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Company registration number: 10516551

Farwood Barton Partnership Ltd

Annual Report and Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name
 

Farwood Barton Partnership Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 16

 

Farwood Barton Partnership Ltd

Company Information

Directors

J E F Hurford

Mrs J M Hurford

Registered office

39-40 High Street
Taunton
Somerset
TA1 3PN

Accountants

Pat Tomlinson Accountancy Ltd
39-40 High Street
Taunton
Somerset
TA1 3PN

 

Farwood Barton Partnership Ltd

(Registration number: 10516551)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,596,376

3,177,667

Other financial assets

7

150

150

Biological assets

6

348,235

342,478

 

3,944,761

3,520,295

Current assets

 

Biological assets

8

153,974

115,528

Stocks

9

54,301

99,945

Debtors

10

140,686

190,370

Cash at bank and in hand

 

132,032

273,048

 

480,993

678,891

Creditors: Amounts falling due within one year

11

(292,374)

(258,953)

Net current assets

 

188,619

419,938

Total assets less current liabilities

 

4,133,380

3,940,233

Creditors: Amounts falling due after more than one year

11

(2,345,714)

(2,474,923)

Provisions for liabilities

(102,369)

(77,714)

Net assets

 

1,685,297

1,387,596

Capital and reserves

 

Called up share capital

12

216,005

216,005

Profit and loss account

1,469,292

1,171,591

Total equity

 

1,685,297

1,387,596

 

Farwood Barton Partnership Ltd

(Registration number: 10516551)
Balance Sheet as at 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 November 2024 and signed on its behalf by:
 


J E F Hurford
Director


Mrs J M Hurford
Director

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
39-40 High Street
Taunton
Somerset
TA1 3PN

These financial statements were authorised for issue by the Board on 11 November 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is £ Sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of consideration received or receivable for the sale of milk, eggs, live and deadstock, rent and the receipt of government grants, 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred 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.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.


Basic payment scheme
Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted entitlements deferred income is released to the profit and loss account as other operating income at the same rate at which the intangible asset is being amortised.
 

Asset class

Amortisation method and rate

Basic payment scheme entitlements

6-8 years straight line

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

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:

Asset class

Depreciation method and rate

Land and buildings

0-5% straight line

Plant and machinery

15% reducing balance

Motor vehicles and tractors

15% reducing balance

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Biological non current assets
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise a dairy herd.

Depreciation of biological non current assets
Depreciation is charged so as to write off the cost of assets, less their estimated selling price less costs to sale, over their useful economic life as follows:

Asset class

Depreciation method and rate

Dairy herd

Depreciated to cull value over useful life of 5 years on straight line basis

Biological current assets
Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise beef youngstock, dairy followers and laying poultry.

Stocks

Stocks comprising agricultural produce (ie crops in store) and deadstock such as feed, seed, fertiliser and sprays are stated at the lower of cost and estimated selling price, less costs to complete and sell. Agricultural produce (ie crops in store) harvested from biological assets are measured at the point of harvest.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Security is provided by way of the assets themselves.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 9).

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

BPS Entitlements
 £

Total
£

Cost or valuation

At 1 April 2023

43,480

43,480

At 31 March 2024

43,480

43,480

Amortisation

At 1 April 2023

43,480

43,480

At 31 March 2024

43,480

43,480

Carrying amount

At 1 April 2022 and at 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

3,015,088

475,134

206,398

3,696,620

Additions

432,406

18,288

59,300

509,994

Disposals

-

(1,000)

-

(1,000)

At 31 March 2024

3,447,494

492,422

265,698

4,205,614

Depreciation

At 1 April 2023

175,364

250,414

93,175

518,953

Charge for the year

28,640

36,403

25,877

90,920

Eliminated on disposal

-

(635)

-

(635)

At 31 March 2024

204,004

286,182

119,052

609,238

Carrying amount

At 31 March 2024

3,243,490

206,240

146,646

3,596,376

At 31 March 2023

2,839,724

224,720

113,223

3,177,667

Included within the net book value of land and buildings above is £3,243,490 (2023 - £2,839,724) in respect of freehold land and buildings.
 

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Non current biological assets

Dairy herd
£

Total
£

Cost or valuation

At 1 April 2023

358,100

358,100

Additions

7,290

7,290

Disposals

(1,020)

(1,020)

At 31 March 2024

364,370

364,370

Depreciation

At 1 April 2023

15,622

15,622

Charge for the year

558

558

Eliminated on disposal

(45)

(45)

At 31 March 2024

16,135

16,135

Carrying amount

At 31 March 2024

348,235

348,235

At 31 March 2023

342,478

342,478

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

150

150

At 31 March 2024

150

150

Impairment

Carrying amount

At 31 March 2024

150

150

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Current biological assets

Dairy followers
£

Beef youngstock
£

Sheep youngstock
£

Total
£

Cost or valuation

At 1 April 2023

82,230

24,900

8,398

115,528

Additions

98,400

24,450

31,124

153,974

Disposals

(82,230)

(24,900)

(8,398)

(115,528)

At 31 March 2024

98,400

24,450

31,124

153,974

Depreciation

Carrying amount

At 31 March 2024

98,400

24,450

31,124

153,974

At 31 March 2023

82,230

24,900

8,398

115,528

9

Stocks

2024
£

2023
£

Deadstock

54,301

99,945

10

Debtors

Current

2024
£

2023
£

Trade debtors

114,793

144,461

Other debtors

25,893

45,909

 

140,686

190,370

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

13

52,112

52,112

Trade creditors

 

52,997

34,047

Accruals and deferred income

 

3,445

3,135

Corporation tax

 

121,770

110,090

Other creditors

 

62,050

59,569

 

292,374

258,953

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

13

2,345,714

2,474,923

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

12

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

1,000

1,000

1,000

1,000

Ordinary B shares of £1 each

2

2

2

2

Ordinary C shares of £1 each

1

1

1

1

Ordinary D shares of £1 each

1

1

1

1

Ordinary E shares of £1 each

1

1

1

1

Preference shares of £1 each

215,000

215,000

215,000

215,000

 

216,005

216,005

216,005

216,005

13

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

2,345,714

2,474,923

2024
£

2023
£

Current loans and borrowings

Bank borrowings

52,112

52,112

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

14

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £36.00 (2023 - £10.98) per each Ordinary A shares

 

36,000

 

10,980

Interim dividend of £2,500.00 per each Ordinary B shares

 

5,000

 

5,000

Interim dividend of £1,000.00 (2023 - £2,000.00) per each Ordinary C shares

 

1,000

 

2,000

Interim dividend of £1,000.00 (2023 - £3,100.00) per each Ordinary D shares

 

1,000

 

3,100

Interim dividend of £1,000.00 (2023 - £2,000.00) per each Ordinary E shares

 

1,000

 

2,000

   

44,000

 

23,080

 

Farwood Barton Partnership Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

15

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mrs J M Hurford

Loan bearing interest at 2.25% and repayable on demand

17,658

24,987

(33,944)

8,701

         
       

J E F Hurford

Loan bearing interest at 2.25% and repayable on demand

17,658

25,163

(33,945)

8,876

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mrs J M Hurford

Loan bearing interest at 2.25% and repayable on demand

(3,255)

66,400

(45,487)

17,658

         
       

J E F Hurford

Loan bearing interest at 2.25% and repayable on demand

(3,255)

66,400

(45,487)

17,658

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

16,328

16,328