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Company registration number: 12188658
Boode Farm Limited
Unaudited filleted abridged financial statements
for the year ended
31 March 2024
Boode Farm Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Boode Farm Limited
Directors and other information
Directors Mr G B Fowler
Mrs A M Fowler
Company number 12188658
Registered office Office 8 The Barns Farm Road
Caddsdown Industrial Park
Bideford
Devon
EX39 3BT
Business address Higher Boode Farm
Braunton
Devon
EX33 2NN
Accountants Giffords LLP
Office 8 The Barns Farm Road
Caddsdown Industrial Park
Bideford
Devon
EX39 3BT
Boode Farm Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Boode Farm Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Boode Farm Limited for the year ended 31 March 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Boode Farm Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Boode Farm Limited and state those matters that we have agreed to state to the board of directors of Boode Farm Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Boode Farm Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Boode Farm Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Boode Farm Limited. You consider that Boode Farm Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Boode Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Giffords LLP
Chartered Accountants
Office 8 The Barns Farm Road
Caddsdown Industrial Park
Bideford
Devon
EX39 3BT
12 November 2024
Boode Farm Limited
Abridged statement of financial position
31 March 2024
31/03/24 31/03/23
Note £ £ £ £
Fixed assets
Tangible assets 5 488,178 373,652
Investments 6 24,428 18,572
________ ________
512,606 392,224
Current assets
Stocks 301,078 301,613
Debtors 93,555 46,717
Cash at bank and in hand 441,565 680,667
________ ________
836,198 1,028,997
Creditors: amounts falling due
within one year 7 ( 764,682) ( 805,472)
________ ________
Net current assets 71,516 223,525
________ ________
Total assets less current liabilities 584,122 615,749
Creditors: amounts falling due
after more than one year ( 29,227) ( 27,260)
Provisions for liabilities ( 72,432) ( 93,413)
________ ________
Net assets 482,463 495,076
________ ________
Capital and reserves
Called up share capital 10 10
Profit and loss account 482,453 495,066
________ ________
Shareholders funds 482,463 495,076
________ ________
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.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
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 G B Fowler Mrs A M Fowler
Director Director
Company registration number: 12188658
Boode Farm 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 & Wales, company registration number 12188658 . The address of the registered office is Office 8 The Barns Farm Road, Caddsdown Industrial Park, Bideford, Devon, EX39 3BT.
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.
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.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery - 20 % reducing balance
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.
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.
Biological assets
Biological assets are included applying the cost model at cost less accumulated depreciation and any accumulated impairment losses, within stocks.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
£
Cost
At 1 April 2023 546,788
Additions 236,570
________
At 31 March 2024 783,358
________
Depreciation
At 1 April 2023 173,136
Charge for the year 122,044
________
At 31 March 2024 295,180
________
Carrying amount
At 31 March 2024 488,178
________
At 31 March 2023 373,652
________
6. Investments
£
Cost
At 1 April 2023 18,572
Additions 5,856
________
At 31 March 2024 24,428
________
Impairment
At 1 April 2023 and 31 March 2024 -
________
Carrying amount
At 31 March 2024 24,428
________
At 31 March 2023 18,572
________
7. Creditors: amounts falling due within one year
During the year, the directors leant the company funds. The loan is interest free and repayable on demand. On no occasion did the directors loan account become overdrawn and on that basis the company has not specifically disclosed further details within the notes to the accounts.
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
Year Period Year Period
ended ended ended ended
31/03/24 31/03/23 31/03/24 31/03/23
£ £ £ £
Related Partnership 431,836 481,306 ( 113,111) ( 290,209)
________ ________ ________ ________
During the year, the company purchased goods and services from a related partnership business, in which the directors are partners. All transactions between Boode Farm Limited and the related partnership business took place on an arms length basis and the directors consider the transactions to have taken place using open market values.