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Registered number: 00719280
Robert Mitchell (Farms) Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Deans
Gibson House Hurricane Court
Hurricane Close
Stafford
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 00719280
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 3,167,681 3,074,847
Investments 6 4,225 4,225
3,171,906 3,079,072
CURRENT ASSETS
Stocks 7 920,860 891,866
Debtors 8 65,247 57,616
986,107 949,482
Creditors: Amounts Falling Due Within One Year 9 (650,181 ) (592,109 )
NET CURRENT ASSETS (LIABILITIES) 335,926 357,373
TOTAL ASSETS LESS CURRENT LIABILITIES 3,507,832 3,436,445
Creditors: Amounts Falling Due After More Than One Year 10 (660,730 ) (670,546 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (142,053 ) (117,921 )
NET ASSETS 2,705,049 2,647,978
CAPITAL AND RESERVES
Called up share capital 14 25,000 25,000
Fair value reserve 415,205 415,205
Profit and Loss Account 2,264,844 2,207,773
SHAREHOLDERS' FUNDS 2,705,049 2,647,978
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R H Mitchell
Director
31 December 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Robert Mitchell (Farms) Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of section 1a "Small Entities" and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.  The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of cattle, potatoes and corn is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.  This is usually on dispatch of the goods.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets acquired separately from a business are capitalised at cost.  Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.
Intangible assets are amortised on a straight line basis over their useful lives.  The useful lives of intangible assets are as follows:
Basic Payment Scheme entitlements - 6 years
Provision is made for any impairment.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.  Cost includes costs directly attributeable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Freehold 4% on cost
Plant & Machinery 25% reducing balance
Motor Vehicles 10% - 25% reducing balance
Computer Equipment 25% on cost
2.5. Leasing and Hire Purchase Contracts
Assets acquired under hire purchase contracts are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset.  The related obligations, net of future finance charges, are included in creditors.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
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2.6. Stocks and Work in Progress
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell.  Cost includes all cost of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.  Provision is made for damaged, obsolete and slow-moving stock where appropriate.
2.7. Taxation
Taxation for the year comprises current and deferred tax.  Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.  
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assesments in periods different from those in which they aare recognised in financial statements.  Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.8. Employee Benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees.  Contributions are expensed as they become payable.
2.9. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Intangible Assets
Other
£
Cost
As at 1 May 2023 58,888
Disposals (463 )
As at 30 April 2024 58,425
Amortisation
As at 1 May 2023 58,888
Disposals (463 )
As at 30 April 2024 58,425
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
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Page 5
5. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 May 2023 3,104,579 1,474,625 4,579,204
Additions - 305,969 305,969
Disposals - (123,770 ) (123,770 )
As at 30 April 2024 3,104,579 1,656,824 4,761,403
Depreciation
As at 1 May 2023 535,832 968,525 1,504,357
Provided during the period 40,407 140,562 180,969
Disposals - (91,604 ) (91,604 )
As at 30 April 2024 576,239 1,017,483 1,593,722
Net Book Value
As at 30 April 2024 2,528,340 639,341 3,167,681
As at 1 May 2023 2,568,747 506,100 3,074,847
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 10,346 13,795
Motor Vehicles 203,376 225,973
213,722 239,768
6. Investments
Listed
£
Cost
As at 1 May 2023 4,225
As at 30 April 2024 4,225
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 4,225
As at 1 May 2023 4,225
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7. Stocks
2024 2023
£ £
Stock 79,575 65,473
Finished goods 152,805 175,858
Work in progress 688,480 650,535
920,860 891,866
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 47,482 35,373
Prepayments and accrued income 6,217 7,460
VAT 10,013 14,783
Directors' loan accounts 1,535 -
65,247 57,616
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 65,827 40,335
Trade creditors 68,600 103,234
Bank loans and overdrafts 247,899 227,847
Corporation tax 1,076 3,915
Other creditors 110,208 60,365
Accruals and deferred income 12,202 12,842
Directors' loan accounts 144,369 143,571
650,181 592,109
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 66,361 48,811
Bank loans 594,369 621,735
660,730 670,546
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 470,768 499,904
11. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 842,269 849,582
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Amounts owed to the bank are secured by a fixed charge over the land at Lime Kiln farm.
12. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 29,656 29,116
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 123,601 121,831
2024 2023
£ £
Amounts falling due after more than five years:
Bank loans 470,768 499,904
13. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 65,827 40,335
Later than one year and not later than five years 66,361 48,811
132,188 89,146
132,188 89,146
14. Share Capital
2024 2023
Allotted, called up and fully paid £ £
12,500 Ordinary Shares of £ 1.00 each 12,500 12,500
8,899 Ordinary A shares of £ 1.00 each 8,899 8,899
3,601 Ordinary B shares of £ 1.00 each 3,601 3,601
25,000 25,000
15. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Robert Mitchell - 1,535 - - 1,535
The above loan is provided interest free and repayable on demand.
16. Related Party Disclosures
At the balance sheet date, a shareholder was owed £110,000 (2023 £60,000) in respect of a loan.  The loan has been provided interest free and is repayable on demand.
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