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Braishfield Manor Estate Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: SC059221

 

Braishfield Manor Estate Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Braishfield Manor Estate Limited

Company Information

Directors

Mr A J A Dunn

Mr N D Parker

Mr A A Dunn

Mrs S P Dunn

Company secretary

Mr A J A Dunn

Registered office

Innerwick
Ferntower Road
Crieff
Perth & Kinross
Scotland
PH7 3DH

Accountants

Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

Braishfield Manor Estate Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

25,748,520

20,796,907

Current assets

 

Stocks

311,407

353,310

Debtors

6

34,760

188,257

Cash at bank and in hand

 

4,953

307

 

351,120

541,874

Creditors: Amounts falling due within one year

7

(9,667,320)

(9,659,700)

Net current liabilities

 

(9,316,200)

(9,117,826)

Total assets less current liabilities

 

16,432,320

11,679,081

Provisions for liabilities

(3,854,128)

(2,612,225)

Net assets

 

12,578,192

9,066,856

Capital and reserves

 

Called up share capital

180,000

180,000

Revaluation reserve

13,625,726

9,925,129

Profit and loss account

(1,227,534)

(1,038,273)

Shareholders' funds

 

12,578,192

9,066,856

 

Braishfield Manor Estate Limited

Balance Sheet

31 March 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr N D Parker
Director

Company Registration Number: SC059221

 

Braishfield Manor Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Innerwick
Ferntower Road
Crieff
Perth & Kinross
Scotland
PH7 3DH

The principal place of business is:
Braishfield Manor
Paynes Hay Road
Braishfield
Romsey
Hampshire
SO51 0PS

These financial statements were authorised for issue by the Board on 2 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention, modified to include the revaluation of freehold preoperties. The principal accounting policies are set out below.

Going concern

The company meets its day-to-day working capital requirements through its intercompany financing arrangements. The company has net current liabilities at the reporting date; however after making enquiries, the directors, supported by management, have a reasonable expectation that company has adequate resources to continue in operational existence for the foreseeable future and have received confirmation from Thornwood Investments Limited, that it will provide financial support to enable the company to settle its obiligations and debts, including intercompany balances, as they fall due. The directors, supported by management, therefore continue to adopt the going concern basis in preparing the financial statements.

 

Braishfield Manor Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from sale of crops is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Single Farm Payment has been recognised on an accrual bassis in line with European Commission regulations.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

For non-depreciable assets measured using the revaluation model and investment properties measured at fair value(except investment property with a limited useful life held by the company to consume substantially all of its economic benefit), deferred tax is measured using the tax rates and allowances that apply to the sale of the asset or property.

Tangible assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any imparement losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Freehold land is not depreciated.

Asset class

Depreciation method and rate

Freehold property

not depreiated

Plant and machinery

10% straight line

Fixtures, fittings and equipment

20% reducing balance

 

Braishfield Manor Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Motor vehicles

20% straight line

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset for which the estimates for future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost represents expenditure incurred on each annual harvest, less the proportion of that harvest which has been sold.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Braishfield Manor Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 8).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £

2023
 £

Deferred taxation

Arising from origination and reversal of timing differences

(1,475)

617,735

 

Braishfield Manor Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

20,824,656

70,460

137,322

247,947

21,280,385

Revaluations

4,958,744

-

-

-

4,958,744

Additions

-

-

-

10,200

10,200

At 31 March 2024

25,783,400

70,460

137,322

258,147

26,249,329

Depreciation

At 1 April 2023

134,400

51,142

137,322

160,616

483,480

Charge for the year

-

4,322

-

13,007

17,329

At 31 March 2024

134,400

55,464

137,322

173,623

500,809

Carrying amount

At 31 March 2024

25,649,000

14,996

-

84,524

25,748,520

At 31 March 2023

20,690,256

19,318

-

87,333

20,796,907

 

Braishfield Manor Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Revaluation

The fair value of the company's freehold land and properties was revalued on 31 March 2024 An independent valuer was not involved.The directors revalued the freehold property on the basis of open market value for existing use.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £9,003,533 (2023 - £9,003,533).

6

Debtors

2024
£

2023
£

Trade debtors

-

174,571

Other debtors

34,760

13,686

34,760

188,257

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

104,721

117,101

Owed by/(from) parent undertakings (1-2yrs)

9,562,599

9,542,599

9,667,320

9,659,700

 

Braishfield Manor Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

There is an unlimited cross guarntee in place between Thornwood Investments Limited, the immediate parent company, and Braishfield Manor Estate Limited, to secure all liabilities of each other.

The directors believe that there will be no financial effect to the company of having given this guarantee.

 

Braishfield Manor Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

9

Related party transactions

Summary of transactions with parent

During the year, Thornwood Investments Limited, the entity's parent company, paid £25,000 (2023: £80,000) of costs on behalf of the company.

At the reporting date the company, this company owed £9,562,599.(2023: £9,542,599) to Thornwood Investments Limited. This amount is interest free and repayable on demand.

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Thornwood Investments Limited, incorporated in England and Wales. The registered office of Thornwood Investments Limited is: The Estate Office Wield Park, Upper Wield, Alresford, SO24 9RU.

 The ultimate parent is Thornwood Group Holdings Limited, incorporated in Jersey, following their acquisition of Thornwood Investments Limited on 5 December 2019. The registered office of Thornwood Group Holdings Limited is: Third Floor Liberation House, Castle Street, St Helier, Jersey, JE1 2LH.