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Registration number: 10363873

R. Kendall Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

R. Kendall Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

R. Kendall Limited

(Registration number: 10363873)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,939,082

6,005,302

Investment property

5

520,000

520,000

Other financial assets

6

1,649,031

623,826

 

8,108,113

7,149,128

Current assets

 

Stocks

7

670,885

394,256

Debtors

8

96,463

64,831

Investments

9

506,050

-

Cash at bank and in hand

 

599,252

2,131,395

 

1,872,650

2,590,482

Creditors: Amounts falling due within one year

10

(207,329)

(115,574)

Net current assets

 

1,665,321

2,474,908

Total assets less current liabilities

 

9,773,434

9,624,036

Creditors: Amounts falling due after more than one year

10

(211,695)

(238,978)

Provisions for liabilities

(80,250)

(65,346)

Net assets

 

9,481,489

9,319,712

Capital and reserves

 

Called up share capital

33,335

33,335

Other reserves

4,413,519

4,376,763

Retained earnings

5,034,635

4,909,614

Shareholders' funds

 

9,481,489

9,319,712

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:

The members have not required the Company to obtain an audit of its accounts for the year 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 Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

 

R. Kendall Limited

(Registration number: 10363873)
Balance Sheet as at 31 December 2023

.........................................
R Kendall
Director

 

R. Kendall Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Little Wauldby Farm
Swanland Dale
Swanland
North Ferriby
HU14 3RA

These financial statements were authorised for issue by the Board on 26 September 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.

These financial statements have been prepared in sterling and amounts shown have been 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 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.

 

R. Kendall Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Some tangible assets are stated in the statement of financial position at fair value, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Movements in the fair of these assets are taken to a fair value reserve.

Other 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

Land

Not depreciated

Buildings

At varying rates per annum of 2% & 4% straight line

Plant and machinery

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in the fair value recognised in profit or loss.

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less

Interest income on debt securities, where applicable, is recognised in income using the effective interest method.

Dividends on equity securities are recognised in income when receivable.

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.

 

R. Kendall Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 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.

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.

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 1 (2022 - 1).

 

R. Kendall Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

5,908,922

716,742

25,799

6,651,463

Additions

-

32,000

-

32,000

Disposals

-

(11,500)

-

(11,500)

At 31 December 2023

5,908,922

737,242

25,799

6,671,963

Depreciation

At 1 January 2023

180,973

447,552

17,636

646,161

Charge for the year

38,813

54,802

2,041

95,656

Eliminated on disposal

-

(8,936)

-

(8,936)

At 31 December 2023

219,786

493,418

19,677

732,881

Carrying amount

At 31 December 2023

5,689,136

243,824

6,122

5,939,082

At 31 December 2022

5,727,949

269,190

8,163

6,005,302

Included within the net book value of land and buildings above is £5,689,136 (2022 - £5,727,948) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 January

520,000

At 31 December

520,000

There has been no valuation of investment property by an independent valuer.

 

R. Kendall Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

623,826

623,826

Additions

1,364,071

1,364,071

Disposals

(414,138)

(414,138)

Fair value adjustments

75,272

75,272

At 31 December 2023

1,649,031

1,649,031

Impairment

Carrying amount

At 31 December 2023

1,649,031

1,649,031

7

Stocks

2023
£

2022
£

Other inventories

670,885

394,256

8

Debtors

Current

2023
£

2022
£

Trade debtors

93,773

53,313

Other debtors

2,690

11,518

 

96,463

64,831

9

Current asset investments

2023
£

2022
£

Other investments

506,050

-

 

R. Kendall Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

30,898

34,512

Trade creditors

 

42,079

9,469

Other payables

 

40,389

7,995

Accruals

 

22,441

31,411

Income tax liability

71,522

32,187

 

207,329

115,574

Due after one year

 

Loans and borrowings

11

211,695

238,978

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £30,898 (2022 - £34,512). The loans are secured by land and property.

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after more than five years

After more than five years by instalments

88,105

100,931

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £211,695 (2022 - £238,978). The loans are secured by land and property.

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

211,695

238,978

Current loans and borrowings

2023
£

2022
£

Bank borrowings

30,898

34,512