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REGISTERED NUMBER: 13350572 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 October 2024

for

Brett Vale Farming Company Limited

Brett Vale Farming Company Limited (Registered number: 13350572)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Brett Vale Farming Company Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: C P Course
G Westwood
M G Pratt
O M Pratt





SECRETARY: P Andrews





REGISTERED OFFICE: Dairy Farm Office
Dairy Road
Semer
IP7 6RA





REGISTERED NUMBER: 13350572 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Brett Vale Farming Company Limited (Registered number: 13350572)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 717,707 829,408

CURRENT ASSETS
Stocks 5 20,794 28,594
Debtors 6 182,863 39,587
Cash at bank 12,200 144,287
215,857 212,468
CREDITORS
Amounts falling due within one year 7 155,385 354,337
NET CURRENT ASSETS/(LIABILITIES) 60,472 (141,869 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

778,179

687,539

CREDITORS
Amounts falling due after more than one
year

8

(102,672

)

(141,311

)

PROVISIONS FOR LIABILITIES 10 (142,523 ) (110,177 )
NET ASSETS 532,984 436,051

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 12 531,984 435,051
SHAREHOLDERS' FUNDS 532,984 436,051

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Brett Vale Farming Company Limited (Registered number: 13350572)

Balance Sheet - continued
31 October 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:





G Westwood - Director


Brett Vale Farming Company Limited (Registered number: 13350572)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Brett Vale Farming Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis. The balance sheet shows net current assets of £60,472 (2023 net current liabilities: £141,869), this has arisen due to short term finance being used to finance capital assets. The net assets overall were £532,984 (2023: £436,051). The company is reliant on loans from its shareholders, who have indicated that they will not call the loans for repayment until sufficient working capital is in the company to do so.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from services is recognised when the service is carried out.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


Brett Vale Farming Company Limited (Registered number: 13350572)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government and other grants
Government grants on capital expenditure are credited to a deferred account and are released to revenue over the expected useful life of the relevant asset by equal annual instalments.

Income received under the EU Basic Payment scheme is not recognised as income until the point at which the following criteria are both met:

- A valid application form has been submitted and accepted by the Rural Payments Agency and
- The relevant land has been eligible for the entire calender year to 31 December.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

Brett Vale Farming Company Limited (Registered number: 13350572)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2023 1,034,335 20,600 1,054,935
Additions 19,804 - 19,804
Disposals (6,330 ) - (6,330 )
At 31 October 2024 1,047,809 20,600 1,068,409
DEPRECIATION
At 1 November 2023 220,471 5,056 225,527
Charge for year 123,276 3,886 127,162
Eliminated on disposal (1,987 ) - (1,987 )
At 31 October 2024 341,760 8,942 350,702
NET BOOK VALUE
At 31 October 2024 706,049 11,658 717,707
At 31 October 2023 813,864 15,544 829,408

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 November 2023 522,425
Transfer to ownership (272,000 )
At 31 October 2024 250,425
DEPRECIATION
At 1 November 2023 75,441
Charge for year 67,047
Transfer to ownership (99,266 )
At 31 October 2024 43,222
NET BOOK VALUE
At 31 October 2024 207,203
At 31 October 2023 446,984

5. STOCKS
31.10.24 31.10.23
£    £   
Finished goods 20,794 28,594

Brett Vale Farming Company Limited (Registered number: 13350572)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 38,645 1,200
Amts owed by related party 144,218 12,383
Other debtors - 22,564
Prepayments and accrued income - 3,440
182,863 39,587

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts 34,087 60,587
Trade creditors 14,776 204,121
Amounts owed to related party - 18,161
Social security and other taxes 4,863 4,747
VAT 81,099 41,829
Other creditors 1,047 940
Directors' loan accounts 8,575 11,728
Accruals and deferred income 10,938 12,224
155,385 354,337

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts 89,964 124,051
Accruals and deferred income 12,708 17,260
102,672 141,311

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Hire purchase contracts 124,051 184,638

Hire purchase liabilities are secured by the individual assets to which the liabilities relate.

10. PROVISIONS FOR LIABILITIES
31.10.24 31.10.23
£    £   
Deferred tax
Accelerated capital allowances 179,427 207,352
Tax losses carried forward (36,904 ) (97,175 )
142,523 110,177

Brett Vale Farming Company Limited (Registered number: 13350572)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2023 110,177
Accelerated capital allowances (27,925 )
Tax losses carried forward 60,271
Balance at 31 October 2024 142,523

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
500 Ordinary A £1 500 500
500 Ordinary B £1 500 500
1,000 1,000

12. RESERVES
Retained
earnings
£   

At 1 November 2023 435,051
Profit for the year 96,933
At 31 October 2024 531,984

13. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,493 (2023: £3,969). The pension contributions outstanding at the year end amounted to £1,047 (2023: £940).

14. RELATED PARTY DISCLOSURES

The related parties, AJ Pratt & Sons and Heathpatch Limited have provided the company with loans to fund the purchase of plant and machinery.

There are also regular transactions with related parties which include the above companies. All transactions are at arms length. The total transactions with related parties are summaries as below:

2024 2023
£ £
Sales 888,376 897,766
Purchases 249,805 206,326
Management fees payable 26,600 26,000
Loan interest payable 9,330 20,649
Amounts owed to related parties - 18,161
Amounts owed by related parties 144,218 12,383