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REGISTERED NUMBER: 03351752 (England and Wales)






































Rutherford Farming Limited

Unaudited Financial Statements

for the Year Ended 28th May 2023






Rutherford Farming Limited (Registered number: 03351752)






Contents of the Financial Statements
for the year ended 28th May 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 7


Rutherford Farming Limited

Company Information
for the year ended 28th May 2023







Directors: J M C Rutherford
J C Rutherford





Secretary: Mrs J G Rutherford





Registered office: Halidon House
17D Windmill Way West
Ramparts Business Park
Berwick Upon Tweed
Northumberland
TD15 1TB





Business address: Rutherford Lodge
Rutherford
Kelso
Roxburghshire
TD5 8NW





Registered number: 03351752 (England and Wales)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Rutherford Farming Limited (Registered number: 03351752)

Balance Sheet
28th May 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 1,481,757 1,485,525

Current assets
Stocks 185,093 154,899
Debtors 5 123,095 150,626
Cash at bank 54,013 43,867
362,201 349,392
Creditors
Amounts falling due within one year 6 181,987 199,301
Net current assets 180,214 150,091
Total assets less current liabilities 1,661,971 1,635,616

Creditors
Amounts falling due after more than one
year

7

(135,241

)

(146,600

)

Provisions for liabilities (5,238 ) (4,623 )
Net assets 1,521,492 1,484,393

Capital and reserves
Called up share capital 1,318,351 1,318,351
Retained earnings 203,141 166,042
Shareholders' funds 1,521,492 1,484,393

Rutherford Farming Limited (Registered number: 03351752)

Balance Sheet - continued
28th May 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th February 2024 and were signed on its behalf by:





J M C Rutherford - Director


Rutherford Farming Limited (Registered number: 03351752)

Notes to the Financial Statements
for the year ended 28th May 2023

1. Statutory information

Rutherford Farming Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold land and property - 2% on cost and not provided
Property improvements - not provided
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Land is not depreciated.

Stocks
Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on selling prices less further costs expected to be incurred in bringing the stocks to completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, bank overdrafts, bank and other loans, hire purchase contracts and directors' loans.

Bank and other loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, accruals, trade creditors and bank overdrafts are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss in the Statement of Income and Retained Earnings.


Rutherford Farming Limited (Registered number: 03351752)

Notes to the Financial Statements - continued
for the year ended 28th May 2023

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern
The directors have considered the company's financial position for a period of 12 months and beyond, from the date of signing these financial statements, and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

3. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

Rutherford Farming Limited (Registered number: 03351752)

Notes to the Financial Statements - continued
for the year ended 28th May 2023

4. Tangible fixed assets
Freehold
land and Property Plant and Motor
property improvements machinery vehicles Totals
£    £    £    £    £   
Cost
At 29th May 2022 1,566,501 3,517 87,355 13,000 1,670,373
Additions - - 4,274 - 4,274
At 28th May 2023 1,566,501 3,517 91,629 13,000 1,674,647
Depreciation
At 29th May 2022 105,212 - 70,801 8,835 184,848
Charge for year 4,945 - 2,056 1,041 8,042
At 28th May 2023 110,157 - 72,857 9,876 192,890
Net book value
At 28th May 2023 1,456,344 3,517 18,772 3,124 1,481,757
At 28th May 2022 1,461,289 3,517 16,554 4,165 1,485,525

Included in cost of land and buildings is freehold land of £ 1,319,270 (2022 - £ 1,319,270 ) which is not depreciated.

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 21,820 27,471
Other debtors 101,275 123,155
123,095 150,626

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 11,623 42,003
Hire purchase contracts - 2,764
Trade creditors 153,302 115,955
Taxation and social security 14,590 24,008
Other creditors 2,472 14,571
181,987 199,301

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 135,241 146,600

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after five years 98,429 99,456

Rutherford Farming Limited (Registered number: 03351752)

Notes to the Financial Statements - continued
for the year ended 28th May 2023

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 30,991
Bank loans 146,864 157,612
Hire purchase contracts - 2,764
146,864 191,367

Barclays Bank PLC holds a standard security over 666 acres of land at Rutherford Burnside, in respect of the bank loan and overdraft.

Hire purchase contracts are secured against the assets to which they relate.

9. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 28th May 2023 and 28th May 2022:

20232022
££
Director 1
Balance outstanding at start of year20,46713,166
Amounts advanced15,67316,918
Amounts repaid(24,577)(9,617)
Amounts written off--
Amounts waived--
Balance outstanding at end of year11,56320,467

Director 2
Balance outstanding at start of year19,89577
Amounts advanced1,24723,592
Amounts repaid(21,142)(3,774)
Amounts written off--
Amounts waived--
Balance outstanding at end of year-19,895

This loans are unsecured, interest has been charged at the official rates published by HMRC and they are repayable on demand.