Company Registration No. 11788515 (England and Wales)
Bathurst Estate Farming Limited
Unaudited financial statements
for the period ended 31 March 2020
Pages for filing with the Registrar
Bathurst Estate Farming Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Bathurst Estate Farming Limited
Statement of financial position
As at 31 March 2020
Page 1
2020
Notes
£
£
Fixed assets
Tangible assets
3
2,180,810
Current assets
Stocks
11,458
Debtors
4
139,825
Cash at bank and in hand
171,944
323,227
Creditors: amounts falling due within one year
5
(2,110,678)
Net current liabilities
(1,787,451)
Total assets less current liabilities
393,359
Creditors: amounts falling due after more than one year
6
(338,373)
Provisions for liabilities
(47,468)
Net assets
7,518
Capital and reserves
Called up share capital
7
2
Profit and loss reserves
7,516
Total equity
7,518
Bathurst Estate Farming Limited
Statement of financial position (continued)
As at 31 March 2020
Page 2
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 January 2021 and are signed on its behalf by:
Peter Clegg
Director
Company Registration No. 11788515
Bathurst Estate Farming Limited
Notes to the financial statements
For the period ended 31 March 2020
Page 3
1
Accounting policies
Company information
Bathurst Estate Farming Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Bathurst Estate Office, Cirencester Park, Cirencester, Gloucestershire, GL7 2BU.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Reporting period
These are the company's first set of financial statements and represent the period from the date of incorporation, 25 January 2019, to the period end.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
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:
Plant and equipment
5-15% straight line
Fixtures and fittings
50% straight line
Motor vehicles
15% straight line
Farm vehicles
12.5-15% straight line
Bathurst Estate Farming Limited
Notes to the financial statements (continued)
For the period ended 31 March 2020
1
Accounting policies (continued)
Page 4
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Bathurst Estate Farming Limited
Notes to the financial statements (continued)
For the period ended 31 March 2020
1
Accounting policies (continued)
Page 5
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Bathurst Estate Farming Limited
Notes to the financial statements (continued)
For the period ended 31 March 2020
1
Accounting policies (continued)
Page 6
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
1.11
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.
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 statement of financial position 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.
Bathurst Estate Farming Limited
Notes to the financial statements (continued)
For the period ended 31 March 2020
Page 7
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
Number
Total
5
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Farm vehicles
Total
£
£
£
£
£
Cost
Additions
672,755
2,513
45,000
2,098,310
2,818,578
Disposals
(13,050)
-
(1,500)
(512,000)
(526,550)
At 31 March 2020
659,705
2,513
43,500
1,586,310
2,292,028
Depreciation and impairment
Depreciation charged in the period
40,273
628
3,338
89,137
133,376
Eliminated in respect of disposals
(279)
-
(75)
(21,804)
(22,158)
At 31 March 2020
39,994
628
3,263
67,333
111,218
Carrying amount
At 31 March 2020
619,711
1,885
40,237
1,518,977
2,180,810
4
Debtors
2020
Amounts falling due within one year:
£
Trade debtors
79,359
Other debtors
60,466
139,825
Bathurst Estate Farming Limited
Notes to the financial statements (continued)
For the period ended 31 March 2020
Page 8
5
Creditors: amounts falling due within one year
2020
£
Trade creditors
99,243
Taxation and social security
26,618
Other creditors
1,984,817
2,110,678
6
Creditors: amounts falling due after more than one year
2020
£
Other creditors
338,373
7
Called up share capital
2020
£
Ordinary share capital
Issued and fully paid
2 ordinary shares of £1 each
2
Bathurst Estate Farming Limited
Notes to the financial statements (continued)
For the period ended 31 March 2020
Page 9
8
Related party transactions
During the year the company sold services to and purchased goods and services from Cirencester Park Farms Limited,
a company owned by the Trustees of the Earl Bathurst Estate Settlement 1963 and of which James Hervey-Bathurst is
a Trustee of the Settlement and directors of the company, and The Earl Bathurst is a beneficiary of the Settlement
and director of the company. Total sales and purchases during the year amounted to £268,011 and £1,320,770
respectively.
At the year end £924,518 (2019: £0) was owed to Cirencester Park Farms Lmited.
During the year the company sold services to and purchased goods and services from The Earl Bathurst Estate Settlement 1963 of which James Hervey-Bathurst and Roger Seelig are Trustees of the Settlement and directors of the company, and the Earl of Bathurst is a beneficiary of the Settlement and a director of the company. Total sales and purchases during the year amounted to £28,472 and £0 respectively. At the year end £27,099 (2019: £0) was owed to The Earl Bathurst Estate Settlement 1963.
During the year the company made sales of £89,320 (2019: £0) for agricultural contracting and managerial services to Steadings Farming Limited, a company with directors and ownership in common. All sales were made at arms length. At the year end £0 (2019: £0) was owed from Steadings Farming Limited.
During the year the company purchased goods and services totalling £1,093,864 (2019: £0) from Kemble farms Limited, a company with directors and ownership in common. In addition, the company made sales of £309,111 (2019: £0) to Kemble Farms Limited. At the year end £835,910 (2019: £0) was owed to Kemble Farms Limited.