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Company registration number: 05944059
R N Verity Limited
Unaudited filleted financial statements
31 March 2024
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
R N Verity Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
R N Verity Limited
Directors and other information
Directors R N Verity
D N Verity
H R Verity
Secretary R L Verity
Company number 05944059
Registered office Thorpe Grange
Grewelthorpe
Ripon
North Yorkshire
HG4 3DP
Accountants The Barker Partnership
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
R N Verity Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of R N Verity Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R N Verity Limited for the year ended 31 March 2024 which comprise the Balance sheet and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of R N Verity Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of R N Verity Limited and state those matters that we have agreed to state to the board of directors of R N Verity 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 R N Verity Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that R N Verity 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 R N Verity Limited. You consider that R N Verity 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 R N Verity 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.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
17 October 2024
R N Verity Limited
Balance sheet
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,879,189 1,821,185
_______ _______
1,879,189 1,821,185
Current assets
Stocks 213,350 237,660
Debtors 7 90,193 88,502
Cash at bank and in hand 449,848 286,203
_______ _______
753,391 612,365
Creditors: amounts falling due
within one year 8 ( 531,965) ( 543,647)
_______ _______
Net current assets 221,426 68,718
_______ _______
Total assets less current liabilities 2,100,615 1,889,903
Provisions for liabilities ( 41,875) ( 38,009)
_______ _______
Net assets 2,058,740 1,851,894
_______ _______
Capital and reserves
Called up share capital 3 3
Profit and loss account 2,058,737 1,851,891
_______ _______
Shareholders funds 2,058,740 1,851,894
_______ _______
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 October 2024 , and are signed on behalf of the board by:
R N Verity
Director
Company registration number: 05944059
R N Verity Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Thorpe Grange, Grewelthorpe, Ripon, North Yorkshire, HG4 3DP.The principal activity of the company is farming.
2. Statement of compliance
These finnacial statements have been prepared in compliance with the provisions of FRS 102, Section !A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland".
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings - 5 % straight line
Plant and machinery - 15 % reducing balance
Tractors - 20 % reducing balance
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Dairy herd
The dairy herd is valued at initial cost. Transfers to or from the herd are at average value and movements are recorded as an addition or deduction to profit.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2023 and 31 March 2024 42,000 42,000
_______ _______
Amortisation
At 1 April 2023 and 31 March 2024 42,000 42,000
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 - -
_______ _______
6. Tangible assets
Freehold property Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Dairy herd Total
£ £ £ £ £ £ £
Cost
At 1 April 2023 280,349 1,161,669 518,573 153,718 58,050 297,548 2,469,907
Additions - - 63,850 - 21,250 48,912 134,012
Disposals - - ( 50,033) - - - ( 50,033)
_______ _______ _______ _______ _______ _______ _______
At 31 March 2024 280,349 1,161,669 532,390 153,718 79,300 346,460 2,553,886
_______ _______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2023 135,140 - 384,018 99,084 30,480 - 648,722
Charge for the year 14,017 - 23,208 10,927 8,221 - 56,373
Disposals - - ( 30,398) - - - ( 30,398)
_______ _______ _______ _______ _______ _______ _______
At 31 March 2024 149,157 - 376,828 110,011 38,701 - 674,697
_______ _______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 131,192 1,161,669 155,562 43,707 40,599 346,460 1,879,189
_______ _______ _______ _______ _______ _______ _______
At 31 March 2023 145,209 1,161,669 134,555 54,634 27,570 297,548 1,821,185
_______ _______ _______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 69,760 61,391
Other debtors 20,433 27,111
_______ _______
90,193 88,502
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 51,911 19,690
Corporation tax 64,004 52,202
Other creditors 416,050 471,755
_______ _______
531,965 543,647
_______ _______
9. Related party transactions
Mr D N Verity and Mrs H R Verity , directors and shareholders of the company, provided the company with an unsecured interest free loan. The amount due to them at 31 March 2024 was £6,206 (31 March 2023 - £63,006).Mr R N Verity , a director and shareholder of the company, provided the company with an unsecured interest free loan. The amount due to him at 31 March 2024 was £407,194 (31 March 2023 - £406,199).