Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-03-01No description of principal activity55truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03906466 2023-03-01 2024-02-29 03906466 2022-03-01 2023-02-28 03906466 2024-02-29 03906466 2023-02-28 03906466 2022-03-01 03906466 2 2023-03-01 2024-02-29 03906466 2 2022-03-01 2023-02-28 03906466 d:Director2 2023-03-01 2024-02-29 03906466 e:Buildings 2023-03-01 2024-02-29 03906466 e:Buildings 2024-02-29 03906466 e:Buildings 2023-02-28 03906466 e:Buildings e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03906466 e:Buildings e:LongLeaseholdAssets 2023-03-01 2024-02-29 03906466 e:Buildings e:ShortLeaseholdAssets 2023-03-01 2024-02-29 03906466 e:PlantMachinery 2023-03-01 2024-02-29 03906466 e:PlantMachinery 2024-02-29 03906466 e:PlantMachinery 2023-02-28 03906466 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03906466 e:MotorVehicles 2023-03-01 2024-02-29 03906466 e:MotorVehicles 2024-02-29 03906466 e:MotorVehicles 2023-02-28 03906466 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03906466 e:OfficeEquipment 2023-03-01 2024-02-29 03906466 e:OfficeEquipment 2024-02-29 03906466 e:OfficeEquipment 2023-02-28 03906466 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03906466 e:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 03906466 e:OtherPropertyPlantEquipment 2024-02-29 03906466 e:OtherPropertyPlantEquipment 2023-02-28 03906466 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03906466 e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03906466 e:FreeholdInvestmentProperty 2024-02-29 03906466 e:FreeholdInvestmentProperty 2023-02-28 03906466 e:CurrentFinancialInstruments 2024-02-29 03906466 e:CurrentFinancialInstruments 2023-02-28 03906466 e:CurrentFinancialInstruments 2 2024-02-29 03906466 e:CurrentFinancialInstruments 2 2023-02-28 03906466 e:Non-currentFinancialInstruments 1 2024-02-29 03906466 e:Non-currentFinancialInstruments 1 2023-02-28 03906466 e:CurrentFinancialInstruments e:WithinOneYear 2024-02-29 03906466 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 03906466 e:Non-currentFinancialInstruments e:AfterOneYear 2024-02-29 03906466 e:Non-currentFinancialInstruments e:AfterOneYear 2023-02-28 03906466 e:ShareCapital 2024-02-29 03906466 e:ShareCapital 2023-02-28 03906466 e:ShareCapital 2022-03-01 03906466 e:SharePremium 2023-03-01 2024-02-29 03906466 e:SharePremium 2024-02-29 03906466 e:SharePremium 2 2023-03-01 2024-02-29 03906466 e:SharePremium 2023-02-28 03906466 e:SharePremium 2022-03-01 03906466 e:SharePremium 2 2022-03-01 2023-02-28 03906466 e:CapitalRedemptionReserve 2023-03-01 2024-02-29 03906466 e:CapitalRedemptionReserve 2024-02-29 03906466 e:CapitalRedemptionReserve 2 2023-03-01 2024-02-29 03906466 e:CapitalRedemptionReserve 2023-02-28 03906466 e:CapitalRedemptionReserve 2022-03-01 03906466 e:CapitalRedemptionReserve 2 2022-03-01 2023-02-28 03906466 e:InvestmentPropertiesRevaluationReserve 2024-02-29 03906466 e:InvestmentPropertiesRevaluationReserve 2 2023-03-01 2024-02-29 03906466 e:InvestmentPropertiesRevaluationReserve 2023-02-28 03906466 e:InvestmentPropertiesRevaluationReserve 2022-03-01 03906466 e:InvestmentPropertiesRevaluationReserve 2 2022-03-01 2023-02-28 03906466 e:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 03906466 e:RetainedEarningsAccumulatedLosses 2024-02-29 03906466 e:RetainedEarningsAccumulatedLosses 2 2023-03-01 2024-02-29 03906466 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 03906466 e:RetainedEarningsAccumulatedLosses 2023-02-28 03906466 e:RetainedEarningsAccumulatedLosses 2022-03-01 03906466 e:RetainedEarningsAccumulatedLosses 2 2022-03-01 2023-02-28 03906466 d:OrdinaryShareClass1 2023-03-01 2024-02-29 03906466 d:OrdinaryShareClass1 2024-02-29 03906466 d:OrdinaryShareClass1 2023-02-28 03906466 d:PreferenceShareClass1 2023-03-01 2024-02-29 03906466 d:PreferenceShareClass1 2024-02-29 03906466 d:PreferenceShareClass1 2023-02-28 03906466 d:FRS102 2023-03-01 2024-02-29 03906466 d:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03906466 d:FullAccounts 2023-03-01 2024-02-29 03906466 d:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03906466 e:AcceleratedTaxDepreciationDeferredTax 2024-02-29 03906466 e:AcceleratedTaxDepreciationDeferredTax 2023-02-28 03906466 e:TaxLossesCarry-forwardsDeferredTax 2024-02-29 03906466 e:TaxLossesCarry-forwardsDeferredTax 2023-02-28 03906466 e:RetirementBenefitObligationsDeferredTax 2024-02-29 03906466 e:RetirementBenefitObligationsDeferredTax 2023-02-28 03906466 e:OtherDeferredTax 2024-02-29 03906466 e:OtherDeferredTax 2023-02-28 03906466 2 2023-03-01 2024-02-29 03906466 6 2023-03-01 2024-02-29 03906466 e:ShareCapital 2 2023-03-01 2024-02-29 03906466 e:ShareCapital 2 2022-03-01 2023-02-28 03906466 f:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03906466










R.A. Whitebread (Farms) Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 29 February 2024


 


 
R.A. Whitebread (Farms) Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of R.A. Whitebread (Farms) Limited for the year ended 29 February 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.A. Whitebread (Farms) Limited for the year ended 29 February 2024 which comprise  the balance sheet, the statement of changes in equity 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 R.A. Whitebread (Farms) 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.A. Whitebread (Farms) Limited and state those matters that we have agreed to state to the board of directors of R.A. Whitebread (Farms) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R.A. Whitebread (Farms) Limited and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that R.A. Whitebread (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 R.A. Whitebread (Farms) Limited. You consider that R.A. Whitebread (Farms) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of R.A. Whitebread (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.

  





Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
15 November 2024
Page 1

 
R.A. Whitebread (Farms) Limited
Registered number: 03906466

Balance sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
14,888,030
14,709,473

Investments
 5 
1,617,528
1,562,354

Investment property
 6 
270,000
270,000

  
16,775,558
16,541,827

Current assets
  

Stocks
  
440,019
504,052

Debtors
 7 
3,897,703
2,802,385

Cash at bank and in hand
  
1,159,908
2,517,532

  
5,497,630
5,823,969

Creditors: amounts falling due within one year
 8 
(382,429)
(384,108)

Net current assets
  
 
 
5,115,201
 
 
5,439,861

Total assets less current liabilities
  
21,890,759
21,981,688

Creditors: amounts falling due after more than one year
 9 
(491,021)
(749,059)

Provisions for liabilities
  

Deferred tax
 10 
(2,787,588)
(2,719,751)

  
 
 
(2,787,588)
 
 
(2,719,751)

Net assets
  
18,612,150
18,512,878


Capital and reserves
  

Called up share capital 
 11 
500,000
500,000

Other equity reserve
  
1,021,412
3,201,036

Capital redemption reserve
  
3,550,000
-

Investment property reserve
  
640,941
685,595

Profit and loss account
  
12,899,797
14,126,247

  
18,612,150
18,512,878


Page 2

 
R.A. Whitebread (Farms) Limited
Registered number: 03906466

Balance sheet (continued)
As at 29 February 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2024.




Nicholas Whitebread
Director

The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
R.A. Whitebread (Farms) Limited
 

Statement of changes in equity
For the year ended 29 February 2024


Called up share capital
Other equity reserve
Capital redemption reserve
Revalua-
tion reserve
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 March 2022
500,000
3,201,036
-
717,832
13,951,846
18,370,714


Comprehensive income for the year

Profit for the year
-
-
-
-
150,164
150,164


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
-
(8,000)
(8,000)

Transfer from profit and loss account
-
-
-
(32,237)
32,237
-



At 1 March 2023
500,000
3,201,036
-
685,595
14,126,247
18,512,878


Comprehensive income for the year

Profit for the year
-
-
-
-
99,272
99,272

Transfer to capital redemption reserve
-
(2,179,624)
3,550,000
-
(1,370,376)
-

Transfer from profit and loss account
-
-
-
(44,654)
44,654
-


At 29 February 2024
500,000
1,021,412
3,550,000
640,941
12,899,797
18,612,150


The notes on pages 5 to 13 form part of these financial statements.

Share capital
This reserve represents the nominal value of shares that have been issued.
Other equity reserve
This reserve represents the equity component of the redeemable preference shares.
Revaluation reserve
The company uses the revaluation model for the measurement of its listed investments and investment property. This reserve records the non-distributable revaluation surplus recognised less the related provision for deferred tax.
Capital redemption reserve
This reserve records the nominal value of shares redeemed by the Company. 
Profit and loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.

Page 4

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

1.


General information

R.A. Whitebread (Farms) Limited ("the company") is a private company limited by shares and is incorporated in England with the registration number 03906466. The address of the registered office, and the trading address, is Gattons Farmhouse, Cooling Street, Cliffe, Rochester, Kent, ME3 7UA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 6

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.

Depreciation is provided on the following bases:

Freehold property
-
2% straight line
Grain store and building improvements
-
2% straight line
Sand school
-
15% reducing balance
Plant and equipment
-
25%/15% reducing balance
Motor vehicles
-
25%/15% reducing balance
Office equipment
-
25% reducing balance
Horse paddock fencing
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 7

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.10

Investment property

Investment property is carried at fair value determined annually by the directors. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

 
2.11

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 8

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
111,479
108,465

Social security costs
4,666
6,592

Cost of defined contribution scheme
12,869
14,292

129,014
129,349


The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 9

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

4.


Tangible fixed assets







Freehold property
Plant & machinery
Motor vehicles
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2023
13,796,801
1,073,461
64,610
7,540
501,886
15,444,298


Additions
1,673,272
21,052
69,495
233
201,564
1,965,616


Disposals
(1,564,628)
(900)
(43,921)
-
-
(1,609,449)



At 29 February 2024

13,905,445
1,093,613
90,184
7,773
703,450
15,800,465



Depreciation


At 1 March 2023
197,300
445,519
46,845
6,154
39,007
734,825


Charge for the year on owned assets
28,298
96,437
14,769
335
65,092
204,931


Disposals
-
-
(27,321)
-
-
(27,321)



At 29 February 2024

225,598
541,956
34,293
6,489
104,099
912,435



Net book value



At 29 February 2024
13,679,847
551,657
55,891
1,284
599,351
14,888,030



At 28 February 2023
13,599,501
627,942
17,765
1,386
462,879
14,709,473

Page 10

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

5.


Fixed asset investments








Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 March 2023
1,562,307
47
1,562,354


Additions
61,546
-
61,546


Disposals
(51,025)
-
(51,025)


Revaluations
44,654
-
44,654



At 29 February 2024
1,617,482
47
1,617,529





6.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
270,000



At 29 February 2024
270,000

The directors have decided not to revalue the Investment Property for the 2024 statutory accounts.





7.


Debtors

29 February
28 February
2024
2023
£
£



Trade debtors
64,179
100,186

Amounts owed by group undertakings
3,787,361
2,500,000

Other debtors
20,850
155,876

Prepayments and accrued income
25,313
46,323

3,897,703
2,802,385


Page 11

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
62,313
63,751

Corporation tax
5,354
-

Other taxation and social security
2,260
2,361

Other creditors
-
3,355

Accruals and deferred income
12,502
14,641

Share capital treated as debt
300,000
300,000

382,429
384,108



9.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Share capital treated as debt
491,021
749,059



10.


Deferred taxation






2024
2023


£

£






At beginning of year
(2,719,751)
(2,622,183)


Charged to profit or loss
(67,837)
(97,568)



At end of year
(2,787,588)
(2,719,751)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(104,458)
(121,912)

Revaluation of investment property
(25,805)
(25,805)

Revaluation of listed investments
(179,183)
(168,503)

Rollover relief
(2,478,142)
(2,403,531)

(2,787,588)
(2,719,751)

Page 12

 
R.A. Whitebread (Farms) Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

11.


Share capital

29 February
28 February
2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



500,000 (2023 - 500,000) Ordinary shares of £1.00 each
500,000
500,000



29 February
28 February
2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



1,812,434 (2023 - 2,112,434) Redeemable preference shares shares of £1.00 each
791,021
1,049,059


The company has the option to redeem these shares provided that six months has elapsed since any previous redemption. To date, 3,550,000 redeemable preference shares have been redeemed. No premium is payable on redemption.
The redeemable preference shares have been accounted for as a compound instrument as the instrument contains both liability and equity components. The liability component has been calculated as the net present value of the future cash flows, discounted at a market interest rate for a similar liability that does not have the associated equity component. The residual proceeds have then been allocated to equity and have not been subsequently remeasured. The liability component has subsequently been accounted for at amortised cost using the effective interest method.
During the year, a capital redemption reserve balance of £3,550,000 has been reflected in order to recognise the nominal value of the shares redeemed to date.  This has been created by adjusting the other equity reserve and profit and loss reserves in the amounts of £2,179,624 and £1,370,376 respectively.  


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,869 (2023 - £14,292). Contributions totalling £nil (2023 - £106) were payable to the fund at the balance sheet date.


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