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Company Registration number: 04514544

Blencogo House Farm Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 October 2024

 

Blencogo House Farm Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Blencogo House Farm Limited

Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

1,110,284

 

1,142,711

Investments

5

 

347,152

 

97,152

   

1,457,436

 

1,239,863

Current assets

   

 

Stocks

212,758

 

161,374

 

Debtors

6

171,172

 

146,806

 

Cash at bank and in hand

 

363,604

 

178,298

 

 

747,534

 

486,478

 

Creditors: Amounts falling due within one year

7

(1,071,266)

 

(452,132)

 

Net current (liabilities)/assets

   

(323,732)

 

34,346

Total assets less current liabilities

   

1,133,704

 

1,274,209

Creditors: Amounts falling due after more than one year

7

 

-

 

(322,218)

Provisions for liabilities

 

(187,044)

 

(187,044)

Net assets

   

946,660

 

764,947

Capital and reserves

   

 

Called up share capital

100

 

100

 

Retained earnings

946,560

 

764,847

 

Shareholders' funds

   

946,660

 

764,947

 

Blencogo House Farm Limited

Balance Sheet as at 31 October 2024 (continued)

For the financial year ending 31 October 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 provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 February 2025 and signed on its behalf by:
 

.........................................
Mrs J E Ferguson
Director

Company registration number: 04514544

 

Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 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:
Blencogo House
Blencogo
Wigton
CA7 0BZ

These financial statements were authorised for issue by the Board on 10 February 2025.

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 financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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 sales/value added tax, returns, rebates and discounts.

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.

 

Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Taxation

The tax expense for the period comprises current 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 corporation 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.

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

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

The animals comprised in the production herd are valued at the cost with replacements valued at the original cost of the animal they replace. Additional animals are valued at cost when transferred to the herd. No depreciation is applied to the herd.
 

Asset class

Depreciation method and rate

Machinery and tractors

20% and 15% reducing balance

Alterations and improvements

10% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% straight line

 

Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.

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.

 

Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred capital grants

Deferred capital grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss over the estimated useful life of the assets to which they relate.

 

Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

 

Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

4

TANGIBLE ASSETS

Alterations and improvements
£

Computer equipment
 £

Motor vehicles
 £

Herd
 £

Machinery and tractors
 £

Total
£

Cost or valuation

At 1 November 2023

869,655

1,806

20,750

143,888

1,387,465

2,423,564

Additions

8,720

689

-

6,240

116,778

132,427

At 31 October 2024

878,375

2,495

20,750

150,128

1,504,243

2,555,991

Depreciation

At 1 November 2023

529,958

1,368

9,321

-

740,207

1,280,854

Charge for the year

34,042

395

2,857

-

127,559

164,853

At 31 October 2024

564,000

1,763

12,178

-

867,766

1,445,707

Carrying amount

At 31 October 2024

314,375

732

8,572

150,128

636,477

1,110,284

At 31 October 2023

339,697

439

11,429

143,888

647,258

1,142,711

 

Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

5

INVESTMENTS

2024
£

2023
£

Investments

347,152

97,152

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

142,583

100,880

Other debtors

28,589

45,926

 

171,172

146,806

7

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

335,072

73,437

Trade creditors

 

94,544

72,123

Taxation and social security

 

60,228

1,158

Accruals and deferred income

 

29,672

38,310

Other creditors

 

551,750

267,104

 

1,071,266

452,132


Creditors falling due within one year include £335,072 (2023: £28,279) of bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £Nil (2023: £45,158).

 

Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

7

CREDITORS (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

-

322,218


Creditors falling due after more than one year include £Nil (2023: £322,218) of bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £Nil (2023: £Nil).