Blencogo House Farm Limited - Period Ending 2019-10-31

Company Registration number: 04514544

Blencogo House Farm Limited

Annual Report and Unaudited
Financial Statements

for the Year Ended 31 October 2019

Blencogo House Farm Limited

Contents

Pages

Balance sheet	1 to 2
Notes to the financial statements	3 to 8

Blencogo House Farm Limited

Balance Sheet as at 31 October 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	825,023	671,880
Current assets
Stocks		200,835	164,450
Debtors	5	167,883	119,343
Cash at bank and in hand		61,481	197,130
		430,199	480,923
Creditors: Amounts falling due within one year	6	(589,370)	(591,056)
Net current liabilities		(159,171)	(110,133)
Total assets less current liabilities		665,852	561,747
Creditors: Amounts falling due after more than one year	6	(456,449)	(441,044)
Provisions for liabilities		(113,463)	(83,361)
Net assets		95,940	37,342
Capital and reserves
Called up share capital		100	100
Profit and loss account		95,840	37,242
Shareholders' funds		95,940	37,342

The notes on pages 3 to 8 form an integral part of these financial statements.

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Blencogo House Farm Limited

Balance Sheet as at 31 October 2019 (continued)

For the financial year ending 31 October 2019 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 February 2020 and signed on its behalf by:
 

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

Mrs J E Ferguson
Director

Company registration number: 04514544

The notes on pages 3 to 8 form an integral part of these financial statements.

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Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2019

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:
Blencogo House
Blencogo
Wigton
CA7 0BZ

These financial statements were authorised for issue by the Board on 3 February 2020.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

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Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2019 (continued)

2	ACCOUNTING POLICIES (continued)

Taxation

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 corporation 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

The animals comprised in the production herd are valued at the cost with replacements valued at the original cost of the animal they replace. Additional animals are valued at cost when transferred to the herd. No depreciation is applied to the herd.
 

Asset class	Depreciation method and rate
Machinery and tractors	20% reducing balance
Alterations and improvements	10% straight line
Motor vehicles	25% reducing balance
Computer equipment	25% straight line

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Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2019 (continued)

2	ACCOUNTING POLICIES (continued)

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.

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.

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Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2019 (continued)

2	ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Deferred capital grants

Deferred capital grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss over the estimated useful life of the assets to which they relate.

3	STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 3 (2018 - 3).

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Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2019 (continued)

4	TANGIBLE ASSETS

	Alterations and improvements £	Computer equipment  £	Motor vehicles  £	Herd  £	Machinery and tractors  £	Total £
Cost or valuation
At 1 November 2018	553,827	1,847	10,158	116,888	827,982	1,510,702
Additions	181,734	-	-	10,200	144,220	336,154
Disposals	-	-	-	-	(61,250)	(61,250)
At 31 October 2019	735,561	1,847	10,158	127,088	910,952	1,785,606
Depreciation
At 1 November 2018	348,005	1,486	7,747	-	481,584	838,822
Charge for the year	56,999	134	2,411	-	92,338	151,882
Eliminated on disposal	-	-	-	-	(30,121)	(30,121)
At 31 October 2019	405,004	1,620	10,158	-	543,801	960,583
Carrying amount
At 31 October 2019	330,557	227	-	127,088	367,151	825,023
At 31 October 2018	205,822	361	2,411	116,888	346,398	671,880

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Blencogo House Farm Limited

Notes to the financial statements for the Year Ended 31 October 2019 (continued)

5

DEBTORS

	2019 £	2018 £
Trade debtors	98,825	103,454
Other debtors	69,058	15,889
	167,883	119,343

6

CREDITORS

Creditors: amounts falling due within one year

		2019 £	2018 £
Due within one year
Bank loans and overdrafts		55,192	41,857
Trade creditors		55,764	78,914
Taxation and social security		631	-
Accruals and deferred income		43,283	9,065
Other creditors		434,500	461,220
		589,370	591,056

Creditors falling due within one year include £23,857 (2018: £23,390) of bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £31,335 (2018 - £18,467).

Creditors: amounts falling due after more than one year

		2019 £	2018 £
Due after one year
Loans and borrowings		413,639	437,627
Hire purchase		42,810	3,417
		456,449	441,044

Creditors falling due after more than one year include £413,639 (2018: £437,627) of bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £42,810 (2018 - £3,417).

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