Braishfield Manor Estate Limited - Period Ending 2022-03-31
Braishfield Manor Estate Limited - Period Ending 2022-03-31
Year Ended
Registration number:
Braishfield Manor Estate Limited
Contents
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Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Braishfield Manor Estate Limited
Company Information
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Directors |
Mr A J A Dunn Mr N D Parker |
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Company secretary |
Mr A J A Dunn |
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Registered office |
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Accountants |
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Braishfield Manor Estate Limited
Balance Sheet
31 March 2022
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2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Shareholders' funds |
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Braishfield Manor Estate Limited
Balance Sheet
31 March 2022
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: SC059221
Braishfield Manor Estate Limited
Statement of Changes in Equity
Year Ended 31 March 2022
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Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 April 2021 |
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( |
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Loss for the year |
- |
- |
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Other comprehensive income |
- |
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Total comprehensive income |
- |
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At 31 March 2022 |
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Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 April 2020 |
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Loss for the year |
- |
- |
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Other comprehensive income |
- |
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Total comprehensive income |
- |
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At 31 March 2021 |
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Braishfield Manor Estate Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
The principal place of business is:
Braishfield Manor
Paynes Hay Road
Braishfield
Romsey
Hampshire
SO51 0PS
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention, modified to include the revaluation of freehold preoperties. The principal accounting policies are set out below.
Going concern
The company meets its day-to-day working capital requirements through its intercompany financing arrangements. The company has net current liabilities at the reporting date; however after making enquiries, the directors, supported by management, have a reasonable expectation that company has adequate resources to continue in operational existence for the foreseeable future and have received confirmation from Thornwood Investments Limited, that it will provide financial support to enable the company to settle its obiligations and debts, including intercompany balances, as they fall due. The directors, supported by management, therefore continue to adopt the going concern basis in preparing the financial statements.
Braishfield Manor Estate Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
Revenue from sale of crops 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 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.
Single Farm Payment has been recognised on an accrual bassis in line with European Commission regulations.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
For non-depreciable assets measured using the revaluation model and investment properties measured at fair value(except investment property with a limited useful life held by the company to consume substantially all of its economic benefit), deferred tax is measured using the tax rates and allowances that apply to the sale of the asset or property.
Tangible assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any imparement losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Freehold land is not depreciated.
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Asset class |
Depreciation method and rate |
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Freehold property |
50 years straight line |
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Plant and machinery |
10% straight line |
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Fixtures, fittings and equipment |
20% reducing balance |
Braishfield Manor Estate Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
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Motor vehicles |
20% straight line |
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 the current market assessments of the time value of money and the risks specific to the asset for which the estimates for 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost represents expenditure incurred on each annual harvest, less the proportion of that harvest which has been sold.
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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Braishfield Manor Estate Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Braishfield Manor Estate Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Braishfield Manor Estate Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Revaluation
The fair value of the company's freehold land and properties was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
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Debtors |
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2022 |
2021 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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- |
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Other creditors |
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Accruals and deferred income |
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Owed by/(from) parent undertakings (1-2yrs) |
9,412,599 |
9,462,599 |
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Loans and borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Hire purchase contracts |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
Braishfield Manor Estate Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
There is an unlimited cross guarntee in place between Thornwood Investments Limited, the immediate parent company, and Braishfield Manor Estate Limited, to secure all liabilities of each other.
The directors believe that there will be no financial effect to the company of having given this guarantee.
Braishfield Manor Estate Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
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Related party transactions |
Summary of transactions with parent
At the reporting date the company, this company owed £9.412,599 (2021: £9,462,599 to Thornwood Investments Limited. This amount is interest free and repayable on demand.
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is