REGISTERED NUMBER:
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BARTON & CO. (FARMERS) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2021 |
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REGISTERED NUMBER:
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BARTON & CO. (FARMERS) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2021 |
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BARTON & CO. (FARMERS) LIMITED (REGISTERED NUMBER: 01867591) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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BARTON & CO. (FARMERS) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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14 London Road |
Newark |
Nottinghamshire |
NG24 1TW |
BARTON & CO. (FARMERS) LIMITED (REGISTERED NUMBER: 01867591) |
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STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Inventories |
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Debtors | 7 |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Revaluation reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
BARTON & CO. (FARMERS) LIMITED (REGISTERED NUMBER: 01867591) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 OCTOBER 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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BARTON & CO. (FARMERS) LIMITED (REGISTERED NUMBER: 01867591) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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1. | STATUTORY INFORMATION |
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Barton & Co. (Farmers) Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Revenue |
Revenue represents net invoiced sales of produce and services, excluding value added tax. |
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Intangible assets |
Intangible assets consist of entitlements to the basic payment allowance. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019 when the scheme ends. |
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Property, plant and equipment |
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Land and buildings | - |
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Plant and machinery etc | - |
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Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Inventories |
Inventories represent the farm valuation which has been valued by a professional valuer at the lower of cost and net realisable value. Inventory is valued on a deemed cost basis. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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BARTON & CO. (FARMERS) LIMITED (REGISTERED NUMBER: 01867591) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The Company operates both an approved and an unapproved pension scheme. The scheme funds are administered by trustees and are separate from the Company. Contributions payable for the year are charged to the profit and loss account. |
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Basic farm payment |
The Basic farm payment is recognised in the financial statements in accordance with current H.M. Revenue & Customs guidance. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 November 2020 |
and 31 October 2021 |
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AMORTISATION |
At 1 November 2020 |
and 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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BARTON & CO. (FARMERS) LIMITED (REGISTERED NUMBER: 01867591) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 November 2020 |
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Additions |
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Disposals |
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At 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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Cost or valuation at 31 October 2021 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2020 | 3,965,336 | 1,615,190 | 5,580,526 |
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The net book value of property, plant and equipment includes £ 184,083 (2020 - £ 452,169 ) in respect of assets held under hire purchase contracts. |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 November 2020 |
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Revaluations | 310,000 |
At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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BARTON & CO. (FARMERS) LIMITED (REGISTERED NUMBER: 01867591) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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6. | INVESTMENT PROPERTY - continued |
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Fair value at 31 October 2021 is represented by: |
£ |
Valuation in 2022 | 310,000 |
Cost | 290,000 |
600,000 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Banks loans due over 5 years | 57,784 | 71,361 |
BARTON & CO. (FARMERS) LIMITED (REGISTERED NUMBER: 01867591) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 298,250 | 107,534 |
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The bank overdraft and loans are secured by a charge over the company's assets. |
The hire purchase agreements are secured against the assets to which they relate. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
40,000 | Ordinary | £1 | 40,000 | 40,000 |