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Company No: 06816729 (England and Wales)

# BRIGHT FARMING LIMITED

### Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

BRIGHT FARMING LIMITED

## Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

BRIGHT FARMING LIMITED

## BALANCE SHEET

As at 28 February 2025
BRIGHT FARMING LIMITED

## BALANCE SHEET (continued)

As at 28 February 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 1,308,852 |  | 1,349,693
|  | 1,308,852 |  | 1,349,693
Current assets |  |  |  |
Stocks | 4, 5 | 893,494 |  | 669,380
Debtors |  |  |  |
- due within one year | 6 | 569,991 |  | 336,543
- due after more than one year | 6 | 27,344 |  | 0
Cash at bank and in hand |  | 105,551 |  | 284,934
|  | 1,596,380 |  | 1,290,857
Creditors: amounts falling due within one year | 7 | ( 390,100) |  | ( 514,021)
Net current assets |  | 1,206,280 |  | 776,836
Total assets less current liabilities |  | 2,515,132 |  | 2,126,529
Creditors: amounts falling due after more than one year | 8 | ( 4,709) |  | ( 144,948)
Provision for liabilities |  | ( 126,277) |  | ( 135,422)
Net assets |  | 2,384,146 |  | 1,846,159
Capital and reserves |  |  |  |
Called-up share capital |  | 200 |  | 200
Profit and loss account |  | 2,383,946 |  | 1,845,959
Total shareholders' funds |  | 2,384,146 |  | 1,846,159

For the financial year ending 28 February 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 financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Bright Farming Limited (registered number: 06816729) were approved and authorised for issue by the Board of Directors on 04 November 2025. They were signed on its behalf by:

R A Bright Director |

BRIGHT FARMING LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
BRIGHT FARMING LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Bright Farming Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Oak View, Stockland, Honiton, EX14 9EL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of swine, flint stone and receipt of government grants. Turnover is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 50 years straight line
| 15 % reducing balance
Leasehold improvements | 0 - 10 years straight line
Plant and machinery | 15 % reducing balance
Vehicles | 25 % reducing balance
Office equipment | 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Biological assets

Biological current assets not held for continuing use within the business are classified as current assets, within stock. Such assets are measured at cost less accumulated impairment.
Assets within this classification comprise of pigs and growing crops which are held as stock under note 4 and 5 of the accounts.

##### Stocks

Stocks comprising of swine for fattening, growing crops, stone and deadstock which are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.
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.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured. 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.

##### Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income or turnover over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 5 |  | 6

#### 3. Tangible assets

| Land and buildings |  | Leasehold improve- ments |  | Plant and machinery |  | Vehicles |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |  |  |
At 01 March 2024 | 801,598 |  | 169,061 |  | 1,087,760 |  | 1,000 |  | 16,582 |  | 2,076,001
Additions | 0 |  | 7,606 |  | 71,097 |  | 0 |  | 0 |  | 78,703
Disposals | 0 |  | 0 |  | ( 1,806) |  | 0 |  | 0 |  | ( 1,806)
At 28 February 2025 | 801,598 |  | 176,667 |  | 1,157,051 |  | 1,000 |  | 16,582 |  | 2,152,898
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |
At 01 March 2024 | 4,867 |  | 99,165 |  | 608,268 |  | 684 |  | 13,324 |  | 726,308
Charge for the financial year | 12,016 |  | 17,256 |  | 89,383 |  | 79 |  | 652 |  | 119,386
Disposals | 0 |  | 0 |  | ( 1,648) |  | 0 |  | 0 |  | ( 1,648)
At 28 February 2025 | 16,883 |  | 116,421 |  | 696,003 |  | 763 |  | 13,976 |  | 844,046
Net book value |  |  |  |  |  |  |  |  |  |  |
At 28 February 2025 | 784,715 |  | 60,246 |  | 461,048 |  | 237 |  | 2,606 |  | 1,308,852
At 29 February 2024 | 796,731 |  | 69,896 |  | 479,492 |  | 316 |  | 3,258 |  | 1,349,693

#### 4. Stocks

| 2025 |  | 2024
| £ |  | £
Stocks | 258,574 |  | 30,540
Livestock | 625,000 |  | 625,000
Crops | 9,920 |  | 13,840
| 893,494 |  | 669,380

#### 5. Current biological assets

Assets held at cost:

| Pigs |  | Growing crops |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 March 2024 | 625,000 |  | 13,840 |  | 638,840
Decrease attributable to sales/ transfers out | 0 |  | (3,920) |  | (3,920)
At 28 February 2025 | 625,000 |  | 9,920 |  | 634,920

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Debtors: amounts falling due within one year |  |  |
Trade debtors | 105,219 |  | 110,808
Amounts owed by directors | 64,590 |  | 265
Prepayments and accrued income | 112,003 |  | 62,009
VAT recoverable | 24,840 |  | 33,461
Other debtors | 263,339 |  | 130,000
| 569,991 |  | 336,543
Debtors: amounts falling due after more than one year |  |  |
Other debtors | 27,344 |  | 0

Included within other debtors is a loan to an unconnected company of £200,000 (2023: £130,000). The loan is interest free and repayable upon demand.

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 10,269 |  | 61,414
Trade creditors | 132,126 |  | 270,026
Other loans | 0 |  | 30,000
Accruals | 33,508 |  | 58,537
Taxation and social security | 213,785 |  | 93,309
Other creditors | 412 |  | 735
| 390,100 |  | 514,021

Included within other loans £nil (2024: £30,000) is a loan from close family members of the directors to the company. The loan is interest free and repayable upon demand. In March 2024, this loan was fully repaid.

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

| 2025 |  | 2024
| £ |  | £
Bank loans | 4,709 |  | 144,948

Bank borrowings of £nil (2024: £181,114) on which the following security is provided:
A Guarantee for £400,000 from the directors in form and substance satisfactory to the bank supported by a legal charge over 47.32 acres or thereabouts of Land and Building at Stockland Hill, Dalwood, Axminster, Devon.
A legal charge over 46.61 acres or thereabouts of Land at Ridge Court, Stockland, Honiton, Devon in form and substance satisfactory to the Bank.

#### 9. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates. Interest is not charged when balance is owed to the directors.
At 1 March 2023, the balance owed by the directors was £nil. During the year, £419 was advanced to the directors, and £154 was repaid by the directors. At 29 February 2024, the balance owed by the directors was £265.
At 1 March 2024, the balance owed by the directors was £265. During the year, £301,423 was advanced to the directors, and £237,098 was repaid by the directors. At 28 February 2025, the balance owed to the directors was £65,590.