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COMPANY REGISTRATION NUMBER: 02873490
Aubourn Farming Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2024
Aubourn Farming Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,268,696
2,454,512
Current assets
Stocks
141,573
218,660
Debtors
6
820,660
980,554
Cash at bank and in hand
358,930
452,835
-------------
-------------
1,321,163
1,652,049
Creditors: amounts falling due within one year
7
2,558,052
2,513,033
-------------
-------------
Net current liabilities
1,236,889
860,984
-------------
-------------
Total assets less current liabilities
1,031,807
1,593,528
Creditors: amounts falling due after more than one year
8
269,499
923,259
Provisions
Taxation including deferred tax
302,439
78,551
-------------
-------------
Net assets
459,869
591,718
-------------
-------------
Capital and reserves
Called up share capital
204
204
Share premium account
159,669
159,669
Revaluation reserve
328,852
328,852
Profit and loss account
( 28,856)
102,993
----------
----------
Shareholders funds
459,869
591,718
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aubourn Farming Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 21 July 2025 , and are signed on behalf of the board by:
A J Priestley
Director
Company registration number: 02873490
Aubourn Farming Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Estate Office, East Mere, Bracebridge Heath, Lincoln, LN4 2HX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15 - 20% Reducing balance
Motor vehicles
-
20% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 17 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023
3,003,184
75,604
3,078,788
Additions
123,275
45,281
168,556
Disposals
( 47,449)
( 3,672)
( 51,121)
-------------
----------
-------------
At 30 September 2024
3,079,010
117,213
3,196,223
-------------
----------
-------------
Depreciation
At 1 October 2023
606,574
17,702
624,276
Charge for the year
296,720
17,919
314,639
Disposals
( 13,194)
1,806
( 11,388)
-------------
----------
-------------
At 30 September 2024
890,100
37,427
927,527
-------------
----------
-------------
Carrying amount
At 30 September 2024
2,188,910
79,786
2,268,696
-------------
----------
-------------
At 30 September 2023
2,396,610
57,902
2,454,512
-------------
----------
-------------
Tangible assets held at valuation
The directors of the company engaged an independent valuer in October 2022 to revalue the assets of the company. Cheffins, a market leading firm of property valuers and advisors, valued the assets on the basis of market value.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 September 2024
1,479,608
-------------
At 30 September 2023
1,666,533
-------------
6. Debtors
2024
2023
£
£
Trade debtors
820,660
980,554
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
412,682
516,970
Amounts owed to group undertakings and undertakings in which the company has a participating interest
393,630
370,939
Social security and other taxes
165,144
169,872
Other creditors
1,586,596
1,455,252
-------------
-------------
2,558,052
2,513,033
-------------
-------------
Other creditors (due in less than 1 year) includes a liaility of £432,514 (2023: £471,160) of Hire Purchase Liailities which are secured on the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
269,499
923,259
----------
----------
Other creditors (due in greater than 1 year) includes a liability of £269,499 (2023: £671,259) of Hire Purchase Liailities which are secured on the assets to which they relate.
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
432,514
471,160
Later than 1 year and not later than 5 years
269,499
671,259
----------
-------------
702,013
1,142,419
----------
-------------