REGISTERED NUMBER: |
Rutherford Farming Limited |
Unaudited Financial Statements |
for the Year Ended 28th May 2023 |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
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 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
Rutherford Farming Limited (Registered number: 03351752) |
Balance Sheet - continued |
28th May 2023 |
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. |
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 |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Freehold land and property | - |
Property improvements | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
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 |
Additions |
At 28th May 2023 |
Depreciation |
At 29th May 2022 |
Charge for year |
At 28th May 2023 |
Net book value |
At 28th May 2023 |
At 28th May 2022 |
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 |
Other debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
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 |
Bank loans |
Hire purchase contracts | - | 2,764 |
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: |
2023 | 2022 |
£ | £ |
Director 1 |
Balance outstanding at start of year | 20,467 | 13,166 |
Amounts advanced | 15,673 | 16,918 |
Amounts repaid | (24,577 | ) | (9,617 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 11,563 | 20,467 |
Director 2 |
Balance outstanding at start of year | 19,895 | 77 |
Amounts advanced | 1,247 | 23,592 |
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. |