Billockby Farms Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00687676 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2019

for

Billockby Farms Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M M Alston

A L Alston

H J Alston

SECRETARY:

Mrs M M Alston

REGISTERED OFFICE:

Billockby Hall

Billockby

GREAT YARMOUTH

Norfolk

NR29 3BE

REGISTERED NUMBER:

00687676 (England and Wales)

ACCOUNTANTS:

Argents Chartered Accountants

15 Palace Street

NORWICH

Norfolk

NR3 1RT

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

4,752,307

4,707,732

Investments

5

554,659

554,659

Investment property

6

250,000

250,000

5,556,966

5,512,391

CURRENT ASSETS

Stocks

1,041,708

954,848

Debtors

7

563,490

799,333

1,605,198

1,754,181

CREDITORS

Amounts falling due within one year

8

4,125,053

4,010,443

NET CURRENT LIABILITIES

(2,519,855

)

(2,256,262

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,037,111

3,256,129

CREDITORS

Amounts falling due after more than one year

9

4,487,181

4,364,349

NET LIABILITIES

(1,450,070

)

(1,108,220

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,450,170

)

(1,108,320

)

(1,450,070

)

(1,108,220

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2020 and were signed on its behalf by:

H J Alston - Director

1.	STATUTORY INFORMATION

Billockby Farms Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These accounts are the first set to be prepared by the company under FRS 102. On transition a

review has

been carried out of the previously recognised amounts to identify any that would need to be

restated under the new standards, but no adjustments were required.

The financial statements include information solely relating to the individual company.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party

transactions with wholly owned subsidiaries within the group.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose

related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Milk quota are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

10% on cost and 6.67% on cost

Motor vehicles

-

15% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising

from changes in fair value is recognised in profit or loss.

Investment property is carried at fair value, determined annually by the directors and derived from

considering current market conditions and investment property yields for comparable real estate,

adjusted if necessary for any difference in the nature, location or condition of the specific asset and

referring to outside experts where necessary. No depreciation is provided on investment

properties and changes in fair value are recognised in the Statement of Comprehensive Income.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Hire purchase and leasing commitments

Rentals payable under operating leases are charged to the profit and loss account on a

straight-line basis over the term of the lease.

Assets held under finance leases and HP agreements, which are those where substantially all the

risks and rewards of ownership of the asset have passed to the company, are capitalised in the

balance sheet and are depreciated over their useful economic lives. The capital element of future

obligations under the lease is included as a liability in the balance sheet. The interest element of

the payment obligations is charged to the profit and loss account over the period of the agreement

and represents a constant proportion of the balance of capital repayments outstanding.

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2018

and 30 September 2019

316,776

AMORTISATION

At 1 October 2018

and 30 September 2019

316,776

NET BOOK VALUE

At 30 September 2019

-

At 30 September 2018

-

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Motor

property

property

machinery

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2018

2,233,711

1,441,094

2,222,173

1,351,962

7,248,940

Additions

-

-

6,138

438,000

444,138

Disposals

-

-

(7,500

)

(400,163

)

(407,663

)

At 30 September 2019

2,233,711

1,441,094

2,220,811

1,389,799

7,285,415

DEPRECIATION

At 1 October 2018

-

333,416

1,569,568

638,224

2,541,208

Charge for year

-

-

108,272

81,903

190,175

Eliminated on disposal

-

-

(7,500

)

(190,775

)

(198,275

)

At 30 September 2019

-

333,416

1,670,340

529,352

2,533,108

NET BOOK VALUE

At 30 September 2019

2,233,711

1,107,678

550,471

860,447

4,752,307

At 30 September 2018

2,233,711

1,107,678

652,605

713,738

4,707,732

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2018

and 30 September 2019

554,659

NET BOOK VALUE

At 30 September 2019

554,659

At 30 September 2018

554,659

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2018

and 30 September 2019

250,000

NET BOOK VALUE

At 30 September 2019

250,000

At 30 September 2018

250,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

524,486

635,927

Directors' current accounts

659

126,984

VAT repayable

38,345

36,422

563,490

799,333

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts (see note 10)

1,390,619

1,376,302

Hire purchase contracts

185,357

167,449

Trade creditors

1,388,593

1,441,147

Amounts owed to group undertakings

921,833

1,014,220

Other Creditors

16,314

8,075

Directors' current accounts

222,337

3,250

4,125,053

4,010,443

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans (see note 10)

4,125,497

4,211,476

Hire purchase contracts

361,684

152,873

4,487,181

4,364,349

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

3,190,000

3,190,000

Repayable by instalments

Bank loans more 5 yr by instal

595,497

681,476

10.

LOANS

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due within one year or on demand:

Bank loans and overdrafts

1,390,619

1,376,302

Amounts falling due between two and five years:

Bank loans - 2-5 years

340,000

340,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

3,190,000

3,190,000

Repayable by instalments

Bank loans more 5 yr by instal

595,497

681,476

11.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

5,516,116

5,587,778

Hire purchase contracts

547,041

320,322

6,063,157

5,908,100

The bank loan and overdraft are secured by a fixed and floating charge over the company's assets.

The hire purchase agreements are secured on the assets being financed.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

A director had advances of £173,829 and made repayments of £301,140 in the year.

A director had advances of £659 in the year.

These loans to the directors are on an interest free basis and repayable on demand.