Rogam Farms Limited 03576483 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is mixed farming Digita Accounts Production Advanced 6.30.9574.0 true true true 03576483 2022-04-01 2023-03-31 03576483 2023-03-31 03576483 bus:OrdinaryShareClass1 2023-03-31 03576483 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-03-31 03576483 core:CurrentFinancialInstruments 2023-03-31 03576483 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03576483 core:FurnitureFittingsToolsEquipment 2023-03-31 03576483 core:LandBuildings 2023-03-31 03576483 bus:SmallEntities 2022-04-01 2023-03-31 03576483 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03576483 bus:FullAccounts 2022-04-01 2023-03-31 03576483 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03576483 bus:RegisteredOffice 2022-04-01 2023-03-31 03576483 bus:CompanySecretaryDirector1 2022-04-01 2023-03-31 03576483 bus:Director2 2022-04-01 2023-03-31 03576483 bus:Director3 2022-04-01 2023-03-31 03576483 bus:Director4 2022-04-01 2023-03-31 03576483 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03576483 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03576483 core:Buildings 2022-04-01 2023-03-31 03576483 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 03576483 core:Land 2022-04-01 2023-03-31 03576483 core:LandBuildings 2022-04-01 2023-03-31 03576483 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2022-04-01 2023-03-31 03576483 core:PlantMachinery 2022-04-01 2023-03-31 03576483 core:AllSubsidiaries 2022-04-01 2023-03-31 03576483 1 2022-04-01 2023-03-31 03576483 countries:EnglandWales 2022-04-01 2023-03-31 03576483 2022-03-31 03576483 core:FurnitureFittingsToolsEquipment 2022-03-31 03576483 core:LandBuildings 2022-03-31 03576483 2021-04-01 2022-03-31 03576483 2022-03-31 03576483 bus:OrdinaryShareClass1 2022-03-31 03576483 core:CurrentFinancialInstruments 2022-03-31 03576483 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 03576483 core:FurnitureFittingsToolsEquipment 2022-03-31 03576483 core:LandBuildings 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03576483

Rogam Farms Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Rogam Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

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

Fawdon Farm
Powburn
Nr Alnwick
Northumberland
NE66 4JQ

 

Rogam Farms Limited

(Registration number: 03576483)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,362,667

5,782,765

Investments

5

-

32,661

Other financial assets

6

71,600

103,900

 

6,434,267

5,919,326

Current assets

 

Stocks

7

53,793

60,779

Debtors

8

306,909

372,991

Cash at bank and in hand

 

6,868,099

7,484,340

 

7,228,801

7,918,110

Creditors: Amounts falling due within one year

9

(165,513)

(184,368)

Net current assets

 

7,063,288

7,733,742

Net assets

 

13,497,555

13,653,068

Capital and reserves

 

Called up share capital

11

9,000,000

9,000,000

Retained earnings

4,497,555

4,653,068

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 18 September 2023 and signed on its behalf by:
 


Mr Philip Magor ACA
Company secretary and director

 

Rogam Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fawdon Farm
Powburn
Nr Alnwick
Northumberland
NE66 4JQ

These financial statements were authorised for issue by the Board on 18 September 2023.

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Rogam Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

5,585,432

443,968

6,029,400

Additions

463,670

261,752

725,422

Disposals

(3,498)

(247,423)

(250,921)

At 31 March 2023

6,045,604

458,297

6,503,901

Depreciation

At 1 April 2022

14,071

232,564

246,635

Charge for the year

50,026

52,075

102,101

Eliminated on disposal

(408)

(207,094)

(207,502)

At 31 March 2023

63,689

77,545

141,234

Carrying amount

At 31 March 2023

5,981,915

380,752

6,362,667

At 31 March 2022

5,571,361

211,404

5,782,765

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.
 

5

Investments

2023
£

2022
£

Other investments

-

32,661

 

Rogam Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

161,800

161,800

Disposals

(1,100)

(1,100)

At 31 March 2023

160,700

160,700

Impairment

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

At 31 March 2023

71,600

71,600

7

Stocks

2023
£

2022
£

Farm stock

45,793

52,779

Equine Assets

8,000

8,000

53,793

60,779

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

143

-

Amounts owed by related parties

13

2,987

224,748

Prepayments

 

3,931

7,563

Other debtors

 

299,848

140,680

   

306,909

372,991

 

Rogam Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

27,752

(7,778)

Accruals and deferred income

7,596

63,941

Other creditors

130,165

128,205

165,513

184,368

10

Deferred taxation

2022
£

2021
£

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
£

2021
£

Accelerated capital allowances

(105,412)

(111,862)

Tax losses carried forward

252,363

210,612

146,951

98,750

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

9,000,000

9,000,000

9,000,000

9,000,000

         
 

Rogam Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

12

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.

13

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

A balance of NIL (2022:£221,761) is due from Herne Limited. This loan has been written off in the year due to Herne Limited ceasing trade as of 31 March 2023. Herne Limited is a fully owned subsidiary of Rogam Farms Limited.
 

14

Parent and ultimate parent undertaking

The company's immediate parent is Rogam Limited, incorporated in England & Wales.