Bashfarms Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04258026

BASHFARMS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 April 2021

BASHFARMS LIMITED

STATEMENT OF FINANCIAL POSITION

5 April 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	–	2,140
Tangible assets	6	3,003,168	2,985,918
		--------------	--------------
		3,003,168	2,988,058

Current assets

Stocks		186,761	187,514
Debtors	7	332,186	214,394
Cash at bank and in hand		13,862	53
		-----------	-----------
		532,809	401,961

Creditors: amounts falling due within one year	8	596,004		646,459
		-----------		-----------
Net current liabilities			63,195	244,498
			--------------	--------------
Total assets less current liabilities			2,939,973	2,743,560

Creditors: amounts falling due after more than one year	9	1,003,970	853,204
		--------------	--------------
Net assets		1,936,003	1,890,356
		--------------	--------------

BASHFARMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

5 April 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Revaluation reserve	1,962,792	1,962,792
Profit and loss account	( 26,888)	( 72,536)
	--------------	--------------
Shareholders funds	1,936,004	1,890,356
	--------------	--------------

Suspense account	(1)	–
	--------------	--------------
	1,936,003	1,890,356
	--------------	--------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 5 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 24 February 2022 , and are signed on behalf of the board by:

H R B Massingberd-Mundy
Director

Company registration number: 04258026

BASHFARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Clapgate Farm, Ashby Puerorum, Horncastle, Lincolnshire, LN9 6QU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Interest Option	-	Over the life of the option

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and Machinery	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).

5. Intangible assets

	Development costs
	£
Cost
At 6 April 2020 and 5 April 2021	82,798
	---------
Amortisation
At 6 April 2020	80,658
Charge for the year	2,140
	---------
At 5 April 2021	82,798
	---------
Carrying amount
At 5 April 2021	–
	---------
At 5 April 2020	2,140
	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 6 April 2020	2,570,079	965,050	3,535,129
Additions	–	159,225	159,225
Disposals	–	( 101,236)	( 101,236)
	--------------	--------------	--------------
At 5 April 2021	2,570,079	1,023,039	3,593,118
	--------------	--------------	--------------
Depreciation
At 6 April 2020	–	549,211	549,211
Charge for the year	–	98,843	98,843
Disposals	–	( 58,104)	( 58,104)
	--------------	--------------	--------------
At 5 April 2021	–	589,950	589,950
	--------------	--------------	--------------
Carrying amount
At 5 April 2021	2,570,079	433,089	3,003,168
	--------------	--------------	--------------
At 5 April 2020	2,570,079	415,839	2,985,918
	--------------	--------------	--------------

7. Debtors

	2021	2020
	£	£
Trade debtors	309,911	211,316
Other debtors	22,275	3,078
	-----------	-----------
	332,186	214,394
	-----------	-----------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	327,790	246,375
Trade creditors	138,735	108,184
Social security and other taxes	6,796	–
Other creditors	122,683	291,900
	-----------	-----------
	596,004	646,459
	-----------	-----------

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2021	2020
	£	£
Bank loans and overdrafts (Secured on assets of the company)	327,790	246,375
Hire Purchase (Secured on the assets concerned)	108,014	137,231
	-----------	-----------
	435,804	383,606
	-----------	-----------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	855,323	723,340
Other creditors	148,647	129,864
	--------------	-----------
	1,003,970	853,204
	--------------	-----------

The following liabilities disclosed under creditors falling due after more that one year are secured by the company:

	2021	2020
	£	£
Bank loans and overdrafts (Secured on the assets of the company)	698,513	712,148
Hire Purchase (Secured on the assets concerned)	148,647	129,865
	-----------	-----------
	847,160	842,013
	-----------	-----------