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REGISTERED NUMBER: 07801754 (England and Wales)













R S Bright Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






R S Bright Limited (Registered number: 07801754)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


R S Bright Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: GM Bright
AM Bright
RS Bright





REGISTERED OFFICE: Woodmanton Farm
Sarnesfield
Hereford
HR4 8RF





REGISTERED NUMBER: 07801754 (England and Wales)





ACCOUNTANTS: The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
R S Bright Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R S Bright Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of R S Bright Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of R S Bright Limited and state those matters that we have agreed to state to the Board of Directors of R S Bright Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R S Bright Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that R S Bright Limited 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 of R S Bright Limited. You consider that R S Bright Limited 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 R S Bright Limited. 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.






The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF


8 August 2024

R S Bright Limited (Registered number: 07801754)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,360,880 2,848,879

CURRENT ASSETS
Stocks 3,300,866 2,671,721
Debtors 5 339,970 188,659
Cash at bank 15,554 115,847
3,656,390 2,976,227
CREDITORS
Amounts falling due within one year 6 1,889,122 1,610,630
NET CURRENT ASSETS 1,767,268 1,365,597
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,128,148

4,214,476

CREDITORS
Amounts falling due after more than one
year

7

(646,301

)

(742,281

)

PROVISIONS FOR LIABILITIES 9 (579,373 ) (595,858 )
NET ASSETS 3,902,474 2,876,337

CAPITAL AND RESERVES
Allotted, issued and fully paid share capital 1,000 1,000
Capital redemption reserve 1,000 1,000
Retained earnings 3,900,474 2,874,337
SHAREHOLDERS' FUNDS 3,902,474 2,876,337

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

R S Bright Limited (Registered number: 07801754)

Balance Sheet - continued
31 March 2024


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 8 August 2024 and were signed on its behalf by:




GM Bright - Director



RS Bright - Director


R S Bright Limited (Registered number: 07801754)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

R S Bright 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.

The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 property - not provided
Improvements to property - 4% on cost
Plant and machinery - 5% on reducing balance and 5% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The Company has the following biological assets which are valued as disclosed :-

Crops in store - valued at deemed cost

Growing crop - valued at the cost of inputs and cultivations up to the period end.

Taxation
Taxation for the year comprises current 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 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.


R S Bright Limited (Registered number: 07801754)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST
At 1 April 2023 - 23,500 3,110,472 3,133,972
Additions 659,837 - - 659,837
At 31 March 2024 659,837 23,500 3,110,472 3,793,809
DEPRECIATION
At 1 April 2023 - 1,880 283,213 285,093
Charge for year - 940 146,896 147,836
At 31 March 2024 - 2,820 430,109 432,929
NET BOOK VALUE
At 31 March 2024 659,837 20,680 2,680,363 3,360,880
At 31 March 2023 - 21,620 2,827,259 2,848,879

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 34,622 -
Prepayments and accrued income 277,110 185,831
VAT 28,238 2,828
339,970 188,659

R S Bright Limited (Registered number: 07801754)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 98,820 92,000
Trade creditors 152,553 61,385
Corporation tax payable 356,480 142,324
Directors' current accounts 539,357 639,970
Accruals and deferred income 741,912 674,951
1,889,122 1,610,630

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - due within 1-2
years 91,000 93,000
Bank loans - due within 2-5 years 279,000 285,000
Bank loans - due after more then 5 years by
instalments

105,000

184,006
Accruals and deferred income 171,301 180,275
646,301 742,281

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - due after more then 5 years by
instalments

105,000

184,006

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 565,000 654,006

The loan is secured by a guarantee from two of the Directors including a legal charge of Hyatt Farm, Sarnesfield and Broadfields, Kinnersley.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax - accelerated capital allowances 579,373 595,858

R S Bright Limited (Registered number: 07801754)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 595,858
Provided during year (16,485 )
Balance at 31 March 2024 579,373

10. RELATED PARTY DISCLOSURES

During the year, the following purchases were made from a partnership in which some of the directors are partners:

2024 2023
£    £   
Contract 875,820 630,000
Storage 70,000 70,000
Other charges 89,752 91,689

At the balance sheet date £120,582 (2023 - £14,082) was owed to the partnership.

At the balance sheet date £39,173 (2023 - £nil) was due from the partnership

At the balance sheet date £539,357 (2023 - £639,970) was owed to the directors, this is repayable on demand. Interest is charged at 2.25% when the balance is overdraw; otherwise it is interest free.