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COMPANY REGISTRATION NUMBER: 01839386
W & A C Rose (Farms) Ltd
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
W & A C Rose (Farms) Ltd
Financial Statements
Year ended 31 January 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
W & A C Rose (Farms) Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
5,129,154
5,204,606
Current assets
Stocks
1,052,897
2,272,999
Debtors
6
78,474
107,800
Cash at bank and in hand
1,082,304
477,045
-------------
-------------
2,213,675
2,857,844
Creditors: amounts falling due within one year
7
1,156,134
1,610,080
-------------
-------------
Net current assets
1,057,541
1,247,764
-------------
-------------
Total assets less current liabilities
6,186,695
6,452,370
Creditors: amounts falling due after more than one year
8
69,649
274,199
Provisions
Taxation including deferred tax
449,678
464,951
-------------
-------------
Net assets
5,667,368
5,713,220
-------------
-------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
5,666,368
5,712,220
-------------
-------------
Shareholders funds
5,667,368
5,713,220
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
W & A C Rose (Farms) Ltd
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr W Rose
Mr A C Rose
Director
Director
Company registration number: 01839386
W & A C Rose (Farms) Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Albion House, Manor Farm, Fillingham, Gainsborough, Lincolnshire, DN21 5BS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis
(c) Revenue recognition
Turnover is recognised on delivery of produce or on provision of service or entitlement to income and is stated net of discounts and Value Added Tax. Other operating income represents rents receivable and income is recognised according to the terms of the lease.
(d) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
(e) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land & buildings
-
5% straight line
Implements & equipment
-
12% reducing balance
Tractors & combines
-
10% straight line
Motor vehicles
-
25% straight line
Solar Panels
-
5% straight line
(h) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
(i) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(j) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(k) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(l) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the equity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 11 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost/Valuation
At 1 February 2023
4,028,688
1,807,769
1,965,588
61,050
7,863,095
Additions
52,894
137,503
33,452
223,849
Disposals
( 31,550)
( 31,550)
-------------
-------------
-------------
--------
-------------
At 31 January 2024
4,028,688
1,860,663
2,103,091
62,952
8,055,394
-------------
-------------
-------------
--------
-------------
Depreciation
At 1 February 2023
697,342
1,201,929
709,981
49,237
2,658,489
Charge for the year
13,552
82,776
182,798
8,363
287,489
Disposals
( 19,738)
( 19,738)
-------------
-------------
-------------
--------
-------------
At 31 January 2024
710,894
1,284,705
892,779
37,862
2,926,240
-------------
-------------
-------------
--------
-------------
Carrying amount
At 31 January 2024
3,317,794
575,958
1,210,312
25,090
5,129,154
-------------
-------------
-------------
--------
-------------
At 31 January 2023
3,331,346
605,840
1,255,607
11,813
5,204,606
-------------
-------------
-------------
--------
-------------
Tangible assets held at valuation
Investment property included in Land and buildings above at £1,023,888 (2023 £1,023,888) was valued in January 2024 by the directors who have experience in the location and category of the investment properties being valued.
6. Debtors
2024
2023
£
£
Trade debtors
64,858
100,931
Other debtors
13,616
6,869
--------
----------
78,474
107,800
--------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
80,129
274,254
Corporation tax
1,700
131,329
Social security and other taxes
2,687
Obligations under finance leases and hire purchase contracts
204,547
218,808
Directors loan accounts
869,758
983,002
-------------
-------------
1,156,134
1,610,080
-------------
-------------
Hire purchase liabilities are secured on the associated asset.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
69,649
274,199
--------
----------
Hire purchase liabilities are secured on the associated asset.
9. Related party transactions
During the year the directors (who are also shareholders) had loan accounts with the company which stayed in credit throughout the period. At the year end date the amount owed by the company to the directors was £ 869,758 (2023 - £983,002). No interest was charged on these loans and the loans are repayable on demand.