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Registered number: 00832309










D.W. RHODES (FARMS) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
D.W. RHODES (FARMS) LIMITED
REGISTERED NUMBER:00832309

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

31 March
30 September
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
81,060
83,982

Investments
 5 
60
60

  
81,120
84,042

Current assets
  

Stocks
  
30,221
24,287

Debtors: amounts falling due within one year
 6 
42,644
20,236

Cash at bank and in hand
  
-
3,268

  
72,865
47,791

Creditors: amounts falling due within one year
 7 
(48,967)
(14,543)

Net current assets
  
 
 
23,898
 
 
33,248

Total assets less current liabilities
  
105,018
117,290

Creditors: amounts falling due after more than one year
 8 
(7,917)
(13,617)

  

Net assets
  
97,101
103,673


Capital and reserves
  

Called up share capital 
  
20,000
20,000

Profit and loss account
  
77,101
83,673

  
97,101
103,673


Page 1

 
D.W. RHODES (FARMS) LIMITED
REGISTERED NUMBER:00832309
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mrs M A Medler
Director

Date: 24 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
D.W. RHODES (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

D W Rhodes (Farms) Limited is a private company limited by shares and incorporated in England and Wales. The registered office  address is Allison Street, Marsham, Norfolk, NR10 5PJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover can be measured reliably;
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.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 3

 
D.W. RHODES (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2 - 10% reducing balance
Plant & machinery
-
15 -25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
D.W. RHODES (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. Biological assets and living plants are included at cost.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
D.W. RHODES (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

3.


Employees




The average monthly number of employees, including directors, during the period was 1 (2022 - 1).


4.


Tangible fixed assets







Leasehold improvements
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 October 2022
143,550
37,259
180,809



At 31 March 2024

143,550
37,259
180,809



Depreciation


At 1 October 2022
63,157
33,670
96,827


Charge for the period on owned assets
2,396
526
2,922



At 31 March 2024

65,553
34,196
99,749



Net book value



At 31 March 2024
77,997
3,063
81,060



At 30 September 2022
80,393
3,589
83,982


5.


Fixed asset investments








Unlisted investments

£



Cost or valuation


At 1 October 2022
60



At 31 March 2024
60




Page 6

 
D.W. RHODES (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Debtors

31 March
30 September
2024
2022
£
£


Trade debtors
31,935
3,682

Other debtors
468
7,268

Prepayments and accrued income
-
243

Deferred taxation
10,241
9,043

42,644
20,236



7.


Creditors: Amounts falling due within one year

31 March
30 September
2024
2022
£
£

Bank overdrafts
22,798
-

Bank loans
3,800
3,800

Trade creditors
2,860
1,544

Other creditors
5,489
7,622

Accruals and deferred income
14,020
1,577

48,967
14,543



8.


Creditors: Amounts falling due after more than one year

31 March
30 September
2024
2022
£
£

Bank loans
7,917
13,617

7,917
13,617


Page 7

 
D.W. RHODES (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


31 March
30 September
2024
2022
£
£

Amounts falling due within one year

Bank loans
3,800
3,800


3,800
3,800

Amounts falling due 1-2 years

Bank loans
7,917
13,617


7,917
13,617



11,717
17,417



10.


Deferred taxation






2024


£






At beginning of year
9,043


Charged to profit or loss
1,198



At end of year
10,241

Page 8

 
D.W. RHODES (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
10.Deferred taxation (continued)

The deferred tax asset is made up as follows:

31 March
30 September
2024
2022
£
£


Accelerated capital allowances
(73)
(88)

Tax losses carried forward
10,314
9,131

10,241
9,043


11.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
30 September
2024
2022
£
£


Not later than 1 year
7,360
7,360

7,360
7,360


Page 9