Limited at the year end, 31 January 2024, was £326,208 (2023 - £325,379). Mr D W Gate is a director of both Branthwaite Hall Agricultural Limited and New Gate Estates Limited. All loans are interest free and repayable on demand. Repayments of £14,000 (2023 - £4,200) were made during the year to the company by Branthwaite Hall Developments Limited. The amount owing from Branthwaite Hall Developments Limited at the year end, 31 January 2024, was £135,940 (2023 - £149,940). Mr D W & Mrs C J Gate are directors of both Branthwaite Hall Agricultural Limited and Branthwaite Hall Developments Limited. All loans are interest free and repayable on demand. Rent amounting to £nil (2023 - £7,500) was paid by the company to Branthwaite Hall Developments, a partnership of Mr D W & Mrs C J Gate for the use of a barn/workshop. During the year the company obtained services in the sum of £14,000 (2023 - £4,200) from Branthwaite Hall Developments Limited. Mr D W & Mrs C J Gate are directors of both Branthwaite Hall Agricultural Limited and Branthwaite Hall Developments Limited.