Breamore Estate Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00638925 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th September 2019

for

BREAMORE ESTATE COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

Sir Edward Hulse Bt.

Lady Hulse

E M W Hulse

SECRETARY:

E M W Hulse

REGISTERED OFFICE:

Suffolk House

George Street

Croydon

Surrey

CR0 0YN

REGISTERED NUMBER:

00638925 (England and Wales)

ACCOUNTANTS:

Simpson Wreford & Partners

Chartered Accountants

Suffolk House

George Street

Croydon CR0 0YN

FIXED ASSETS

Property, plant and equipment

4

905,002

760,430

Investments

5

631

631

905,633

761,061

CURRENT ASSETS

Inventories

462,305

464,787

Debtors

6

162,126

208,363

Cash at bank

318,490

288,734

942,921

961,884

CREDITORS

Amounts falling due within one year

7

331,090

313,723

NET CURRENT ASSETS

611,831

648,161

TOTAL ASSETS LESS CURRENT LIABILITIES

1,517,464

1,409,222

CREDITORS

Amounts falling due after more than one year

8

(113,805

)

(5,225

)

PROVISIONS FOR LIABILITIES

(38,277

)

(35,014

)

NET ASSETS

1,365,382

1,368,983

CAPITAL AND RESERVES

Called up share capital

126,283

126,283

Retained earnings

1,239,099

1,242,700

1,365,382

1,368,983

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30th December 2019 and were signed on its behalf by:

E M W Hulse - Director

1.	STATUTORY INFORMATION

Breamore Estate Company Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors are required to give due consideration to the company's future operation. The company has a

strong asset base that will continue to provide revenue streams and also has sufficient working capital. The

directors therefore have a reasonable expectation that the company has adequate resources to continue in

operational existence for the foreseeable future. They continue to adopt the going concern basis of

accounting in preparing the financial statements.

Turnover

Turnover represents sales of crops from farming activities, rental income, and admission and event fees in

respect of Breamore House and Museum, all exclusive of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Museum building and exhibits

-

not provided

Grain stores

-

5% on cost and straight line over 25 years

Farm buildings and installations

-

10% on reducing balance

Implements and equipment

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Items classified under the heading 'Museum building and exhibits' are heritage assets. No provision for

depreciation has been made in respect of these assets. The directors consider the expenditure on maintenance

has ensured that the assets will last their estimated useful life. The accumulated cost is considered by the

directors to be an appropriate value of these specialised assets which are peculiar to the Breamore Estate.

Stocks

i. Stocks of crops together with tillages and RMV are stated at fair value.

ii. Stocks of fertilisers, seeds and other farm consumables are stated at the lower of cost and estimated selling

price less costs to sell.

iii. Stocks for retail sales in the museum and house have been valued by the directors at the lower of cost and

estimated selling price less costs to sell.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Other operating income

Interest on bank deposits has been recognised as income when receivable.

Fixed asset investments

Listed investments are recognised at their open market value. Unlisted investments are recorded at their

historic cost.

Grants receivable

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss

account over the expected useful life of the assets. Grants towards revenue expenditure are released to the

profit and loss account as the related expenditure is incurred.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain

with the lessor are charged against profit as incurred.

Heritage assets

Recognition and measurement

Heritage assets are accounted for at historic cost.

Acquisition, preservation and disposal

The directors continue to seek appropriate heritage assets to enhance the museum exhibits. A regular review

of the condition of the assets held is undertaken to assess what repairs are necessary. The costs of

preservation are recognised in the financial statements as they are incurred. The directors currently consider it

unlikely that any of the heritage assets would be sold.

Records maintained by the entity

The company maintains the accounting records, a list of the heritage assets held and any relevant title

documents at the estate office at Breamore House.

Information on the extent to which access to the assets is permitted

Access to the museum is available to the public when Breamore House is open.

Information helpful in assessing the value

The unique nature of the assets held by the company means that there is no open market and the directors do

not consider that it is practical to obtain a valuation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2018 - 22 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Museum

Farm

building

buildings

and

Grain

and

exhibits

stores

installations

£

£

£

COST

At 1st October 2018

74,624

604,473

290,054

Additions

-

-

-

Disposals

-

-

-

At 30th September 2019

74,624

604,473

290,054

DEPRECIATION

At 1st October 2018

-

207,672

280,546

Charge for year

-

24,925

951

Eliminated on disposal

-

-

-

At 30th September 2019

-

232,597

281,497

NET BOOK VALUE

At 30th September 2019

74,624

371,876

8,557

At 30th September 2018

74,624

396,801

9,508

Implements

Fixtures

and

and

Motor

equipment

fittings

vehicles

Totals

£

£

£

£

COST

At 1st October 2018

813,414

77,994

11,000

1,871,559

Additions

328,780

-

-

328,780

Disposals

(272,850

)

-

-

(272,850

)

At 30th September 2019

869,344

77,994

11,000

1,927,489

DEPRECIATION

At 1st October 2018

549,897

63,483

9,531

1,111,129

Charge for year

109,310

2,902

368

138,456

Eliminated on disposal

(227,098

)

-

-

(227,098

)

At 30th September 2019

432,109

66,385

9,899

1,022,487

NET BOOK VALUE

At 30th September 2019

437,235

11,609

1,101

905,002

At 30th September 2018

263,517

14,511

1,469

760,430

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as

follows:

Implements

and

equipment

£

COST

Additions

328,780

At 30th September 2019

328,780

DEPRECIATION

Charge for year

65,756

At 30th September 2019

65,756

NET BOOK VALUE

At 30th September 2019

263,024

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1st October 2018

and 30th September 2019

631

NET BOOK VALUE

At 30th September 2019

631

At 30th September 2018

631

Cost or valuation at 30th September 2019 is represented by:

Other

investments

£

Valuation in 2015

1,052

Valuation in 2016

(320

)

Valuation in 2017

(121

)

Valuation in 2018

20

631

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

83,935

130,116

Other debtors

78,191

78,247

162,126

208,363

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade creditors

116,526

136,028

Tax

1

1

Social security and other taxes

3,667

9,085

Other creditors

207,872

164,877

Directors' current accounts

3,024

3,732

331,090

313,723

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The amount held in other creditors due in over one year relates to the hire purchase agreement in place for

the combine harvester that was acquired during the year ended 31st March 2019.

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.19

30.9.18

£

£

Other loans

5,225

5,225

The bank overdraft facility is secured by charges over the undertaking and all of its property and assets present

and future, including uncalled capital.

The other loan is secured by a life policy of Sir Edward Hulse, a director.

Hire purchase contracts are secured against the assets to which they relate.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th September 2019 and

30th September 2018:

30.9.19

30.9.18

£

£

E M W Hulse

Balance outstanding at start of year

(708

)

2,948

Amounts advanced

31,549

15,515

Amounts repaid

(15,945

)

(19,171

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

14,896

(708

)

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a

Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Breamore Estate Company Limited for the year ended 30th September 2019 which comprise

the Income Statement, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Breamore Estate Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Breamore Estate Company Limited and state those matters that we have agreed to state to the Board of Directors of Breamore Estate Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Breamore Estate Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Breamore Estate Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Breamore Estate Company Limited. You consider that Breamore Estate Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Breamore Estate Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Simpson Wreford & Partners

Chartered Accountants

Suffolk House

George Street

Croydon CR0 0YN

30th December 2019