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Company No: 12147313 (England and Wales)

BRAY FARMS LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

BRAY FARMS LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

BRAY FARMS LTD

BALANCE SHEET

As at 31 August 2024
BRAY FARMS LTD

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 159,046 182,665
159,046 182,665
Current assets
Stocks 5 106,923 121,319
Debtors 6 52,006 42,791
Cash at bank and in hand 10,255 4,074
169,184 168,184
Creditors: amounts falling due within one year 7 ( 339,000) ( 318,764)
Net current liabilities (169,816) (150,580)
Total assets less current liabilities (10,770) 32,085
Creditors: amounts falling due after more than one year 8 ( 3,214) ( 7,299)
Provision for liabilities ( 12,857) ( 12,881)
Net (liabilities)/assets ( 26,841) 11,905
Capital and reserves
Called-up share capital 9 99 99
Profit and loss account ( 26,940 ) 11,806
Total shareholders' (deficit)/funds ( 26,841) 11,905

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 financial statements of Bray Farms Ltd (registered number: 12147313) were approved and authorised for issue by the Board of Directors on 28 May 2025. They were signed on its behalf by:

Mrs E J Bray
Director
Mr A J Bray
Director
BRAY FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
BRAY FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

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.

General information and basis of accounting

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. As at 31 August 2024 the company had net current liabilities of £169,816 (2023 - £150,580). Included within this figure is £187,028 (2023 - £180,021) which is owed to the directors of the company who have agreed not to demand repayment within 12 months of the financial statements on the basis that this could jeopardise the future of the company. The directors are satisfied that the going concern basis of preparation remains appropriate. In forming this opinion, the directors have made all necessary enquiries and considered a period of no less than 12 months from the date of approval of these financial statements.

The directors are also satisfied with the profitable trading performance subsequent to the year end and their assessment is that the company will continue to be able to meet its liabilities as they fall due for the foreseeable future.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current 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 corporation 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
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed 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 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:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance
Office equipment 15 % reducing balance
Leases

The Company as lessee
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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 stocks 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.

Financial instruments

The company holds the following financial instruments:

Short term trade and other debtors and creditors;
Bank loans; and
Cash and bank balances.

All financial instruments are classified as basic.

Basic financial assets
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2. Prior year adjustment

The prior year has been restated to account for understated sales and rental amounts due by the company.

As previously reported Adjustment As restated
Year ended 31 August 2023 £ £ £
Other creditors due under 1 year 328,486 (24,465) 304,021
Profit and loss account (12,659) 24,465 11,806

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 September 2023 23,420 214,773 92,793 749 331,735
Additions 0 5,088 2,700 0 7,788
Disposals 0 ( 10,862) 0 0 ( 10,862)
At 31 August 2024 23,420 208,999 95,493 749 328,661
Accumulated depreciation
At 01 September 2023 929 109,672 38,180 289 149,070
Charge for the financial year 450 15,337 8,328 69 24,184
Disposals 0 ( 3,639) 0 0 ( 3,639)
At 31 August 2024 1,379 121,370 46,508 358 169,615
Net book value
At 31 August 2024 22,041 87,629 48,985 391 159,046
At 31 August 2023 22,491 105,101 54,613 460 182,665

5. Stocks

2024 2023
£ £
Stocks 106,923 121,319

6. Debtors

2024 2023
£ £
Trade debtors 602 878
Prepayments and accrued income 46,626 36,254
VAT recoverable 3,573 3,936
Other debtors 1,205 1,723
52,006 42,791

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 17,664 14,586
Taxation and social security 0 157
Other creditors 321,336 304,021
339,000 318,764

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 3,214 7,299

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
99 Ordinary shares of £ 1.00 each 99 99

10. Related party transactions

Transactions with other related parties connected by virtue of common directorship

A company with a director and shareholder in common with the Company:
An amount of £66,394 is owed to this related party at the year end (2023 - £65,303). This loan is interest free and repayable on demand.

A company with a director and shareholder in common with the Company:
An amount of £682 is owed by this related party at the year end (2023 - £1,200). This loan is interest free and repayable on demand.

A partnership related to the director-shareholders of the Company:
An amount of £57,861 is owed by this related party at the year end (2023 - £50,261 owed to related party). This loan is interest free and repayable on demand.