Company registration number 00438321 (England and Wales)
ROMNEY MARSH FARMS LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
Pages For Filing With Registrar
Romney Marsh Farms Limited
ROMNEY MARSH FARMS LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
Romney Marsh Farms Limited
ROMNEY MARSH FARMS LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Romney Marsh Farms Limited For The Year Ended 31 December 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Romney Marsh Farms Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Romney Marsh Farms Limited, as a body, in accordance with the terms of our engagement letter dated 1 November 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Romney Marsh Farms Limited and state those matters that we have agreed to state to the board of directors of Romney Marsh Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Romney Marsh Farms Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Romney Marsh Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Romney Marsh Farms Limited. You consider that Romney Marsh Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Romney Marsh Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
23 September 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Romney Marsh Farms Limited
ROMNEY MARSH FARMS LIMITED
Balance Sheet
As At 31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,992
17,516
Investments
4
470,167
502,209
486,159
519,725
Current assets
Debtors
5
1,531,690
1,498,882
Cash at bank and in hand
-
0
141
1,531,690
1,499,023
Creditors: amounts falling due within one year
6
(11,571)
(12,485)
Net current assets
1,520,119
1,486,538
Net assets
2,006,278
2,006,263
Capital and reserves
Called up share capital
3,200
3,200
Capital redemption reserve
(31,665)
-
0
Profit and loss reserves
2,034,743
2,003,063
Total equity
2,006,278
2,006,263

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr A Martin
Director
Company registration number 00438321 (England and Wales)
Romney Marsh Farms Limited
ROMNEY MARSH FARMS LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2023
- 3 -
1
Accounting policies
Company information

Romney Marsh Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chapel Farm, Eastbridge Road, Burmarsh, Romney Marsh, Kent, England, TN29 0HZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% to 4% straight line
Leasehold property improvements
3.25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Romney Marsh Farms Limited
ROMNEY MARSH FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Freehold property
Leasehold property improvements
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
37,689
39,931
77,620
Depreciation and impairment
At 1 January 2023
24,701
35,403
60,104
Depreciation charged in the year
226
1,298
1,524
At 31 December 2023
24,927
36,701
61,628
Carrying amount
At 31 December 2023
12,762
3,230
15,992
At 31 December 2022
12,988
4,528
17,516
Romney Marsh Farms Limited
ROMNEY MARSH FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 5 -
4
Fixed asset investments
2023
2022
£
£
Investment in Romney Marsh Farm Partners
470,152
502,194
Unlisted investments
15
15
470,167
502,209
Movements in fixed asset investments
Investment in Romney Marsh Farm Partners
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
502,194
15
502,209
Adjustment to prior year profit share
(537)
-
(537)
Disposals
(31,505)
-
(31,505)
At 31 December 2023
470,152
15
470,167
Carrying amount
At 31 December 2023
470,152
15
470,167
At 31 December 2022
502,194
15
502,209
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,531,690
1,498,882
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,089
-
0
Trade creditors
7
7
Corporation tax
7,915
9,778
Accruals and deferred income
2,560
2,700
11,571
12,485
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