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REGISTERED NUMBER: 07869533 (England and Wales)






















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Buckle Farms Limited

Buckle Farms Limited (Registered number: 07869533)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Buckle Farms Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: R J Buckle
R P Buckle
Mrs A J Buckle





REGISTERED OFFICE: West Farm
Sunk Island
Ottringham
East Yorkshire
HU12 0AP





REGISTERED NUMBER: 07869533 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Buckle Farms Limited (Registered number: 07869533)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,020,336 1,583,183

CURRENT ASSETS
Stocks 11,810 26,300
Debtors 5 510,949 592,159
Cash at bank 202,621 304,215
725,380 922,674
CREDITORS
Amounts falling due within one year 6 722,147 685,580
NET CURRENT ASSETS 3,233 237,094
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,023,569

1,820,277

CREDITORS
Amounts falling due after more than one
year

7

(507,105

)

(399,665

)

PROVISIONS FOR LIABILITIES (369,687 ) (338,739 )
NET ASSETS 1,146,777 1,081,873

CAPITAL AND RESERVES
Called up share capital 7 7
Retained earnings 1,146,770 1,081,866
SHAREHOLDERS' FUNDS 1,146,777 1,081,873

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Buckle Farms Limited (Registered number: 07869533)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by:





R P Buckle - Director


Buckle Farms Limited (Registered number: 07869533)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Buckle Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The company adopted FRS 102 in the current year and an explanation of how transition to FRS 102 has affected the reported financial position and performance is given in note 15.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the rendering of services is recognised when the service is complete, the amount of economic turnover can be measured reliably, it is possible that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

Plant and machinery15% to 20% on written down value
Tractors and combine10% to 20% on written down value
Motor vehicles20% to 25% on written down value
Office equipment4 years straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.


Buckle Farms Limited (Registered number: 07869533)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Current & deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase agreements
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Tangible fixed assets acquired under hire purchase agreements are capitalised at the estimated fair value at the date of inception of each contract. The finance charges are allocated over the period of the contract in accordance with the straight line method.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 12 ) .

Buckle Farms Limited (Registered number: 07869533)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Tractors
Plant and Office Motor and
machinery equipment vehicles Combine Totals
£    £    £    £    £   
COST
At 1 April 2023 1,537,275 1,308 24,549 635,421 2,198,553
Additions 553,673 - - 430,290 983,963
Disposals (248,314 ) - - (226,844 ) (475,158 )
At 31 March 2024 1,842,634 1,308 24,549 838,867 2,707,358
DEPRECIATION
At 1 April 2023 502,704 472 14,996 97,198 615,370
Charge for year 221,406 239 1,911 111,032 334,588
Eliminated on disposal (152,290 ) - - (110,646 ) (262,936 )
At 31 March 2024 571,820 711 16,907 97,584 687,022
NET BOOK VALUE
At 31 March 2024 1,270,814 597 7,642 741,283 2,020,336
At 31 March 2023 1,034,571 836 9,553 538,223 1,583,183

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 510,949 592,159

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 272,171 228,933
Trade creditors 84,767 136,838
Taxation and social security 83,972 21,221
Other creditors 281,237 298,588
722,147 685,580

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 507,105 399,665