S G Ratcliff Limited 00530267 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 00530267 2022-04-01 2023-03-31 00530267 2023-03-31 00530267 bus:OrdinaryShareClass1 2023-03-31 00530267 core:FinancialAssetsCostLessImpairment 2023-03-31 00530267 core:FinancialAssetsCostLessImpairment core:CurrentFinancialInstruments 2023-03-31 00530267 core:CurrentFinancialInstruments 2023-03-31 00530267 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00530267 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 00530267 core:FurnitureFittings 2023-03-31 00530267 core:Land 2023-03-31 00530267 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 00530267 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00530267 core:MotorVehicles 2023-03-31 00530267 core:OtherPropertyPlantEquipment 2023-03-31 00530267 core:OtherRelatedParties 2023-03-31 00530267 bus:SmallEntities 2022-04-01 2023-03-31 00530267 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00530267 bus:FullAccounts 2022-04-01 2023-03-31 00530267 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 00530267 bus:RegisteredOffice 2022-04-01 2023-03-31 00530267 bus:Director1 2022-04-01 2023-03-31 00530267 bus:Director2 2022-04-01 2023-03-31 00530267 bus:Director4 2022-04-01 2023-03-31 00530267 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 00530267 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00530267 bus:Agent1 2022-04-01 2023-03-31 00530267 core:RevaluationReserve core:LandBuildings 2022-04-01 2023-03-31 00530267 core:ConstructionInProgressAssetsUnderConstruction 2022-04-01 2023-03-31 00530267 core:FurnitureFittings 2022-04-01 2023-03-31 00530267 core:Land 2022-04-01 2023-03-31 00530267 core:LandBuildings 2022-04-01 2023-03-31 00530267 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 00530267 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00530267 core:LeaseholdImprovements 2022-04-01 2023-03-31 00530267 core:MotorVehicles 2022-04-01 2023-03-31 00530267 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 00530267 core:OtherVehicles 2022-04-01 2023-03-31 00530267 core:PlantMachinery 2022-04-01 2023-03-31 00530267 core:OtherRelatedParties 2022-04-01 2023-03-31 00530267 countries:EnglandWales 2022-04-01 2023-03-31 00530267 2022-03-31 00530267 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 00530267 core:FurnitureFittings 2022-03-31 00530267 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 00530267 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 00530267 core:MotorVehicles 2022-03-31 00530267 core:OtherPropertyPlantEquipment 2022-03-31 00530267 core:OtherRelatedParties 2022-03-31 00530267 2021-04-01 2022-03-31 00530267 2022-03-31 00530267 bus:OrdinaryShareClass1 2022-03-31 00530267 core:FinancialAssetsCostLessImpairment core:CurrentFinancialInstruments 2022-03-31 00530267 core:CurrentFinancialInstruments 2022-03-31 00530267 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 00530267 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 00530267 core:FurnitureFittings 2022-03-31 00530267 core:Land 2022-03-31 00530267 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 00530267 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 00530267 core:MotorVehicles 2022-03-31 00530267 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registrar

Registration number: 00530267

S G Ratcliff Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

S G Ratcliff Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

S G Ratcliff Limited

Company Information

Directors

P G Ratcliff

C L Ratcliff

L A Ratcliff

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Solicitors

Birkett Long LLP
1 Amphora Place
Sheepen Road
Colchester
Essex
CO3 3WG

Bankers

Barclays Bank PLC
1 Bank Street
Braintree
Essex
CM7 7UQ

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

S G Ratcliff Limited

(Registration number: 00530267)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,172,266

1,301,223

Investment property

5

1,995,000

-

 

7,167,266

1,301,223

Current assets

 

Stocks

7

270,719

439,125

Debtors

8

72,201

52,128

Other financial assets

6

-

306,703

Cash at bank and in hand

 

222,385

1,099,745

 

565,305

1,897,701

Creditors: Amounts falling due within one year

9

(624,987)

(159,359)

Net current (liabilities)/assets

 

(59,682)

1,738,342

Total assets less current liabilities

 

7,107,584

3,039,565

Provisions for liabilities

(1,242,274)

(70,696)

Net assets

 

5,865,310

2,968,869

Capital and reserves

 

Called up share capital

10

19,250

31,250

Capital redemption reserve

24,000

24,000

Revaluation reserve

5,027,695

-

Profit and loss account

794,365

2,913,619

Shareholders' funds

 

5,865,310

2,968,869

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.

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.

Approved and authorised by the Board on 24 November 2023 and signed on its behalf by:
 

P G Ratcliff
Director

 

S G Ratcliff Limited

Notes to the 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: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: Black Notley Hall, Black Notley, Braintree, Essex, CM77 8LF.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

These financial statements have been prepared on the basis of rounding to the next whole number.

Revenue recognition

Turnover represents invoiced sales of crops, excluding VAT.

Recognition of the Basic Payment Scheme

The Basic Payment is a government grant which is recognised on the performance basis. The Basic Payment income for 2022 is fully recognised in these accounts.

There is no recognition of the 2023 Basic Payment in these accounts.

Tax

Current Tax is recognised in the profit and loss account, 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

S G Ratcliff Limited

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

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

No depreciation

Improvements to property

10% Reducing balance

Plant and machinery

25% Reducing balance and 15% Reducing balance

Fixtures and fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

Tractors and combines

25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for crops sold or services performed in the ordinary course of business.

Stocks

Stocks are valued by an independent professional valuer. The stocks have been valued using the cost model in accordance with FRS 102.

In applying the cost model, growing and harvested crops have been valued at estimated cost of production. Consumables have been valued at actual cost or replacement cost if lower, or at net realisable value if stores have deteriorated.

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.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the lease term. The corresponding liability is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

S G Ratcliff Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Recognition and measurement
These financial statements have been prepared to present financial instruments at fair value under FRS 102 s11.14(b).

The comparative figures are stated at fair value. The difference between the fair values of the current and previous years are included in the profit and loss account as a gain or loss in value of the financial instruments.

The company investment protfolio is managed by Grangewood Financial Management Limited who are regulated by the Financial Conduct Authority.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

S G Ratcliff Limited

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

4

Tangible assets

Land and buildings
£

Improvements to property
£

Tractors and combines
 £

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2022

806,418

336,234

543,218

1,155

5,300

657,210

2,349,535

Revaluations

4,045,838

-

-

-

-

-

4,045,838

Additions

-

-

342,500

-

7,000

-

349,500

Disposals

(113,147)

-

(185,000)

-

(4,650)

(8,300)

(311,097)

Transfers to/from investment property

(274,109)

-

-

-

-

-

(274,109)

At 31 March 2023

4,465,000

336,234

700,718

1,155

7,650

648,910

6,159,667

Depreciation

At 1 April 2022

-

213,513

391,270

1,155

4,747

437,627

1,048,312

Charge for the year

-

12,272

70,408

-

220

40,840

123,740

Eliminated on disposal

-

-

(171,978)

-

(4,394)

(8,279)

(184,651)

At 31 March 2023

-

225,785

289,700

1,155

573

470,188

987,401

Carrying amount

At 31 March 2023

4,465,000

110,449

411,018

-

7,077

178,722

5,172,266

At 31 March 2022

806,418

122,720

151,948

-

553

219,584

1,301,223

 

S G Ratcliff Limited

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

Revaluation

The fair value of the company's Freehold Property was revalued on 31 October 2022 by an independent valuer.
Land is valued at market value of the acreage owed by the company. The name and qualification of the independent valuer is Philip Hutley (FAAV).
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £419,162 (2022 - £613,809).

5

Investment property

2023
£

Transfers to and from owner-occupied property

274,109

Fair value adjustments

1,720,891

At 31 March 2023

1,995,000

It was determined upon revaluation of land that properties should be transferred to investment property. This transfer was made on 31 October 2022. The cost of the investment property was then revalued to reflect market value of £1,995,000. If the property was reflected at historic cost it would show £274,109. The valuation was carried out by an independent valuer, Philip Hutley (FAAV).

 

S G Ratcliff Limited

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

6

Other financial assets (current and non-current)

Non-current financial assets

Cost or valuation

Impairment

Carrying amount

At 31 March 2023

2023
£

2022
£

Current financial assets

Financial assets at cost less impairment

-

306,703

Other Financial assets
£

Total
£

Current financial assets

Cost or valuation

At 1 April 2022

306,703

306,703

Movements in year

(276,848)

(276,848)

Disposals

(9,743)

(9,743)

Financial assets at fair value through profit and loss

(20,112)

(20,112)

At 31 March 2023

-

-

Carrying amount

At 31 March 2023

-

-

7

Stocks

2023
£

2022
£

Consumables

120,056

174,864

Crops in store

29,320

134,390

Tillages

121,343

129,871

270,719

439,125

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

31,487

3,400

Related party

12

-

1,994

Other debtors

 

40,714

46,734

Total current trade and other debtors

 

72,201

52,128

 

S G Ratcliff Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

39,895

72,244

Amounts due to related parties

12

467,556

10,191

Social security and other taxes

 

1,964

2,133

Other payables

 

94,100

74,791

Accruals

 

21,472

-

 

624,987

159,359

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

19,250

19,250

31,250

31,250

         

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

5,027,695

5,027,695

12

Related party transactions

During the year the company undertook a demerger with assets, investments and cash being distributed to J F Ratcliff Farms Limited a company incorporated for the purposes of the demerger of which J F Ratcliff is a director . The farm of Fambridge and New Barns was transferred as part of the distribution as was the investment portflio held by the company. There was also a cash distribution as part of the demerger paid to J F Ratcliff Farms Limited.

The company has obtained HMRC clearance under Section 1091 CTA 2010 Demergers to distribute assets and cash of the company with no taxation implications.

The company demerger took place 31 October 2022.

The 12,000 shares previously held by J F Ratcliff were then cancelled by the company.

 

S G Ratcliff Limited

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

Summary of transactions with other related parties

During the year the company received an interest free loan in the sum of £400,000 from P G Ratcliff Farms Ltd (2022: nil) and made repayments to P G Ratcliff Farms Ltd of £150,000 (2022: nil). P G Ratcliff , C L Ratcliff and L A Ratcliff are directors of P G Ratcliff Farms Ltd.
 

Loans from related parties

2023

P G Ratcliff Farms Limited
£

Total
£

At start of period

(1,994)

(1,994)

Advanced

400,000

400,000

Repaid

(150,000)

(150,000)

At end of period

248,006

248,006