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REGISTERED NUMBER: 00489916 (England and Wales)















RUSHLAKE FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






RUSHLAKE FARMS LIMITED (REGISTERED NUMBER: 00489916)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


RUSHLAKE FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: B Spence



SECRETARY: Mrs K M Spence



REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF



REGISTERED NUMBER: 00489916 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF



BANKERS: HSBC Bank Plc
88 Westgate
Grantham
Lincolnshire
NG31 6LF



VALUERS: Brown & Co
5 Oakwood Road
Doddington Road
Lincoln
LN6 3LH

RUSHLAKE FARMS LIMITED (REGISTERED NUMBER: 00489916)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 127,185 134,464

CURRENT ASSETS
Valuation 47,024 90,320
Debtors 5 650,339 625,571
Cash at bank 48 9,143
697,411 725,034
CREDITORS
Amounts falling due within one year 6 273,151 278,428
NET CURRENT ASSETS 424,260 446,606
TOTAL ASSETS LESS CURRENT LIABILITIES 551,445 581,070

CREDITORS
Amounts falling due after more than one year 7 14,760 23,326
NET ASSETS 536,685 557,744

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Retained earnings 526,685 547,744
SHAREHOLDERS' FUNDS 536,685 557,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 15 August 2024 and were signed by:





B Spence - Director


RUSHLAKE FARMS LIMITED (REGISTERED NUMBER: 00489916)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Rushlake Farms 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 represents the fair value of consideration received for net invoiced sales of produce, livestock and contract work, excluding value added tax. Sales of produce are recognised on despatch. Revenue from livestock is recognised on the day of sale. Revenue from contracting is recognised on the day the work is undertaken.

The Basic payment is recognised in the financial statements in accordance with H M Revenue and Customs guidance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 12.5% on cost
Plant and machinery etc - At varying rates between 10% and 33%

Tangible fixed assets are held at cost less accumulated depreciation.

Valuation
The valuation has been prepared by independent valuers at the lower of cost and fair value less costs to sell.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

RUSHLAKE FARMS LIMITED (REGISTERED NUMBER: 00489916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 131,490 213,343 344,833
Additions - 1,600 1,600
At 30 November 2023 131,490 214,943 346,433
DEPRECIATION
At 1 December 2022 46,007 164,362 210,369
Charge for year - 8,879 8,879
At 30 November 2023 46,007 173,241 219,248
NET BOOK VALUE
At 30 November 2023 85,483 41,702 127,185
At 30 November 2022 85,483 48,981 134,464


5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 147,963 129,271
Other debtors 41,143 41,954
Prepayments and accrued income 7,233 346
196,339 171,571

Amounts falling due after more than one year:
Other debtors 454,000 454,000

Aggregate amounts 650,339 625,571

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 111,222 121,924
Trade creditors 79,720 82,426
Tax 286 3,245
Directors' loan accounts 66,012 39,591
Accruals and deferred income 15,911 31,242
273,151 278,428

RUSHLAKE FARMS LIMITED (REGISTERED NUMBER: 00489916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loan: 1 to 2 years 8,782 8,566
Bank loan: 2 to 5 years 5,978 14,760
14,760 23,326

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 102,656 113,570

The bank overdraft is secured by a charge over land owned by the company and a floating charge over the company's other assets.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

10. OTHER FINANCIAL COMMITMENTS

At the year end the company had commitments due as follows:
2023 2022
£ £
Within one year26,00026,000
Between one and five years9,10035,100
35,10061,100

11. POST BALANCE SHEET EVENTS

Subsequent to the year end the company approved a dividend of £20,000.