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COMPANY REGISTRATION NUMBER: 00639167
Browick Farm Limited
Unaudited financial statements
5 April 2024
Browick Farm Limited
Statement of financial position
5 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
786,411
792,792
Investments
6
72
72
---------
---------
786,483
792,864
Current assets
Stocks
214,021
255,547
Debtors
7
247,022
171,056
Cash at bank and in hand
454,172
522,671
---------
---------
915,215
949,274
Creditors: Amounts falling due within one year
8
( 465,362)
( 490,660)
---------
---------
Net current assets
449,853
458,614
-----------
-----------
Total assets less current liabilities
1,236,336
1,251,478
Creditors: Amounts falling due after more than one year
9
( 11,543)
( 15,153)
Provisions
Taxation including deferred tax
( 325)
( 212)
-----------
-----------
Net assets
1,224,468
1,236,113
-----------
-----------
Capital and reserves
Called up share capital
4,222
4,222
Share premium account
20,860
20,860
Profit and loss account
1,199,386
1,211,031
-----------
-----------
Shareholders funds
1,224,468
1,236,113
-----------
-----------
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 income statement has not been delivered.
For the year ending 5 April 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 .
Browick Farm Limited
Statement of financial position (continued)
5 April 2024
These financial statements were approved by the board of directors and authorised for issue on 23 October 2024 , and are signed on behalf of the board by:
P R Fryer
Director
Company registration number: 00639167
Browick Farm Limited
Notes to the financial statements
Year ended 5 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Browick Hall, Wymondham, Norfolk, NR18 9RB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Property improvements
-
10% straight line
Plant and machinery
-
20% reducing balance
Freehold land is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 stock to its 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of employees during the year was 3 (2023: 3 ).
5. Tangible assets
Freehold land
Property improve- ments
Plant and machinery
Total
£
£
£
£
Cost
At 6 April 2023 and 5 April 2024
750,255
624,466
183,589
1,558,310
---------
---------
---------
-----------
Depreciation
At 6 April 2023
584,503
181,015
765,518
Charge for the year
5,866
515
6,381
---------
---------
---------
-----------
At 5 April 2024
590,369
181,530
771,899
---------
---------
---------
-----------
Carrying amount
At 5 April 2024
750,255
34,097
2,059
786,411
---------
---------
---------
-----------
At 5 April 2023
750,255
39,963
2,574
792,792
---------
---------
---------
-----------
6. Investments
Shares in group undertakings
Unlisted investments
Total
£
£
£
Cost
At 6 April 2023 and 5 April 2024
2
70
72
----
----
----
Impairment
At 6 April 2023 and 5 April 2024
----
----
----
Carrying amount
At 5 April 2024
2
70
72
----
----
----
At 5 April 2023
2
70
72
----
----
----
7. Debtors
2024
2023
£
£
Trade debtors
168,353
69,856
Other debtors
78,669
101,200
---------
---------
247,022
171,056
---------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
107,949
127,207
Amounts owed to group undertakings and undertakings in which the company has a participating interest
328,158
328,158
Social security and other taxes
23,220
23,860
Other creditors
6,035
11,435
---------
---------
465,362
490,660
---------
---------
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Other creditors
11,543
15,153
-------
-------
10. Related party transactions
Included within other creditors due after more than one year is directors loan, from C J Fryer, amounting to £4,407 (2023: £8,016). The loan is interest free. Included within other debtors is directors loan, to S F Fryer, amounting to £71,177 (2023: £77,784).