Buckabank Farm Limited - Period Ending 2025-03-31

Registration number: 06125988

Buckabank Farm Limited

Unaudited Financial Statements

31 March 2025

Buckabank Farm Limited

Contents

Accountants' Report	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Buckabank Farm Limited
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Buckabank Farm Limited for the year ended 31 March 2025 as set out on pages 2 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Buckabank Farm Limited, as a body, in accordance with the terms of our engagement letter dated 19 January 2023. Our work has been undertaken solely to prepare for your approval the accounts of Buckabank Farm Limited and state those matters that we have agreed to state to the Board of Directors of Buckabank Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Buckabank Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Buckabank Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Buckabank Farm Limited. You consider that Buckabank Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Buckabank Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

16 September 2025

Buckabank Farm Limited

(Registration number: 06125988)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	59,520	77,875
Tangible assets	5	1,836,179	1,338,674
Other financial assets	6	86,289	74,226
		1,981,988	1,490,775
Current assets
Stocks		828,737	892,624
Debtors	7	369,473	309,046
Cash at bank and in hand		203,922	80,082
		1,402,132	1,281,752
Creditors: Amounts falling due within one year	8	(340,042)	(309,571)
Net current assets		1,062,090	972,181
Total assets less current liabilities		3,044,078	2,462,956
Creditors: Amounts falling due after more than one year	8	(1,949,370)	(1,594,417)
Provisions for liabilities		(252,153)	(145,497)
Net assets		842,555	723,042
Capital and reserves
Allotted, called up and fully paid share capital		200	200
Profit and loss account		842,355	722,842
Total equity		842,555	723,042

Buckabank Farm Limited

(Registration number: 06125988)
Balance Sheet as at 31 March 2025 (continued)

For the financial year ending 31 March 2025 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 and 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.

Approved and authorised by the Board on 16 September 2025 and signed on its behalf by:

.........................................

N Brough

Director

Buckabank Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

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

The address of its registered office is:
Buckabank Farm
Dalston
CARLISLE
CA5 7AB

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 such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Buckabank Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

The tax expense for the period comprises current and deferred 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 income 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 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.

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.

Buckabank Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

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
Land and buildings	5% reducing balance
Plant and equipment	15% and 5% reducing balance
Motor vehicles	25% reducing balance
Furniture, fittings and office equipment	3 year straight line

Land and buildings relate to tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 5% reducing balance over their useful economic life, and not the duration of the lease.

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

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 the sale of goods 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

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Buckabank Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Buckabank Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

Financial instruments

Classification
Equity shares and debt securities
Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

Buckabank Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Intangible assets

Basic payment scheme
£

Other intangible assets
£

Total
£

Cost or valuation

At 1 April 2024

81,498

173,975

255,473

Additions

-

10,175

10,175

At 31 March 2025

81,498

184,150

265,648

Amortisation

At 1 April 2024

81,498

96,100

177,598

Amortisation charge

-

28,530

28,530

At 31 March 2025

81,498

124,630

206,128

Carrying amount

At 31 March 2025

-

59,520

59,520

At 31 March 2024

-

77,875

77,875

Buckabank Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

5	Tangible assets

Land and buildings
£

Plant and equipment
£

Motor vehicles
£

Furniture, fittings and office equipment
£

Total
£

Cost or valuation

At 1 April 2024

655,863

1,526,962

41,879

1,842

2,226,546

Additions

64,926

561,477

22,950

613

649,966

Disposals

-

(76,000)

(15,000)

-

(91,000)

At 31 March 2025

720,789

2,012,439

49,829

2,455

2,785,512

Depreciation

At 1 April 2024

98,363

756,697

31,221

1,591

887,872

Charge for the year

8,554

86,406

3,577

212

98,749

Eliminated on disposal

-

(22,463)

(14,825)

-

(37,288)

At 31 March 2025

106,917

820,640

19,973

1,803

949,333

Carrying amount

At 31 March 2025

613,872

1,191,799

29,856

652

1,836,179

At 31 March 2024

557,500

770,265

10,658

251

1,338,674

Buckabank Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6	Other financial assets (current and non-current)

	2025 £	2024 £
Non-current financial assets
Financial assets at cost less impairment	86,289	74,226

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2024

74,226

74,226

Additions

12,063

12,063

At 31 March 2025

86,289

86,289

Carrying amount

At 31 March 2025

86,289

86,289

7

Debtors

2025
£

2024
£

Trade debtors

74,703

68,427

Other debtors

294,770

240,619

369,473

309,046

Buckabank Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

8

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	156,387	114,412
Trade creditors		168,138	187,889
Taxation and social security		376	-
Corporation tax liability		8,111	75
Other creditors		7,030	7,195
		340,042	309,571
Due after one year
Loans and borrowings	9	1,734,904	1,579,348
Other creditors		214,466	15,069
		1,949,370	1,594,417

2025
£

2024
£

After more than five years by instalments

1,312,720

1,155,239

1,312,720

1,155,239

Buckabank Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

9	Loans and borrowings

2025
£

2024
£

Current loans and borrowings

Bank borrowings

101,296

96,894

Finance lease liabilities

55,091

17,518

156,387

114,412

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2025
£

2024
£

Bank borrowings

101,296

96,894

Finance lease liabilities

55,091

17,518

156,387

114,412

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

2025
£

2024
£

Non-current loans and borrowings

Bank borrowings

1,683,354

1,530,628

Finance lease liabilities

51,550

48,720

1,734,904

1,579,348

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

	2025 £	2024 £
Bank borrowings	1,683,354	1,530,628
Finance lease liabilities	51,550	48,720
	1,734,904	1,579,348

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

Buckabank Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

10	Related party transactions

Transactions with directors

2025	At 1 April 2024 £	Advances £	Repayments £	Other payments £	Dividends credited £	Interest £	At 31 March 2025 £
S J Brough
Loan account	40,588	54,029	(51,439)	-	-	1,001	44,179


R R Brough
Loan account	130,260	222,297	(144,819)	-	-	3,397	211,135


N Brough
Loan account	6,679	42,274	(19,036)	-	(16,800)	162	13,279

2024

At 1 April 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2024
£

S J Brough

Loan account

40,807

53,747

(52,322)

-

(2,500)

856

40,588

R R Brough

Loan account

37,191

141,115

(45,041)

-

(5,000)

1,995

130,260

N Brough

Loan account

4,138

39,211

(18,670)

-

(18,000)

-

6,679

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% on advances to directors.

	Basic payment scheme £	Other intangible assets £	Total £
Cost or valuation
At 1 April 2024	81,498	173,975	255,473
Additions	-	10,175	10,175
At 31 March 2025	81,498	184,150	265,648
Amortisation
At 1 April 2024	81,498	96,100	177,598
Amortisation charge	-	28,530	28,530
At 31 March 2025	81,498	124,630	206,128
Carrying amount
At 31 March 2025	-	59,520	59,520
At 31 March 2024	-	77,875	77,875

	Land and buildings £	Plant and equipment £	Motor vehicles £	Furniture, fittings and office equipment £	Total £
Cost or valuation
At 1 April 2024	655,863	1,526,962	41,879	1,842	2,226,546
Additions	64,926	561,477	22,950	613	649,966
Disposals	-	(76,000)	(15,000)	-	(91,000)
At 31 March 2025	720,789	2,012,439	49,829	2,455	2,785,512
Depreciation
At 1 April 2024	98,363	756,697	31,221	1,591	887,872
Charge for the year	8,554	86,406	3,577	212	98,749
Eliminated on disposal	-	(22,463)	(14,825)	-	(37,288)
At 31 March 2025	106,917	820,640	19,973	1,803	949,333
Carrying amount
At 31 March 2025	613,872	1,191,799	29,856	652	1,836,179
At 31 March 2024	557,500	770,265	10,658	251	1,338,674

	2025 £	2024 £
After more than five years by instalments	1,312,720	1,155,239
	1,312,720	1,155,239

	2025 £	2024 £
Current loans and borrowings
Bank borrowings	101,296	96,894
Finance lease liabilities	55,091	17,518
	156,387	114,412

	2025 £	2024 £
Non-current loans and borrowings
Bank borrowings	1,683,354	1,530,628
Finance lease liabilities	51,550	48,720
	1,734,904	1,579,348

2024	At 1 April 2023 £	Advances £	Repayments £	Other payments £	Dividends credited £	Interest £	At 31 March 2024 £
S J Brough
Loan account	40,807	53,747	(52,322)	-	(2,500)	856	40,588


R R Brough
Loan account	37,191	141,115	(45,041)	-	(5,000)	1,995	130,260


N Brough
Loan account	4,138	39,211	(18,670)	-	(18,000)	-	6,679