Company registration number 01262524 (England and Wales)
BURTON FIELDS FARMING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BURTON FIELDS FARMING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BURTON FIELDS FARMING LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
Tangible assets
4
2,402,764
2,257,532
2,402,764
2,257,532
Current assets
Stocks
677,637
722,399
Debtors
6
173,802
217,016
Investments
7
50
Cash at bank and in hand
151,720
397,961
1,003,159
1,337,426
Creditors: amounts falling due within one year
8
(530,218)
(626,555)
Net current assets
472,941
710,871
Total assets less current liabilities
2,875,705
2,968,403
Creditors: amounts falling due after more than one year
9
(140,388)
(205,228)
Provisions for liabilities
(166,549)
(166,635)
Net assets
2,568,768
2,596,540
Capital and reserves
Called up share capital
450,054
450,054
Profit and loss reserves
2,118,714
2,146,486
Total equity
2,568,768
2,596,540
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
BURTON FIELDS FARMING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 May 2025 and are signed on its behalf by:
Mrs S M Postlethwaite
Mrs A J Fletcher
Director
Director
Mr T J Fletcher
Ms E J Curtis
Director
Director
Company Registration No. 01262524
BURTON FIELDS FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Burton Fields Farming Limited is a private company limited by shares incorporated in England and Wales. The registered office is Burton Fields Farm, Hinckley, Leicestershire, England, LE10 3HA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for crops provided in the normal course of business, and is shown net of VAT and other sales related taxes, with the exception of acreage receipts which are accounted for on the basis of when the company becomes entitled to them.
1.3
Intangible fixed assets - entitlements
Intangible assets relate to entitlements, which are capitalised then amortised over their useful economic life.
Amortisation is provided at the following rates:
Entitlements
5 years straight line
1.4
Tangible fixed assets
Tangible fixed assets, other than freehold land and farm buildings are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Additions to rented properties
10 years straight line
Plant and machinery
4, 5, 7 or 10 years straight line
Fixtures, fittings & equipment
4 years straight line
Woodland
30 years straight line
Motor vehicles
4 years straight line
BURTON FIELDS FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Freehold land and farms are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Woodland is a biological asset under FRS 102 which has been measured using the cost model. The depreciation method reflects the expected period of income from carbon credits under the government Woodland Carbon Guarantee.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). At 30 September 2024 there was no indication of any impairment.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
BURTON FIELDS FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BURTON FIELDS FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on the current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computation in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
BURTON FIELDS FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.15
Investments are included at impaired cost. Profits or losses arising from disposal of current asset investments are treated as part of the result for ordinary activities.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
3
Intangible fixed assets
Other
£
Cost
At 1 October 2023
9,928
Disposals
(9,928)
At 30 September 2024
Amortisation and impairment
At 1 October 2023
9,928
Disposals
(9,928)
At 30 September 2024
Carrying amount
At 30 September 2024
At 30 September 2023
BURTON FIELDS FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
4
Tangible fixed assets
Additions to rented properties
Plant and machinery
Fixtures, fittings & equipment
Woodland
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
1,937,971
1,613,757
26,567
53,563
35,789
3,667,647
Additions
77,336
214,070
6,453
8,983
306,842
Disposals
(44,172)
(44,172)
At 30 September 2024
2,015,307
1,783,655
33,020
62,546
35,789
3,930,317
Depreciation and impairment
At 1 October 2023
749,002
613,121
22,347
3,356
22,289
1,410,115
Depreciation charged in the year
48,900
103,748
3,502
2,085
3,375
161,610
Eliminated in respect of disposals
(44,172)
(44,172)
At 30 September 2024
797,902
672,697
25,849
5,441
25,664
1,527,553
Carrying amount
At 30 September 2024
1,217,405
1,110,958
7,171
57,105
10,125
2,402,764
At 30 September 2023
1,188,969
1,000,636
4,220
50,207
13,500
2,257,532
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
45,856
55,448
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,244
11,991
Other debtors
158,558
205,025
173,802
217,016
BURTON FIELDS FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
7
Current asset investments
2024
2023
£
£
Other investments
50
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
202,758
370,070
Taxation and social security
3,029
1,582
Other creditors
324,431
254,903
530,218
626,555
Included within other creditors is a hire purchase liability of £180,177 (2023 £120,544). This is secured over the relevant asset.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
140,388
205,228
Included within other creditors is a hire purchase liability of £140,388 (2023 £205,228). This liability is secured over the relevant asset.
10
Related party transactions
Transactions with related parties
A the 30 September 2024 the company owed the directors £80,088. This loan is interest free with no fixed date for repayment.
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