Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Richard Campbell-Breeden 24/02/2021 Samantha Campbell-Breeden 01/03/2017 08 January 2025 The principal activity of the Company during the financial year was continuing to provide hospitality and farming. 10645827 2024-02-29 10645827 bus:Director1 2024-02-29 10645827 bus:Director2 2024-02-29 10645827 2023-02-28 10645827 core:CurrentFinancialInstruments 2024-02-29 10645827 core:CurrentFinancialInstruments 2023-02-28 10645827 core:Non-currentFinancialInstruments 2024-02-29 10645827 core:Non-currentFinancialInstruments 2023-02-28 10645827 core:ShareCapital 2024-02-29 10645827 core:ShareCapital 2023-02-28 10645827 core:RetainedEarningsAccumulatedLosses 2024-02-29 10645827 core:RetainedEarningsAccumulatedLosses 2023-02-28 10645827 core:OtherResidualIntangibleAssets 2023-02-28 10645827 core:OtherResidualIntangibleAssets 2024-02-29 10645827 core:LandBuildings 2023-02-28 10645827 core:PlantMachinery 2023-02-28 10645827 core:Vehicles 2023-02-28 10645827 core:FurnitureFittings 2023-02-28 10645827 core:LandBuildings 2024-02-29 10645827 core:PlantMachinery 2024-02-29 10645827 core:Vehicles 2024-02-29 10645827 core:FurnitureFittings 2024-02-29 10645827 core:BearerBiologicalAssetClass1 2023-02-28 10645827 core:BearerBiologicalAssetClass1 2024-02-29 10645827 5 2024-02-29 10645827 5 2023-02-28 10645827 2023-03-01 2024-02-29 10645827 bus:FilletedAccounts 2023-03-01 2024-02-29 10645827 bus:SmallEntities 2023-03-01 2024-02-29 10645827 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 10645827 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10645827 bus:Director1 2023-03-01 2024-02-29 10645827 bus:Director2 2023-03-01 2024-02-29 10645827 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-03-01 2024-02-29 10645827 core:OtherResidualIntangibleAssets 2023-03-01 2024-02-29 10645827 core:LandBuildings 2023-03-01 2024-02-29 10645827 core:PlantMachinery 2023-03-01 2024-02-29 10645827 core:Vehicles 2023-03-01 2024-02-29 10645827 core:FurnitureFittings 2023-03-01 2024-02-29 10645827 2022-03-01 2023-02-28 10645827 core:BearerBiologicalAssetClass1 2023-03-01 2024-02-29 10645827 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 10645827 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: 10645827 (England and Wales)

BITTESCOMBE MANOR ESTATE LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

BITTESCOMBE MANOR ESTATE LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

BITTESCOMBE MANOR ESTATE LTD

BALANCE SHEET

As at 29 February 2024
BITTESCOMBE MANOR ESTATE LTD

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Restated
Fixed assets
Tangible assets 5 7,033,659 6,300,632
Biological assets 6 16,543 16,671
7,050,202 6,317,303
Current assets
Stocks 7 64,778 53,825
Debtors 8 323,346 144,595
Cash at bank and in hand 73,738 96,815
461,862 295,235
Creditors: amounts falling due within one year 9 ( 9,399,400) ( 8,166,869)
Net current liabilities (8,937,538) (7,871,634)
Total assets less current liabilities (1,887,336) (1,554,331)
Creditors: amounts falling due after more than one year 10 0 ( 26,697)
Provision for liabilities ( 275,754) ( 182,299)
Net liabilities ( 2,163,090) ( 1,763,327)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 2,163,190 ) ( 1,763,427 )
Total shareholder's deficit ( 2,163,090) ( 1,763,327)

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Bittescombe Manor Estate Ltd (registered number: 10645827) were approved and authorised for issue by the Board of Directors on 08 January 2025. They were signed on its behalf by:

Richard Campbell-Breeden
Director
BITTESCOMBE MANOR ESTATE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
BITTESCOMBE MANOR ESTATE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bittescombe Manor Estate Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bittescombe Manor, Upton, Taunton, TA4 2DA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 4 years straight line
Other intangible assets

Basic Payment Scheme entitlements are valued at historic cost and have been written off, as no longer have a tradable value.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 2 % reducing balance
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 2 - 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Biological 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 sheep flock. Biological assets not held for continuing use within the business are classified as current assets, such assets are held with stock.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.
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.
Also within stock are current biological assets not held for continuing use within the business. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise of sheep, pigs and deer.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2.Transition to FRS102

The Company has adopted FRS 102 for the year ended 29 February 2024 and has restated the comparative year amounts.

Reconciliation of equity

01.03.2022 28.02.2023
£ £
Capital and reserves (as previously stated) (1,312,813) (1,581,028)
Deferred tax provision 0 (182,299)
Capital and reserves (as restated) (1,312,813) (1,763,327)

Reconciliation of profit or loss

28.02.2023
£
Result for the year (as previously stated) (268,215)
Deferred tax provision (182,299)
Loss for the year (as restated) (450,514)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 24 12

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 March 2023 3,133 3,133
Disposals ( 3,133) ( 3,133)
At 29 February 2024 0 0
Accumulated amortisation
At 01 March 2023 3,133 3,133
Disposals ( 3,133) ( 3,133)
At 29 February 2024 0 0
Net book value
At 29 February 2024 0 0
At 28 February 2023 0 0

5. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 March 2023 5,941,816 177,415 126,832 433,853 6,679,916
Additions 654,081 84,246 4,395 169,453 912,175
At 29 February 2024 6,595,897 261,661 131,227 603,306 7,592,091
Accumulated depreciation
At 01 March 2023 186,269 75,564 37,515 79,936 379,284
Charge for the financial year 92,606 23,436 18,742 44,364 179,148
At 29 February 2024 278,875 99,000 56,257 124,300 558,432
Net book value
At 29 February 2024 6,317,022 162,661 74,970 479,006 7,033,659
At 28 February 2023 5,755,547 101,851 89,317 353,917 6,300,632

6. Biological assets

2024
£
Biological assets at cost 16,543

Assets held at cost:

Sheep Total
£ £
Cost
At 01 March 2023 16,671 16,671
Increase due to purchases/ transfers in 860 860
Decrease attributable to sales/ transfers out ( 988) ( 988)
At 29 February 2024 16,543 16,543
Net book value
At 29 February 2024 16,543 16,543
At 28 February 2023 16,671 16,671

7. Stocks

2024 2023
£ £
Stocks 2,500 0
Livestock 62,278 53,825
64,778 53,825

Livestock includes current biological assets not held for continuing use within the business, being sheep, pigs and deer.

8. Debtors

2024 2023
£ £
Trade debtors 322,264 107,527
Other debtors 1,082 37,068
323,346 144,595

9. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 76,981 81,501
Amounts owed to Group undertakings 8,255,162 7,342,841
Other taxation and social security 23,794 33,934
Obligations under finance leases and hire purchase contracts 26,697 26,697
Other creditors 1,016,766 681,896
9,399,400 8,166,869

Included within other creditors are amounts owed to directors, accruals and deferred income

10. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 26,697

There are no amounts included above in respect of which any security has been given by the small entity.