REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2024 |
for |
Brett Vale Farming Company Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Motor vehicles | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 November 2023 |
Transfer to ownership | (272,000 | ) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Transfer to ownership | (99,266 | ) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
5. | STOCKS |
31.10.24 | 31.10.23 |
£ | £ |
Finished goods |
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 |
Amts owed by related party | 144,218 | 12,383 |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to related party | - | 18,161 |
Social security and other taxes |
VAT | 81,099 | 41,829 |
Other creditors |
Directors' loan accounts | 8,575 | 11,728 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Hire purchase contracts |
Accruals and deferred income |
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 |
Tax losses carried forward | ( |
) | ( |
) |
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 |
Accelerated capital allowances | (27,925 | ) |
Tax losses carried forward | 60,271 |
Balance at 31 October 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.24 | 31.10.23 |
value: | £ | £ |
Ordinary A | £1 | 500 | 500 |
Ordinary B | £1 | 500 | 500 |
1,000 | 1,000 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 November 2023 |
Profit for the year |
At 31 October 2024 |
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 |