REGISTERED NUMBER: |
Robert Forrest Limited |
Unaudited Financial Statements |
for the Year Ended 28th May 2024 |
REGISTERED NUMBER: |
Robert Forrest Limited |
Unaudited Financial Statements |
for the Year Ended 28th May 2024 |
Robert Forrest Limited (Registered number: SC065011) |
Contents of the Financial Statements |
for the year ended 28th May 2024 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 7 |
Robert Forrest Limited |
Company Information |
for the year ended 28th May 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Robert Forrest Limited (Registered number: SC065011) |
Balance Sheet |
28th May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
Robert Forrest Limited (Registered number: SC065011) |
Balance Sheet - continued |
28th May 2024 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Robert Forrest Limited (Registered number: SC065011) |
Notes to the Financial Statements |
for the year ended 28th May 2024 |
1. | Statutory information |
Robert Forrest Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales invoices during the year. |
Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised over the life of the contract as the performance obligations are satisfied. |
Tangible fixed assets |
Tenants improvements | - |
Tractors and implements | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stock is valued at the lower of cost and net realisable value except for mature breeding stock, which is on the herd basis. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion and disposal. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, hire purchase contracts, bank loans,other loans, bank overdrafts and directors' loans. |
Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors' loans (being repayable on demand), trade debtors, trade creditors, bank overdrafts, other loans and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss in the Statement of Income and Retained Earnings. |
Robert Forrest Limited (Registered number: SC065011) |
Notes to the Financial Statements - continued |
for the year ended 28th May 2024 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 assessments in periods different from those in which they are 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. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Statement of Income and Retained Earnings. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Employee benefits |
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
Going concern |
The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period. |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
Investments |
Fixed asset investments are stated at cost less provision for permanent diminution in value. |
Robert Forrest Limited (Registered number: SC065011) |
Notes to the Financial Statements - continued |
for the year ended 28th May 2024 |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Tractors |
Tenants | and | Motor |
improvements | implements | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 29th May 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 28th May 2024 |
Depreciation |
At 29th May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 28th May 2024 |
Net book value |
At 28th May 2024 |
At 28th May 2023 |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 29th May 2023 |
and 28th May 2024 |
Net book value |
At 28th May 2024 |
At 28th May 2023 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Robert Forrest Limited (Registered number: SC065011) |
Notes to the Financial Statements - continued |
for the year ended 28th May 2024 |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
9. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 117,699 | 146,935 |
Clydesdale Bank PLC (trading as Virgin Money) has security by way of a floating charge. The bank also holds a personal guarantee from the directors for £470,000. |
The Agricultural Mortgage Corporation PLC holds security over the farm property. |
The HP liabilities are secured against the assets to which they relate. |
10. | Post balance sheet events |
Since the year end, on 30th June 2024, a dividend of £3 per share has been declared. |
11. | Non-cancellable operating leases |
The company had non-cancellable operating leases of £70,550 at 28th May 2024 (2023 - £70,550). |