Blencogo House Farm Limited - Period Ending 2023-10-31
Blencogo House Farm Limited - Period Ending 2023-10-31
Company Registration number:
Blencogo House Farm Limited
Financial Statements
for the
Year Ended 31 October 2023
Blencogo House Farm Limited
Contents
Pages
Balance sheet |
|
Notes to the financial statements |
Blencogo House Farm Limited
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
|||
Fixed assets |
|||||
Tangible assets |
|
|
|||
Investments |
|
|
|||
|
|
||||
Current assets |
|||||
Stocks |
|
|
|||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts falling due within one year |
( |
( |
|||
Net current assets |
|
|
|||
Total assets less current liabilities |
|
|
|||
Creditors: Amounts falling due after more than one year |
( |
( |
|||
Provisions for liabilities |
( |
( |
|||
Net assets |
|
|
|||
Capital and reserves |
|||||
Called up share capital |
|
|
|||
Retained earnings |
|
|
|||
Shareholders' funds |
|
|
Blencogo House Farm Limited
Balance Sheet as at 31 October 2023 (continued)
For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Company registration number: 04514544
Blencogo House Farm Limited
Notes to the financial statements for the Year Ended 31 October 2023
GENERAL INFORMATION |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
Blencogo House Farm Limited
Notes to the financial statements for the Year Ended 31 October 2023 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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.
Blencogo House Farm Limited
Notes to the financial statements for the Year Ended 31 October 2023 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
The animals comprised in the production herd are valued at the cost with replacements valued at the original cost of the animal they replace. Additional animals are valued at cost when transferred to the herd. No depreciation is applied to the herd.
Asset class |
Depreciation method and rate |
Machinery and tractors |
20% and 15% reducing balance |
Alterations and improvements |
10% straight line |
Motor vehicles |
25% reducing balance |
Computer equipment |
25% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Blencogo House Farm Limited
Notes to the financial statements for the Year Ended 31 October 2023 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Financial instruments
Classification
Recognition and measurement
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Deferred capital grants
Deferred capital grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss over the estimated useful life of the assets to which they relate.
Blencogo House Farm Limited
Notes to the financial statements for the Year Ended 31 October 2023 (continued)
STAFF NUMBERS |
The average number of persons employed by the company (including directors) during the year, was
Blencogo House Farm Limited
Notes to the financial statements for the Year Ended 31 October 2023 (continued)
TANGIBLE ASSETS |
Alterations and improvements |
Computer equipment |
Motor vehicles |
Herd |
Machinery and tractors |
Total |
|
Cost or valuation |
||||||
At 1 November 2022 |
|
|
|
|
|
|
Additions |
|
- |
- |
|
|
|
Disposals |
- |
- |
- |
( |
( |
( |
At 31 October 2023 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 November 2022 |
|
|
|
- |
|
|
Charge for the year |
|
|
|
- |
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
( |
At 31 October 2023 |
|
|
|
- |
|
|
Carrying amount |
||||||
At 31 October 2023 |
|
|
|
|
|
|
At 31 October 2022 |
|
|
|
|
|
|
Blencogo House Farm Limited
Notes to the financial statements for the Year Ended 31 October 2023 (continued)
INVESTMENTS |
2023 |
2022 |
|
Investments |
|
|
DEBTORS |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
|
|
CREDITORS |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors falling due within one year include £28,279 (2022: £27,128) of bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £45,158 (2022: £44,792).
Blencogo House Farm Limited
Notes to the financial statements for the Year Ended 31 October 2023 (continued)
7 |
CREDITORS (continued) |
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
|
Hire purchase |
- |
|
|
|
|
Creditors falling due after more than one year include £322,217 (2022: £349,464) of bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £Nil (2022: £45,159).