Silverfin false false 29/02/2024 01/03/2023 29/02/2024 R A Bright 11/02/2009 E M Bright 11/02/2009 06 November 2024 The principal activity of the Company during the financial year was rearing of swine. 06816729 2024-02-29 06816729 bus:Director1 2024-02-29 06816729 bus:Director2 2024-02-29 06816729 2023-02-28 06816729 core:CurrentFinancialInstruments 2024-02-29 06816729 core:CurrentFinancialInstruments 2023-02-28 06816729 core:Non-currentFinancialInstruments 2024-02-29 06816729 core:Non-currentFinancialInstruments 2023-02-28 06816729 core:ShareCapital 2024-02-29 06816729 core:ShareCapital 2023-02-28 06816729 core:RetainedEarningsAccumulatedLosses 2024-02-29 06816729 core:RetainedEarningsAccumulatedLosses 2023-02-28 06816729 core:LandBuildings 2023-02-28 06816729 core:LeaseholdImprovements 2023-02-28 06816729 core:PlantMachinery 2023-02-28 06816729 core:Vehicles 2023-02-28 06816729 core:OfficeEquipment 2023-02-28 06816729 core:LandBuildings 2024-02-29 06816729 core:LeaseholdImprovements 2024-02-29 06816729 core:PlantMachinery 2024-02-29 06816729 core:Vehicles 2024-02-29 06816729 core:OfficeEquipment 2024-02-29 06816729 5 2024-02-29 06816729 5 2023-02-28 06816729 6 2024-02-29 06816729 6 2023-02-28 06816729 core:CurrentFinancialInstruments core:Secured 2024-02-29 06816729 2023-03-01 2024-02-29 06816729 bus:FilletedAccounts 2023-03-01 2024-02-29 06816729 bus:SmallEntities 2023-03-01 2024-02-29 06816729 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06816729 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06816729 bus:Director1 2023-03-01 2024-02-29 06816729 bus:Director2 2023-03-01 2024-02-29 06816729 core:LandBuildings core:TopRangeValue 2023-03-01 2024-02-29 06816729 core:LandBuildings 2023-03-01 2024-02-29 06816729 core:LeaseholdImprovements core:BottomRangeValue 2023-03-01 2024-02-29 06816729 core:LeaseholdImprovements core:TopRangeValue 2023-03-01 2024-02-29 06816729 core:PlantMachinery 2023-03-01 2024-02-29 06816729 core:Vehicles 2023-03-01 2024-02-29 06816729 core:OfficeEquipment 2023-03-01 2024-02-29 06816729 2022-03-01 2023-02-28 06816729 core:LeaseholdImprovements 2023-03-01 2024-02-29 06816729 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 06816729 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: 06816729 (England and Wales)

BRIGHT FARMING LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

BRIGHT FARMING LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

BRIGHT FARMING LIMITED

BALANCE SHEET

As at 29 February 2024
BRIGHT FARMING LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,349,693 1,230,955
1,349,693 1,230,955
Current assets
Stocks 4 669,380 925,820
Debtors 5 336,543 99,203
Cash at bank and in hand 284,934 346,091
1,290,857 1,371,114
Creditors: amounts falling due within one year 6 ( 514,021) ( 907,250)
Net current assets 776,836 463,864
Total assets less current liabilities 2,126,529 1,694,819
Creditors: amounts falling due after more than one year 7 ( 144,948) ( 25,248)
Provision for liabilities ( 135,422) ( 110,700)
Net assets 1,846,159 1,558,871
Capital and reserves
Called-up share capital 200 200
Profit and loss account 1,845,959 1,558,671
Total shareholders' funds 1,846,159 1,558,871

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Bright Farming Limited (registered number: 06816729) were approved and authorised for issue by the Board of Directors on 06 November 2024. They were signed on its behalf by:

R A Bright
Director
BRIGHT FARMING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
BRIGHT FARMING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bright Farming Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Oak View, Stockland, Honiton, EX14 9EL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of swine, flint stone and receipt of government grants. Turnover is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
15 % reducing balance
Leasehold improvements 0 - 10 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Biological assets

Biological current assets not held for continuing use within the business are classified as current assets, within stock. Such assets are measured at cost less accumulated impairment.

Assets within this classification comprise of swine which are held as stock under note 4 of the accounts.

Stocks

Stocks comprising of swine for fattening, growing crops, stone and deadstock which are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured. 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income or turnover over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 5

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £ £
Cost
At 01 March 2023 719,539 111,990 996,172 1,000 16,582 1,845,283
Additions 82,059 57,071 93,146 0 0 232,276
Disposals 0 0 ( 1,558) 0 0 ( 1,558)
At 29 February 2024 801,598 169,061 1,087,760 1,000 16,582 2,076,001
Accumulated depreciation
At 01 March 2023 0 88,422 512,818 579 12,509 614,328
Charge for the financial year 4,867 10,743 96,870 105 815 113,400
Disposals 0 0 ( 1,420) 0 0 ( 1,420)
At 29 February 2024 4,867 99,165 608,268 684 13,324 726,308
Net book value
At 29 February 2024 796,731 69,896 479,492 316 3,258 1,349,693
At 28 February 2023 719,539 23,568 483,354 421 4,073 1,230,955

4. Stocks

2024 2023
£ £
Stocks 30,540 241,320
Livestock 625,000 670,500
Crops 13,840 14,000
669,380 925,820

5. Debtors

2024 2023
£ £
Trade debtors 110,808 17,949
Amounts owed by directors 265 0
Prepayments 62,009 29,680
VAT recoverable 33,461 26,052
Other debtors 130,000 25,522
336,543 99,203

Included within other debtors is a loan to an unconnected company of £130,000 (2023: £0). The loan is interest free and repayable upon demand.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 61,414 445,997
Trade creditors 270,026 178,088
Amounts owed to directors 0 110,598
Other loans 30,000 30,000
Accruals 58,537 45,961
Taxation and social security 93,309 95,321
Other creditors 735 1,285
514,021 907,250

Further detail of security included in Note 7 of the accounts..

Included within other loans £30,000 (2023: £30,000) is a loan from close family members of the directors to the company. The loan is interest free and repayable upon demand. In March 2024, this loan was fully repaid.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 144,948 25,248

Bank borrowings of £51,414 under one year and £129,700 over one year (2023: £435,996) on which the following security is provided:

A Guarantee for £400,000 from the directors in form and substance satisfactory to the bank supported by a legal charge over 47.32 acres or thereabouts of Land and Building at Stockland Hill, Dalwood, Axminster, Devon.

A legal charge over 46.61 acres or thereabouts of Land at Ridge Court, Stockland, Honiton, Devon in form and substance satisfactory to the Bank.