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REGISTERED NUMBER: 07801754 (England and Wales)













R S Bright Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023






R S Bright Limited (Registered number: 07801754)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


R S Bright Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: GM Bright
Mrs AM Bright
RS Bright





REGISTERED OFFICE: Woodmanton Farm
Sarnesfield
Hereford
HR4 8RF





REGISTERED NUMBER: 07801754 (England and Wales)





ACCOUNTANTS: The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
R S Bright Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R S Bright Limited for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of R S Bright Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of R S Bright Limited and state those matters that we have agreed to state to the Board of Directors of R S Bright Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R S Bright Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that R S Bright Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R S Bright Limited. You consider that R S Bright Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of R S Bright Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF


Date: .............................................

R S Bright Limited (Registered number: 07801754)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,848,879 2,525,582

CURRENT ASSETS
Stocks 2,671,721 2,216,683
Debtors 5 188,659 170,593
Cash at bank 115,847 357,500
2,976,227 2,744,776
CREDITORS
Amounts falling due within one year 6 1,610,630 1,833,283
NET CURRENT ASSETS 1,365,597 911,493
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,214,476

3,437,075

CREDITORS
Amounts falling due after more than one
year

7

(742,281

)

(1,000,612

)

PROVISIONS FOR LIABILITIES 9 (595,858 ) (487,727 )
NET ASSETS 2,876,337 1,948,736

CAPITAL AND RESERVES
Allotted, issued and fully paid share capital 1,000 1,000
Capital redemption reserve 1,000 1,000
Retained earnings 2,874,337 1,946,736
SHAREHOLDERS' FUNDS 2,876,337 1,948,736

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

R S Bright Limited (Registered number: 07801754)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





GM Bright - Director


R S Bright Limited (Registered number: 07801754)

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


1. STATUTORY INFORMATION

R S Bright Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 4% on cost
Plant and machinery - 5% on reducing balance and 5% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The Company has the following biological assets which are valued as disclosed :-

Crops in store - valued at deemed cost

Growing crop - valued at the cost of inputs and cultivations up to the period end.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

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 balance sheet date.

3. EMPLOYEES

The average number of employees during the year was NIL (2022 - NIL).

R S Bright Limited (Registered number: 07801754)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


4. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 April 2022 23,500 2,634,760 2,658,260
Additions - 475,712 475,712
At 31 March 2023 23,500 3,110,472 3,133,972
DEPRECIATION
At 1 April 2022 940 131,738 132,678
Charge for year 940 151,475 152,415
At 31 March 2023 1,880 283,213 285,093
NET BOOK VALUE
At 31 March 2023 21,620 2,827,259 2,848,879
At 31 March 2022 22,560 2,503,022 2,525,582

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments and accrued income 185,831 110,153
VAT 2,828 60,440
188,659 170,593

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 92,000 114,764
Trade creditors 61,385 268,514
Corporation tax payable 142,324 42,396
RS Bright and Sons - 300,000
Directors' current accounts 639,970 640,000
Accruals and deferred income 674,951 467,609
1,610,630 1,833,283

R S Bright Limited (Registered number: 07801754)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - due within 1-2
years 93,000 94,599
Bank loans - due within 2-5 years 285,000 298,943
Bank loans - due after more then 5 years by
instalments

184,006

417,370
Accruals and deferred income 180,275 189,700
742,281 1,000,612

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - due after more then 5 years by
instalments

184,006

417,370

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 654,006 903,094

The loan is secured by a guarantee from two of the Directors including a legal charge of Hyatt Farm, Sarnesfield and Broadfields, Kinnersley.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - ACA's 595,858 487,727

Deferred
tax
£   
Balance at 1 April 2022 487,727
Charge to Statement of Income and Retained Earnings during year 108,131
Balance at 31 March 2023 595,858

R S Bright Limited (Registered number: 07801754)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


10. RELATED PARTY DISCLOSURES

During the year, the following purchases were made from a partnership under common control:

2023 2022
£    £   
Contract 630,000 601,560
Storage 70,000 70,000
Other charges 91,689 225,618

At the balance sheet date £14,082 (2022 - £534,882) was owed to the partnership.

At the balance sheet date £639,970 (2022 - £640,000) was owed to the directors, this is interest free and repayable on demand.