P G Ratcliff Farms Limited 06506983 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is arable and cattle farming Digita Accounts Production Advanced 6.30.9574.0 true 06506983 2022-04-01 2023-03-31 06506983 2023-03-31 06506983 bus:OrdinaryShareClass1 2023-03-31 06506983 core:RetainedEarningsAccumulatedLosses 2023-03-31 06506983 core:ShareCapital 2023-03-31 06506983 core:CurrentFinancialInstruments 2023-03-31 06506983 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06506983 core:Non-currentFinancialInstruments 2023-03-31 06506983 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06506983 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 06506983 core:FurnitureFittingsToolsEquipment 2023-03-31 06506983 core:LandBuildings 2023-03-31 06506983 core:MotorVehicles 2023-03-31 06506983 core:OtherPropertyPlantEquipment 2023-03-31 06506983 core:OtherRelatedParties 2023-03-31 06506983 bus:SmallEntities 2022-04-01 2023-03-31 06506983 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06506983 bus:FullAccounts 2022-04-01 2023-03-31 06506983 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06506983 bus:RegisteredOffice 2022-04-01 2023-03-31 06506983 bus:CompanySecretaryDirector2 2022-04-01 2023-03-31 06506983 bus:Director1 2022-04-01 2023-03-31 06506983 bus:Director2 2022-04-01 2023-03-31 06506983 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06506983 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06506983 bus:Agent1 2022-04-01 2023-03-31 06506983 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 06506983 core:Buildings 2022-04-01 2023-03-31 06506983 core:CommercialMotorVehicles 2022-04-01 2023-03-31 06506983 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 06506983 core:LandBuildings 2022-04-01 2023-03-31 06506983 core:LeaseholdImprovements 2022-04-01 2023-03-31 06506983 core:MotorVehicles 2022-04-01 2023-03-31 06506983 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 06506983 core:ToolsEquipment 2022-04-01 2023-03-31 06506983 core:Vehicles 2022-04-01 2023-03-31 06506983 core:OtherRelatedParties 2022-04-01 2023-03-31 06506983 countries:EnglandWales 2022-04-01 2023-03-31 06506983 2022-03-31 06506983 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 06506983 core:FurnitureFittingsToolsEquipment 2022-03-31 06506983 core:LandBuildings 2022-03-31 06506983 core:MotorVehicles 2022-03-31 06506983 core:OtherPropertyPlantEquipment 2022-03-31 06506983 core:OtherRelatedParties 2022-03-31 06506983 2021-04-01 2022-03-31 06506983 2022-03-31 06506983 bus:OrdinaryShareClass1 2022-03-31 06506983 core:CurrentFinancialInstruments 2022-03-31 06506983 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06506983 core:Non-currentFinancialInstruments 2022-03-31 06506983 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 06506983 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 06506983 core:FurnitureFittingsToolsEquipment 2022-03-31 06506983 core:LandBuildings 2022-03-31 06506983 core:MotorVehicles 2022-03-31 06506983 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registrar

Registration number: 06506983

P G Ratcliff Farms Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

P G Ratcliff Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

P G Ratcliff Farms Limited

Company Information

Directors

P G Ratcliff

C L Ratcliff

L A Ratcliff

Company secretary

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

 

P G Ratcliff Farms Limited

(Registration number: 06506983)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

256,959

288,405

Investments

2

1,295

 

256,962

289,701

Current assets

 

Stocks

6

211,536

241,732

Debtors

7

286,899

50,669

Cash at bank and in hand

 

506,619

523,854

 

1,005,054

816,255

Creditors: Amounts falling due within one year

8

(107,620)

(51,354)

Net current assets

 

897,434

764,901

Total assets less current liabilities

 

1,154,396

1,054,602

Creditors: Amounts falling due after more than one year

8

(200,000)

(225,000)

Provisions for liabilities

(41,241)

(45,703)

Net assets

 

913,155

783,899

Capital and reserves

 

Called up share capital

9

150,100

150,100

Profit and loss account

763,055

633,799

Total equity

 

913,155

783,899

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.

 

P G Ratcliff Farms Limited

(Registration number: 06506983)
Balance Sheet as at 31 March 2023

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

P G Ratcliff
Director

 

P G Ratcliff Farms Limited

Notes to the Unaudited 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises invoiced sales of crops and livestock, net of 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

The tax expense for the period comprises corporation tax. Tax is recognised in profit or loss, 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.

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:

 

P G Ratcliff Farms Limited

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

Asset class

Depreciation method and rate

Grain barn

20% reducing balance method

Improvements to property

10% reducing balance method

Tractors

20% reducing balance method

Combine harvesters

20% reducing balance method

Motor vehicles

20% reducing balance method

Equipment

20% reducing balance method

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Entitlement to Basic Payment

Over 4 years

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 and livestock sold or services performed in the oridnary 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. Home-bred livestock has been valued at estimated cost of production, or deemed cost in accordance with BEN19 Purchased breeding stock has been valued at cost plus additional costs or rearing to point of production and then depreciated on a straight line basis over breeding life of expectancy.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at cost less impairment.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

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.

 

P G Ratcliff Farms Limited

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

Dividends

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

Defined contribution pension obligation

The company operates a defined contribution 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Intangible assets

Entitlement to Basic Payment
£

Total
£

Cost or valuation

At 1 April 2022

52,577

52,577

At 31 March 2023

52,577

52,577

Amortisation

At 1 April 2022

52,576

52,576

At 31 March 2023

52,576

52,576

Carrying amount

At 31 March 2023

1

1

At 31 March 2022

1

1

 

P G Ratcliff Farms Limited

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

5

Tangible assets

Grain Barn
£

Tractors and combine harvesters
 £

Motor vehicles
 £

Property improvements
£

Total
£

Cost or valuation

At 1 April 2022

246,206

407,474

4,750

37,290

695,720

Additions

-

6,750

-

-

6,750

At 31 March 2023

246,206

414,224

4,750

37,290

702,470

Depreciation

At 1 April 2022

214,393

168,491

3,193

21,238

407,315

Charge for the year

6,362

29,918

311

1,605

38,196

At 31 March 2023

220,755

198,409

3,504

22,843

445,511

Carrying amount

At 31 March 2023

25,451

215,815

1,246

14,447

256,959

At 31 March 2022

31,813

238,983

1,557

16,052

288,405

 

P G Ratcliff Farms Limited

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

6

Stocks

2023
£

2022
£

Produce in store

11,347

69,896

Livestock

73,961

78,275

Tillages

55,297

53,377

Consumable stocks

70,931

40,184

211,536

241,732

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

14,133

-

Amounts owed by related parties

10

248,006

-

Other debtors

 

16,246

42,563

Prepayments

 

8,514

8,106

 

286,899

50,669

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

10,778

20,285

Amounts due to related parties

10

-

1,994

Social security and other taxes

 

796

-

Outstanding defined contribution pension costs

 

103

171

Other payables

 

2,492

4,088

Accruals

 

4,450

3,925

Corporation tax

36,242

12,264

Directors loan

 

52,759

8,627

 

107,620

51,354

Due after one year

 

Loans and borrowings

11

200,000

225,000

 

P G Ratcliff Farms Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

150,100

150,100

150,100

150,100

         

10

Related party transactions

Summary of transactions with other related parties

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

 

Loans to related parties

2023

S G Ratcliff 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

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

200,000

225,000