Baldings Farming Limited - Period Ending 2021-12-31

Baldings Farming Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Baldings Farming Limited

(Registration number: 03440542)
Balance Sheet as at 31 December 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	857,779	696,092
Current assets
Debtors	5	44,571	60,207
Cash at bank and in hand		9,041	82,358
		53,612	142,565
Creditors: Amounts falling due within one year	6	(48,082)	(44,041)
Net current assets		5,530	98,524
Total assets less current liabilities		863,309	794,616
Creditors: Amounts falling due after more than one year	6	(13,064)	-
Provisions for liabilities		(22,338)	(14,773)
Net assets		827,907	779,843
Capital and reserves
Called up share capital		550,000	550,000
Retained earnings		277,907	229,843
Shareholders' funds		827,907	779,843

Baldings Farming Limited

(Registration number: 03440542)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 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 28 September 2022 and signed on its behalf by:
 

......................................... Lady Emma Alice Mary Balding Director

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 current tax payable and deferred tax.

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.

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

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 (2020 - 2).

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4	Tangible assets

	Land and buildings £	Property Improvements £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2021	606,968	43,791	134,909	785,668
Additions	-	141,753	78,155	219,908
Disposals	-	-	(49,000)	(49,000)
At 31 December 2021	606,968	185,544	164,064	956,576
Depreciation
At 1 January 2021	-	32,419	57,157	89,576
Charge for the year	-	13,670	12,184	25,854
Eliminated on disposal	-	-	(16,633)	(16,633)
At 31 December 2021	-	46,089	52,708	98,797
Carrying amount
At 31 December 2021	606,968	139,455	111,356	857,779
At 31 December 2020	606,968	11,372	77,752	696,092

5

Debtors

Current	2021 £	2020 £
Trade debtors	22,015	55,922
Other debtors	22,556	4,285
	44,571	60,207

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Loans and borrowings	13,064	-
Trade creditors	27,555	31,256
Taxation and social security	3,363	8,700
Other creditors	4,100	4,085
	48,082	44,041

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	13,064	-

7	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Hire purchase contracts	13,064	-

	2021 £	2020 £
Non-current loans and borrowings
Hire purchase contracts	13,064	-

Baldings Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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:

Use of gallop facilities £261,581
Expenses recharged by Kingsclere Training Establishment £91,200.

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 2021 Kingsclere Training Establishment owed Baldings Farming Limited an amount totalling £33,699 (2020: £55,922) which is included in debtors. This is offset by the amount owed by Baldings Farming Limited to Kingsclere Training Establishment as at 31 December 2021 of £27,360 (2020: £30,716) which is included in creditors. This gives a net balance due from Kingsclere Training Establishment of £6,339 (2020: £25,206).