Company Registration No. 04295450 (England and Wales)
BARFOOT FARMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
BARFOOT FARMS LIMITED
COMPANY INFORMATION
Directors
Mr P Barfoot
Mr N Lake
Mr J D Marks
Dr H Kinloch
Mr N Cairns
(Appointed 4 December 2021)
Company number
04295450
Registered office
Sefter Farm
Pagham Road
Bognor Regis
West Sussex
United Kingdom
PO21 3PX
Auditor
Azets Audit Services
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
BARFOOT FARMS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 28
BARFOOT FARMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
Barfoot Farms had a challenging 2021 with unfavourable weather conditions and a reduction in demand versus 2020 on key products at too short notice to reflect in growing programs. This was in part due to the relaxation in COVID restrictions meaning that consumer demand fell in the supermarkets where our products were destined.
Turnover fell by 3.1% and Gross profit was down 32.1%. Gross profit was reduced by more than turnover as many direct costs were incurred in producing a crop which was surplus to the short notice change in demand, and partly due to rising labour costs and falling availability.
Weather makes any future predictions of profitability very difficult as it has a very large impact on the outturn of any season, but the company has a wide spread of products and is confident it will continue to deal with the effects of any form of uncertainty that may present itself.
COVID-19 did cause some disruption to the labour force, but less so than the ongoing shortages of labour created by Brexit and the end of freedom of movement.
Principal risks and uncertainties
Our key areas of risk and uncertainty include;
-
Input prices (excluding labour). Costs started to rise in the latter half of 2021 due to supply chain issues “post COVID”, these costs are accelerating in 2022 and effect fuel costs, fertiliser and chemical costs
-
Labour. The cost of labour is rising due to government policy and the end of freedom of movement creating more demand for labour than supply
-
Availability of key inputs and equipment. COVID created disruption in the production of certain raw materials and equipment needed to operate the farm efficiently
-
Weather risk / climate change. The increasingly unpredictable weather is causing issues with unseasonal temperatures and unpredictable rainfall patterns
-
Changes in the subsidy and regulatory framework. The withdrawal of the EU farming subsidies and the introduction of its UK only replacement are changing the viability of certain farming practices.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Interest rate risk
The group finances it operations through retained profit and borrowing. The group’s exposure to interest rate fluctuations on its borrowing is managed through the support of related party lenders.
Mr J D Marks
Director
12 April 2022
BARFOOT FARMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of farming and managing the company's land and buildings.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P Barfoot
Mr N Lake
Mr J D Marks
Dr H Kinloch
Mr N Cairns
(Appointed 4 December 2021)
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Future developments
Future developments are set out in the Strategic Report.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
Mr J D Marks
Director
12 April 2022
BARFOOT FARMS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BARFOOT FARMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BARFOOT FARMS LIMITED
- 4 -
Opinion
We have audited the financial statements of Barfoot Farms Limited (the 'company') for the year ended 31 December 2021 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BARFOOT FARMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARFOOT FARMS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
BARFOOT FARMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARFOOT FARMS LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
-
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
-
Reviewing minutes of meetings of those charged with governance;
-
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
-
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Zara Hogg FCA, BA (Hons) (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
13 April 2022
Chartered Accountants
Statutory Auditor
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
BARFOOT FARMS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
2021
2020
Notes
£
£
Turnover
3
15,678,600
16,181,117
Cost of sales
(12,959,048)
(11,822,255)
Gross profit
2,719,552
4,358,862
Administrative expenses
(4,829,229)
(5,042,875)
Other operating income
3
2,236,523
1,821,470
Exceptional item
4
492,300
Operating profit
5
619,146
1,137,457
Interest receivable and similar income
8
750,000
8,300
Interest payable and similar expenses
9
(29,477)
(32,957)
Gain on disposal of investments
10
585,199
Profit before taxation
1,339,669
1,697,999
Tax on profit
11
(115,068)
(252,877)
Profit for the financial year
1,224,601
1,445,122
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BARFOOT FARMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
2021
2020
£
£
Profit for the year
1,224,601
1,445,122
Other comprehensive income
-
-
Total comprehensive income for the year
1,224,601
1,445,122
BARFOOT FARMS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 9 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
13
29,497
Tangible assets
14
9,667,214
9,175,127
Biological assets
15
1,366,390
1,263,054
Investments
16
1
1
11,063,102
10,438,182
Current assets
Stocks
18
850,576
342,464
Debtors
19
2,281,203
2,457,735
Cash at bank and in hand
321,217
7,754
Biological assets
20
394,970
353,949
3,847,966
3,161,902
Creditors: amounts falling due within one year
21
(4,728,157)
(4,612,980)
Net current liabilities
(880,191)
(1,451,078)
Total assets less current liabilities
10,182,911
8,987,104
Creditors: amounts falling due after more than one year
22
(184,364)
(322,006)
Provisions for liabilities
(290,066)
(181,218)
Net assets
9,708,481
8,483,880
Capital and reserves
Called up share capital
27
33,154
33,154
Revaluation reserve
28
742,812
742,812
Profit and loss reserves
28
8,932,515
7,707,914
Total equity
9,708,481
8,483,880
The financial statements were approved by the board of directors and authorised for issue on 12 April 2022 and are signed on its behalf by:
Mr J D Marks
Director
Company Registration No. 04295450
BARFOOT FARMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2020
33,154
742,812
6,262,792
7,038,758
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
1,445,122
1,445,122
Balance at 31 December 2020
33,154
742,812
7,707,914
8,483,880
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
1,224,601
1,224,601
Balance at 31 December 2021
33,154
742,812
8,932,515
9,708,481
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
1
Accounting policies
Company information
Barfoot Farms Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Sefter Farm, Pagham Road, Bognor Regis, West Sussex, United Kingdom, PO21 3PX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Interest
income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
Barfoot Farms Limited is a wholly owned subsidiary of Posbrook Holdings Limited and the results of Barfoot Farms Limited are included in the consolidated financial statements of Posbrook Holdings Limited which are available from Sefter Farm, Pagham Road, Bognor Regis, West Sussex, England, PO21 3PX.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The business and the wider Group to which it belongs continue to maintain strong reserves and have a robust asset base and as a result we remain confident the company has the ability to continue as a going concern for a period of 12 months from the date of approving these financial statements.
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Entitlements
over 1 to 10 years (dependent on entitlement)
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% - 5% straight line basis
Leasehold land and buildings
10% straight line basis
Plant and equipment
10% - 25% straight line basis
Fixtures and fittings
15% - 33% straight line basis
Motor vehicles
20% - 33% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Biological assets
Biological assets are recognised in accordance with FRS 102, categorised as short or long term depending upon the product lifecycle.
Biological assets which will produce more than one crop over a number of years are classified as long term biological assets. These assets are mainly in respect of Asparagus . These biological assets are valued at cost less impairment and depreciation. Depreciation is provided over an expected life of 8 years.
All other biological assets, which will produce a single crop, are classified as short term biological assets. These biological assets are valued at cost less impairment.
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Determine whether leases entered into are operating or finance leases
These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Determine whether there are any indicators of impairments of the company's assets
Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Determine whether borrowings are classed as current or non-current borrowings
These decisions depend on the cash flow requirements of the company and whether the borrowings in the company can be repaid.
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Tangible fixed assets
Tangible fixed assets, other than land and buildings, are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into consideration. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Land is not depreciated in accordance with FRS 102. Buildings, excluding separately identified components, are not depreciated, however are reviewed annually for impairment. It is the company's practice to maintain these assets in a continual state of sound repair and make improvements thereto from time to time. The life of the asset is considered to be so long and residual value so high that depreciation is insignificant and any permanent diminution in value would be recognised in profit or loss for the year.
Stock
Stock is reviewed annually for impairment and a stock provision is provided for accordingly on a line by line basis. Condition of stock is reviewed to determine if it is no longer suitable for its intended use.
Biological assets
Biological assets are reviewed annually to determine whether they constitute a fixed or current asset, this assessment considers the likely period to generating revenue for the entity. The cost model used for valuing the biological assets involves a reasonable estimate by the directors into the usage and allocation of resources in getting the biological asset into it's year end condition.
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Sale of goods
15,678,600
16,181,117
2021
2020
£
£
Other significant revenue
Interest income
-
1,582
Dividends received
750,000
6,718
Grants received
295,866
340,256
Rent receivable
778,188
592,314
Rent receivable from group
286,996
222,482
Farm - Labour supplied
293,617
30,219
Farm - Tractor rental income
39,158
50,974
Management charge
500,000
500,077
Sundry income
42,698
5,236
Lamb income
79,912
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
4
Exceptional item
Compensation received
Compensation for damage caused by a sewage main collapse on the company’s land is included in the accounts, of £253,317. The majority of the loss was for crops contaminated by the spillage, increased cost of working and the subsequent inability to grow on the land for a period of time after the incident due to food safety regulations.
Fraud – amounts recovered
As disclosed in the 2020 Statutory accounts as a Post Balance Sheet event, in May 2021 the Directors became aware of a fraud by a farm employee that spanned multiple accounting periods. Over this period it had a significant impact on the accumulated reserves. Since the filing of the 2020 accounts a substantial portion of the amount has been recovered through the correction to prior year HMRC submissions relating to income tax and national insurance payments connected to the fraud, in addition to an insurance recovery and recovery of pension amounts. The amounts so far recovered and credited to the profit and loss account for the year, amount to approximately £238,983.
A civil case to recover the remainder has begun and the Directors are hopeful that the rest of the money can be recovered in due course. In addition the individual concerned has since been charged by the Police. The individual concerned and the actions taken by the individual are not connected to any member of the Board, past or present and processes have been reinforced to prevent a reoccurrence.
5
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(2,021)
(18)
Government grants
(295,866)
(340,256)
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
13,380
Depreciation of owned tangible fixed assets
811,339
706,720
Depreciation of tangible fixed assets held under finance leases
126,605
122,151
Depreciation of biological assets
249,196
364,170
Profit on disposal of tangible fixed assets
(438,312)
(27,041)
Amortisation of intangible assets
8,969
Operating lease charges
3,144,377
2,848,040
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Production
120
166
Administration and support
15
15
Directors
2
1
Total
137
182
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
4,949,068
6,573,032
Social security costs
464,883
624,673
Pension costs
43,147
59,472
5,457,098
7,257,177
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
425,288
534,476
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2020 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
415,392
405,238
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
1,582
Other income from investments
Dividends received
750,000
6,718
Total income
750,000
8,300
9
Interest payable and similar expenses
2021
2020
£
£
Interest on bank overdrafts and loans
29,477
32,957
10
Disposal of invesments
2021
2020
£
£
Gain on disposal of fixed asset investments
585,199
On 15 April 2020 Barfoot Farms Limited disposed of its interest in Barfoot Energy Project Limited and its indirect interest in Herriard Bio Power Limited.
11
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
14,908
243,537
Adjustments in respect of prior periods
(8,688)
10,035
Total current tax
6,220
253,572
Deferred tax
Origination and reversal of timing differences
108,848
(695)
Total tax charge
115,068
252,877
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
11
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
1,339,669
1,697,999
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
254,537
322,620
Tax effect of expenses that are not deductible in determining taxable profit
(16,886)
3,930
Tax effect of income not taxable in determining taxable profit
(222,409)
(128,484)
Permanent capital allowances in excess of depreciation
26,368
24,001
Under/(over) provided in prior years
(8,688)
10,035
Deferred tax adjustments in respect of prior years
12,530
(625)
Gross deferred tax rate movement
69,616
21,400
Taxation charge for the year
115,068
252,877
13
Intangible fixed assets
Entitlements
£
Cost
At 1 January 2021
Additions
38,466
At 31 December 2021
38,466
Amortisation and impairment
At 1 January 2021
Amortisation charged for the year
8,969
At 31 December 2021
8,969
Carrying amount
At 31 December 2021
29,497
At 31 December 2020
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 21 -
14
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2021
7,321,220
601,144
7,044,860
151,037
402,620
15,520,881
Additions
264,360
18,454
679,918
167,691
445,697
1,576,120
Disposals
(12,416)
(588,007)
(1,790)
(120,489)
(722,702)
At 31 December 2021
7,573,164
619,598
7,136,771
316,938
727,828
16,374,299
Depreciation and impairment
At 1 January 2021
898,823
441,872
4,733,120
53,737
218,202
6,345,754
Depreciation charged in the year
92,365
27,396
685,580
39,384
93,219
937,944
Eliminated in respect of disposals
(525,509)
(1,790)
(49,314)
(576,613)
At 31 December 2021
991,188
469,268
4,893,191
91,331
262,107
6,707,085
Carrying amount
At 31 December 2021
6,581,976
150,330
2,243,580
225,607
465,721
9,667,214
At 31 December 2020
6,422,397
159,272
2,311,740
97,300
184,418
9,175,127
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Plant and equipment
389,861
495,466
Motor vehicles
120,015
77,944
509,876
573,410
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
15
Biological assets (non-current)
Asparagus
£
Cost
At 1 January 2021
2,747,967
Additions - purchases
352,532
At 31 December 2021
3,100,499
Depreciation and impairment
At 1 January 2021
1,484,913
Depreciation charged for the year
249,196
At 31 December 2021
1,734,109
Carrying amount
At 31 December 2021
1,366,390
At 31 December 2020
1,263,054
16
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
17
1
1
17
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Barfoot Energy Limited
England and Wales
Production of electricity from anaerobic digestion
Ordinary shares
100.00
18
Stocks
2021
2020
£
£
Raw materials and consumables
850,576
342,464
850,576
342,464
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
19
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
677,918
626,191
Corporation tax recoverable
57,207
Amounts owed by group undertakings
41,705
3,858
Other debtors
300,657
648,536
Prepayments and accrued income
1,203,716
1,179,150
2,281,203
2,457,735
20
Biological assets (current)
2021
2020
£
£
Opening carrying amount
353,949
45,624
Purchases / inputs
10,593,778
9,783,040
Sales / COS transfers
(10,552,757)
(9,474,715)
Closing carrying amount
394,970
353,949
21
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans and overdrafts
23
1,948,519
Obligations under finance leases
24
191,301
164,782
Trade creditors
1,252,466
540,356
Amounts owed to group undertakings
2,458,373
1,000,000
Corporation tax
159,517
Other taxation and social security
59,714
Other creditors
319,220
93,275
Accruals and deferred income
506,797
646,817
4,728,157
4,612,980
22
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Obligations under finance leases
24
184,364
322,006
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
23
Loans and overdrafts
2021
2020
£
£
Bank overdrafts
1,948,519
Payable within one year
1,948,519
24
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
191,301
164,782
In two to five years
184,364
322,006
375,665
486,788
Finance lease payments represent rentals payable by the company for certain items of plant and machinery and motor vehicles, specifically harvesters and pick up trucks. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
25
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
290,066
181,218
2021
Movements in the year:
£
Liability at 1 January 2021
181,218
Charge to profit or loss
108,848
Liability at 31 December 2021
290,066
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 25 -
26
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
43,147
59,472
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £9,699 (2020 - £6,657) were payable to the scheme at the end of the year and are included in creditors.
27
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
33,154
33,154
33,154
33,154
28
Reserves
Share premium
The share premium reserve represents the difference between the par value of the shares issued and the subscription or issue price.
Revaluation reserve
The revaluation reserve represents the excess of fair value to historic cost of land that was subsequently transferred to freehold land as permitted under Triennial Review 2017.
Profit and loss reserves
The profit and loss account represents all accumulated net gains and losses.
29
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
1,977,759
2,182,091
Between two and five years
1,838,221
2,089,226
In over five years
660,671
1,002,024
4,476,651
5,273,341
Lessor
The company holds land which is rented to third parties. These non-cancellable leases have remaining terms of not later than one year. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions.
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
29
Operating lease commitments
(Continued)
- 26 -
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2021
2020
£
£
Within one year
40,000
40,000
30
Capital commitments
Amounts contracted for but not provided in the financial statements:
2021
2020
£
£
Acquisition of tangible fixed assets
364,208
144,798
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 27 -
31
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2021
2020
2021
2020
£
£
£
£
Subsidiaries
387,003
207,942
12,043
14,198
Other related parties
15,648,634
16,701,547
630,149
430,588
2021
2020
Amounts due to related parties
£
£
Subsidiaries
1,067
494
Other related parties
2,506,267
1,002,749
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Subsidiaries
2,122
-
Other related parties
588,997
858,733
Summary of transactions with other related parties
Other related parties are companies under common control.
Sales and purchases between other related parties are made at normal market prices. Outstanding balances with these entities are unsecured, interest free and cash settlement is expected within the normal credit terms, with the exception of loans.
The company has not provided or benefited from any guarantees for any other related party receivables or payables.
Summary of transactions with subsidiaries
Subsidiaries are companies under the entities control.
Sales and purchases between subsidiaries are made at normal market prices. Outstanding balances with these entities are unsecured, interest free and cash settlement is expected within the normal credit terms, with the exception of loans.
The company has not provided or benefited from any guarantees for any subsidiaries receivables or payables.
BARFOOT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 28 -
32
Parent Company
The company's immediate parent is Posbrook Holdings Limited, a company incorporated in England and Wales.
The financial statements for the parent company are available upon request from the company at Sefter Farm, Pagham Road, Bognor Regis, West Sussex, PO21 3PX.
The ultimate controlling party is Peter Barfoot, who is the sole shareholder of Posbrook Holdings Limited, the immediate parent company.
2021-12-31
2021-01-01
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Mr J D Marks
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