Caseware UK (AP4) 2022.0.179 2022.0.179 2022-03-015falseNo description of principal activity5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03906466 2022-03-01 2023-02-28 03906466 2021-03-01 2022-02-28 03906466 2023-02-28 03906466 2022-02-28 03906466 2021-03-01 03906466 2 2022-03-01 2023-02-28 03906466 2 2021-03-01 2022-02-28 03906466 d:Director2 2022-03-01 2023-02-28 03906466 e:Buildings 2022-03-01 2023-02-28 03906466 e:Buildings 2023-02-28 03906466 e:Buildings 2022-02-28 03906466 e:Buildings e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03906466 e:Buildings e:LongLeaseholdAssets 2022-03-01 2023-02-28 03906466 e:Buildings e:ShortLeaseholdAssets 2022-03-01 2023-02-28 03906466 e:PlantMachinery 2022-03-01 2023-02-28 03906466 e:PlantMachinery 2023-02-28 03906466 e:PlantMachinery 2022-02-28 03906466 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03906466 e:MotorVehicles 2022-03-01 2023-02-28 03906466 e:MotorVehicles 2023-02-28 03906466 e:MotorVehicles 2022-02-28 03906466 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03906466 e:OfficeEquipment 2022-03-01 2023-02-28 03906466 e:OfficeEquipment 2023-02-28 03906466 e:OfficeEquipment 2022-02-28 03906466 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03906466 e:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 03906466 e:OtherPropertyPlantEquipment 2023-02-28 03906466 e:OtherPropertyPlantEquipment 2022-02-28 03906466 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03906466 e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03906466 e:FreeholdInvestmentProperty 2023-02-28 03906466 e:FreeholdInvestmentProperty 2022-02-28 03906466 e:CurrentFinancialInstruments 2023-02-28 03906466 e:CurrentFinancialInstruments 2022-02-28 03906466 e:CurrentFinancialInstruments 2 2023-02-28 03906466 e:CurrentFinancialInstruments 2 2022-02-28 03906466 e:Non-currentFinancialInstruments 1 2023-02-28 03906466 e:Non-currentFinancialInstruments 1 2022-02-28 03906466 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 03906466 e:CurrentFinancialInstruments e:WithinOneYear 2022-02-28 03906466 e:Non-currentFinancialInstruments e:AfterOneYear 2023-02-28 03906466 e:Non-currentFinancialInstruments e:AfterOneYear 2022-02-28 03906466 e:ShareCapital 2023-02-28 03906466 e:ShareCapital 2022-02-28 03906466 e:ShareCapital 2021-03-01 03906466 e:SharePremium 2023-02-28 03906466 e:SharePremium 2 2022-03-01 2023-02-28 03906466 e:SharePremium 2022-02-28 03906466 e:SharePremium 2021-03-01 03906466 e:SharePremium 2 2021-03-01 2022-02-28 03906466 e:InvestmentPropertiesRevaluationReserve 2023-02-28 03906466 e:InvestmentPropertiesRevaluationReserve 2 2022-03-01 2023-02-28 03906466 e:InvestmentPropertiesRevaluationReserve 2022-02-28 03906466 e:InvestmentPropertiesRevaluationReserve 2021-03-01 03906466 e:InvestmentPropertiesRevaluationReserve 2 2021-03-01 2022-02-28 03906466 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 03906466 e:RetainedEarningsAccumulatedLosses 2023-02-28 03906466 e:RetainedEarningsAccumulatedLosses 2 2022-03-01 2023-02-28 03906466 e:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 03906466 e:RetainedEarningsAccumulatedLosses 2022-02-28 03906466 e:RetainedEarningsAccumulatedLosses 2021-03-01 03906466 e:RetainedEarningsAccumulatedLosses 2 2021-03-01 2022-02-28 03906466 d:OrdinaryShareClass1 2022-03-01 2023-02-28 03906466 d:OrdinaryShareClass1 2023-02-28 03906466 d:OrdinaryShareClass1 2022-02-28 03906466 d:PreferenceShareClass1 2022-03-01 2023-02-28 03906466 d:PreferenceShareClass1 2023-02-28 03906466 d:PreferenceShareClass1 2022-02-28 03906466 d:FRS102 2022-03-01 2023-02-28 03906466 d:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 03906466 d:FullAccounts 2022-03-01 2023-02-28 03906466 d:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03906466 e:AcceleratedTaxDepreciationDeferredTax 2023-02-28 03906466 e:AcceleratedTaxDepreciationDeferredTax 2022-02-28 03906466 e:TaxLossesCarry-forwardsDeferredTax 2023-02-28 03906466 e:TaxLossesCarry-forwardsDeferredTax 2022-02-28 03906466 e:RetirementBenefitObligationsDeferredTax 2023-02-28 03906466 e:RetirementBenefitObligationsDeferredTax 2022-02-28 03906466 e:OtherDeferredTax 2023-02-28 03906466 e:OtherDeferredTax 2022-02-28 03906466 2 2022-03-01 2023-02-28 03906466 6 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03906466










R.A. Whitebread (Farms) Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 28 February 2023


 


 
R.A. Whitebread (Farms) Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of R.A. Whitebread (Farms) Limited for the year ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R.A. Whitebread (Farms) Limited for the year ended 28 February 2023 which comprise  the balance sheet, the statement of changes in equity 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 the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the board of directors of R.A. Whitebread (Farms) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of R.A. Whitebread (Farms) Limited  and state those matters that we have agreed to state to the board of directors of R.A. Whitebread (Farms) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R.A. Whitebread (Farms) Limited and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that R.A. Whitebread (Farms) 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 profit of R.A. Whitebread (Farms) Limited. You consider that R.A. Whitebread (Farms) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of R.A. Whitebread (Farms) 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.

  





Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
24 November 2023
Page 1

 
R.A. Whitebread (Farms) Limited
Registered number: 03906466

Balance sheet
As at 28 February 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
14,709,473
11,476,227

Investments
 5 
1,562,354
1,648,055

Investment property
 6 
270,000
270,000

  
16,541,827
13,394,282

Current assets
  

Stocks
  
504,052
253,186

Debtors
 7 
2,802,385
7,664,795

Cash at bank and in hand
  
2,517,532
2,475,335

  
5,823,969
10,393,316

Creditors: amounts falling due within one year
 8 
(384,108)
(1,797,529)

Net current assets
  
 
 
5,439,861
 
 
8,595,787

Total assets less current liabilities
  
21,981,688
21,990,069

Creditors: amounts falling due after more than one year
 9 
(749,059)
(997,172)

Provisions for liabilities
  

Deferred tax
 10 
(2,719,751)
(2,622,183)

  
 
 
(2,719,751)
 
 
(2,622,183)

Net assets
  
18,512,878
18,370,714


Capital and reserves
  

Called up share capital 
 11 
500,000
500,000

Share premium account
  
3,201,036
3,201,036

Investment property reserve
  
685,595
717,832

Profit and loss account
  
14,126,247
13,951,846

  
18,512,878
18,370,714


Page 2

 
R.A. Whitebread (Farms) Limited
Registered number: 03906466

Balance sheet (continued)
As at 28 February 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 November 2023.




N Whitebread
Director

The notes on pages 5 to 14 form part of these financial statements.

Page 3

 
R.A. Whitebread (Farms) Limited
 

Statement of changes in equity
For the year ended 28 February 2023


Called up share capital
Other equity reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 March 2021
500,000
3,201,036
736,166
1,027,420
5,464,622


Comprehensive income for the year

Profit for the year
-
-
-
12,906,092
12,906,092

Transfer from profit and loss account
-
-
(18,334)
18,334
-



At 1 March 2022
500,000
3,201,036
717,832
13,951,846
18,370,714


Comprehensive income for the year

Profit for the year
-
-
-
150,164
150,164


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(8,000)
(8,000)

Transfer from profit and loss account
-
-
(32,237)
32,237
-


At 28 February 2023
500,000
3,201,036
685,595
14,126,247
18,512,878


The notes on pages 5 to 14 form part of these financial statements.

Share capital
This reserve represents the nominal value of shares that have been issued.
Other equity reserve
This reserve represents the equity component of the redeemable preference shares.
Revaluation reserve
The company uses the revaluation model for the measurement of its listed investments and investment property. This reserve records the non-distributable revaluation surplus recognised less the related provision for deferred tax.
Profit and loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.

Page 4

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

1.


General information

R.A. Whitebread (Farms) Limited ("the company") is a private company limited by shares and is incorporated in England with the registration number 03906466. The address of the registered office, and the trading address, is Oastfield House, Spendiff, Cooling, Rochester, Kent ME3 8DD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 6

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.

Depreciation is provided on the following bases:

Freehold property
-
2% straight line
Grain store and building improvements
-
2% straight line
Sand school
-
15% reducing balance
Plant and equipment
-
25%/15% reducing balance
Motor vehicles
-
25%/15% reducing balance
Office equipment
-
25% reducing balance
Horse paddock fencing
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 7

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.10

Investment property

Investment property is carried at fair value determined annually by the directors. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

 
2.11

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 8

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.17

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Page 9

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 10

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2022
11,098,686
921,369
64,610
6,874
222,557
12,314,096


Additions
2,698,115
366,688
-
666
279,329
3,344,798


Disposals
-
(214,596)
-
-
-
(214,596)



At 28 February 2023

13,796,801
1,073,461
64,610
7,540
501,886
15,444,298



Depreciation


At 1 March 2022
184,696
573,263
42,997
5,719
31,194
837,869


Charge for the year on owned assets
12,604
63,528
3,848
435
7,813
88,228


Disposals
-
(191,272)
-
-
-
(191,272)



At 28 February 2023

197,300
445,519
46,845
6,154
39,007
734,825



Net book value



At 28 February 2023
13,599,501
627,942
17,765
1,386
462,879
14,709,473



At 28 February 2022
10,913,990
348,106
21,613
1,155
191,363
11,476,227

Page 11

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

5.


Fixed asset investments





Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 March 2022
1,648,008
47
1,648,055


Additions
107,115
-
107,115


Disposals
(172,589)
-
(172,589)


Revaluations
(20,227)
-
(20,227)



At 28 February 2023
1,562,307
47
1,562,354





6.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
270,000



At 28 February 2023
270,000

The directors have decided not to revalue the Investment Property for the 2023 statutory accounts.





7.


Debtors

2023
2022
£
£



Trade debtors
100,186
7,605,360

Amounts owed by group undertakings
2,500,000
-

Other debtors
155,876
28,950

Prepayments and accrued income
46,323
30,485

2,802,385
7,664,795


Page 12

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
63,751
81,160

Corporation tax
-
1,381,168

Other taxation and social security
2,361
-

Other creditors
3,355
25,178

Accruals and deferred income
14,641
10,023

Share capital treated as debt
300,000
300,000

384,108
1,797,529



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Share capital treated as debt
749,059
997,172



10.


Deferred taxation




2023
2022


£

£






At beginning of year
(2,622,183)
(207,443)


Charged to profit or loss
(97,568)
(2,414,740)



At end of year
(2,719,751)
(2,622,183)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(121,912)
(94,959)

Revaluation of investment property
(25,805)
(25,805)

Revaluation of listed investments
(168,503)
(179,249)

Rollover relief
(2,403,531)
(2,322,170)

(2,719,751)
(2,622,183)

Page 13

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

11.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



500,000 (2022 - 500,000) Ordinary shares of £1.00 each
500,000
500,000



2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



2,112,434 (2022 - 2,412,434) Redeemable preference shares shares of £1.00 each
1,049,059
1,297,172


The company has the option to redeem these shares provided that six months has elapsed since any previous redemption. To date, 3,250,000 redeemable preference shares have been redeemed. No premium is payable on redemption.
The redeemable preference shares have been accounted for as a compound instrument as the instrument contains both liability and equity components. The liability component has been calculated as the net present value of the future cash flows, discounted at a market interest rate for a similar liability that does not have the associated equity component. The residual proceeds have then been allocated to equity and have not been subsequently remeasured. The liability component has subsequently been accounted for at amortised cost using the effective interest method.


12.


Prior year adjustment

There has been a prior year adjustment made in relation to deferred tax.  In the year ended 28 February 2022 the company made a claim for rollover relief which created a deferred tax liability of £2,322,170 which was not disclosed in the accounts.  This therefore has been adjusted in these financial statements prior year figures, by way of an adjustment to the deferred tax liability and the profit and loss account.  


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £14,292 (2022 - £12,869). Contributions totalling £106 (2022 - £178) were payable to the fund at the balance sheet date.


Page 14