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Registration number: 03560614

Rossington Farms Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Rossington Farms Limited

(Registration number: 03560614)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

2,771,285

2,761,258

Investment properties

4

450,000

450,000

Investments

5

523

523

 

3,221,808

3,211,781

Current assets

 

Debtors

6

3,761,023

3,235,396

Cash at bank and in hand

 

103,065

205,681

 

3,864,088

3,441,077

Creditors: Amounts falling due within one year

7

(836,007)

(7,951)

Net current assets

 

3,028,081

3,433,126

Total assets less current liabilities

 

6,249,889

6,644,907

Creditors: Amounts falling due after more than one year

7

-

(400,000)

Provisions for liabilities

(19,357)

(19,357)

Net assets

 

6,230,532

6,225,550

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

173,927

173,927

Profit and loss account

6,056,505

6,051,523

Shareholders' funds

 

6,230,532

6,225,550

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.

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 and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

 

Rossington Farms Limited

(Registration number: 03560614)

Balance Sheet as at 31 March 2024 (continued)

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................

Mr P J Rossington
Director

 

Rossington Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Statutory information

Rossington Farms Limited is a private company, limited by shares, domiciled in England and Wales, company number 03560614. The registered office is at Sutton House Farm, Mattersey Road, Sutton-cum-Lound, Retford, DN22 8PW.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover comprises rents receivable and farming income. Rental income is recognised on a straight line basis over the lease term. Farming income is recognised at the point of service delivery or the sale of goods.

Tax

The tax expense for the period comprises current 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Rossington Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

1

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

not depreciated

Plant and machinery

25% straight line

Investment properties

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors with the assistance of external valuers as detailed in note 4 of the financial statements. The valuers use 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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Rossington Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Tangible assets

Freehold land
£

Plant and machinery
£

Total
£

Cost

At 1 April 2023

2,753,331

11,920

2,765,251

Additions

-

16,430

16,430

At 31 March 2024

2,753,331

28,350

2,781,681

Depreciation

At 1 April 2023

-

3,993

3,993

Charge for the year

-

6,403

6,403

At 31 March 2024

-

10,396

10,396

Carrying amount

At 31 March 2024

2,753,331

17,954

2,771,285

At 31 March 2023

2,753,331

7,927

2,761,258

4

Investment properties

Valuation

£

At 1 April 2023

450,000

At 31 March 2024

450,000

The investment properties were valued by the directors on 31 March 2024. On a historical cost basis the investment properties would have been included at £256,716 (2023: £256,716).

 

Rossington Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Investments

2024
£

2023
£

Investments in subsidiaries

523

523

Subsidiaries

£

Cost

At 1 April 2023 and 31 March 2024

523

Carrying amount

At 31 March 2023 and 31 March 2024

523

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

West Point Leeds Limited

England

Ordinary 'A', 'B' & 'D'

52%

52%

 

Rossington Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

2,750

-

Amounts owed by group undertakings

2,616

2,616

Other debtors

3,755,460

3,232,780

Prepayments

197

-

 

3,761,023

3,235,396

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

616

-

Other taxation and social security

-

2,503

Other creditors

829,996

-

Accruals and deferred income

5,395

5,448

836,007

7,951

Due after one year

Bank loan

-

400,000

8

Related party transactions

Included in other debtors is an interest free loan account to Mr P J Rossington, a director of the company, and his wife Mrs D J Rossington. The amount owed to the company at the balance sheet date was £766,222 (2023: £nil).

9

Ultimate controlling party

The company has taken advantage of the exemption available under FRS 102 and has not disclosed related party transactions which are all considered to be at arms length on normal commercial terms.

The ultimate controlling party is Mr and Mrs P J Rossington.