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RESTON & BERWICK FARMING COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023






RESTON & BERWICK FARMING COMPANY LIMITED (REGISTERED NUMBER: 00060938)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

RESTON & BERWICK FARMING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: H A Veitch
Mrs L J White
Mrs M Veitch





SECRETARY: Mrs L J White





REGISTERED OFFICE: 9 Church Street
Berwick-upon-Tweed
Northumberland
TD15 1EF





REGISTERED NUMBER: 00060938 (England and Wales)





ACCOUNTANTS: JRW
Chartered Accountants
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL

RESTON & BERWICK FARMING COMPANY LIMITED (REGISTERED NUMBER: 00060938)

BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,034,404 2,004,077
Investments 5 7,690 7,690
2,042,094 2,011,767

CURRENT ASSETS
Stocks 71,760 70,913
Debtors 6 130,610 129,239
Cash at bank 34,655 101,846
237,025 301,998
CREDITORS
Amounts falling due within one year 7 17,540 8,121
NET CURRENT ASSETS 219,485 293,877
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,261,579

2,305,644

CREDITORS
Amounts falling due after more than one
year

8

3,333

-
NET ASSETS 2,258,246 2,305,644

CAPITAL AND RESERVES
Called up share capital 26,173 26,173
Revaluation reserve 9 1,263,656 1,263,656
Retained earnings 968,417 1,015,815
SHAREHOLDERS' FUNDS 2,258,246 2,305,644

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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.

RESTON & BERWICK FARMING COMPANY LIMITED (REGISTERED NUMBER: 00060938)

BALANCE SHEET - continued
31ST MAY 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 8th November 2023 and were signed on its behalf by:




H A Veitch - Director



Mrs L J White - Director


RESTON & BERWICK FARMING COMPANY LIMITED (REGISTERED NUMBER: 00060938)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023

1. STATUTORY INFORMATION

Reston & Berwick Farming Company 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 as modified by the revaluation of certain assets.

Turnover
The company's turnover consists of the sale of livestock, rental income and agricultural subsidy income.

For the sale of livestock, revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. This is usually at the point when the customer has taken delivery of the goods.

For rental income, revenue is recognised in the accounting period to which the rent relates.

Income from government grants and subsidies is recognised when the company has entitlement to the funds, any performance conditions attached have been met, it is probable that the income will be received and the amount can be measured reliably.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost and not provided
Plant and machinery etc - 33.3% on cost, 25% on cost and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value. For livestock, cost is defined as actual cost of purchase plus estimated costs of feeding and keep to date. Mature livestock is valued on the herd basis.

RESTON & BERWICK FARMING COMPANY LIMITED (REGISTERED NUMBER: 00060938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

2. ACCOUNTING POLICIES - continued

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred 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 or deferred 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are stated at fair value with any change in valuation taken to the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

RESTON & BERWICK FARMING COMPANY LIMITED (REGISTERED NUMBER: 00060938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st June 2022 2,029,894 185,734 2,215,628
Additions - 47,000 47,000
Disposals - (25,000 ) (25,000 )
At 31st May 2023 2,029,894 207,734 2,237,628
DEPRECIATION
At 1st June 2022 45,509 166,042 211,551
Charge for year - 16,673 16,673
Eliminated on disposal - (25,000 ) (25,000 )
At 31st May 2023 45,509 157,715 203,224
NET BOOK VALUE
At 31st May 2023 1,984,385 50,019 2,034,404
At 31st May 2022 1,984,385 19,692 2,004,077

The Company's property at Shawbraes and 220 acres of farmland was valued on an open market basis in January 2003 by Strutt & Parker, Chartered Surveyors. The Company's property at Berryhaughs and land surrounding the former auction mart at Reston was valued on the same basis in May 2007, again by Strutt & Parker. The Company purchased Investment Properties in 2012, 2014, 2015 & 2016 which are included at cost as there would be no significant difference between open market value and cost.

In accordance with FRS102, the Directors have chosen to use these values as deemed cost at the date of transition to FRS102.

RESTON & BERWICK FARMING COMPANY LIMITED (REGISTERED NUMBER: 00060938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st June 2022
and 31st May 2023 39,950
DEPRECIATION
At 1st June 2022
and 31st May 2023 17,478
NET BOOK VALUE
At 31st May 2023 22,472
At 31st May 2022 22,472

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1st June 2022
and 31st May 2023 7,690
NET BOOK VALUE
At 31st May 2023 7,690
At 31st May 2022 7,690

Cost or valuation at 31st May 2023 is represented by:

Other
investments
£   
Valuation in 2023 7,690

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,740 12,439
Other debtors 118,870 116,800
130,610 129,239

RESTON & BERWICK FARMING COMPANY LIMITED (REGISTERED NUMBER: 00060938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 10,000 -
Trade creditors 4,479 5,060
Other creditors 3,061 3,061
17,540 8,121

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts 3,333 -

9. RESERVES
Revaluation
reserve
£   
At 1st June 2022
and 31st May 2023 1,263,656

10. RELATED PARTY DISCLOSURES

At 31st May 2023 there was a balance of £1,429 (2022, £1,176) due by the Directors - to the Company. No interest has been accrued on this balance and it is repayable on demand.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RESTON & BERWICK FARMING COMPANY 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 Income Statement 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 Reston & Berwick Farming Company Limited for the year ended 31st May 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Reston & Berwick Farming Company 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 Reston & Berwick Farming Company Limited and state those matters that we have agreed to state to the Board of Directors of Reston & Berwick Farming Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Reston & Berwick Farming Company 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 loss of Reston & Berwick Farming Company Limited. You consider that Reston & Berwick Farming Company 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 Reston & Berwick Farming Company 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.






JRW
Chartered Accountants
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL


8th November 2023