Black Horse Farm Limited - Accounts to registrar (filleted) - small 18.2

Black Horse Farm Limited - Accounts to registrar (filleted) - small 18.2

BLACK HORSE FARM LIMITED - Company Information

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REGISTERED NUMBER: 07184807 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

BLACK HORSE FARM LIMITED
BLACK HORSE FARM LIMITED (REGISTERED NUMBER: 07184807)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BLACK HORSE FARM LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2022







DIRECTOR: N D Garrett





SECRETARY: Mrs D P F Garrett





REGISTERED OFFICE: 32 The Square
Gillingham
Dorset
SP8 4AR





REGISTERED NUMBER: 07184807 (England and Wales)





ACCOUNTANTS: Andrews and Palmer
Chartered Accountants
32 The Square
Gillingham
Dorset
SP8 4AR
Page 1
BLACK HORSE FARM LIMITED (REGISTERED NUMBER: 07184807)

BALANCE SHEET
31 March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 427 569
Investment property 5 976,527 976,527
976,954 977,096

CURRENT ASSETS
Debtors 6 23,765 23,641
Cash at bank 9,119 16,281
32,884 39,922
CREDITORS
Amounts falling due within one year 7 53,948 53,828
NET CURRENT LIABILITIES (21,064 ) (13,906 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
955,890
963,190

PROVISIONS FOR LIABILITIES 102,233 77,743
NET ASSETS 853,657 885,447

CAPITAL AND RESERVES
Called up share capital 8 2,500 2,500
Share premium 247,725 247,725
Non distributable fair value reserve 9 306,456 330,973
Retained earnings 296,976 304,249
SHAREHOLDERS' FUNDS 853,657 885,447

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

Page 2 continued...
BLACK HORSE FARM LIMITED (REGISTERED NUMBER: 07184807)

BALANCE SHEET - continued
31 March 2022


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 August 2022 and were signed by:





N D Garrett - Director


The notes form part of these financial statements

Page 3
BLACK HORSE FARM LIMITED (REGISTERED NUMBER: 07184807)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Black Horse Farm 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the net income from renting agricultural land and buildings, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The revaluation gain and the associated deferred tax are then transferred out of retained earnings to the non-distributable fair value reserve.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

Page 4 continued...
BLACK HORSE FARM LIMITED (REGISTERED NUMBER: 07184807)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021
and 31 March 2022 1,800
DEPRECIATION
At 1 April 2021 1,231
Charge for year 142
At 31 March 2022 1,373
NET BOOK VALUE
At 31 March 2022 427
At 31 March 2021 569

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021
and 31 March 2022 976,527
NET BOOK VALUE
At 31 March 2022 976,527
At 31 March 2021 976,527

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2011 104,648
Valuation in 2012 25,815
Valuation in 2013 41,000
Valuation in 2014 41,000
Valuation in 2015 41,000
Valuation in 2016 276,384
Valuation in 2019 (41,500 )
Valuation in 2021 (79,738 )
Cost 567,918
976,527

Page 5 continued...
BLACK HORSE FARM LIMITED (REGISTERED NUMBER: 07184807)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2022

5. INVESTMENT PROPERTY - continued

If Agricultural land and building had not been revalued it would have been included at the following historical cost:

31.3.22 31.3.21
£    £   
Cost 567,918 567,918
Aggregate depreciation (12,091 ) (11,084 )

Agricultural land and building was valued on an open market basis basis on 31 March 2022 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 23,529 23,529
Other debtors 173 112
Prepayments 63 -
23,765 23,641

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
VAT 4,579 4,579
Directors' current accounts 48,469 48,399
Accrued expenses 900 850
53,948 53,828

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.22 31.3.21
value: £    £   
2,500 Ordinary £1 2,500 2,500

9. RESERVES
Non
distributable
fair
value
reserve
£   
At 1 April 2021 330,973
Deferred tax on revaluation (24,517 )

At 31 March 2022 306,456

Page 6 continued...
BLACK HORSE FARM LIMITED (REGISTERED NUMBER: 07184807)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2022

10. EVENTS AFTER THE END OF THE PERIOD

Since the end of the period the company has lodged an appeal against council tax paid on Whitings Farm from the 23rd December 2015 to the 31st March 2022. After the end of the 31st March 2022 this appeal has been confirmed as successful. The director estimates the company is due a refund of £30,000.00 plus interest. This would roughly increase the net assets of the company by £25,000.00 after taking into account corporation tax at the prevailing rate.

Page 7