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REGISTERED NUMBER: 00494698 (England and Wales)















R. HARDY (VEGETABLES) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






R. HARDY (VEGETABLES) LIMITED (REGISTERED NUMBER: 00494698)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


R. HARDY (VEGETABLES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: C R Hardy
R Hardy
Mrs M M Hardy
Miss L Harrison



SECRETARY: R Hardy



REGISTERED OFFICE: Willoughby House
Fishtoft
Boston
Lincolnshire
PE21 9SA



REGISTERED NUMBER: 00494698 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT



SOLICITORS: Roythornes
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

R. HARDY (VEGETABLES) LIMITED (REGISTERED NUMBER: 00494698)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,716,424 1,858,095
Investments 6 657,737 46,702
Investment property 7 260,000 260,000
2,634,161 2,164,797

CURRENT ASSETS
Valuation 1,328,852 1,650,892
Debtors 8 1,043,121 511,881
Cash at bank and in hand 1,599,982 1,137,407
3,971,955 3,300,180
CREDITORS
Amounts falling due within one year 9 2,249,165 1,450,516
NET CURRENT ASSETS 1,722,790 1,849,664
TOTAL ASSETS LESS CURRENT LIABILITIES 4,356,951 4,014,461

CREDITORS
Amounts falling due after more than one year 10 - (37,318 )

PROVISIONS FOR LIABILITIES (402,435 ) (328,554 )
NET ASSETS 3,954,516 3,648,589

CAPITAL AND RESERVES
Called up share capital 12 1,400 1,400
Retained earnings 3,953,116 3,647,189
SHAREHOLDERS' FUNDS 3,954,516 3,648,589

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

R. HARDY (VEGETABLES) LIMITED (REGISTERED NUMBER: 00494698)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





R Hardy - Director


R. HARDY (VEGETABLES) LIMITED (REGISTERED NUMBER: 00494698)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

R. Hardy (Vegetables) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net accrued invoiced sales of goods, excluding value added tax.

Sales of crops are recognised on despatch.

Intangible assets
Basic Payment Scheme Entitlements have been capitalised in the accounts at cost and are being amortised on a straight line basis until December 2019.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and at variable rates on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Valuation
Stock represents the farm valuation, which has been prepared by the directors at the lower of cost and estimated selling price less costs to sell.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


R. HARDY (VEGETABLES) LIMITED (REGISTERED NUMBER: 00494698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Current asset investments are valued at fair value.

Basic payment scheme
The basic payment scheme is recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2023
and 31 January 2024 104,158
AMORTISATION
At 1 February 2023
and 31 January 2024 104,158
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

R. HARDY (VEGETABLES) LIMITED (REGISTERED NUMBER: 00494698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 6,170,773
Additions 182,292
Disposals (16,750 )
At 31 January 2024 6,336,315
DEPRECIATION
At 1 February 2023 4,312,678
Charge for year 321,257
Eliminated on disposal (14,044 )
At 31 January 2024 4,619,891
NET BOOK VALUE
At 31 January 2024 1,716,424
At 31 January 2023 1,858,095

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 February 2023 46,702
Additions 611,035
At 31 January 2024 657,737
NET BOOK VALUE
At 31 January 2024 657,737
At 31 January 2023 46,702

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 260,000
NET BOOK VALUE
At 31 January 2024 260,000
At 31 January 2023 260,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2020 260,000

R. HARDY (VEGETABLES) LIMITED (REGISTERED NUMBER: 00494698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

7. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 196,498 196,498

Investment property was valued on an open market basis on 21 January 2020 by Fairweather Estate Agents .

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 447,157 420,544
Other debtors - 1,357
Directors' loan accounts 31,883 -
VAT 43,778 -
Prepayments and accrued income 520,303 89,980
1,043,121 511,881

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 37,328 37,318
Trade creditors 319,925 164,976
Amounts owed to group undertakings 1,172,564 1,172,564
Tax 154,779 -
Social security and other taxes 33,450 10,204
VAT - 25,775
Other creditors 531,119 39,679
2,249,165 1,450,516

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 37,318

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 37,328 74,636

Hire purchase liabilities are secured against the assets to which they relate.

R. HARDY (VEGETABLES) LIMITED (REGISTERED NUMBER: 00494698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,400 Ordinary 1 1,400 1,400