| Richard Barnes (Farms) Limited |
| Registered number: |
01494475 |
| Balance Sheet |
| as at 31 December 2022 |
|
|
Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,069,110 |
|
|
1,507,748 |
| Investments |
4 |
|
|
362 |
|
|
362 |
|
|
|
|
1,069,472 |
|
|
1,508,110 |
|
| Current assets |
| Stocks |
|
|
46,274 |
|
|
58,414 |
| Debtors |
5 |
|
9,815 |
|
|
249,441 |
| Cash at bank |
|
|
1,332,448 |
|
|
58,079 |
|
|
|
1,388,537 |
|
|
365,934 |
|
| Creditors: amounts falling due within one year |
6 |
|
(768,971) |
|
|
(867,993) |
|
| Net current assets/(liabilities) |
|
|
|
619,566 |
|
|
(502,059) |
|
| Total assets less current liabilities |
|
|
|
1,689,038 |
|
|
1,006,051 |
|
| Provisions for liabilities |
|
|
|
(154,715) |
|
|
(139,228) |
|
| Net assets |
|
|
|
1,534,323 |
|
|
866,823 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Profit and loss account |
|
|
|
1,534,321 |
|
|
866,821 |
|
| Shareholders' funds |
|
|
|
1,534,323 |
|
|
866,823 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| Mr R M Barnes |
| Director |
| Approved by the board on 4 September 2023 |
|
| Richard Barnes (Farms) Limited |
| Notes to the Accounts |
| for the year ended 31 December 2022 |
|
|
| 1 |
Accounting policies |
|
|
Company information |
|
Richard Barnes (Farms) Limited is a private company limited by shares incorporated in England and Wales. The registered address is Old Shoyswell Manor Farm, Sheepstreet Lane, Etchingham, East Sussex, TN19 7AZ. |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
The accounts are prepared in sterling, which is the functional currency of the compnay. Monetary amounts in these accounts are rounded to the nearest £. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
|
|
The single payment scheme is an entitlement for the calendar year ending during the accounting period and is recognised in full. |
|
|
Rental income is recognised on a straight line basis over the term of the lease. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
Tractors, plant and machinery |
15% reducing balance |
|
|
Investment properties |
|
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which include the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. Any surplus or deficit on revaluation is recognised in the profit and loss account. |
|
|
Investments |
|
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Related party disclosures |
|
The company has taken advantage of the provision within FRS 102 to not disclose details of transactions with other group members in these accounts. |
|
|
Going Concern |
|
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Investment properties |
|
Freehold land and buildings |
|
Tractors, plant and machinery |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2022 |
890,000 |
|
491,111 |
|
366,164 |
|
1,747,275 |
|
Additions/revaluation |
- |
|
- |
|
89,815 |
|
89,815 |
|
Disposals |
(450,000) |
|
- |
|
(66,353) |
|
(516,353) |
|
At 31 December 2022 |
440,000 |
|
491,111 |
|
389,626 |
|
1,320,737 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2022 |
- |
|
57,299 |
|
182,228 |
|
239,527 |
|
Charge for the year |
- |
|
1,688 |
|
28,782 |
|
30,470 |
|
On disposals |
- |
|
- |
|
(18,370) |
|
(18,370) |
|
At 31 December 2022 |
- |
|
58,987 |
|
192,640 |
|
251,627 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2022 |
440,000 |
|
432,124 |
|
196,986 |
|
1,069,110 |
|
At 31 December 2021 |
890,000 |
|
433,812 |
|
183,936 |
|
1,507,748 |
|
|
|
|
|
|
|
|
|
|
Investment property comprises of rental properties carried at open market value. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st December 2022 by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. |
|
|
| 4 |
Investments |
| Other |
| investments |
| £ |
|
Cost |
|
At 1 January 2022 |
362 |
|
|
At 31 December 2022 |
362 |
|
|
|
| 5 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
1,332 |
|
67,800 |
|
Prepayments and accrued income |
8,083 |
|
6,698 |
|
Other debtors |
400 |
|
174,943 |
|
|
|
|
|
|
9,815 |
|
249,441 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade creditors |
5,221 |
|
13,531 |
|
Accruals and deferred income |
5,334 |
|
8,848 |
|
Amounts owed to group undertakings and undertakings |
|
693,914 |
|
745,788 |
|
Taxation and social security costs |
- |
|
6,153 |
|
Director's loan |
64,502 |
|
93,673 |
|
|
|
|
|
|
768,971 |
|
867,993 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Called up share capital |
2022 |
|
2021 |
| £ |
£ |
|
|
Ordinary share capital |
|
Issued and fully paid |
|
2 Ordinary shares of £1 each |
2 |
|
2 |
|
|
|
|
|
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
Included in creditors at 31st December 2022 is a balance of £64,502 (2021: £93,673) payable to a director, Mr R Barnes. No interest is payable in respect of this loan. |
|
|
| 9 |
Parent undertaking and ultimate controlling party |
|
|
For the current and previous year the company was under the control of its parent company, Piranha Group Holdings Limited . The ultimate controlling party for both the current and previous year is Mr R M Barnes, the major shareholder of Piranha Group Holdings Limited |
