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Registrar

Registration number: 00654285

J and C Rayner Farms Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

J and C Rayner Farms Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

J and C Rayner Farms Limited

Company Information

Directors

J E C Rayner

C H Rayner

Company secretary

C H Rayner

Registered office

Upp Hall Farm
Salmons Lane
Coggeshall
Essex
C06 1RY

Solicitors

Birkett Long LLP
1 Amphora Place
Sheepen Road
Colchester
Essex
CO3 3WG

Bankers

Barclays Bank Plc
Witham Business Centre
PO Box 3692
Witham
Essex
CM8 2AT

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

J and C Rayner Farms Limited

(Registration number: 00654285)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

799,163

676,440

Current assets

 

Stocks

5

68,477

112,265

Debtors

6

154,108

127,975

Cash at bank and in hand

 

90,926

150,262

 

313,511

390,502

Creditors: Amounts falling due within one year

7

(364,740)

(348,486)

Net current (liabilities)/assets

 

(51,229)

42,016

Total assets less current liabilities

 

747,934

718,456

Provisions for liabilities

(2,491)

(3,283)

Net assets

 

745,443

715,173

Capital and reserves

 

Called up share capital

5,000

5,000

Other reserves

95,227

95,227

Retained earnings

645,216

614,946

Shareholders' funds

 

745,443

715,173

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 30 January 2025 and signed on its behalf by:
 

J E C Rayner
Director

 

J and C Rayner Farms Limited

Notes to the Unaudited 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 & Wales.

The address of its registered office is: Upp Hall Farm, Salmons Lane, Coggeshall, Essex, C06 1RY.

These financial statements were authorised for issue by the Board on 30 January 2025.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

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 arable farm contracting services, produce, the letting of rental properties and solar power generation. Turnover is shown net of value added tax.

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.

Recognition of income from the Basic Payment Scheme

The Basic Payment Scheme is a government grant recognised on the performance basis, revenue in respect of the Basic Payment is recognised once the qualifying period has been completed. As such the Basic Payment for 2023 is recognised in full in these accounts. Any amounts received in respect of the 2024 Basic Payment are held in deferred income.

Tax

Current Tax is recognised in the profit and loss account, 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 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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

J and C Rayner Farms Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

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

Asset class

Depreciation method and rate

Freehold property

2% / 10% straight line method

Plant and machinery

25% reducing balance method

Office equipment

10% reducing balance method

Motor vehicles

25% reducing balance method

Solar panels

4% straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Stocks

Stock held is stated at the lower of cost and net realisable value. The stocks have been valued in accordance with the guidelines set out in HS232.

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.

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.

 

J and C Rayner Farms Limited

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

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.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

J and C Rayner Farms Limited

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

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Solar panels
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

1,227,706

3,889

76,006

149,999

459,422

1,917,022

Additions

137,305

366

-

-

2,650

140,321

At 30 April 2024

1,365,011

4,255

76,006

149,999

462,072

2,057,343

Depreciation

At 1 May 2023

671,253

3,269

71,360

60,500

434,200

1,240,582

Charge for the year

3,620

71

1,161

6,000

6,746

17,598

At 30 April 2024

674,873

3,340

72,521

66,500

440,946

1,258,180

Carrying amount

At 30 April 2024

690,138

915

3,485

83,499

21,126

799,163

At 30 April 2023

556,453

620

4,646

89,499

25,222

676,440

Included within the net book value of land and buildings above is £690,138 (2023 - £556,453) in respect of freehold land and buildings.
 

 

J and C Rayner Farms Limited

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

5

Stocks

2024
£

2023
£

Cultivations

26,807

26,969

Other stocks

2,750

4,050

Crop seed, fertiliser and sprays

38,920

81,246

68,477

112,265

6

Debtors

2024
£

2023
£

Trade debtors

131,839

104,640

Prepayments

11,038

6,225

Other debtors

11,231

17,110

154,108

127,975

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

9,549

-

Loans and borrowings

8

-

12,832

Directors loan account

 

295,172

235,172

Corporation tax

 

7,293

47,585

Taxation and social security

 

537

547

Accruals and deferred income

 

48,865

52,350

Other creditors

 

3,324

-

 

364,740

348,486


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £0 (2023 - £12,832).

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

10,652

Hire purchase contracts

-

2,180

-

12,832