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REGISTERED NUMBER: 00251241 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

LORD RAYLEIGH'S FARMS LIMITED

LORD RAYLEIGH'S FARMS LIMITED (REGISTERED NUMBER: 00251241)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LORD RAYLEIGH'S FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Lord J G Rayleigh
Honourable J F Strutt
Mr N R Taylor





SECRETARY: Mr R M Wild





REGISTERED OFFICE: The Farm Office
Terling Place
Terling
Chelmsford
Essex
CM3 2QW





REGISTERED NUMBER: 00251241 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
34-40 High Street
Wanstead
London
E11 2RJ

LORD RAYLEIGH'S FARMS LIMITED (REGISTERED NUMBER: 00251241)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 53,580 125,016
Tangible assets 5 5,173,531 4,874,364
Investments 6 881,865 883,199
Investment property 7 2,603,309 2,603,309
8,712,285 8,485,888

CURRENT ASSETS
Stocks 8 2,114,187 2,375,438
Debtors 9 460,088 724,784
Cash at bank and in hand 149,402 227,120
2,723,677 3,327,342
CREDITORS
Amounts falling due within one year 10 1,986,885 1,833,408
NET CURRENT ASSETS 736,792 1,493,934
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,449,077

9,979,822

PROVISIONS FOR LIABILITIES 11 497,375 400,056
NET ASSETS 8,951,702 9,579,766

CAPITAL AND RESERVES
Called up share capital 4,000,000 4,000,000
Retained earnings - non-distributable 12 2,101,663 2,101,663
Retained earnings 2,850,039 3,478,103
SHAREHOLDERS' FUNDS 8,951,702 9,579,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2025 and were signed on its behalf by:





Honourable J F Strutt - Director


LORD RAYLEIGH'S FARMS LIMITED (REGISTERED NUMBER: 00251241)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Lord Rayleigh's Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Lord Rayleigh's Farms Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Revenue recognition
The company has many different income streams, however in all cases revenue is measured at the fair value of the consideration received or receivable in respect of produce and goods sold and services provided during the year.

Revenue is recognised when the significant risks and rewards have passed to the customer. In the case of arable, livestock and herd sales this is the point that produce is despatched from the farm.

Game and vermin income is recognised in the period in which the activity takes place.

Other income, including rental income, is recognised on a receivable basis.

Goodwill
Goodwill in relation to the purchase of a joint venture partnership during 2019 is being amortised evenly over the term of the underlying lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land & Buildings (including improvements)- 6.67% on cost
Plant & Machinery- 25% to 50% on a reducing balance
- 5% to 100% on cost
Biological Assets (Livestock)
Biological assets are accounted for using the cost model as detailed in Section 34 of FRS102.

Investments in subsidiaries
The investment in the subsidiary undertaking, LRF Investments Limited, is recognised at cost less any provision for impairment.

Investment property
Investment land and properties are shown at most recent valuation. Any surplus or deficit arising from changes in fair value is recognised initially in profit or loss. The balance, net of deferred tax, is then transferred to a non-distributable retained earnings reserve.

LORD RAYLEIGH'S FARMS LIMITED (REGISTERED NUMBER: 00251241)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and selling costs less costs to sell.

Stores on farms are stated at invoiced cost.

Harvested and unharvested crops are stated at cost of seeds, fertilisers and sprays applied plus a figure calculated to represent the cost of preparing the land, and in the case of harvested crops, an estimate of harvesting costs.

The value of immature livestock is based on rearing costs to date.

Unharvested crops are valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of unharvested crops.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Investments
Investments held as fixed assets are stated at cost less provision for any permanent impairment in value.

Investments in joint ventures are accounted for in accordance with the requirements of Section 15 of FRS 102 and are stated at cost less any provision for impairment.

Basic payment
The company recognises income at the point it receives payment under the scheme and when all conditions relating to it have been met, in particular when the 15 May entitlement date is satisfied and there is no indication of failure to meet cross-compliance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 38 ) .

LORD RAYLEIGH'S FARMS LIMITED (REGISTERED NUMBER: 00251241)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 446,481
AMORTISATION
At 1 July 2023 321,465
Amortisation for year 71,436
At 30 June 2024 392,901
NET BOOK VALUE
At 30 June 2024 53,580
At 30 June 2023 125,016

Goodwill relates to the investment the company has in the Stanford Sheep Partnership.

5. TANGIBLE FIXED ASSETS
Land and Plant and
buildings machinery Totals
£    £    £   
COST
At 1 July 2023 7,215,045 4,914,032 12,129,077
Additions - 1,098,173 1,098,173
Disposals - (570,911 ) (570,911 )
At 30 June 2024 7,215,045 5,441,294 12,656,339
DEPRECIATION
At 1 July 2023 4,341,605 2,913,108 7,254,713
Charge for year 88,777 540,879 629,656
Eliminated on disposal - (401,561 ) (401,561 )
At 30 June 2024 4,430,382 3,052,426 7,482,808
NET BOOK VALUE
At 30 June 2024 2,784,663 2,388,868 5,173,531
At 30 June 2023 2,873,440 2,000,924 4,874,364

Included in cost of land and buildings is freehold land of £ 1,945,745 (2023 - £ 1,945,745 ) which is not depreciated.

6. FIXED ASSET INVESTMENTS
Shares in Interest
group in joint Other
undertakings venture investments Totals
£    £    £    £   
COST
At 1 July 2023 10,000 867,521 15,678 893,199
Additions - 739,666 - 739,666
Disposals - (741,000 ) - (741,000 )
At 30 June 2024 10,000 866,187 15,678 891,865
PROVISIONS
At 1 July 2023
and 30 June 2024 10,000 - - 10,000
NET BOOK VALUE
At 30 June 2024 - 866,187 15,678 881,865
At 30 June 2023 - 867,521 15,678 883,199

LORD RAYLEIGH'S FARMS LIMITED (REGISTERED NUMBER: 00251241)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


6. FIXED ASSET INVESTMENTS - continued

The investment in group undertakings relates to the subsidiary company LRF Investments Limited. Other investments relate to an investment in Dengie Crops Limited.

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 2,603,309
NET BOOK VALUE
At 30 June 2024 2,603,309
At 30 June 2023 2,603,309

Fair value is represented by:

£
Original declared value 501,646
Change in Valuation 2015 955,922
Change in Valuation 2016 600,173
Change in Valuation 2017 (94,643 )
Change in Valuation 2018 212,711
Change in Valuation 2021 427,500
Value at 30 June 2024 2,603,309


The Directors consider that the above valuations, determined by them on a market comparison basis, represent the current market value of the Investment Properties as at 30 June 2024.

8. STOCKS
2024 2023
£    £   
Unharvested crops 1,876,651 2,108,746
Store on farms 121,356 142,546
Property maintenance 116,180 124,146
2,114,187 2,375,438

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 384,729 672,705
Other debtors 75,359 52,079
460,088 724,784

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 939,368 692,401
Taxation and social security 434,468 579,624
Other creditors 613,049 561,383
1,986,885 1,833,408

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 497,375 400,056

LORD RAYLEIGH'S FARMS LIMITED (REGISTERED NUMBER: 00251241)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2023 400,056
Charge to Income Statement during year 97,319
Balance at 30 June 2024 497,375

12. RESERVES
Retained
earnings
- non-distributable
£   
At 1 July 2023
and 30 June 2024 2,101,663

The non-distributable reserve relates to the revaluation of investment properties.

13. EMPLOYEE BENEFIT OBLIGATIONS

In previous years the company operated a defined benefit pension scheme in conjunction with Strutt and Parker Farms Limited (S&PF), Eastern Data Group Limited and Lord Rayleigh's Dairies Limited, providing benefits based on final pensionable pay.

Changes to the Scheme
The Scheme was fully segregated on 25th March 2019 with Strutt & Parker Farms Ltd establishing their own separate scheme. The Scheme is now a Sole Employer Scheme consisting of 66 members, none which are active.

The sum of £108,832 was paid to Lord Rayleigh's Farms Limited (LRF) to cover the costs of administering and migrating the 6 S&PF AVC members post segregation. The sum of £108,832 was paid by LRF during the year ended 30 June 2024 to cover these costs.

Actuarial assumptions and other disclosures
The assets of the scheme are held separately from those of the company, being invested in Weatherbys Tracker Funds. The most recent full actuarial valuation was at 1 April 2023.

Deficit Funding
Due to the schemes financial surplus there is currently no need for a Recovery Plan as all required funds are withdrawn from investments.

Year end actuarial valuation
A full actuarial valuation, as required by FRS 102, has not been obtained as at the balance sheet date.

A full triennial actuarial review of the scheme was held in April 2023. Its findings reported below are:

Market value of assets£9.667m

Surplus/(deficit)£2.751m

Current funding level140%