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Registration number: 05458772

Bridon Farm Foods Limited

Annual Report and Unaudited Financial Statements

for the year ended 31 August 2024

 

Bridon Farm Foods Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Bridon Farm Foods Limited

(Registration number: 05458772)
Statement of Financial Position
31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

313,551

320,703

Current assets

 

Stocks

5

46,300

29,933

Debtors

6

8,266

10,589

Cash at bank and in hand

 

866,531

957,335

 

921,097

997,857

Creditors: Amounts falling due within one year

7

(140,330)

(301,461)

Net current assets

 

780,767

696,396

Total assets less current liabilities

 

1,094,318

1,017,099

Provisions for liabilities

(3,011)

(3,440)

Net assets

 

1,091,307

1,013,659

Capital and reserves

 

Called up share capital

2

2

Retained earnings

1,091,305

1,013,657

Shareholders' funds

 

1,091,307

1,013,659

For the financial year ending 31 August 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 7 March 2025 and signed on its behalf by:
 

 

Bridon Farm Foods Limited

(Registration number: 05458772)
Statement of Financial Position
31 August 2024

.........................................
D Way
Director

.........................................
B A Way
Director

 

Bridon Farm Foods Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 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:
Unit 4 Northbrook Business Park
Northbrook Road
Worthing
West Sussex
BN14 8PQ

These financial statements were authorised for issue by the Board on 7 March 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Bridon Farm Foods Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

Judgements

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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

 

Bridon Farm Foods Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Fixtures and Fittings

25% reducing balance

Office equipment

over 5 years

Computer equipment

over 2 years

Freehold land and building

nil

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Bridon Farm Foods Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

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.

Financial instruments

Classification
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 21).

 

Bridon Farm Foods Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 September 2023

301,508

85,032

77,835

-

Additions

-

-

-

495

At 31 August 2024

301,508

85,032

77,835

495

Depreciation

At 1 September 2023

-

81,372

62,300

-

Charge for the year

-

1,024

6,530

93

At 31 August 2024

-

82,396

68,830

93

Carrying amount

At 31 August 2024

301,508

2,636

9,005

402

At 31 August 2023

301,508

3,660

15,535

-

Total
£

Cost or valuation

At 1 September 2023

464,375

Additions

495

At 31 August 2024

464,870

Depreciation

At 1 September 2023

143,672

Charge for the year

7,647

At 31 August 2024

151,319

Carrying amount

At 31 August 2024

313,551

At 31 August 2023

320,703

 

Bridon Farm Foods Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

Included within the net book value of land and buildings above is £301,508 (2023 - £301,508) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

46,300

29,933

6

Debtors

Current

2024
£

2023
£

Prepayments

6,561

6,074

Other debtors

1,705

4,515

 

8,266

10,589

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

71,734

60,646

Taxation and social security

63,570

31,565

Accruals and deferred income

3,444

2,946

Other creditors

1,582

206,304

140,330

301,461