Company registration number 00369915 (England and Wales)
J & H ROBINSON (IFORD FARMS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
J & H ROBINSON (IFORD FARMS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
J & H ROBINSON (IFORD FARMS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,084,902
32,638,986
Investment property
4
13,988,500
14,084,000
Investments
5
17,037
17,037
47,090,439
46,740,023
Current assets
Stocks
1,013,735
747,580
Debtors
6
703,936
583,306
Cash at bank and in hand
6,112
18,744
1,723,783
1,349,630
Creditors: amounts falling due within one year
7
(1,474,210)
(986,899)
Net current assets
249,573
362,731
Total assets less current liabilities
47,340,012
47,102,754
Creditors: amounts falling due after more than one year
8
(11,819,297)
(12,261,328)
Provisions for liabilities
(4,815,337)
(4,650,099)
Net assets
30,705,378
30,191,327
Capital and reserves
Called up share capital
10
28,270
28,270
Revaluation reserve
27,265,141
27,006,145
Capital redemption reserve
49,820
49,820
Profit and loss reserves
3,362,147
3,107,092
Total equity
30,705,378
30,191,327

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

J & H ROBINSON (IFORD FARMS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2023 and are signed on its behalf by:
Mr J H Robinson
Mr B D Taylor
Director
Director
Company registration number 00369915 (England and Wales)
J & H ROBINSON (IFORD FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

J & H Robinson (Iford Farms) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sutton House, Iford, Lewes, East Sussex, BN7 3EU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale crops, livestock and other farm income provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets and investment properties are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Farm property
Nil
Swanborough
Nil
Plant and machinery
20% and 25% reducing balance
Motor vehicles
25% reducing balance
Biological asset
Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

J & H ROBINSON (IFORD FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and net realisable value. Immature animals for eventual entry to the sheep flock have been valued on the basis of cost of breeding and rearing to the balance sheet date or market value, if lower. The balance of stock consisting of live and dead stock, tenant right and cultivations have been included at professional valuations.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

J & H ROBINSON (IFORD FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

J & H ROBINSON (IFORD FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17

Beef herd

The animals forming the herd have been valued at the greater of purchase cost or breeding cost together with the cost of rearing to maturity. Replacements are at the herd value of the animal replaced except where the animals are bought in when they are valued at actual purchase cost.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
16
13
J & H ROBINSON (IFORD FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Biological asset
Total
£
£
£
£
Cost
At 1 April 2022
31,540,434
2,422,067
51,480
34,013,981
Additions
190,834
92,035
360
283,229
Disposals
-
0
(13,350)
-
0
(13,350)
Revaluation
653,250
-
0
-
0
653,250
Transfers
(230,000)
-
0
-
0
(230,000)
At 31 March 2023
32,154,518
2,500,752
51,840
34,707,110
Depreciation and impairment
At 1 April 2022
-
0
1,374,995
-
0
1,374,995
Depreciation charged in the year
-
0
259,649
-
0
259,649
Eliminated in respect of disposals
-
0
(12,436)
-
0
(12,436)
At 31 March 2023
-
0
1,622,208
-
0
1,622,208
Carrying amount
At 31 March 2023
32,154,518
878,544
51,840
33,084,902
At 31 March 2022
31,540,434
1,047,072
51,480
32,638,986

The carrying value of land and buildings comprises:

2023
2022
£
£
Freehold land and buildings
29,963,216
29,351,132
Swanborough Lodges development
2,189,302
2,189,302
32,152,518
31,540,434

The freehold land and buildings have been valued by property agents, Clifford Dann, at market value subject to tenancy and agricultural occupancy conditions at 31 March 2023.

 

The Swanborough Lodge development has been valued by the directors as at 31 March 2023 at open market value.

J & H ROBINSON (IFORD FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
4
Investment property
2023
£
Fair value
At 1 April 2022
14,084,000
Transfers
230,000
Revaluations
(325,500)
At 31 March 2023
13,988,500

Investment property comprises properties available for commercial rent. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by Clifford Dann, property managers, who are not connected with the company. The valuation was made on an open market value basis based on vacant possession & agricultural occupancy (if appropriate) and by reference to market evidence of transaction prices for similar properties.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
17,001
17,001
Other investments other than loans
36
36
17,037
17,037
Fixed asset investments not carried at market value

Fixed asset investments consist of investment in subsidiary undertaking £17,001 (2022 - £17,001) and unlisted shares held £36 (2022 - £36) and are shown at cost. It is not possible to obtain an accurate market value for these assets.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
203,679
103,932
Corporation tax recoverable
83,975
83,975
Amounts owed by group undertakings
57,281
27,081
Other debtors
359,001
368,318
703,936
583,306
J & H ROBINSON (IFORD FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
722,148
397,699
Trade creditors
226,661
230,631
Corporation tax
(36)
46,877
Other taxation and social security
44,940
18,875
Other creditors
480,497
292,817
1,474,210
986,899

The bank loans and overdrafts are secured on the assets of the company. Net obligations under hire purchase contracts are secured on the assets acquired.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,751,026
12,127,479
Obligations under finance leases
65,000
130,000
Government grants
3,271
3,849
11,819,297
12,261,328

The bank loans are secured on the assets of the company. Net obligations under hire purchase contracts are secured on the assets acquired.

Amounts included above which fall due after five years are as follows:
Payable by instalments
9,708,500
9,849,779
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
155,805
205,318
Tax losses
(49,740)
(195,737)
Revaluations
2,465,726
2,321,646
Investment property
2,243,546
2,318,872
4,815,337
4,650,099
J & H ROBINSON (IFORD FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9
Deferred taxation
(Continued)
- 10 -
2023
Movements in the year:
£
Liability at 1 April 2022
4,650,099
Charge to profit or loss
21,158
Charge to other comprehensive income
144,080
Liability at 31 March 2023
4,815,337
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
28,270
28,270
28,270
28,270
11
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Miss W J Robinson -
2.50
241,622
-
6,040
-
247,662
Miss M E Robinson -
2.50
16,763
650
425
(4,033)
13,805
258,385
650
6,465
(4,033)
261,467
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