Roberts Farms (Glos) Limited 5039280 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is those of farming and agriculture Digita Accounts Production Advanced 6.30.9574.0 true 5039280 2022-03-01 2023-02-28 5039280 2023-02-28 5039280 bus:OrdinaryShareClass1 2023-02-28 5039280 bus:Revised 2023-02-28 5039280 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 5039280 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 5039280 core:CurrentFinancialInstruments 2023-02-28 5039280 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 5039280 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 5039280 core:FurnitureFittingsToolsEquipment 2023-02-28 5039280 core:MotorVehicles 2023-02-28 5039280 bus:SmallEntities 2022-03-01 2023-02-28 5039280 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 5039280 bus:FullAccounts 2022-03-01 2023-02-28 5039280 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 5039280 bus:RegisteredOffice 2022-03-01 2023-02-28 5039280 bus:Director2 2022-03-01 2023-02-28 5039280 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 5039280 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 5039280 core:FurnitureFittings 2022-03-01 2023-02-28 5039280 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 5039280 core:MotorVehicles 2022-03-01 2023-02-28 5039280 core:PlantMachinery 2022-03-01 2023-02-28 5039280 countries:AllCountries 2022-03-01 2023-02-28 5039280 2022-02-28 5039280 core:FurnitureFittingsToolsEquipment 2022-02-28 5039280 core:MotorVehicles 2022-02-28 5039280 2021-03-01 2022-02-28 5039280 2022-02-28 5039280 bus:OrdinaryShareClass1 2022-02-28 5039280 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-02-28 5039280 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-02-28 5039280 core:CurrentFinancialInstruments 2022-02-28 5039280 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 5039280 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 5039280 core:FurnitureFittingsToolsEquipment 2022-02-28 5039280 core:MotorVehicles 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 5039280

Roberts Farms (Glos) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Roberts Farms (Glos) Limited

(Registration number: 5039280)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

210,893

190,364

Current assets

 

Stocks

5

1,200

1,200

Debtors

6

201,879

194,065

Cash at bank and in hand

 

32,091

25,079

 

235,170

220,344

Creditors: Amounts falling due within one year

7

(254,228)

(267,071)

Net current liabilities

 

(19,058)

(46,727)

Total assets less current liabilities

 

191,835

143,637

Creditors: Amounts falling due after more than one year

7

(13,554)

(18,441)

Provisions for liabilities

(34,634)

(24,547)

Net assets

 

143,647

100,649

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

143,547

100,549

Shareholders' funds

 

143,647

100,649

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Roberts Farms (Glos) Limited

(Registration number: 5039280)
Balance Sheet as at 28 February 2023
(continued)

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2023
 

.........................................
Mr Philip Edward Roberts
Director

 

Roberts Farms (Glos) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in United kingdom.

The address of its registered office is:
C/o Roberts Plant Engineers Ltd Ross Road
Huntley
Gloucester
GL19 3EX

These financial statements were authorised for issue by the director on 28 November 2023.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

 

Roberts Farms (Glos) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
(continued)

2

Accounting policies (continued)

The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period.

Tangible assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:

Depreciation

Asset class

Depreciation method and rate

Plant and machinery

10% of cost per annum

Fixtures and fittings

20% of cost per annum

 

Roberts Farms (Glos) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
(continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Assets obtained under hire purchase agreements and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor, are charged to profit and loss account on a straight line basis.
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.

 

Roberts Farms (Glos) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
(continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Roberts Farms (Glos) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
(continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

295,370

5,600

300,970

Additions

155,866

12,685

168,551

Disposals

(117,114)

-

(117,114)

At 28 February 2023

334,122

18,285

352,407

Depreciation

At 1 March 2022

108,739

1,867

110,606

Charge for the year

27,733

4,307

32,040

Eliminated on disposal

(1,132)

-

(1,132)

At 28 February 2023

135,340

6,174

141,514

Carrying amount

At 28 February 2023

198,782

12,111

210,893

At 28 February 2022

186,631

3,733

190,364

5

Stocks

2023
£

2022
£

Other inventories

1,200

1,200

 

Roberts Farms (Glos) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
(continued)

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

11,266

46,331

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

190,613

147,734

 

201,879

194,065

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,887

4,582

Trade creditors

 

11,866

32,188

Taxation and social security

 

2,553

18,245

Accruals and deferred income

 

1,441

3,414

Other creditors

 

233,481

208,642

 

254,228

267,071

The obligations under hire purchase contracts, which total £18,441, are all payable within five years. The obligations are secured on the assets to which they relate.

 

Roberts Farms (Glos) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
(continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

13,554

18,441

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £18,441 (2021 - £Nil).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         
 

Roberts Farms (Glos) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
(continued)

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

13,554

18,441

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

4,887

4,582

10

Related party transactions

During the year the company paid management charges of £52,000 (2022: £Nil) to Roberts Plant Engineers Limited, a company under the control of Mr P E Roberts, a director and shareholder of the company. The amount owed at the end of the year was £190,613 (2022: £147,734) owed by Roberts Plant Engineers Limited.

The above transactions were in the normal course of business and were conducted on an at arms length basis.