Notes to the financial statements
for the year ended 30 November 2021
Brenley Limited is a private company limited by shares incorporated in England and Wales, with the registration number 12317462.
The company's registered office is 2 Jubilee Way, Faversham, Kent, England, ME13 8GD.
The company's trading address is Brenley Farm, Brenley Lane, Boughton, Faversham, Kent, England, ME13 9LY.
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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
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The financial statements are presented in pound sterling and all values are rounded to the nearest pound (£) except where otherwise indicated.
The following principal accounting policies have been applied:
The financial statements have been prepared a going concern basis which assumes that the company will
continue in operational existence for the forseeable future. The company expects the continued support of
the directors, who have confirmed that they will provide financial support.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company
and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable in respect of agricultural produce sales and property letting, excluding discounts, rebates, value added tax and other sales taxes.
Tax is recognised in the profit and loss account 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 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:
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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
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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.
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