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Registration number: 04408748

Rannoch Food Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Rannoch Food Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Rannoch Food Group Limited

Company Information

Directors

Mr JE Dutton

Mr RJ Williams

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Solicitors

Birketts

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Rannoch Food Group Limited

(Registration number: 04408748)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

339,704

62,875

Investment property

5

11,860,000

10,904,481

 

12,199,704

10,967,356

Current assets

 

Debtors

6

985,311

97,150

Cash at bank and in hand

 

591,860

199,366

 

1,577,171

296,516

Creditors: Amounts falling due within one year

7

(122,088)

(136,237)

Net current assets

 

1,455,083

160,279

Total assets less current liabilities

 

13,654,787

11,127,635

Creditors: Amounts falling due after more than one year

7

(6,382,414)

(3,126,079)

Provisions for liabilities

(2,044,213)

(2,352,097)

Net assets excluding pension asset/(liability)

 

5,228,160

5,649,459

Deferred tax (liability)/asset on post retirement benefits

(7,750)

192,850

Net assets

 

5,220,410

5,842,309

Capital and Reserves

 

Called up share capital

8

300,600

300,600

Retained Earnings

4,919,810

5,541,709

Shareholders' funds

 

5,220,410

5,842,309

For the financial year ending 30 September 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.

 

Rannoch Food Group Limited

(Registration number: 04408748)
Balance Sheet as at 30 September 2023 (continued)

Approved and authorised by the Board on 2 February 2024 and signed on its behalf by:
 

.........................................
Mr JE Dutton
Director

 

Rannoch Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the Board on 2 February 2024.

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.

Summary of disclosure exemptions

The company has taken advantage of the exemptions available to it under Section 399 of the companies act 2006. This enables a small group to not prepare and file consolidated financial statements..

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Rannoch Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Land

0%

Buildings

0%

Plant and Machinery

10-33% Straight line

Fixtures and Fittings

10% Straight line

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 publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Rannoch Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Trade Debtors

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

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 amortised cost using the effective interest method.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Rannoch Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Tangible Assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

8,149

350,801

358,950

Additions

150,614

165,071

315,685

At 30 September 2023

158,763

515,872

674,635

Depreciation

At 1 October 2022

4,895

291,180

296,075

Charge for the year

15,527

23,329

38,856

At 30 September 2023

20,422

314,509

334,931

Carrying amount

At 30 September 2023

138,341

201,363

339,704

At 30 September 2022

3,254

59,621

62,875

5

Investment properties

2023
£

At 1 October

10,904,481

Fair value adjustments

955,519

At 30 September

11,860,000

The last independent valuation was undertaken by Bidwells, a RICS registered surveyor, during October 2022. The directors consider the valuation to still be valid.

6

Debtors

Current

2023
£

2022
£

Trade Debtors

1,387

1,296

Prepayments

13,821

-

Other debtors

970,103

95,854

 

985,311

97,150

Details of non-current trade and other debtors

 

Rannoch Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

6

Debtors (continued)

£849,192 (2022 -£95,854) of a Deferred tax asset is classified as non current. A deferred tax asset on the un-utilised losses has been recognised. This is because it is considered probable; or more likely than not, that the losses will be utilised against future profits. The asset is already being utilised and it is expected that it will be fully released within five years.

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade Creditors

44,733

29,090

Taxation and social security

21,682

29,620

Accruals and deferred income

55,673

77,527

122,088

136,237

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

6,382,414

3,126,079

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

210,000

210,000

210,000

210,000

Ordinary B of £1 each

90,000

90,000

90,000

90,000

Ordinary C of £1 each

600

600

600

600

 

300,600

300,600

300,600

300,600

9

Reserves

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

 

Rannoch Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

9

Reserves (continued)

Retained earnings
£

Total
£

Remeasurement gain/loss on defined benefit pension schemes

(1,543,600)

(1,543,600)

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

Retained earnings
£

Total
£

Remeasurement gain/loss on defined benefit pension schemes

364,290

364,290

Deferred tax at 25% (2022: 19%) has been recognised on the revaluation of the investment properties. The liability recognised against the revaluation is £529,086 (2022: £529,086)

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Unsecured debentures

1,676,723

1,726,079

Other borrowings

4,705,691

1,400,000

6,382,414

3,126,079

Other borrowings

Other borrowing is denominated in £ with a nominal interest rate of 8%, and the final instalment is due on 14 July 2025. The carrying amount at year end is £1,485,691 (2022 - £1,400,000).

Unsecured debentures is denominated in with a nominal interest rate of 8%, and the final instalment is due on 20 July 2025. The carrying amount at year end is £1,676,723 (2022 - £1,726,078).

Other borrowing is denominated in £ with a nominal interest rate of 7.5%, and the final instalment is due on 30 November 2025. The carrying amount at year end is £3,220,000 (2022 - £Nil).

This borrowing has been secured against the Investment property of the company.

11

Parent and ultimate parent undertaking

The company's immediate parent is Rannoch Food Holdings Limited, incorporated in England and Wales.