Registration number:
Rogam Farms Limited
for the Year Ended 31 March 2023
Rogam Farms Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Rogam Farms Limited
Company Information
Directors |
Mr Philip Magor ACA Mrs Alexa Catherine Magor Mrs Antonia Henley Mr Edward Magor |
Company secretary |
Mr Philip Magor ACA |
Registered office |
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Rogam Farms Limited
(Registration number: 03576483)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
- |
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Other financial assets |
71,600 |
103,900 |
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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 assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
9,000,000 |
9,000,000 |
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Retained earnings |
4,497,555 |
4,653,068 |
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Shareholders' funds |
13,497,555 |
13,653,068 |
For the financial year ending 31 March 2023 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Rogam Farms Limited
(Registration number: 03576483)
Balance Sheet as at 31 March 2023
Approved and authorised by the
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Rogam Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
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, excluding discounts, rebates, value added tax and other sales taxes.
Rogam Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stag of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will received the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
Tax
The tax expense for the period comprises current 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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 fiar 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.
Rogam Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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:
Asset class |
Depreciation method and rate |
Land |
Not depreciated |
Freehold property |
2% Straight line |
Plant & machinery |
20% Straight Line - effective from 01/04/22 farm vehicles depreciated over 10 years and drains & fencing depreciated over 20 years |
Machinery & equipment |
12.5% Straight line |
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stock represents the value of cultivated crops, finished goods and fertilisers and other consumable stores at the lower of cost and net realisable value.
Livestock is recognised as a biological asset and is accounted for under the cost model in accordance with FRS102. At the balance sheet date livestock is assessed on an individual animal basis for impairment. If the value is considered to be impaired the carrying value is reduced to estimated market value less costs to sell. This is considered to be more appropriate than applying a systematic depreciation charge.
Rogam Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Rogam Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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Disposals |
( |
( |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Included within the net book value of land and buildings above is £5,981,915 (2022 - £5,571,361) in respect of freehold land and buildings.
Investments |
2023 |
2022 |
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Other investments |
- |
32,661 |
Rogam Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2022 |
161,800 |
161,800 |
Disposals |
(1,100) |
(1,100) |
At 31 March 2023 |
160,700 |
160,700 |
Impairment |
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At 1 April 2022 |
57,900 |
57,900 |
Losses made in the period |
31,200 |
31,200 |
At 31 March 2023 |
89,100 |
89,100 |
Carrying amount |
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At 31 March 2023 |
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71,600 |
Stocks |
2023 |
2022 |
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Farm stock |
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Equine Assets |
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Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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- |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Rogam Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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( |
Accruals and deferred income |
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Other creditors |
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Deferred taxation |
2022
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2021
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At beginning of year |
98,750 |
150,456 |
Charged to profit or loss |
48,201 |
(51,706) |
At end of year |
146,951 |
98,750 |
The deferred tax asset is made up as follows:
2022
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2021
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Accelerated capital allowances |
(105,412) |
(111,862) |
Tax losses carried forward |
252,363 |
210,612 |
146,951 |
98,750 |
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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9,000,000 |
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9,000,000 |
Rogam Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of contingencies not included in the balance sheet is £118,516 (2022 - £Nil). This amount relates to a protective corporation tax payment included in other debtors and made in relation to roll over relief. A liability for this amount will arise if the required amount of reinvestment does not take place within the time period.
Related party transactions |
Balances due from group companies of £2,987 (2022: £224,748) relate to working capital funding. These balances are interest free and repayable on demand.
Balances due to group companies of £130,017 (2022: £127,377) relate to working capital funding. These balances are interest free and repayable on demand.
Summary of transactions with subsidiaries
Parent and ultimate parent undertaking |
The company's immediate parent is