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Registration number: 00799968

Reeve Bros Farmers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Reeve Bros Farmers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Reeve Bros Farmers Limited

(Registration number: 00799968)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,054,764

1,098,707

Other financial assets

2

2

 

1,054,766

1,098,709

Current assets

 

Stocks

5

224,943

312,289

Debtors

6

72,392

191,406

Cash at bank and in hand

 

892,576

757,741

 

1,189,911

1,261,436

Creditors: Amounts falling due within one year

7

(112,206)

(114,917)

Net current assets

 

1,077,705

1,146,519

Total assets less current liabilities

 

2,132,471

2,245,228

Creditors: Amounts falling due after more than one year

7

(32,348)

(64,697)

Provisions for liabilities

(88,753)

(99,245)

Net assets

 

2,011,370

2,081,286

Capital and reserves

 

Called up share capital

8

3,998

3,998

Share premium reserve

-

3,312

Capital redemption reserve

3,312

-

Retained earnings

2,004,060

2,073,976

Shareholders' funds

 

2,011,370

2,081,286

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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 December 2024 and signed on its behalf by:
 

 

Reeve Bros Farmers Limited

(Registration number: 00799968)
Balance Sheet as at 31 March 2024

.........................................
Mr N Reeve
Director

.........................................
Mr M R Lingard
Director

 
     
 

Reeve Bros Farmers Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Ashtree farm
Jericho Lane
East Halton, Grimsby
North East Lincs
DN40 3PY

These financial statements were authorised for issue by the Board on 23 December 2024.

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

Reeve Bros Farmers Limited

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant, machinery & vehicles

25% reducing balance

Farm buildings

2% or 4% straight line

Stocks

The basis of valuation is as follows:

Raw materials and consumables are stated at the lower of cost or net realisable value.
Tenantright is calculated by a combination of actual costs incurred and standard costs.

Standard costings used are based upon calculation prepared by the Central Association of Agricultural Valuers.

The basis of valuation is consistent with previous years.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2023 - 4).

 

Reeve Bros Farmers Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

784,938

1,249,421

54,353

2,088,712

Additions

-

62,000

-

62,000

Disposals

-

(3,995)

-

(3,995)

At 31 March 2024

784,938

1,307,426

54,353

2,146,717

Depreciation

At 1 April 2023

83,206

868,114

38,685

990,005

Charge for the year

1,976

99,979

3,917

105,872

Eliminated on disposal

-

(3,924)

-

(3,924)

At 31 March 2024

85,182

964,169

42,602

1,091,953

Carrying amount

At 31 March 2024

699,756

343,257

11,751

1,054,764

At 31 March 2023

701,732

381,307

15,668

1,098,707

Included within the net book value of land and buildings above is £699,756 (2023 - £701,732) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

224,943

312,289

6

Debtors

Current

2024
£

2023
£

Trade debtors

51,223

178,017

Prepayments

1,546

3,014

Other debtors

19,623

10,375

 

72,392

191,406

 

Reeve Bros Farmers Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

42,498

44,562

Trade creditors

 

20,958

35,425

Taxation and social security

 

16,413

6,461

Accruals and deferred income

 

4,600

4,399

Other creditors

 

27,737

24,070

 

112,206

114,917

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £32,348 (2023 - £32,348).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

32,348

64,697

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £32,348, (2023 - £64,697).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3,998

3,998

3,998

3,998

Share premium of £1 each

3,312

3,312

3,312

3,312

7,310

7,310

7,310

7,310

9

Related party transactions

Transactions with Directors

2024

At 1 April 2023
£

Advances to Director
£

Repayments by Director
£

At 31 March 2024
£

Mr N Reeve

Directors loan

334

2,838

(334)

2,838

 

Reeve Bros Farmers Limited

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

2023

At 1 April 2022
£

Advances to Director
£

Repayments by Director
£

At 31 March 2023
£

Mr N Reeve

Directors loan

574

334

(574)

334