Rogam Farms Limited 03576483 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is mixed farming Digita Accounts Production Advanced 6.30.9574.0 true true true 03576483 2023-04-01 2024-03-31 03576483 2024-03-31 03576483 bus:OrdinaryShareClass1 2024-03-31 03576483 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 03576483 core:CurrentFinancialInstruments 2024-03-31 03576483 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03576483 core:FurnitureFittingsToolsEquipment 2024-03-31 03576483 core:LandBuildings 2024-03-31 03576483 1 2024-03-31 03576483 bus:SmallEntities 2023-04-01 2024-03-31 03576483 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03576483 bus:FilletedAccounts 2023-04-01 2024-03-31 03576483 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03576483 bus:RegisteredOffice 2023-04-01 2024-03-31 03576483 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 03576483 bus:Director2 2023-04-01 2024-03-31 03576483 bus:Director3 2023-04-01 2024-03-31 03576483 bus:Director4 2023-04-01 2024-03-31 03576483 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 03576483 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03576483 core:Buildings 2023-04-01 2024-03-31 03576483 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 03576483 core:Land 2023-04-01 2024-03-31 03576483 core:LandBuildings 2023-04-01 2024-03-31 03576483 core:PlantMachinery 2023-04-01 2024-03-31 03576483 core:Vehicles 2023-04-01 2024-03-31 03576483 1 2023-04-01 2024-03-31 03576483 countries:EnglandWales 2023-04-01 2024-03-31 03576483 1 2023-04-01 2024-03-31 03576483 2023-03-31 03576483 core:FurnitureFittingsToolsEquipment 2023-03-31 03576483 core:LandBuildings 2023-03-31 03576483 1 2023-03-31 03576483 2022-04-01 2023-03-31 03576483 2023-03-31 03576483 bus:OrdinaryShareClass1 2023-03-31 03576483 core:CurrentFinancialInstruments 2023-03-31 03576483 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03576483 core:FurnitureFittingsToolsEquipment 2023-03-31 03576483 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03576483

Rogam Farms Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Rogam Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Rogam Farms Limited

Company Information

Directors

Mr Philip Magor ACA

Mrs Alexa Catherine Magor

Mrs Antonia Grace Henley

Mr Edward Charles Magor

Company secretary

Mr Philip Magor ACA

Registered office

The Old Vicarage
Shepton Montague
Wincanton
Somerset
England
BA9 8JE

 

Rogam Farms Limited

(Registration number: 03576483)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,687,992

6,362,667

Other financial assets

5

-

71,600

 

6,687,992

6,434,267

Current assets

 

Stocks

6

36,652

53,793

Debtors

7

3,717,456

306,909

Cash at bank and in hand

 

3,072,649

6,868,099

 

6,826,757

7,228,801

Creditors: Amounts falling due within one year

8

(174,317)

(165,513)

Net current assets

 

6,652,440

7,063,288

Net assets

 

13,340,432

13,497,555

Capital and reserves

 

Called up share capital

10

9,000,000

9,000,000

Retained earnings

4,340,432

4,497,555

Shareholders' funds

 

13,340,432

13,497,555

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Rogam Farms Limited

(Registration number: 03576483)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 16 July 2024 and signed on its behalf by:
 


Mr Philip Magor ACA
Company secretary and Director

 

Rogam Farms Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Vicarage
Shepton Montague
Wincanton
Somerset
England
BA9 8JE

These financial statements were authorised for issue by the Board on 16 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared and presented in UK pound sterling (£) which is the functional currency of the Company. The financial statements have been rounded to the nearest whole £.

Going concern

These financial statements have been prepared on the going concern basis.

Revenue recognition

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

The following criteria must also be met before revenue is recognised:

 

Rogam Farms Limited

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stag of completion of the contract when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;
• it is probable that the Company will received the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

Government grants

The Company recognises subsidies from the Government at the point when the grant becomes receivable. The subsidies are designed to provide relief to farmers for expenditure that they have incurred.

Finance income and costs policy

Finance income and interest receivable are recognised in the profit or loss using the effective rate of interest.

Finance costs and interest payable are recognised in the profit or loss using the effective rate of interest.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Rogam Farms Limited

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

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

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings - land

Not depreciated

Land and buildings - freehold property

2% straight line basis

Land and buildings - estate improvements

20 years straight line for drains and fences with other improvements depreciated on a 20% straight line basis

Furniture, fittings and equipment - motor vehicles

10 years straight line

Furniture, fittings and equipment - machinery and equipment

12.5% straight line

Furniture, fittings and equipment - furniture and fittings

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Rogam Farms Limited

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

Stocks

Stock represents the value of cultivated crops, finished goods and fertilisers and other consumable stores at the lower of cost and net realisable value.

Livestock is recognised as a biological asset and is accounted for under the cost model in accordance with FRS102. At the balance sheet date livestock is assessed on an individual animal basis for impairment. If the value is considered to be impaired the carrying value is reduced to estimated market value less costs to sell. This is considered to be more appropriate than applying a systematic depreciation charge.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2023 - 3).

 

Rogam Farms Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

6,045,604

458,297

6,503,901

Additions

441,687

104,237

545,924

Disposals

-

(113,571)

(113,571)

At 31 March 2024

6,487,291

448,963

6,936,254

Depreciation

At 1 April 2023

63,689

77,545

141,234

Charge for the year

68,574

54,297

122,871

Eliminated on disposal

-

(15,843)

(15,843)

At 31 March 2024

132,263

115,999

248,262

Carrying amount

At 31 March 2024

6,355,028

332,964

6,687,992

At 31 March 2023

5,981,915

380,752

6,362,667

Included within the net book value of land and buildings above is £6,355,028 (2023 - £5,981,915) in respect of freehold land and buildings.
 

 

Rogam Farms Limited

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

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

160,700

160,700

Disposals

(160,700)

(160,700)

At 31 March 2024

-

-

Impairment

At 1 April 2023

89,100

89,100

Charges in the period

20,800

20,800

Disposals

(109,900)

(109,900)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

6

Stocks

2024
£

2023
£

Farm stock

28,652

45,793

Equine assets

8,000

8,000

36,652

53,793

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

143

Prepayments

 

3,625

3,931

Accrued income

 

5,812

-

Amounts owed by related parties

12

3,683,102

2,987

Other debtors

 

24,917

299,848

   

3,717,456

306,909

 

Rogam Farms Limited

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

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

23,499

27,752

Accruals and deferred income

9,623

7,596

Other creditors

141,195

130,165

174,317

165,513

Included within other creditors are related party liabilities of £141,195 (2023 - £130,017) which are disclosed in note 12.

9

Deferred taxation

2024
£

2023
£

At beginning of year

146,951

98,750

Charged to profit or loss

(133,700)

48,201

At end of year

13,251

146,951

The deferred tax asset is made up as follows:
 

2024
£

2023
£

Accelerated capital allowances

(90,707)

(105,412)

Tax losses carried forward

103,958

252,363

13,251

146,951

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

9,000,000

9,000,000

9,000,000

9,000,000

       
 

Rogam Farms Limited

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

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of contingencies not included in the balance sheet is £118,516 (2023 - £118,516). The contingent liability relates to a protective corporation tax payment which was included within other debtors in the prior year and now has been refunded in relation to roll over relief. A liability for this amount will arise if the required amount of reinvestment does not take place within the required time period.

12

Related party transactions

Transactions with Directors

2024

At 1 April 2023
£

Advances to Director
£

Repayments by Director
£

At 31 March 2024
£

Director's loan account

-

6,069,589

(2,389,474)

3,680,115

 

The loan is due from the Director to the Company. No interest has been charged and the loan is repayable on demand.

Summary of transactions with subsidiaries

The Company owes its subsidiary company £100 (2023 - £Nil), the loan is interest free and repayable on demand.

Summary of transactions with other related parties

The Company is owed £2,987 (2023 - £2,987) from a company under common control, the loan is interest free and repayable on demand.

The Company owes £141,095 (2023 - £130,017) to companies under common control, the loans are interest fee and repayable on demand.

13

Parent and ultimate parent undertaking

The Company's immediate and ultimate parent is Rogam Limited, incorporated in England & Wales.

The controlling party is Philip Magor by virtue of his majority shareholding in the parent company.