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Breach Manor Farms Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04905919
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 77,546 53,275
77,546 53,275
CURRENT ASSETS
Stocks 5 770 770
Debtors 6 223,037 317,387
Cash at bank and in hand 3,418 464
227,225 318,621
Creditors: Amounts Falling Due Within One Year 7 (53,542 ) (101,920 )
NET CURRENT ASSETS (LIABILITIES) 173,683 216,701
TOTAL ASSETS LESS CURRENT LIABILITIES 251,229 269,976
NET ASSETS 251,229 269,976
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 251,129 269,876
SHAREHOLDERS' FUNDS 251,229 269,976
Page 1
Page 2
For the 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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Maureen Hollis
Director
6 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Breach Manor Farms Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04905919 . The registered office is Breach Manor Farm, Breach Lane, Sudbury, Derbyshire, DE6 5HH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold is not depreciated
Plant & Machinery 20% reducing balance
Equestrian centre 20% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Equestrian centre Total
£ £ £ £
Cost
As at 1 April 2023 49,627 68,360 20,000 137,987
Additions - 25,000 - 25,000
As at 31 March 2024 49,627 93,360 20,000 162,987
Depreciation
As at 1 April 2023 - 64,979 19,733 84,712
Provided during the period - 676 53 729
As at 31 March 2024 - 65,655 19,786 85,441
Net Book Value
As at 31 March 2024 49,627 27,705 214 77,546
As at 1 April 2023 49,627 3,381 267 53,275
5. Stocks
31 March 2024 31 March 2023
£ £
Stock 770 770
6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Corporation tax recoverable assets 55,983 69,949
VAT 1,177 1,183
Director's loan account 165,877 246,255
223,037 317,387
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 5,101 1,027
Corporation tax 43,941 95,273
Accruals and deferred income 4,500 5,620
53,542 101,920
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Page 5
8. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5