RESTON & BERWICK FARMING COMPANY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
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 |
DEPRECIATION |
At 1st June 2022 |
and 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1st June 2022 |
and 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
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 |
Other debtors |
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 |
Trade creditors |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1st June 2022 |
and 31st May 2023 |
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. |
Chartered Accountants |
19 Buccleuch Street |
Hawick |
Roxburghshire |
TD9 0HL |