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Registration number: 11328902

Board Family Partnership Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Board Family Partnership Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Board Family Partnership Limited

(Registration number: 11328902)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

3,906

Tangible assets

5

229,868

188,513

Other financial assets

6

89,165

86,351

 

319,033

278,770

Current assets

 

Stocks

62,798

94,437

Debtors

69,466

78,128

Cash at bank and in hand

 

201,796

276,899

 

334,060

449,464

Creditors: Amounts falling due within one year

(190,685)

(243,806)

Net current assets

 

143,375

205,658

Total assets less current liabilities

 

462,408

484,428

Creditors: Amounts falling due after more than one year

(224,212)

(257,233)

Provisions for liabilities

(50,333)

(32,877)

Net assets

 

187,863

194,318

Capital and reserves

 

Called up share capital

104

104

Profit and loss account

187,759

194,214

Total equity

 

187,863

194,318

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Board Family Partnership Limited

(Registration number: 11328902)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

Mrs V A Board

Director

Mr M Board

Director

Mrs H J Board

Director

Mr D L Board

Director

 

Board Family Partnership Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 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:
Church Farm
Yeovil
Somerset
BA22 8JE

These financial statements were authorised for issue by the Board on 22 October 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.


 

Board Family Partnership Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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

Plant, machinery and tractors

20% reducing balance

Freehold property

2% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

BPS entitlements

straight line to 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Biological assets

Biological assets, living plants and animals are included at the lower of cost and estimated selling price less costs to sell.

3

Staff numbers

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

 

Board Family Partnership Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

15,625

Disposals

(15,625)

At 31 March 2024

-

Amortisation

At 1 April 2023

11,719

Amortisation eliminated on disposals

(11,719)

At 31 March 2024

-

Carrying amount

At 31 March 2024

-

At 31 March 2023

3,906

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2023

422,914

Additions

126,877

Disposals

(68,495)

At 31 March 2024

481,296

Depreciation

At 1 April 2023

234,400

Charge for the year

57,467

Eliminated on disposal

(40,439)

At 31 March 2024

251,428

Carrying amount

At 31 March 2024

229,868

At 31 March 2023

188,513

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

89,165

86,351