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Registration number: 08674360

Robinson Farms Contracting Limited

Unaudited Filleted Financial Statements

for the Period from 1 January 2023 to 31 March 2024

 

Robinson Farms Contracting Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Robinson Farms Contracting Limited

Company Information

Directors

J I Robinson

S V Robinson

M J Robinson

Registered office

Collow Abbey Farm
East Torrington
Market Rasen
Lincolnshire
LN8 5SE

Bankers

Lloyds Bank plc
202 High Street
Lincoln
Lincolnshire
LN5 7AP

 

Robinson Farms Contracting Limited

(Registration number: 08674360)
Balance Sheet as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

5

4,461,765

4,246,051

Current assets

 

Stocks

6

169,396

260,960

Debtors

7

1,032,403

1,386,970

Cash at bank and in hand

 

84,462

24,750

 

1,286,261

1,672,680

Creditors: Amounts falling due within one year

8

(608,415)

(524,041)

Net current assets

 

677,846

1,148,639

Total assets less current liabilities

 

5,139,611

5,394,690

Creditors: Amounts falling due after more than one year

8

(2,489,293)

(3,084,960)

Provisions for liabilities

(334,514)

(282,876)

Net assets

 

2,315,804

2,026,854

Capital and reserves

 

Called up share capital

9

150

150

Retained earnings

2,315,654

2,026,704

Shareholders' funds

 

2,315,804

2,026,854

For the financial period 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 period 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.

Approved and authorised by the Board on 5 August 2024 and signed on its behalf by:
 

.........................................
J I Robinson
Director

 

Robinson Farms Contracting Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 08674360.

These financial statements cover the individual entity Robinson Farms Contracting Limited.

The address of its registered office is:
Collow Abbey Farm
East Torrington
Market Rasen
Lincolnshire
LN8 5SE

These financial statements were authorised for issue by the Board on 5 August 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 are prepared in Sterling which is the functional currency of the Company and have been expressed rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

Robinson Farms Contracting Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangibles fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Farm machinery

15% reducing balance basis

Land and buildings

No depreciation

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Entitlements

2 years straight line

Stocks

The basis of valuation is as follows:-

Raw materials and consumables are stated at the lower of cost or net realisable value.

Tenantright is calculated by a combination of actual costs incurred and standard costs.

Produce on hand is valued at standard cost.

Standard costings are based uopn calculations prepared by the Central Association of Agricultural Valuers.

The basis of valuation is consistent with previous years.

 

Robinson Farms Contracting Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the period, was 6 (2022 - 6).

 

Robinson Farms Contracting Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

4

Intangible assets

Entitlements
£

Total
£

Cost or valuation

At 1 January 2023

24,000

24,000

Disposals

(24,000)

(24,000)

At 31 March 2024

-

-

Amortisation

At 1 January 2023

24,000

24,000

Amortisation eliminated on disposals

(24,000)

(24,000)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

3,138,866

1,860,453

4,999,319

Additions

-

575,180

575,180

Disposals

-

(390,915)

(390,915)

At 31 March 2024

3,138,866

2,044,718

5,183,584

Depreciation

At 1 January 2023

-

753,268

753,268

Charge for the period

-

209,424

209,424

Eliminated on disposal

-

(240,873)

(240,873)

At 31 March 2024

-

721,819

721,819

Carrying amount

At 31 March 2024

3,138,866

1,322,899

4,461,765

At 31 December 2022

3,138,866

1,107,185

4,246,051

 

Robinson Farms Contracting Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

6

Stocks

2024
£

2022
£

Raw materials and consumables

8,500

41,020

Farm valuation

18,716

45,492

Finished goods and goods for resale

142,180

174,448

169,396

260,960

7

Debtors

Current

2024
£

2022
£

Trade debtors

989,850

1,344,454

Prepayments

22,553

22,516

Other debtors

20,000

20,000

 

1,032,403

1,386,970

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

45,916

72,469

Trade creditors

 

51,823

37,498

Taxation and social security

 

81,584

93,520

Other creditors

 

324,352

116,519

Accruals and deferred income

 

3,710

89,432

Hire purchase liabilities

 

101,030

114,603

 

608,415

524,041

Due after one year

 

Bank loans

10

2,392,023

2,984,960

Hire purchase liabilities

 

97,270

100,000

 

2,489,293

3,084,960

9

Share capital

Allotted, called up and fully paid shares

 

2024

2022

 

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

Ordinary C of £1 each

50

50

50

50

 

150

150

150

150

 

Robinson Farms Contracting Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

10

Loans and borrowings

2024
£

2022
£

Non-current loans and borrowings

Bank borrowings

2,392,023

2,984,960

Hire purchase liabilities

97,270

100,000

2,489,293

3,084,960

Hire purchase liabilities of £97,270 (2022: £100,000) are secured upon the assets acquired.

Bank loans of £2,392,023 (2022: £2,984,960) are secured upon the assets acquired.

2024
£

2022
£

Current loans and borrowings

Bank borrowings

45,916

72,469

Hire purchase liabilities

101,030

114,603

Other borrowings

170,000

58,000

316,946

245,072

Hire purchase liabilities of £101,030 (2022: £114,603) are secured upon the assets acquired.

Bank loans of £45,916 (2022: £72,469) are secured upon the assets acquired.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans other than by instalments £1,044,000 (2022: £1,880,000).
Bank loans by instalments £459,059 (2022: £954,669).