A Burnfield & Sons Limited 00572866 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is farming Digita Accounts Production Advanced 6.30.9574.0 true 00572866 2023-11-01 2024-10-31 00572866 2024-10-31 00572866 core:CurrentFinancialInstruments 2024-10-31 00572866 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 00572866 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 00572866 core:FurnitureFittingsToolsEquipment 2024-10-31 00572866 core:LandBuildings 2024-10-31 00572866 core:MotorVehicles 2024-10-31 00572866 core:OtherPropertyPlantEquipment 2024-10-31 00572866 bus:SmallEntities 2023-11-01 2024-10-31 00572866 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 00572866 bus:FilletedAccounts 2023-11-01 2024-10-31 00572866 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 00572866 bus:RegisteredOffice 2023-11-01 2024-10-31 00572866 bus:Director3 2023-11-01 2024-10-31 00572866 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 00572866 core:Buildings 2023-11-01 2024-10-31 00572866 core:FurnitureFittings 2023-11-01 2024-10-31 00572866 core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 00572866 core:LandBuildings 2023-11-01 2024-10-31 00572866 core:MotorVehicles 2023-11-01 2024-10-31 00572866 core:OtherPropertyPlantEquipment 2023-11-01 2024-10-31 00572866 core:PlantMachinery 2023-11-01 2024-10-31 00572866 countries:England 2023-11-01 2024-10-31 00572866 2023-10-31 00572866 core:FurnitureFittingsToolsEquipment 2023-10-31 00572866 core:LandBuildings 2023-10-31 00572866 core:MotorVehicles 2023-10-31 00572866 core:OtherPropertyPlantEquipment 2023-10-31 00572866 2022-11-01 2023-10-31 00572866 2023-10-31 00572866 core:CurrentFinancialInstruments 2023-10-31 00572866 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 00572866 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 00572866 core:FurnitureFittingsToolsEquipment 2023-10-31 00572866 core:LandBuildings 2023-10-31 00572866 core:MotorVehicles 2023-10-31 00572866 core:OtherPropertyPlantEquipment 2023-10-31 iso4217:GBP xbrli:pure

Registration number: 00572866

A Burnfield & Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

A Burnfield & Sons Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

A Burnfield & Sons Limited

(Registration number: 00572866)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,070,886

742,367

Investment property

5

1,830,000

1,950,000

Other financial assets

88,652

89,799

 

2,989,538

2,782,166

Current assets

 

Stocks

7

495,063

453,650

Debtors

8

137,466

143,400

Cash at bank and in hand

 

707,175

886,583

 

1,339,704

1,483,633

Creditors: Amounts falling due within one year

9

(187,847)

(214,858)

Net current assets

 

1,151,857

1,268,775

Total assets less current liabilities

 

4,141,395

4,050,941

Creditors: Amounts falling due after more than one year

9

(37,802)

(61,677)

Provisions for liabilities

(449,800)

(483,600)

Net assets

 

3,653,793

3,505,664

Capital and reserves

 

Called up share capital

80,000

80,000

Other reserves

1,412,322

1,503,181

Retained earnings

2,161,471

1,922,483

Shareholders' funds

 

3,653,793

3,505,664

For the financial year ending 31 October 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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.

 

A Burnfield & Sons Limited

(Registration number: 00572866)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 7 June 2025 and signed on its behalf by:
 

.........................................
I A Green
Director

 

A Burnfield & Sons Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Hazeldown
Longstock
Stockbridge
Hampshire
SO20 6EG

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Tax

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

A Burnfield & Sons Limited

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

Tangible 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

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:

Asset class

Depreciation method and rate

Freehold Buildings

2% & 4% & 10% pa on cost

Plant, Machinery and Tractors

10-20% on cost

Fixtures and Fittings

10% pa on cost

Motor Vehicles

20% pa on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 have been valued by a firm of professional valuers, Symonds & Sampson. Livestock dairy cows and homebred cattle have been valued on a deemed cost of production basis at 60% of market value. Corn in store is valued at 75% of market value. No allowance has been made for payments claimed under the single payments scheme.

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.

 

A Burnfield & Sons Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

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


Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

 

A Burnfield & Sons Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 November 2023

832,763

21,159

122,408

1,535,922

2,512,252

Reclassified

390,000

-

-

-

390,000

Additions

-

5,816

-

108,180

113,996

Disposals

-

-

-

(2,750)

(2,750)

At 31 October 2024

1,222,763

26,975

122,408

1,641,352

3,013,498

Depreciation

At 1 November 2023

679,745

21,158

113,650

955,332

1,769,885

Charge for the year

14,742

581

2,219

157,934

175,476

Eliminated on disposal

-

-

-

(2,749)

(2,749)

At 31 October 2024

694,487

21,739

115,869

1,110,517

1,942,612

Carrying amount

At 31 October 2024

528,276

5,236

6,539

530,835

1,070,886

At 31 October 2023

153,018

1

8,758

580,590

742,367

Included within the net book value of land and buildings above is £528,276 (2023 - £153,018) in respect of freehold land and buildings.
 

 

A Burnfield & Sons Limited

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

5

Investment properties

2024
£

At 1 November

1,950,000

Transfers to and from tangible assets

(120,000)

At 31 October

1,830,000

The investment properties are included at their open market value of £1,830,000 and is based on the directors' valuation. The properties initially cost £0 and have been revalued by £1,830,000.

There has been no valuation of investment property by an independent valuer.

6

Investments

Listed investments

The market value of the listed investments at 31 October 2024 was £86,362 (2023 - £87,508).

7

Stocks

2024
£

2023
£

Stock - Crops etc

154,983

157,030

Stock - Livestock

340,080

296,620

495,063

453,650

8

Debtors

Current

2024
£

2023
£

Trade debtors

109,847

91,373

Prepayments

15,692

15,276

Other debtors

11,927

36,751

 

137,466

143,400

 

A Burnfield & Sons Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

39,022

71,582

Trade creditors

 

75,836

66,456

Taxation and social security

 

6,475

6,496

Accruals and deferred income

 

62,875

59,701

Other creditors

 

3,639

10,623

 

187,847

214,858

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £23,875 (2023- £56,435).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

37,802

61,677

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £37,802 (2023 - £61,677).

10

Profit and loss account

2024
£

2023
£

Distributable reserves

2,161,471

1,922,483

Non-distributable reserves

1,412,322

1,503,181

3,573,793

3,425,664