Company registration number 00506775 (England and Wales)
L BARTRUPT & SON LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
L BARTRUPT & SON LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
L BARTRUPT & SON LTD
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
862,517
664,063
Current assets
Stocks
286,740
253,604
Debtors
5
37,297
49,790
Cash at bank and in hand
11,954
158,341
335,991
461,735
Creditors: amounts falling due within one year
6
(216,133)
(148,018)
Net current assets
119,858
313,717
Total assets less current liabilities
982,375
977,780
Creditors: amounts falling due after more than one year
7
(125,303)
(161,128)
Provisions for liabilities
(66,960)
(56,054)
Net assets
790,112
760,598
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
789,112
759,598
Total equity
790,112
760,598
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
L BARTRUPT & SON LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
J L Freeman
Director
Company registration number 00506775 (England and Wales)
L BARTRUPT & SON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
L Bartrupt & Son Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hill FarmFord End, Chelmsford, Essex, CM3 1LH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is the total amount receivable in the ordinary course of business for farm sales and agricultural contracting, excluding VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold building costs
4% per annum straight line
Plant and machinery
20% or 25% per annum reducing balance
Fixtures and fittings
20% per annum reducing balance
Motor vehicles
25% per annum reducing balance
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.
1.4
Stocks
Farm stocks and tillages are valued by the directors at the lower of cost and net realisable value on bases and methods applied consistently.
1.5
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 current liabilities.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
L BARTRUPT & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
The company contributes to money purchase pension schemes for its directors and staff. The pension costs charged against profits represent the amount of the contributions payable to the scheme in respect of the accounting period.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
L BARTRUPT & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
689,642
802,703
1,492,345
Additions
198,634
104,083
302,717
Disposals
(59,671)
(59,671)
At 30 June 2024
888,276
847,115
1,735,391
Depreciation and impairment
At 1 July 2023
218,374
609,908
828,282
Depreciation charged in the year
35,531
61,192
96,723
Eliminated in respect of disposals
(52,131)
(52,131)
At 30 June 2024
253,905
618,969
872,874
Carrying amount
At 30 June 2024
634,371
228,146
862,517
At 30 June 2023
471,268
192,795
664,063
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,128
28,308
Other debtors
16,169
21,482
37,297
49,790
L BARTRUPT & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
98,527
25,820
Trade creditors
42,400
38,939
Corporation tax
5,691
41,860
Other taxation and social security
5,541
3,153
Other creditors
63,974
38,246
216,133
148,018
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
55,970
82,628
Other creditors
69,333
78,500
125,303
161,128
8
Related party transactions
During the year, the company paid rent at commercial rates to Mr B G Freeman, a director of the company. Amounts paid in the year totalled £34,000 (2023: £34,000).
Mr B G Freeman and his wife, Mrs G C Freeman (also a director of the company) continued to loan money to the company on an interest free basis. Throughout the year, the amount owing to Mr & Mrs Freeman amounted to £58,500 (2023:£58,500). The directors have stated that they would give the company twelve months notice before requiring payment.
In addition, Mr J L Freeman, who is also a director of the company, loaned the company an amount of £20,000 during the year, on an interest-free basis. This amount was outstanding at the Balance Sheet date.
9
Controlling party
The company is controlled by its director, Mr B Freeman, by virtue of his majority shareholding.