Registration number:
R.G.Kendall & Sons Limited
for the Year Ended 31 December 2023
R.G.Kendall & Sons Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
R.G.Kendall & Sons Limited
(Registration number: 00756917)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Other reserves |
6,311,269 |
6,339,236 |
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Retained earnings |
2,266,430 |
1,946,880 |
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Shareholders' funds |
8,577,799 |
8,286,216 |
For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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R.G.Kendall & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The Company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 in sterling and are 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.
Government grants
Basic payment scheme is received in respect of calendar years. Receipt is contingent upon meeting certain eligibility criteria over a ten month period. Once the criteria have been met the income is recognised in the year to which it relates.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in statement of income and retained earnings, 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
R.G.Kendall & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets
Some tangible assets are stated in the statement of financial position at valuation and some tangible assets are stated 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 |
Not depreciated |
Buildings |
At varying rates per annum, 2% to 4% straight line basis |
Plant and machinery |
15% to 20% reducing balance basis |
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 upon calculations prepared by the Central Association of Agricultural Valuers.
The basis of valuation is consistent with previous years.
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 statement of income and retained earnings 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. 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. 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 statement of income and retained eanings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
R.G.Kendall & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Defined contribution pension obligation
The company makes contributions into the personal pension schemes of the directors. The company also makes contributions into the NEST scheme on behalf of its employees.
Contributions are recognised as employee benefit expense when they are due.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Tangible assets |
Land and buildings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Included within the net book value of land and buildings above is £9,646,572 (2022 - £9,696,218) in respect of freehold land and buildings.
Stocks |
2023 |
2022 |
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Raw materials and consumables |
584,407 |
605,859 |
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
- |
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Other debtors |
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- |
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R.G.Kendall & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Current asset investments |
2023 |
2022 |
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Other investments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to Company undertakings and undertakings in which the Company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £306,421 (2022 - £305,549).
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £525,276 (2022 - £832,569).
Creditors include bank loans repayable by instalments of £58,709 (2022 - £61,901) due after more than five years.
R.G.Kendall & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Hire purchase contracts |
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Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Hire purchase contracts |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Parent and ultimate parent undertaking |
The Company's immediate parent is