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Registered number: 01812098
Brogdale Farm Limited
Unaudited
Directors' report and financial statements
For the Year Ended 30 June 2020
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Brogdale Farm Limited
Company Information
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Brogdale Farm Limited
Contents
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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Brogdale Farm Limited
Directors' report
For the Year Ended 30 June 2020
The directors present their report and the financial statements for the year ended 30 June 2020.
The principal activity of the company is that of property investment.
The directors who served during the year were:
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 8 December 2020 and signed on its behalf.
Page 1
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Brogdale Farm Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Brogdale Farm Limited for the Year Ended 30 June 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brogdale Farm Limited for the year ended 30 June 2020 which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 at https://www.icaew.com/regulation.
This report is made solely to the Board of directors of Brogdale Farm Limited, as a body, in accordance with the terms of our engagement letter dated 5 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Brogdale Farm Limited and state those matters that we have agreed to state to the Board of directors of Brogdale Farm Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brogdale Farm Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Brogdale Farm 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 Brogdale Farm Limited. You consider that Brogdale Farm Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Brogdale Farm 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.
Kreston Reeves LLP
Chartered Accountants
Chatham Maritime
9 December 2020
Page 2
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Brogdale Farm Limited
Statement of comprehensive income
For the Year Ended 30 June 2020
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Interest receivable and similar income
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Interest payable and expenses
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Profit for the financial year
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There was no other comprehensive income for 2020 (2019: £NIL).
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The notes on pages 6 to 10 form part of these financial statements.
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Page 3
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Brogdale Farm Limited
Registered number: 01812098
Balance sheet
As at 30 June 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Investment property revaluation reserve
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 December 2020.
The notes on pages 6 to 10 form part of these financial statements.
Page 4
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Brogdale Farm Limited
Statement of changes in equity
For the Year Ended 30 June 2020
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Investment property revaluation reserve
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Comprehensive income for the year
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Transfer between reserves
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Comprehensive income for the year
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Transfer between reserves
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The notes on pages 6 to 10 form part of these financial statements.
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Page 5
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Brogdale Farm Limited
Notes to the financial statements
For the Year Ended 30 June 2020
Brogdale Farm Limited, company number 01812098 is a limited liability company incorporated in England and Wales. The address of the registered office is Montague Place, Quayside, Chatham Maritime, Chatham, Kent, ME4 4QU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. While the impact of the Covid-19 virus has been assessed by the director, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company’s trade, its customers and suppliers. However, taking into consideration the UK Government’s response and the company’s planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
Turnover represents the rental income, exclusive of Value Added Tax, for the company's freehold properties and arises solely within the United Kingdom.
Interest income is recognised in profit or loss using the effective interest method.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 6
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Brogdale Farm Limited
Notes to the financial statements
For the Year Ended 30 June 2020
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 7
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Brogdale Farm Limited
Notes to the financial statements
For the Year Ended 30 June 2020
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that the actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Property
The Company holds investment property with a fair value of £3,000,180 at the year end (see note 5). The directors assess annually the valuation of this property using their knowledge and experience. The determined fair value of this investment property is most sensitive to fluctuations in the property market.
Taxation
No provision has been made in the financial statements for deferred tax at the reporting date. Each year the Directors consider if such a provision is required based upon estimates of the avaliability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies.
Page 8
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Brogdale Farm Limited
Notes to the financial statements
For the Year Ended 30 June 2020
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The average monthly number of employees, including directors, during the year was 2 (2019 - 2).
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 9
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Brogdale Farm Limited
Notes to the financial statements
For the Year Ended 30 June 2020
Investment property revaluation reserve
The company uses the revaluation model for the measurement of its investment properties. This reserve records the revaluation surplus recognised less related provision for deferred tax.
Profit & loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.
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Ultimate parent undertaking
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The company's immediate and ultimate parent company is Cobham Commercial Limited, of which there is no ultimate controlling party.
Page 10
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