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Company registration number: 00892954
BIRCHPIECE FARMS LIMITED
FINANCIAL STATEMENTS
31 March 2024
BIRCHPIECE FARMS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 1,266,910 1,343,484
Investments 7 112,290 104,432
_______ _______
1,379,200 1,447,916
Current assets
Stocks 34,683 27,288
Debtors 8 123,024 126,176
Cash at bank and in hand 763 64,233
_______ _______
158,470 217,697
Creditors: amounts falling due
within one year 9 ( 475,500) ( 435,946)
_______ _______
Net current liabilities ( 317,030) ( 218,249)
_______ _______
Total assets less current liabilities 1,062,170 1,229,667
Creditors: amounts falling due
after more than one year 10 ( 328,745) ( 408,006)
Provisions for liabilities ( 35,000) ( 35,000)
_______ _______
Net assets 698,425 786,661
_______ _______
Capital and reserves
Called up share capital 185,500 185,500
Share premium account 112,000 112,000
Capital redemption reserve 122,020 122,020
Profit and loss account 278,905 367,141
_______ _______
Shareholders funds 698,425 786,661
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements 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 statements.
These financial statements 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 statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr J.F.D'A Burdett
Director
Company registration number: 00892954
BIRCHPIECE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Birchpiece Farms Limited, c/o Christopher Young Limited, 1a The Martlets, Burgess Hill, West Sussex, RH15 9NN.
2. Statement of compliance
These financial statements 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'.
3. Accounting policies
Basis of preparation
The financial statements 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 statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tax on loss/profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense - 40,438
_______ _______
Tax on loss/profit - 40,438
_______ _______
Reconciliation of tax expense
The tax assessed on the loss/profit for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 19.00 % (2023: 19.00%).
2024 2023
£ £
(Loss)/profit before taxation ( 88,236) 220,676
_______ _______
(Loss)/profit multiplied by rate of tax ( 16,765) 41,928
Effect of capital allowances and depreciation 14,919 ( 1,490)
Utilisation of tax losses 478 -
Unrelieved tax losses 1,368 -
_______ _______
Tax on loss/profit - 40,438
_______ _______
6. Tangible assets
Freehold property Plant and machinery Motor vehicles Dairy herd Total
£ £ £ £ £
Cost
At 1 April 2023 1,290,211 681,160 17,652 1,358 1,990,381
Additions 200 ( 6,708) - - ( 6,508)
Disposals - ( 65,197) - ( 453) ( 65,650)
_______ _______ _______ _______ _______
At 31 March 2024 1,290,411 609,255 17,652 905 1,918,223
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 129,287 501,725 15,885 - 646,897
Charge for the year 10,517 38,024 442 - 48,983
Disposals - ( 44,567) - - ( 44,567)
_______ _______ _______ _______ _______
At 31 March 2024 139,804 495,182 16,327 - 651,313
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 1,150,607 114,073 1,325 905 1,266,910
_______ _______ _______ _______ _______
At 31 March 2023 1,160,924 179,435 1,767 1,358 1,343,484
_______ _______ _______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2023 104,431 104,431
Additions 7,859 7,859
_______ _______
At 31 March 2024 112,290 112,290
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 112,290 112,290
_______ _______
At 31 March 2023 104,431 104,431
_______ _______
8. Debtors
2024 2023
£ £
Trade debtors 106,598 96,791
Other debtors 16,426 29,385
_______ _______
123,024 126,176
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 259,744 87,758
Trade creditors 147,521 238,971
Corporation tax - 40,438
Social security and other taxes 2,430 2,430
Other creditors 65,805 66,349
_______ _______
475,500 435,946
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 281,476 360,737
Other creditors 47,269 47,269
_______ _______
328,745 408,006
_______ _______
11. Related party transactions
A long term unsecured loan balance of £47,269 (2023: £47,269), for which no repayment dates have been set, was owed by the company to Mr J F D'A Burdett at 31 March 2024. Interest paid on this loan was £0 (2023: £0). This loan is shown in other loans due after more than one year.
At 1 April 2023 Mr J F D'A Burdett, a director of the company was owed £21,649 on his current account. At the end of the year the balance decreased to £21,105.
Mrs M E Burdett previously loaned the company £11,500 on interest free terms and this balance remained due to her at 31 March 2024.
12. Controlling party
The company is controlled by two of its directors; Mr J Burdett and Miss M E Burdett .