Registration number:
Rossington Farms Limited
for the Year Ended 31 March 2024
Rossington Farms Limited
(Registration number: 03560614)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment properties |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
.........................................
Director
Rossington Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Rossington Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Tangible assets |
Freehold land |
Plant and machinery |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
- |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
- |
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Charge for the year |
- |
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At 31 March 2024 |
- |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Investment properties |
Valuation |
£ |
At 1 April 2023 |
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At 31 March 2024 |
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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)
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 April 2023 and 31 March 2024 |
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Carrying amount |
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At 31 March 2023 and 31 March 2024 |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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England |
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Rossington Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Debtors |
2024 |
2023 |
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Trade debtors |
2,750 |
- |
Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
197 |
- |
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Creditors |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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- |
Other taxation and social security |
- |
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Other creditors |
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- |
Accruals and deferred income |
5,395 |
5,448 |
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Due after one year |
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Bank loan |
- |
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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).
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