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Registered number: 06905177
RS Agri Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Behegan Lynes
Accountancy & Taxation Advisers
Bank Chambers
Brook Street
Bishops Waltham
Hampshire
SO32 1AX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—9
Page 1
Balance Sheet
Registered number: 06905177
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 481,106 515,957
481,106 515,957
CURRENT ASSETS
Stocks 6 1,038,837 926,413
Debtors 7 345,286 301,239
Cash at bank and in hand 269,191 272,055
1,653,314 1,499,707
Creditors: Amounts Falling Due Within One Year 8 (665,921 ) (658,886 )
NET CURRENT ASSETS (LIABILITIES) 987,393 840,821
TOTAL ASSETS LESS CURRENT LIABILITIES 1,468,499 1,356,778
Creditors: Amounts Falling Due After More Than One Year 9 (14,078 ) (35,052 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (40,646 ) (37,512 )
NET ASSETS 1,413,775 1,284,214
CAPITAL AND RESERVES
Called up share capital 13 124 112
Share premium account 52,776 14,388
Profit and Loss Account 1,360,875 1,269,714
SHAREHOLDERS' FUNDS 1,413,775 1,284,214
Page 1
Page 2
For the year ending 31 May 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
Mrs S L Badham
Director
14 February 2025
The notes on pages 3 to 9 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
RS Agri Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06905177 . The registered office is Balstone Farm, Ibworth, Basingstoke, Hampshire, RG26 5TJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.2.1 Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.2.2 Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets is computer software. It is initially measured at cost and amortised to profit and loss account over its estimated economic life of three years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Property None
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the 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 a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Financial Instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.7.1 Debtors
Short term debtors are measured at transaction price, less any impairment.
2.7.2 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.7.3 Creditors
Short term creditors are measured at the transaction price.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
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. 
2.11. Employee benefits
Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 13)
15 13
4. Intangible Assets
Other
£
Cost
As at 1 June 2023 9,951
As at 31 May 2024 9,951
Amortisation
As at 1 June 2023 9,951
As at 31 May 2024 9,951
...CONTINUED
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Page 6
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Land & Property
Freehold Property Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 June 2023 318,523 282,088 153,275 33,890
Additions - 6,417 13,990 781
Disposals - - - -
As at 31 May 2024 318,523 288,505 167,265 34,671
Depreciation
As at 1 June 2023 - 152,221 114,623 10,212
Provided during the period - 34,071 13,160 6,115
Disposals - - - -
As at 31 May 2024 - 186,292 127,783 16,327
Net Book Value
As at 31 May 2024 318,523 102,213 39,482 18,344
As at 1 June 2023 318,523 129,867 38,652 23,678
Computer Equipment Total
£ £
Cost
As at 1 June 2023 21,341 809,117
Additions 284 21,472
Disposals (6,374 ) (6,374 )
As at 31 May 2024 15,251 824,215
Depreciation
As at 1 June 2023 16,104 293,160
Provided during the period 2,828 56,174
Disposals (6,225 ) (6,225 )
As at 31 May 2024 12,707 343,109
...CONTINUED
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Net Book Value
As at 31 May 2024 2,544 481,106
As at 1 June 2023 5,237 515,957
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 33,188 44,250
Motor Vehicles 13,293 17,724
46,481 61,974
6. Stocks
2024 2023
£ £
Stock 1,038,837 852,390
Work in progress - 74,023
1,038,837 926,413
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 339,807 297,644
Other debtors 5,479 3,595
345,286 301,239
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,974 18,875
Trade creditors 315,563 273,201
Other creditors 212,349 298,674
Taxation and social security 117,035 68,136
665,921 658,886
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 14,078 35,052
10. Secured Creditors
The finance on hire purchase is secured against the asset purchased. Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 35,052 53,927
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 20,974 18,875
Later than one year and not later than five years 14,078 35,052
35,052 53,927
35,052 53,927
12. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 June 2023 37,512 37,512
Deferred taxation 3,134 3,134
Balance at 31 May 2024 40,646 40,646
13. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
12 Ordinary A shares of £ 1.00 each 12 12
12 Ordinary B shares of £ 1.00 each 12 -
124 112
Shares issued during the period: £
12 Ordinary B shares of £ 1.00 each 12
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14. Ultimate Controlling Party
The company is controlled by R A Lloyd and Mrs S L Badham.
Page 9