Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-3118858036469933229991632868612315112638508172024-03-317279136838282024-03-311162250726592301849299645188606165297160131610619181181244265508false192023-04-01falseNo description of principal activity17falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03471248 2023-04-01 2024-03-31 03471248 2022-04-01 2023-03-31 03471248 2024-03-31 03471248 2023-03-31 03471248 2022-04-01 03471248 c:Director3 2023-04-01 2024-03-31 03471248 d:Buildings 2023-04-01 2024-03-31 03471248 d:Buildings 2024-03-31 03471248 d:Buildings 2023-03-31 03471248 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03471248 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 03471248 d:Buildings d:LongLeaseholdAssets 2024-03-31 03471248 d:Buildings d:LongLeaseholdAssets 2023-03-31 03471248 d:PlantMachinery 2023-04-01 2024-03-31 03471248 d:PlantMachinery 2024-03-31 03471248 d:PlantMachinery 2023-03-31 03471248 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03471248 d:MotorVehicles 2023-04-01 2024-03-31 03471248 d:MotorVehicles 2024-03-31 03471248 d:MotorVehicles 2023-03-31 03471248 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03471248 d:OfficeEquipment 2023-04-01 2024-03-31 03471248 d:OfficeEquipment 2024-03-31 03471248 d:OfficeEquipment 2023-03-31 03471248 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03471248 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03471248 d:FreeholdInvestmentProperty 2024-03-31 03471248 d:FreeholdInvestmentProperty 2023-03-31 03471248 d:CurrentFinancialInstruments 2024-03-31 03471248 d:CurrentFinancialInstruments 2023-03-31 03471248 d:CurrentFinancialInstruments 2 2024-03-31 03471248 d:CurrentFinancialInstruments 2 2023-03-31 03471248 d:Non-currentFinancialInstruments 2024-03-31 03471248 d:Non-currentFinancialInstruments 2023-03-31 03471248 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03471248 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03471248 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 03471248 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03471248 d:ShareCapital 2024-03-31 03471248 d:ShareCapital 2023-03-31 03471248 d:InvestmentPropertiesRevaluationReserve 2023-04-01 2024-03-31 03471248 d:InvestmentPropertiesRevaluationReserve 2024-03-31 03471248 d:InvestmentPropertiesRevaluationReserve 2023-03-31 03471248 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 03471248 d:RetainedEarningsAccumulatedLosses 2024-03-31 03471248 d:RetainedEarningsAccumulatedLosses 2023-03-31 03471248 c:FRS102 2023-04-01 2024-03-31 03471248 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03471248 c:FullAccounts 2023-04-01 2024-03-31 03471248 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03471248 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 03471248 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 03471248 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 03471248 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 03471248 2 2023-04-01 2024-03-31 03471248 6 2023-04-01 2024-03-31 03471248 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 03471248 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03471248 d:RetirementBenefitObligationsDeferredTax 2024-03-31 03471248 d:RetirementBenefitObligationsDeferredTax 2023-03-31 03471248 d:OtherDeferredTax 2024-03-31 03471248 d:OtherDeferredTax 2023-03-31 03471248 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-03-31 03471248 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 03471248 d:LeasedAssetsHeldAsLessee 2024-03-31 03471248 d:LeasedAssetsHeldAsLessee 2023-03-31 03471248 2 2024-03-31 03471248 2 2023-03-31 03471248 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number:
03471248













BECKHITHE FARMS LIMITED


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
BECKHITHE FARMS LIMITED
REGISTERED NUMBER:03471248

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,925,879
6,847,692

Investments
 5 
50
50

Investment property
 6 
2,337,270
2,337,270

  
9,263,199
9,185,012

Current assets
  

Stocks
 7 
2,872,379
2,724,060

Debtors: amounts falling due within one year
 8 
41,762
48,866

Cash at bank and in hand
  
338,399
430,531

  
3,252,540
3,203,457

Creditors: amounts falling due within one year
 9 
(1,678,267)
(1,663,722)

Net current assets
  
 
 
1,574,273
 
 
1,539,735

Total assets less current liabilities
  
10,837,472
10,724,747

Creditors: amounts falling due after more than one year
 10 
(33,494)
-

Provisions for liabilities
  

Deferred tax
 12 
(375,638)
(346,367)

  
 
 
(375,638)
 
 
(346,367)

Net assets
  
10,428,340
10,378,380


Capital and reserves
  

Called up share capital 
  
8,340,000
8,340,000

Investment property reserve
 13 
1,592,260
1,592,260

Profit and loss account
 13 
496,080
446,120

  
10,428,340
10,378,380


Page 1

 
BECKHITHE FARMS LIMITED
REGISTERED NUMBER:03471248
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G M Gray
Director

Date: 29 November 2024

The notes on pages 3 to 18 form part of these financial statements.

Page 2

 
BECKHITHE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Beckhithe Farms Limited is a private company limited by shares and registered in England. The company registration number is 03471248 and the registered office address is Hall Farm, Reedham, Norwich, Norfolk NR13 3HW. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the presentation of these financial statements are set out below. There policies have been consistently applied to all years unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
BECKHITHE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is not charged on freehold land.

Depreciation is provided on the following basis:

Freehold property
-
10%
straight line
Assets in the course of construction
-
N/A
Plant & machinery
-
20%
straight line
Motor vehicles
-
20%
straight line
Office equipment
-
20%
straight line

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.5

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable. Costs include attributable overheads where applicable.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Livestock is valued at the lower of costs and net realisable value. For animals, where it is not possible to ascertain the actual cost of production, cost is 'deemed cost' which represents 60% of open market value.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 4

 
BECKHITHE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
BECKHITHE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 19).

Page 6

 
BECKHITHE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Assets in the course of construction
Plant & machinery
Motor vehicles
Office equipment

£
£
£
£
£



Cost or valuation


At 1 April 2023
8,168,234
9,750
2,133,660
13,500
55,094


Additions
-
-
264,083
-
-


Disposals
-
-
(161,463)
-
-



At 31 March 2024

8,168,234
9,750
2,236,280
13,500
55,094



Depreciation


At 1 April 2023
1,606,755
-
1,862,808
10,800
52,183


Charge for the year on owned assets
8,447
-
168,256
2,700
1,841


Disposals
-
-
(156,811)
-
-



At 31 March 2024

1,615,202
-
1,874,253
13,500
54,024



Net book value



At 31 March 2024
6,553,032
9,750
362,027
-
1,070



At 31 March 2023
6,561,479
9,750
270,852
2,700
2,911
Page 7

 
BECKHITHE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2023
10,380,238


Additions
264,083


Disposals
(161,463)



At 31 March 2024

10,482,858



Depreciation


At 1 April 2023
3,532,546


Charge for the year on owned assets
181,244


Disposals
(156,811)



At 31 March 2024

3,556,979



Net book value



At 31 March 2024
6,925,879



At 31 March 2023
6,847,692

Included in land and buildings is freehold land at cost of £6,531,005 (2023 - £6,531,005) which is not depreciated.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
128,386
-

128,386
-

Page 8

 
BECKHITHE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
50



At 31 March 2024
50






Net book value



At 31 March 2024
50



At 31 March 2023
50

Page 9

 
BECKHITHE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
2,337,270



At 31 March 2024
2,337,270

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 April 2023
1,552,529
1,552,529

Net deficit in revaluation movement
-
85,661

At 31 March 2024
1,552,529
1,638,190



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
214,260
214,260

Accumulated depreciation and impairments
(9,535)
(9,535)

204,725
204,725


7.


Stocks

2024
2023
£
£

Raw materials and consumables
246,505
329,722

Work in progress (goods to be sold)
145,096
141,451

Finished goods and goods for resale
2,480,778
2,252,887

2,872,379
2,724,060


Page 10

 
BECKHITHE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Debtors

2024
2023
£
£


Trade debtors
1,308
516

Other debtors
38,566
47,155

Prepayments and accrued income
1,888
1,195

41,762
48,866



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
128,491
86,505

Corporation tax
-
62,472

Obligations under finance lease and hire purchase contracts
33,495
-

Other creditors
1,691
375

Accruals and deferred income
14,590
14,370

Share capital treated as debt
1,500,000
1,500,000

1,678,267
1,663,722



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
33,494
-

33,494
-


Page 11

 
BECKHITHE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
33,495
-

Between 1-5 years
33,494
-

66,989
-

Page 12

 
BECKHITHE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Deferred taxation




2024
2023


£

£






At beginning of year
(346,367)
(395,655)


Charged to profit or loss
(29,271)
49,288



At end of year
(375,638)
(346,367)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(92,684)
(71,025)

Capital gains on investment properties
(242,104)
(238,957)

Short term timing difference
(40,850)
(36,385)

(375,638)
(346,367)


13.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve includes all current and prior period revaluation on investment properties where the fair value of an asset exceeded its original cost.

Profit & loss account

The profit and loss account includes all current and prior period retained profit and losses.

Page 13

 
BECKHITHE FARMS LIMITED
 
 

GROSS MARGINS
FOR THE YEAR ENDED 31 MARCH 2024

 
Livestock - Cattle
2024
2023
Opening Valuation
Purchases
Sales
Closing Valuation
Surplus
Surplus
£
£
£
£
£
£
£
Cattle
2,202,794
39,450
1,479,340
2,446,328
1,683,424
1,684,768
2,202,794
39,450
1,479,340
2,446,328
1,683,424
1,684,768
Direct Costs
Feed
801,709
825,898
Straw and hay
230,010
183,751
Vet and medicines
56,006
55,923
AI fees
65
356
Sale commission and levies
15,128
13,728
Contract
27,042
29,393
Haulage
17,815
17,991
Ear tags
6,367
6,632
Livestock sundry expense
3,843
4,273
1,157,985
1,137,945
Livestock gross margin
525,439
546,823

Page 14

 
BECKHITHE FARMS LIMITED
 
 

GROSS MARGINS
FOR THE YEAR ENDED 31 MARCH 2024

 
Crops
2024
2023
2022
2023
Opening Valuation
Crop Sales
Crop Sales
Closing Valuation
Surplus
Surplus
£
£
£
£
£
£
£
Wheat
50,092
84,124
158,341
34,449
226,822
262,102
Sugar beet
-
-
336,981
-
336,981
234,750
Hay & Straw
-
-
-
-
-
1,553
Maize
-
-
174,946
-
174,946
166,493
50,092
84,124
670,268
34,449
738,749
664,898
Fluctuations in cultivations
(5,418)
9,465
733,331
674,363
Crop Direct Costs
Seeds
64,636
58,597
Fertilisers
166,356
90,296
Sprays 
66,033
84,992
Contract & haulage
56,010
48,109
Crop levies
2,797
1,327
Agronomy
9,040
8,826
364,872
292,147
Crop Gross Margin
368,459
382,216

Page 15

 
BECKHITHE FARMS LIMITED
 
  
DETAILED PROFIT AND LOSS
FOR THE YEAR ENDED 31 MARCH 2024

 
2024
2023
£
£
£
£
Gross Margin
1,822,937
Livestock
525,439
546,823
Crops
368,459
382,216





Other Farm Income
1,001,282
Contract income 
29,199
33,132
Higher level scheme 
205,901
205,901
Entry level scheme
45,444
45,444
Basic payment scheme
188,888
247,373
469,432
531,850
Gross Profit
1,363,330
1,460,889





Page 16

 
BECKHITHE FARMS LIMITED
 


DETAILED PROFIT AND LOSS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024





Adminstrative expenses
2,880,695
Wages and salaries
388,348
338,349
Directors remuneration
112,297
107,413
Staff pension costs 
15,433
16,112
Rent 
275,572
275,572
Rates 
14,967
13,683
Insurances 
12,683
12,259
Property repairs and maintenance
40,469
39,028
Light and heat 
30,572
29,901
Machinery and equipment expenses
188,094
165,073
Fuel and oil
141,856
170,177
Telephone and fax 
1,547
1,106
Motor running costs 
512
224
Tax and insurance
11,310
10,390
Legal and professional 
8,393
8,233
Accountancy fees 
7,620
7,873
General office expenses 
2,884
4,291
Subscriptions 
8,350
10,831
Waste disposal
4,008
3,798
Bank charges and interest 
1,009
962
Pest control
998
1,412
Sundry expenses 
10,191
5,994
Depreciation - freehold property 
8,447
7,735
Depreciation - equipment
168,256
253,037
Depreciation - motor vehicles 
2,700
2,700
Depreciation - office equipment
1,841
2,036
(Profit)/loss on sale of tangible assets 
(61,748)
(4,103)
1,396,609
1,484,086
Page 17

 
BECKHITHE FARMS LIMITED
 


DETAILED PROFIT AND LOSS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024





Other operating income
209,064
Land and marshes
28,791
29,391
Property
58,413
53,637
Wayleaves
2,077
1,756
Sundry income
9,436
12,587
Compensation received 
12,976
-
111,693
97,371
Operating Profit
78,414
74,174

Fair value adjustments
52,973
Gain on revaluation of investment property
-
52,973
-
52,973
Other interest receivable and similar income
817
Bank interest receivable
817
-
817
-
Net profit/(Loss)
79,231
127,147

Page 18