Baldings Farming Limited - Period Ending 2019-12-31

Baldings Farming Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Baldings Farming Limited

(Registration number: 03440542)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	603,180	560,098
Current assets
Stocks	5	15,850	22,607
Debtors	6	45,322	108,504
Cash at bank and in hand		111,918	21,627
		173,090	152,738
Creditors: Amounts falling due within one year	7	(45,668)	(52,448)
Net current assets		127,422	100,290
Total assets less current liabilities		730,602	660,388
Provisions for liabilities		(13,593)	(12,157)
Net assets		717,009	648,231
Capital and reserves
Called up share capital		550,000	550,000
Profit and loss account		167,009	98,231
Shareholders' funds		717,009	648,231

Baldings Farming Limited

(Registration number: 03440542)
Balance Sheet as at 31 December 2019

For the financial year ending 31 December 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 15 October 2020 and signed on its behalf by:
 

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

Mr Ian Anthony Balding
Company secretary and director

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 revenue recognised by the company in respect of gallop fees, sheep sales, sales of haylage and grants and subsidies received during the year.

Tax

The tax expense for the period comprises deferred tax.

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.

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

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	Nil
Property improvements	25% reducing balance
Plant and machinery	25% reducing balance

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and net realisable value and in accordance with the guidance in help sheet HS232.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

4	Tangible assets

	Land and buildings £	Property Improvements £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2019	496,113	43,791	94,839	634,743
Additions	35,528	-	54,000	89,528
Disposals	-	-	(56,800)	(56,800)
At 31 December 2019	531,641	43,791	92,039	667,471
Depreciation
At 1 January 2019	-	24,797	49,849	74,646
Charge for the year	-	3,731	8,634	12,365
Eliminated on disposal	-	-	(22,720)	(22,720)
At 31 December 2019	-	28,528	35,763	64,291
Carrying amount
At 31 December 2019	531,641	15,263	56,276	603,180
At 31 December 2018	496,113	18,995	44,990	560,098

5

Stocks

	2019 £	2018 £
Other inventories	15,850	22,607

6

Debtors

	2019 £	2018 £
Trade debtors	43,166	100,008
Other debtors	2,156	8,496
	45,322	108,504

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

7

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	41,583	27,363
Other creditors	4,085	25,085
	45,668	52,448

8	Related party transactions

During the year, in the ordinary course of business, on normal commercial terms and at arm's length prices, the following transactions took place with Kingsclere Training Establishment, a partnership in which I A Balding and Mrs E A M Balding are partners:

Sale of Haylage £13,650
Use of gallop facilities £225,688
Expenses recharged by Kingsclere Training Establishment £109,000

Kingsclere Training Establishment acts as agents on behalf of the Company in the collection of fees charged directly to the owners of the race horses using the gallops, which are owned and operated by Baldings Farming Limited.

At 31 December 2019 Kingsclere Training Establishment owed Baldings Farming Limited an amount totalling £43,166 (2018: £106,728) which is included in debtors. This is offset by the amount owed by Baldings Farming Limited to Kingsclere Training Establishment as at 31 December 2019 of £26,400 (2018: £47,216) which is included in creditors. This gives a net balance due from Kingsclere Training Establishment of £16,766 (2018: £59,512).

10 Controlling Party

I A Balding is the ultimate controlling party by virtue of owning 100% of the issued share capital.