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Registration number: 00547176

Fred W Read & Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Fred W Read & Sons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Fred W Read & Sons Limited

Company Information

Directors

J Jones

T L Jones

S C D Jones

J A Jones

Registered office

Ulceby Grange
Alford
Lincolnshire
LN13 0HE

 

Fred W Read & Sons Limited

(Registration number: 00547176)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

177

575

Tangible assets

5

2,932,228

3,119,642

Investment property

90,808

103,497

Other financial assets

6

89,589

131,455

 

3,112,802

3,355,169

Current assets

 

Stocks

7

1,582,550

1,541,400

Debtors

8

451,039

299,079

Cash at bank and in hand

 

960,752

1,008,265

 

2,994,341

2,848,744

Creditors: Amounts falling due within one year

9

(399,039)

(381,922)

Net current assets

 

2,595,302

2,466,822

Total assets less current liabilities

 

5,708,104

5,821,991

Creditors: Amounts falling due after more than one year

9

(20,361)

(33,954)

Provisions for liabilities

(353,594)

(400,900)

Net assets

 

5,334,149

5,387,137

Capital and reserves

 

Called up share capital

11

952

952

Revaluation reserve

69,406

100,806

Other reserves

1,048

1,048

Retained earnings

5,262,743

5,284,331

Shareholders' funds

 

5,334,149

5,387,137

 

Fred W Read & Sons Limited

(Registration number: 00547176)
Balance Sheet as at 30 April 2024

For the financial 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.

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 4 December 2024 and signed on its behalf by:
 

.........................................
T L Jones
Director

.........................................
S C D Jones
Director

 

Fred W Read & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company, limited by share capital, incorporated in England and Wales and the company registration number is 00547176.

The address of its registered office is:
Ulceby Grange
Alford
Lincolnshire
LN13 0HE

These financial statements cover the individual entity, Fred W Read & Sons Limited.

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 including Section 1A - '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.

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.

 

Fred W Read & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Land

Nil

Buildings

2% on cost

Plant & machinery

15% on reducing balance

Fixtures & fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Self propelled machinery

25% on reducing balance

Windturbines and solar P.V

5% on cost

Amortisation

Milk quota is amortised at a rate sufficient to ensure that the asset is written off in full in the year 2013.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

33% straight line

Investments

Investments for which fair value can be measured without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The fair value is based on the market value.

Investment for which fair value cannot be measured without undue cost or effort are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Fred W Read & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method,

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

The basis of the farm valuation is as follows:

Raw materials and consumables are stated at the lower of the cost or net realisable value.

Tenantright is calculated using actual costs incurred.

The herd is valued at cost and not realisable value.

The basis of valuation is consistent with previous years.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Fred W Read & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 31 (2023 - 28).

 

Fred W Read & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Milk quota
 £

Trademarks
 £

Total
£

Cost or valuation

At 1 May 2023

450,582

1,205

451,787

At 30 April 2024

450,582

1,205

451,787

Amortisation

At 1 May 2023

450,582

630

451,212

Amortisation charge

-

398

398

At 30 April 2024

450,582

1,028

451,610

Carrying amount

At 30 April 2024

-

177

177

At 30 April 2023

-

575

575

5

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

2,307,024

3,897,483

140,883

6,345,390

Additions

3,334

77,431

-

80,765

At 30 April 2024

2,310,358

3,974,914

140,883

6,426,155

Depreciation

At 1 May 2023

804,487

2,341,556

79,705

3,225,748

Charge for the year

31,882

221,002

15,295

268,179

At 30 April 2024

836,369

2,562,558

95,000

3,493,927

Carrying amount

At 30 April 2024

1,473,989

1,412,356

45,883

2,932,228

At 30 April 2023

1,502,537

1,555,927

61,178

3,119,642

 

Fred W Read & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

128,776

2,679

131,455

Fair value adjustments

(43,338)

-

(43,338)

Additions

-

1,472

1,472

At 30 April 2024

85,438

4,151

89,589

7

Stocks

2024
£

2023
£

Other inventories

1,582,550

1,541,400

8

Debtors

Current

2024
£

2023
£

Trade debtors

210,319

189,851

Prepayments

16,590

22,794

Other debtors

224,130

86,434

 

451,039

299,079

 

Fred W Read & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

157,829

99,145

Taxation and social security

191,588

134,345

Accruals and deferred income

21,072

13,881

Other creditors

28,550

134,551

399,039

381,922

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

10,000

Deferred income

 

20,361

23,954

 

20,361

33,954

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £10,000 (2023 - £62,906). These are secured against the assets they relate to.

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £NIL (2023 - £10,000). These are secured against the assets they relate to.

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

-

10,000

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

10,000

62,906

Other borrowings

15,960

29,902

25,960

92,808

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

952

952

952

952