Company registration number 07927240 (England and Wales)
RUSHBROOK FARMS LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
Pages For Filing With Registrar
Rushbrook Farms Limited
RUSHBROOK FARMS LIMITED
Company Information
Directors
J Gwillim
G J Gwillim
A J Gwillim
Company number
07927240
Registered office
Rushbrook Farm
Pluckley
Ashford
Kent
England
TN27 0SD
Accountants
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Rushbrook Farms Limited
RUSHBROOK FARMS LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
4 - 9
Rushbrook Farms Limited
RUSHBROOK FARMS LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Rushbrook Farms Limited For The Year Ended 31 December 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rushbrook Farms Limited for the year ended 31 December 2023 which comprise, the balance sheet, the statement of changes in equity 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Rushbrook Farms Limited, as a body, in accordance with the terms of our engagement letter dated 23 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Rushbrook Farms Limited and state those matters that we have agreed to state to the board of directors of Rushbrook Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rushbrook Farms Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Rushbrook Farms 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 Rushbrook Farms Limited. You consider that Rushbrook Farms 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 Rushbrook Farms 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.

Chavereys Limited
30 August 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Rushbrook Farms Limited
RUSHBROOK FARMS LIMITED
Balance Sheet
As At 31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,011,179
634,192
Current assets
Stocks
7
616,214
496,808
Debtors
7
153,954
177,863
Cash at bank and in hand
113,407
651,320
883,575
1,325,991
Creditors: amounts falling due within one year
8
(156,175)
(238,182)
Net current assets
727,400
1,087,809
Total assets less current liabilities
1,738,579
1,722,001
Provisions for liabilities
(124,990)
(111,152)
Net assets
1,613,589
1,610,849
Capital and reserves
Called up share capital
300
300
Profit and loss reserves
1,613,289
1,610,549
Total equity
1,613,589
1,610,849

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
G J Gwillim
Director
Company Registration No. 07927240
Rushbrook Farms Limited
RUSHBROOK FARMS LIMITED
Statement Of Changes In Equity
For The Year Ended 31 December 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
300
1,414,462
1,414,762
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
316,087
316,087
Dividends
-
(120,000)
(120,000)
Balance at 31 December 2022
300
1,610,549
1,610,849
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
182,740
182,740
Dividends
-
(180,000)
(180,000)
Balance at 31 December 2023
300
1,613,289
1,613,589
Rushbrook Farms Limited
RUSHBROOK FARMS LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2023
- 4 -
1
Accounting policies
Company information

Rushbrook Farms Limited is a private company, limited by shares incorporated in England and Wales.

 

The company number is 07927240.

 

The address of the registered office and principal place of business is Rushbrook Farm, Pluckley, Ashford, Kent TN27 0SD.

1.1
Accounting convention

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in pound sterling and all values are rounded to the nearest pound (£) except where otherwise indicated.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue comprises the sale of agricultural produce and grain storage services and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 

1.4
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

 

Depreciation is provided on the following basis:

Tractors
20% reducing balance
Combines
15% reducing balance
Office equipment
25% straight line
Motor vehicles
25% reducing balance
Implements and deadstock
10% reducing balance
Rushbrook Farms Limited
RUSHBROOK FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow-moving stock. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Where cost cannot be reliably calculated, deemed cost is used in line with HMRC guidance HS232.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

1.6
Taxation

The tax charge for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Current tax

The tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

 

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

1.7
Leases

Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.

 

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Rushbrook Farms Limited
RUSHBROOK FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 6 -
1.8
Government grants

Payments received under acrigultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.

 

Amounts received under the Basic Payment Scheme are recognised on 31 December in the year of claim. No provision has been made for penalties arising from the failure to comply with 'cross compliance' conditions, as defined by the RPA, except for where notification has been received.

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 revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
4
Intangible fixed assets
BPS Entitlements
£
Cost
At 1 January 2023 and 31 December 2023
2,994
Amortisation and impairment
At 1 January 2023 and 31 December 2023
2,994
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
Rushbrook Farms Limited
RUSHBROOK FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 7 -
5
Tangible fixed assets
Freehold land and buildings
Tractors
Combines
Office equipment
Motor vehicles
Implements and deadstock
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
188,525
128,962
287,500
1,515
71,877
403,031
1,081,410
Additions
-
0
265,000
420,000
-
0
-
0
800
685,800
Disposals
-
0
-
0
(287,500)
-
0
-
0
-
(287,500)
At 31 December 2023
188,525
393,962
420,000
1,515
71,877
403,831
1,479,710
Depreciation and impairment
At 1 January 2023
-
0
96,993
137,423
1,391
6,610
204,801
447,218
Depreciation charged in the year
-
0
59,393
63,000
124
16,317
19,902
158,736
Eliminated in respect of disposals
-
0
-
0
(137,423)
-
0
-
0
-
(137,423)
At 31 December 2023
-
0
156,386
63,000
1,515
22,927
224,703
468,531
Carrying amount
At 31 December 2023
188,525
237,576
357,000
-
0
48,950
179,128
1,011,179
At 31 December 2022
188,525
31,969
150,077
124
65,267
198,230
634,192
Rushbrook Farms Limited
RUSHBROOK FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 8 -
7
Stocks
2023
2022
£
£
Growing crop
73,358
52,589
Crop in store
489,381
315,835
Consumables
53,475
128,384
616,214
496,808
Biological assets included within stock are as follows:
Biological assets - growing crop
2023
2022
£
£
As at 1 January
52,589
55,364
Net movement on cultivations
20,769
(2,775)
As at 31 December
73,358
52,589
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,083
10,981
Corporation tax recoverable
44,267
-
0
Other debtors
62,145
164,369
Prepayments and accrued income
39,459
2,513
153,954
177,863

Other debtors includes £49,501 due from directors.

8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,941
6,274
Corporation tax
-
0
134,560
Other taxation and social security
541
298
Other creditors
112,365
77,227
Accruals and deferred income
25,328
19,823
156,175
238,182

Other creditors comprise amounts due to directors.

Rushbrook Farms Limited
RUSHBROOK FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 9 -
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
205,414
111,152
Tax losses
(80,424)
-
124,990
111,152
2023
Movements in the year:
£
Liability at 1 January 2023
111,152
Charge to profit or loss
13,838
Liability at 31 December 2023
124,990
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