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Company Registration number: 06884474

Brackenbarrow Farm Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 October 2024

 

Brackenbarrow Farm Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Brackenbarrow Farm Limited

Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

441,897

533,703

Current assets

 

Stocks

5

81,126

227,885

Debtors

6

622

41,115

Investments

7

57

57

Cash at bank and in hand

 

250,029

-

 

331,834

269,057

Creditors: Amounts falling due within one year

8

(378,585)

(253,166)

Net current (liabilities)/assets

 

(46,751)

15,891

Total assets less current liabilities

 

395,146

549,594

Creditors: Amounts falling due after more than one year

8

(329,649)

(441,915)

Provisions for liabilities

(17,973)

(23,557)

Net assets

 

47,524

84,122

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

58,000

58,000

Retained earnings

(10,676)

25,922

Shareholders' funds

 

47,524

84,122

 

Brackenbarrow 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.

Company registration number: 06884474

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

.........................................
Mrs C Sanderson
Director

 

Brackenbarrow 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:
Croftlands
Brackenbarrow Farm
Deanscales
Cockermouth
CA13 0SL

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.

 

Brackenbarrow Farm Limited

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

2

ACCOUNTING POLICIES (continued)

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.

Tax

The tax expense for the period comprises 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.
 

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.

 

Brackenbarrow Farm Limited

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

2

ACCOUNTING POLICIES (continued)

Depreciation

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

No charge on land and buildings, improvements 10% straight line

Plant and machinery

15% reducing balance and 10% straight line

Motor vehicles

20% reducing balance

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Brackenbarrow 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.
 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.

3

STAFF NUMBERS

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

 

Brackenbarrow Farm Limited

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

4

TANGIBLE ASSETS

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

133,404

1,184,569

27,818

1,345,791

Additions

13,970

-

-

13,970

Disposals

-

(14,029)

-

(14,029)

At 31 October 2024

147,374

1,170,540

27,818

1,345,732

Depreciation

At 1 November 2023

6,760

793,671

11,657

812,088

Charge for the year

5,753

92,767

3,232

101,752

Eliminated on disposal

-

(10,005)

-

(10,005)

At 31 October 2024

12,513

876,433

14,889

903,835

Carrying amount

At 31 October 2024

134,861

294,107

12,929

441,897

At 31 October 2023

126,644

390,898

16,161

533,703

Revaluation

The fair value of the company's Land and buildings was revalued on 31 October 2021. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £76,861 (2023 - £68,645).

 

Brackenbarrow Farm Limited

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

5

STOCKS

2024
£

2023
£

Hay, straw and silage

17,788

49,105

Fuel and oil

1,600

782

Medicines

418

728

Cattle

61,320

177,270

81,126

227,885

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

-

32,596

Prepayments

622

593

Other debtors

-

7,926

 

622

41,115

7

CURRENT ASSET INVESTMENTS

2024
£

2023
£

Other investments

57

57

 

Brackenbarrow Farm Limited

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

8

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

109,384

204,942

Trade creditors

 

5,670

15,195

Taxation and social security

 

6,950

3,090

Accruals and deferred income

 

5,065

8,151

Other creditors

 

251,516

21,788

 

378,585

253,166


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £103,649 (2023 - £98,498).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

327,193

439,025

Deferred income

 

2,456

2,890

 

329,649

441,915


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £322,360 (2023 - £428,525).

 

Brackenbarrow Farm Limited

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

9

LOANS AND BORROWINGS

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

288,220

361,876

Hire purchase contracts

38,973

77,149

327,193

439,025

Current loans and borrowings

2024
£

2023
£

Bank borrowings

71,243

63,033

Bank overdrafts

-

100,444

Hire purchase contracts

38,141

40,584

Other borrowings

-

881

109,384

204,942