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COMPANY REGISTRATION NUMBER: 4634539
Bicton Farms Limited
Filleted Unaudited Financial Statements
31 July 2024
Bicton Farms Limited
Financial Statements
Year ended 31 July 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
Bicton Farms Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
434,388
468,261
Investments
7
10
10
---------
---------
434,398
468,271
Current assets
Stocks
219,765
155,279
Debtors
8
35,275
51,145
---------
---------
255,040
206,424
Creditors: amounts falling due within one year
9
( 602,595)
( 385,110)
---------
---------
Net current liabilities
( 347,555)
( 178,686)
---------
---------
Total assets less current liabilities
86,843
289,585
Creditors: amounts falling due after more than one year
10
( 27,167)
( 57,584)
Provisions
11
( 47,269)
( 53,570)
--------
---------
Net assets
12,407
178,431
--------
---------
Capital and reserves
Called up share capital
13
50
50
Profit and loss account
12,357
178,381
--------
---------
Shareholders funds
12,407
178,431
--------
---------
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.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bicton Farms Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 27 January 2025 , and are signed on behalf of the board by:
D G Llewellin
Director
Company registration number: 4634539
Bicton Farms Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hamilton House, Hamilton Terrace, Milford Haven, Pembrokeshire, SA73 3JP, Wales.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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
-
7.5% - 15% reducing balance
Motor vehicles
-
15% reducing balance
Property improvements
-
over 15 years straight line
No depreciation is provided for on Leasehold property.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
5. Tax on (loss)/profit
Major components of tax (income)/expense
2024
2023
£
£
Current tax:
UK current tax expense
31,385
Adjustments in respect of prior periods
( 13,036)
Corporation tax - R&D Claim
(13,062)
--------
--------
Total current tax
( 13,036)
18,323
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 6,301)
4,129
--------
--------
Tax on (loss)/profit
( 19,337)
22,452
--------
--------
6. Tangible assets
Leasehold property
Plant and machinery
Motor vehicles
Property improvements
Total
£
£
£
£
£
Cost
At 1 August 2023
182,011
820,459
11,284
4,872
1,018,626
Additions
8,224
8,224
---------
---------
--------
-------
------------
At 31 July 2024
182,011
828,683
11,284
4,872
1,026,850
---------
---------
--------
-------
------------
Depreciation
At 1 August 2023
542,979
4,679
2,707
550,365
Charge for the year
40,781
991
325
42,097
---------
---------
--------
-------
------------
At 31 July 2024
583,760
5,670
3,032
592,462
---------
---------
--------
-------
------------
Carrying amount
At 31 July 2024
182,011
244,923
5,614
1,840
434,388
---------
---------
--------
-------
------------
At 31 July 2023
182,011
277,480
6,605
2,165
468,261
---------
---------
--------
-------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 July 2024
48,733
--------
At 31 July 2023
76,968
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 August 2023 and 31 July 2024
10
----
Impairment
At 1 August 2023 and 31 July 2024
----
Carrying amount
At 31 July 2024
10
----
At 31 July 2023
10
----
The company has a 100% subsidiary, The Hake Inn Limited, a company registered in England and Wales which trades as a fish and chip shop.
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
8. Debtors
2024
2023
£
£
Trade debtors
1,094
Other debtors
34,181
51,145
--------
--------
35,275
51,145
--------
--------
Included within other debtors is an amount of £nil (2023 - £nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
395,658
243,118
Trade creditors
5,234
6,474
Corporation tax
32,831
24,234
Social security and other taxes
8,085
3,993
Obligations under finance leases and hire purchase contracts
20,257
29,025
Other creditors
140,530
78,266
---------
---------
602,595
385,110
---------
---------
HSBC Bank PLC holds a fixed and floating charge over the property and assets of the company.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
9,640
19,801
Obligations under finance leases and hire purchase contracts
17,527
37,783
--------
--------
27,167
57,584
--------
--------
11. Provisions
Deferred tax (note 12)
£
At 1 August 2023
53,570
Charge against provision
( 6,301)
--------
At 31 July 2024
47,269
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 11)
47,269
53,570
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
47,269
53,570
--------
--------
13. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
30
30
30
30
Ordinary B shares of £ 1 each
20
20
20
20
----
----
----
----
50
50
50
50
----
----
----
----
14. Related party transactions
The company was under the control of D G Llewellin , the managing director, during the current and previous year by virtue of his majority shareholding. During the period the company paid dividends of £120,000 (2023 - £214,000) to the shareholders.