Company registration number 02503242 (England and Wales)
BERWICK HALL FARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BERWICK HALL FARM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BERWICK HALL FARM LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
4,917
Tangible assets
4
1,931,115
2,467,726
Investment properties
5
4,727,697
4,413,412
Investments
6
50,000
96,319
6,708,812
6,982,374
Current assets
Stocks
142,317
173,312
Debtors
7
226,598
458,149
Cash at bank and in hand
159,061
2,005
527,976
633,466
Creditors: amounts falling due within one year
8
(1,117,744)
(1,144,661)
Net current liabilities
(589,768)
(511,195)
Net assets
6,119,044
6,471,179
Capital and reserves
Called up share capital
9
125,003
125,003
Share premium account
2,447,751
2,447,751
Profit and loss reserves
3,546,290
3,898,425
Total equity
6,119,044
6,471,179

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.

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.

BERWICK HALL FARM LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Mr FJ Clark
Director
Company registration number 02503242 (England and Wales)
BERWICK HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Berwick Hall Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hole Farm, Stambourne Road, Finchingfield, Essex, CM7 4PG.

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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered the forecast business of the company for a period extending beyond 12 months from the date of approval of these financial statements and consider that no material uncertainties exist. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents sales of crops. Turnover is recognised at the fair value of the consideration received or receivable and is shown net of VAT and other sales related taxes. Also included in turnover are government subsidies, which are recognised on an accruals basis.

1.4
Intangible fixed assets other than goodwill

Basic Payment Scheme Entitlements are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

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.

1.5
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets, less their residual values, over their useful lives on the following bases:

Land and buildings
over 25 to 50 years
Plant and machinery
over 6 to 8 years
Motor vehicles
over 5 years

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.

BERWICK HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

Investments held by investment managers are initially recognised at cost and subsequently measured at fair value, being the market value at the year end. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

 

Other fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.8
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).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell as shown below:

Produce, cultivations and tenantright - cost of direct materials and labour and a proportion of overheads based on normal levels of activity.

 

Consumables - purchase cost on a first-in, first-out basis.

 

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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks and investment managers. Bank overdrafts are shown within borrowings in current liabilities.

1.11
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

BERWICK HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 trade and other creditors, are initially recognised at transaction price.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.12
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.

1.13
Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

 

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

 

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

 

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal.

1.14
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.

1.15
Leases

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

BERWICK HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.16
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
6
3
Intangible fixed assets
Other
£
Cost
At 1 October 2023 and 30 September 2024
6,618
Amortisation and impairment
At 1 October 2023
1,701
Impairment losses
4,917
At 30 September 2024
6,618
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
4,917
BERWICK HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
2,243,191
1,077,527
3,320,718
Additions
-
0
23,116
23,116
Disposals
(279,455)
(184,750)
(464,205)
At 30 September 2024
1,963,736
915,893
2,879,629
Depreciation and impairment
At 1 October 2023
336,766
516,226
852,992
Depreciation charged in the year
42,736
100,652
143,388
Eliminated in respect of disposals
-
0
(47,866)
(47,866)
At 30 September 2024
379,502
569,012
948,514
Carrying amount
At 30 September 2024
1,584,234
346,881
1,931,115
At 30 September 2023
1,906,425
561,301
2,467,726
5
Investment property
2024
£
Fair value
At 1 October 2023
4,413,412
Additions
314,285
At 30 September 2024
4,727,697

Investment property at 30 September 2024 comprises land acquired and the subsequent cost of development of a residential property. The fair value has been determined by the directors on an open market value basis by reference to market evidence of transaction prices for similar land and property costs.

6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
50,000
96,319
BERWICK HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments other than loans
Investments held by investment managers
Total
£
£
£
Cost or valuation
At 1 October 2023
50,000
38,396
88,396
Valuation changes
-
(529)
(529)
Disposals
-
(37,867)
(37,867)
At 30 September 2024
50,000
-
50,000
Cash held for investments
-
-
-
Carrying amount
At 30 September 2024
50,000
-
50,000
At 30 September 2023
50,000
46,319
96,319
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,625
147,646
Corporation tax recoverable
-
0
80
Other debtors
215,973
201,392
226,598
349,118
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
-
0
109,031
Total debtors
226,598
458,149
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
43,599
54,161
Other creditors
1,074,145
1,090,500
1,117,744
1,144,661
BERWICK HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
125,003
125,003
125,003
125,003
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