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Registration number: 09312412

Bramall Farming Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Bramall Farming Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Bramall Farming Ltd

Company Information

Directors

Dr T G Bramall

Mrs E Bramall

Mrs S C Allard

Registered office

30 Victoria Avenue
Harrogate
North Yorkshire
HG1 5PR

Accountants

Wright Vigar Ltd Office 1 Engine House
Marshalls Yard
Gainsborough
Lincolnshire
DN21 2NA

 

Bramall Farming Ltd

(Registration number: 09312412)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

156

Tangible assets

6

116,743

155,657

 

116,743

155,813

Current assets

 

Stocks

7

870,173

699,773

Debtors

8

282,960

632,637

Cash at bank and in hand

 

394,181

561,677

 

1,547,314

1,894,087

Creditors: Amounts falling due within one year

9

(270,309)

(753,717)

Net current assets

 

1,277,005

1,140,370

Total assets less current liabilities

 

1,393,748

1,296,183

Creditors: Amounts falling due after more than one year

9

(926,169)

(919,147)

Provisions for liabilities

(28,604)

(38,139)

Net assets

 

438,975

338,897

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

438,875

338,797

Shareholders' funds

 

438,975

338,897

For the financial year ending 30 June 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

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

.........................................

Dr T G Bramall
Director

 

Bramall Farming Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
30 Victoria Avenue
Harrogate
North Yorkshire
HG1 5PR

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.

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 current and 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.

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 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.

 

Bramall Farming Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other tangible assets

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Entitlements

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Bramall Farming Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Recognition and measurement
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

38,914

70,736

Amortisation expense

156

187

 

Bramall Farming Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Intangible assets

Entitlements
£

Total
£

Cost or valuation

At 1 July 2023

63,886

63,886

At 30 June 2024

63,886

63,886

Amortisation

At 1 July 2023

63,730

63,730

Amortisation charge

156

156

At 30 June 2024

63,886

63,886

Carrying amount

At 30 June 2024

-

-

At 30 June 2023

156

156

6

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

234,764

234,764

At 30 June 2024

234,764

234,764

Depreciation

At 1 July 2023

79,107

79,107

Charge for the year

38,914

38,914

At 30 June 2024

118,021

118,021

Carrying amount

At 30 June 2024

116,743

116,743

At 30 June 2023

155,657

155,657

 

Bramall Farming Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Stocks

2024
£

2023
£

Work in progress

787,149

662,740

Other inventories

83,024

37,033

870,173

699,773

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

128,658

421,490

Amounts owed by related parties

1,628

91,385

Prepayments

 

81,085

48,335

Other debtors

 

71,589

71,427

   

282,960

632,637



 

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

83,165

160,435

Amounts owed to group undertakings and undertakings in which the company has a participating interest

18,188

-

Taxation and social security

 

42,129

79,014

Accruals and deferred income

 

26,827

214,268

Other creditors

 

100,000

300,000

 

270,309

753,717

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

926,169

919,147

 

Bramall Farming Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

926,169

919,147