Company registration No. 13518216 (England and Wales) | |
UNAUDITED FINANCIAL STATEMENTS | |
FOR THE YEAR ENDED |
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PAGES FOR FILING WITH REGISTRAR | |
COMPANY INFORMATION | ||||
Directors | ||||
Company number | ||||
Registered Office | ||||
Accountants | ||||
Chartered Accountants | ||||
Vantage House | ||||
2700 Kettering Parkway | ||||
Kettering Venture Park | ||||
Kettering | ||||
Northamptonshire | ||||
NN15 6XR |
Page 3 | |
SORBUS RURAL LTD | ||||
FOR THE YEAR ENDED 30 SEPTEMBER 2023 | ||||
CONTENTS | ||||
Index | Page | |||
Accountants' report | 1 | |||
Balance sheet | 2 - 3 | |||
Notes to the financial statements | 4 - 12 |
Page 4 | |
SORBUS RURAL LTD | |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SORBUS RURAL LTD FOR THE YEAR ENDED 30 SEPTEMBER 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 Sorbus Rural Ltd for the year ended 30 September 2023 which comprise the Profit and Loss Account, the Balance Sheet, 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 http://icaew.com/regulation. | |
It is your duty to ensure that Sorbus Rural Ltd 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 or loss of Sorbus Rural Ltd. You consider that Sorbus Rural Ltd is exempt from the statutory audit requirement for the year. | |
We have not been instructed to carry out an audit or a review of the financial statements of Sorbus Rural Ltd. 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. | |
Chartered Accountants | |
Vantage House | |
2700 Kettering Parkway | |
Kettering Venture Park | |
Kettering | |
Northamptonshire | |
NN15 6XR | |
Page 1 | |
BALANCE SHEET | ||||||
AS AT |
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Note | 2023 | 2022 | ||||
£ | £ | £ | £ | |||
Fixed assets | ||||||
Intangible assets: | ||||||
Goodwill | 4 | 112,000 | 126,000 | |||
Other intangible assets | 4 | 1,783,074 | 1,820,474 | |||
Tangible assets: | ||||||
Property | 5 | |||||
Equipment | 6 | |||||
2,040,628 | 2,072,605 | |||||
Current assets | ||||||
Stock | 7 | |||||
Debtors | 8 | |||||
Cash at bank and in hand | ||||||
Creditors: amounts falling due within one year | 9 | |||||
Net current liabilities | ( |
( |
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Total assets less current liabilities | ||||||
Provisions for liabilities and charges | (22,699) | (19,601) | ||||
Net assets | £ |
£ |
||||
Capital and reserves | ||||||
Called up share capital | 10 | |||||
Share premium account | ||||||
Profit and loss account | ( |
( |
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Total equity | £ |
£ |
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Page 2 | |
BALANCE SHEET (CONTINUED) |
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. | ||||
The financial statements were approved by the board of directors and authorised for issue on |
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................................................................ | ||||
Director | ||||
Company Registered Number: |
Page 3 | |
SORBUS RURAL LTD | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1 | Accounting policies |
1a | Company information | |
Sorbus Rural Ltd is a private company limited by shares incorporated in England and Wales. The registered office is given on the company information page. |
1b | Accounting convention | |
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. | ||
1c | Turnover | ||
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
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SORBUS RURAL LTD | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1d | Intangible fixed assets | ||
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably. | |||
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: | |||
Basic payment scheme entitlements | 2 years on a straight line basis | ||
Tenancy | None | ||
1e | Tangible fixed assets | |||
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows: | ||||
% | ||||
Tenants improvements | 4 straight line | |||
Plant and equipment | 10 - 25 reducing balance | |||
Plant and equipment | 50 & 100 straight line | |||
Solar panels | 20 reducing balance | |||
Motor vehicles | 20 reducing balance | |||
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. | ||||
1f | Investment properties | ||
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. |
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SORBUS RURAL LTD | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1g | Stock | ||
1h | Cash and cash equivalents | ||
1i | Taxation | ||
Current tax | |||
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. | |||
Deferred tax | |||
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
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SORBUS RURAL LTD | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1j | Employee benefits | |||
The costs of short-term employee benefits are recongised as a liability and an expenses, unless those costs are required to be recognised as part of the cost of stock or fixed assets. | ||||
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. | ||||
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. | ||||
1k | Retirement benefits | ||
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
1l | Government grants | ||
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
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2. | Judgements and key sources of estimation uncertainty | ||
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. | |||
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is reviewed when the revision affects only that period, or in the period of revision and future periods where the period of the revision and future periods where the revision affects both current and future periods. | |||
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SORBUS RURAL LTD | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
3. | Average employees | ||
The average monthly number of persons (including directors) employed by the company during the year was as follows: |
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2023 | 2022 | ||
Number | Number | ||
Employees | |||
4 | Intangible fixed assets | ||||
Goodwill | BPS | ||||
on solar | entitlements | Tenancy | Total | ||
££ | ££ | ££ | ££ | ||
Cost | |||||
At 1 October 2022 | 1,997,874 | ||||
At 30 September 2023 | 140,000 | 74,800 | 1,783,074 | 1,997,874 | |
Amortisation | |||||
At 1 October 2022 | 51,400 | ||||
Provision for the year | 14,000 | 37,400 | - | 51,400 | |
At 30 September 2023 | 28,000 | 74,800 | - | 102,800 | |
Carrying amount | |||||
At 30 September 2023 | £112,000 | £- | £1,783,074 | £1,895,074 | |
Carrying amount | |||||
At 30 September 2022 | £126,000 | £37,400 | £1,783,074 | £1,946,474 | |
Page 8 | |
SORBUS RURAL LTD | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
5. | Tangible fixed assets - Property | |
Tenants | ||
improvements | ||
£ | ||
Cost | ||
At 1 October 2022 | 44,838 | |
Additions | 11,060 | |
At 30 September 2023 | 55,898 | |
Depreciation and impairment | ||
At 1 October 2022 | 1,792 | |
Correction | (105) | |
Provision for the year | 2,233 | |
At 30 September 2023 | 3,920 | |
Carrying amount | ||
At 30 September 2023 | £51,978 | |
Carrying amount | ||
At 30 September 2022 | £43,046 | |
Page 9 | |
SORBUS RURAL LTD | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
6. | Tangible fixed assets - Equipment etc. | ||||
Plant and | Solar | Motor | |||
equipment | panels | vehicles | Total | ||
£ | £ | £ | £ | ||
Cost | |||||
At 1 October 2022 | 63,321 | 35,409 | 3,262 | ||
Additions | 17,231 | - | 16,495 | ||
Correction | (1,871) | - | 3,000 | 1,129 | |
Disposals | - | - | (3,056) | ( |
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At 30 September 2023 | 78,681 | 35,409 | 19,701 | ||
Depreciation | |||||
At 1 October 2022 | 11,172 | 7,082 | 653 | ||
Correction | (523) | - | 1,059 | 536 | |
Provision for the year | 12,387 | 5,665 | 3,332 | ||
Disposals | - | - | (612) | ( |
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At 30 September 2023 | 23,036 | 12,747 | 4,432 | ||
Carrying amount | |||||
At 30 September 2023 | £55,645 | £22,662 | £15,269 | £93,576 | |
Carrying amount | |||||
At 30 September 2022 | £52,149 | £28,327 | £2,609 | £83,085 | |
7. | Stocks | ||
2023 | 2022 | ||
£ | £ | ||
Farm valuation comprises: | |||
Produce | 340,822 | 264,702 | |
Seeds, fertilisers and sprays | 7,862 | 26,349 | |
Goods in store | 45,590 | 115,096 | |
Hay | 2,450 | 2,620 | |
Tillages | 32,247 | 38,339 | |
£428,971 | £447,106 | ||
Page 10 | |
SORBUS RURAL LTD | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
8. | Debtors | ||
2023 | 2022 | ||
£ | £ | ||
Amounts falling due within one year: | |||
Trade debtors | |||
Prepayments and accrued income | 99,937 | 127,208 | |
Other debtors | |||
VAT recoverable | |||
£ |
£ |
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9. | Creditors | ||
2023 | 2022 | ||
£ | £ | ||
Amounts falling due within one year: | |||
Trade creditors | |||
Corporation tax | |||
Other taxes and social security | |||
Other creditors | |||
Accruals and deferred income | |||
£ |
£ |
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10. | Share capital | ||
2023 | 2022 | ||
£ | £ | ||
Allotted, called up and fully paid: | |||
1000 |
£1,000 | £100 | |
Page 11 | |
SORBUS RURAL LTD | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
11 | Directors' transactions | ||
As at the balance sheet date Sorbus Rural Ltd owed the directors £296,362 (2022 - £247,445) this is included in other creditors. These are unsecured interest free loans, with no set terms of repayment and the directors will not call on Sorbus Rural Ltd to repay these loans unless it is in a position to do so. |
12 | Related party transactions | ||
As at the balance sheet date Sorbus Rural Ltd owed £464 to Miss A Boswell (2022 - Miss A Boswell owed the company £1,364), who is the daughter of the directors. This is included in other creditors and is an interest free loan with no set terms of repayment. | |||
Page 12 |