Registrar
Registration number:
for the Year Ended
S G Ratcliff Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
S G Ratcliff Limited
Company Information
Directors |
P G Ratcliff C L Ratcliff L A Ratcliff |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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S G Ratcliff Limited
(Registration number: 00530267)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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|
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Investment property |
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- |
|
|
|
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Current assets |
|||
Stocks |
|
439,125 |
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Debtors |
|
|
|
Other financial assets |
- |
306,703 |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
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Capital and reserves |
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Called up share capital |
19,250 |
31,250 |
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Capital redemption reserve |
24,000 |
24,000 |
|
Revaluation reserve |
5,027,695 |
- |
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Profit and loss account |
794,365 |
2,913,619 |
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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:
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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
Director
S G Ratcliff Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is: Black Notley Hall, Black Notley, Braintree, Essex, CM77 8LF.
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
S G Ratcliff Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Land and buildings |
Improvements to property |
Tractors and combines |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Revaluations |
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- |
- |
- |
- |
- |
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Additions |
- |
- |
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- |
|
- |
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Disposals |
( |
- |
( |
- |
( |
( |
( |
Transfers to/from investment property |
( |
- |
- |
- |
- |
- |
( |
At 31 March 2023 |
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|
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Depreciation |
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At 1 April 2022 |
- |
|
|
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|
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Charge for the year |
- |
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|
- |
|
|
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Eliminated on disposal |
- |
- |
( |
- |
( |
( |
( |
At 31 March 2023 |
- |
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Carrying amount |
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At 31 March 2023 |
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- |
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At 31 March 2022 |
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- |
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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
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Investment property |
2023 |
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Transfers to and from owner-occupied property |
274,109 |
Fair value adjustments |
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At 31 March 2023 |
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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
Other financial assets (current and non-current) |
Non-current financial assets |
Cost or valuation |
Impairment |
Carrying amount |
At 31 March 2023 |
2023 |
2022 |
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Current financial assets |
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Financial assets at cost less impairment |
- |
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Other Financial assets |
Total |
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Current financial assets |
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Cost or valuation |
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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 |
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At 31 March 2023 |
- |
- |
Stocks |
2023 |
2022 |
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Consumables |
120,056 |
174,864 |
Crops in store |
29,320 |
134,390 |
Tillages |
121,343 |
129,871 |
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Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Related party |
- |
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Other debtors |
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Total current trade and other debtors |
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S G Ratcliff Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other payables |
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Accruals |
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- |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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|
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19,250 |
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31,250 |
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 |
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Surplus/deficit on property, plant and equipment revaluation |
|
|
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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
Loans from related parties
2023 |
P G Ratcliff Farms Limited |
Total |
At start of period |
( |
( |
Advanced |
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Repaid |
( |
( |
At end of period |
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