REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
LORD RAYLEIGH'S FARMS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings - non-distributable | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 | 893,199 |
Additions | 739,666 |
Disposals | ( |
) | (741,000 | ) |
At 30 June 2024 | 891,865 |
PROVISIONS |
At 1 July 2023 |
and 30 June 2024 | 10,000 | - | - | 10,000 |
NET BOOK VALUE |
At 30 June 2024 | 881,865 |
At 30 June 2023 | 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 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Store on farms |
Property maintenance | 116,180 | 124,146 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
Charge to Income Statement during year |
Balance at 30 June 2024 |
12. | RESERVES |
Retained |
earnings |
- non-distributable |
£ |
At 1 July 2023 |
and 30 June 2024 |
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 level | 140% |