W.B. Ritchie Farms Limited 03440815 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is farming Digita Accounts Production Advanced 6.30.9574.0 true 03440815 2023-06-01 2024-05-31 03440815 2024-05-31 03440815 core:RetainedEarningsAccumulatedLosses 2024-05-31 03440815 core:ShareCapital 2024-05-31 03440815 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 03440815 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 03440815 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-05-31 03440815 core:CurrentFinancialInstruments 2024-05-31 03440815 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 03440815 core:Non-currentFinancialInstruments 2024-05-31 03440815 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 03440815 core:BetweenTwoFiveYears 2024-05-31 03440815 core:WithinOneYear 2024-05-31 03440815 core:FurnitureFittingsToolsEquipment 2024-05-31 03440815 core:LandBuildings 2024-05-31 03440815 core:MotorVehicles 2024-05-31 03440815 core:OtherPropertyPlantEquipment 2024-05-31 03440815 core:OtherRelatedParties 2024-05-31 03440815 bus:SmallEntities 2023-06-01 2024-05-31 03440815 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03440815 bus:FilletedAccounts 2023-06-01 2024-05-31 03440815 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 03440815 bus:RegisteredOffice 2023-06-01 2024-05-31 03440815 bus:Director1 2023-06-01 2024-05-31 03440815 bus:Director3 2023-06-01 2024-05-31 03440815 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03440815 core:Buildings 2023-06-01 2024-05-31 03440815 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 03440815 core:LandBuildings 2023-06-01 2024-05-31 03440815 core:MotorVehicles 2023-06-01 2024-05-31 03440815 core:OfficeEquipment 2023-06-01 2024-05-31 03440815 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 03440815 core:PlantMachinery 2023-06-01 2024-05-31 03440815 core:OtherRelatedParties 2023-06-01 2024-05-31 03440815 countries:EnglandWales 2023-06-01 2024-05-31 03440815 2023-05-31 03440815 core:FurnitureFittingsToolsEquipment 2023-05-31 03440815 core:LandBuildings 2023-05-31 03440815 core:MotorVehicles 2023-05-31 03440815 core:OtherPropertyPlantEquipment 2023-05-31 03440815 core:OtherRelatedParties 2023-05-31 03440815 2022-06-01 2023-05-31 03440815 2023-05-31 03440815 core:RetainedEarningsAccumulatedLosses 2023-05-31 03440815 core:ShareCapital 2023-05-31 03440815 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 03440815 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 03440815 core:CurrentFinancialInstruments 2023-05-31 03440815 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 03440815 core:Non-currentFinancialInstruments 2023-05-31 03440815 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 03440815 core:BetweenTwoFiveYears 2023-05-31 03440815 core:WithinOneYear 2023-05-31 03440815 core:FurnitureFittingsToolsEquipment 2023-05-31 03440815 core:LandBuildings 2023-05-31 03440815 core:MotorVehicles 2023-05-31 03440815 core:OtherPropertyPlantEquipment 2023-05-31 03440815 core:OtherRelatedParties 2023-05-31 03440815 core:OtherRelatedParties 2022-06-01 2023-05-31 03440815 2022-05-31 03440815 core:OtherRelatedParties 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 03440815

W.B. Ritchie Farms Limited

Annual Report and Unaudited Financial Statements

for the year ended 31 May 2024

 

W.B. Ritchie Farms Limited

(Registration number: 03440815)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,624,690

6,719,297

Other financial assets

5

7,703

7,358

 

6,632,393

6,726,655

Current assets

 

Stocks

6

985,017

1,251,220

Debtors

7

86,085

146,757

Cash at bank and in hand

 

67

66

 

1,071,169

1,398,043

Creditors: Amounts falling due within one year

8

(435,293)

(584,931)

Net current assets

 

635,876

813,112

Total assets less current liabilities

 

7,268,269

7,539,767

Creditors: Amounts falling due after more than one year

8

(1,400,000)

(1,424,500)

Provisions for liabilities

(46,620)

(58,352)

Net assets

 

5,821,649

6,056,915

Capital and reserves

 

Called up share capital

4,892,848

4,892,848

Retained earnings

928,801

1,164,067

Shareholders' funds

 

5,821,649

6,056,915

 

W.B. Ritchie Farms Limited

(Registration number: 03440815)
Balance Sheet as at 31 May 2024

For the financial 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.

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.

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.

Approved and authorised by the Board on 12 February 2025 and signed on its behalf by:
 

.........................................
W B Ritchie
Director

.........................................
D W Ritchie
Director

 
     
 

W.B. Ritchie Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Ings House
Shipton Road
YORK
YO30 1XJ

These financial statements were authorised for issue by the Board on 12 February 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 except that as disclosed in the accounting policies certain items are shown at fair value.

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 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.

 

W.B. Ritchie Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

over 50 years

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% straight line

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.

Stocks

Stocks and agricultural valuation are valued in accordance with HM Revenue and Customs guidance HS232 Farm Stock Valuation. Stocks are valued at the lower of cost and net realisable value using accepted conventions to arrive at deemed cost where actual costs are not accurately ascertainable. Harvested crops are valued using the deemed costs of production method.

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.

 

W.B. Ritchie Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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. 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 6).

 

W.B. Ritchie Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & Machinery
£

Total
£

Cost or valuation

At 1 June 2023

6,952,533

1,606

43,285

996,201

7,993,625

Additions

-

349

-

550

899

At 31 May 2024

6,952,533

1,955

43,285

996,751

7,994,524

Depreciation

At 1 June 2023

546,174

1,496

40,831

685,827

1,274,328

Charge for the year

32,510

197

614

62,185

95,506

At 31 May 2024

578,684

1,693

41,445

748,012

1,369,834

Carrying amount

At 31 May 2024

6,373,849

262

1,840

248,739

6,624,690

At 31 May 2023

6,406,359

110

2,454

310,374

6,719,297

Included within the net book value of land and buildings above is £6,373,849 (2023 - £6,406,359) in respect of freehold land and buildings.
 

 

W.B. Ritchie Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2023

7,358

7,358

Additions

345

345

At 31 May 2024

7,703

7,703

Impairment

Carrying amount

At 31 May 2024

7,703

7,703

6

Stocks

2024
£

2023
£

Other inventories

985,017

1,251,220

7

Debtors

2024
£

2023
£

Trade debtors

46,495

69,571

Prepayments

17,022

13,978

Other debtors

22,568

63,208

86,085

146,757

8

Creditors

Creditors: amounts falling due within one year

 

W.B. Ritchie Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

316,732

443,523

Trade creditors

 

69,941

92,999

Taxation and social security

 

2,170

1,965

Accruals and deferred income

 

8,608

8,616

Other creditors

 

37,842

37,828

 

435,293

584,931

Creditors: amounts falling due after more than one year

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,400,000

1,400,000

Hire purchase contracts

-

24,500

1,400,000

1,424,500

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

272,232

399,023

Hire purchase contracts

24,500

24,500

Other borrowings

20,000

20,000

316,732

443,523

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

9,342

9,342

Later than one year and not later than five years

10,121

19,463

19,463

28,805

 

W.B. Ritchie Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The amount of non-cancellable operating lease payments recognised as an expense during the year was £9,435 (2023 - £14,518).

 

W.B. Ritchie Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

11

Related party transactions

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

45,000

45,000

At end of period

45,000

45,000

2023

Other related parties
£

Total
£

At start of period

120,000

120,000

Repaid

(75,000)

(75,000)

At end of period

45,000

45,000

Terms of loans from related parties

The company received a loan in 2017 for £25,000, and in 2021 for £75,000 from W B & S M Ritchie Partnership. The loan is interest free and repayable on demand. At the balance sheet date the amount due to W B and S M Ritchie Partnership was £25,000 (2023 - £25,000).

The company received a loan in 2008 from Ings Development Limited (a company controlled by W B Ritchie and S M Ritchie). The loan is interest free and repayable on demand. At the balance sheet date the amount due to Ings Developments Limited was £20,000 (2023 - £20,000).