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Company No: 05369070 (England and Wales)

ROWDEFIELD FARMING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ROWDEFIELD FARMING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ROWDEFIELD FARMING LIMITED

BALANCE SHEET

As at 31 March 2024
ROWDEFIELD FARMING LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 234 272
Tangible assets 5 567,015 510,890
Investments 6 50 50
567,299 511,212
Current assets
Stocks 7 234,577 242,623
Debtors 8 45,736 82,401
Cash at bank and in hand 1,381 593
281,694 325,617
Creditors: amounts falling due within one year 9 ( 428,978) ( 519,774)
Net current liabilities (147,284) (194,157)
Total assets less current liabilities 420,015 317,055
Creditors: amounts falling due after more than one year 10 ( 102,719) ( 81,156)
Provision for liabilities ( 120,643) ( 107,624)
Net assets 196,653 128,275
Capital and reserves
Called-up share capital 100 100
Profit and loss account 196,553 128,175
Total shareholder's funds 196,653 128,275

For the financial 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.

Director's responsibilities:

The financial statements of Rowdefield Farming Limited (registered number: 05369070) were approved and authorised for issue by the Director on 31 October 2024. They were signed on its behalf by:

J M Butler
Director
ROWDEFIELD FARMING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ROWDEFIELD FARMING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rowdefield Farming Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Rowdefield Farm, Rowde, Devizes, SN10 2JE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Prior year adjustment

The company's accounts were prepared under FRS 105 last year. The accounts of the current year are prepared under FRS 102(1A) for better presentation and to provide true and fair view of accounts. As a result deferred tax was brought into last year accounts.
This adjustment resulted in the decrease of profit of last year by £79,779 and increase in provision for liabilities by £79,779.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customers.Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 14 % reducing balance
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 10 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.
Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Deferred tax provision as as year end 0 (79,779) (79,779)
Deferred tax charge 0 79,779 79,779

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

4. Intangible assets

Entitlements Total
£ £
Cost
At 01 April 2023 28,851 28,851
At 31 March 2024 28,851 28,851
Accumulated amortisation
At 01 April 2023 28,579 28,579
Charge for the financial year 38 38
At 31 March 2024 28,617 28,617
Net book value
At 31 March 2024 234 234
At 31 March 2023 272 272

5. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 171,782 1,103,917 37,647 1,313,346
Additions 16,667 116,076 0 132,743
Disposals 0 ( 43,000) 0 ( 43,000)
Trival difference 0 0 0 0
At 31 March 2024 188,449 1,176,993 37,647 1,403,089
Accumulated depreciation
At 01 April 2023 91,384 684,313 26,759 802,456
Charge for the financial year 12,618 55,394 2,722 70,734
Disposals 0 ( 37,116) 0 ( 37,116)
Trival difference 0 0 0 0
At 31 March 2024 104,002 702,591 29,481 836,074
Net book value
At 31 March 2024 84,447 474,402 8,166 567,015
At 31 March 2023 80,398 419,604 10,888 510,890

Land and buildings includes Tenant's Improvements. The net book value of Tenant Improvements is £84,447 (2023: £80,398).

6. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 50 50
At 31 March 2024 50 50
Carrying value at 31 March 2024 50 50
Carrying value at 31 March 2023 50 50

7. Stocks

2024 2023
£ £
Stocks 234,577 242,623

8. Debtors

2024 2023
£ £
Trade debtors 42,141 77,929
Prepayments 3,595 2,891
VAT recoverable 0 1,581
45,736 82,401

9. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 26,579 52,488
Trade creditors 38,532 88,473
Taxation and social security 12,491 12,733
Obligations under finance leases and hire purchase contracts 31,065 29,023
Other creditors 320,311 337,057
428,978 519,774

The bank loans are secured on a fixed and floating charge over the assets of the company and finance leases and HP contracts are secured over the assets concerned.

10. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,250 20,250
Obligations under finance leases and hire purchase contracts 91,469 60,906
102,719 81,156

There are no amounts included above in respect of which any security has been given by the small entity.