Company Registration No. 00669412 (England and Wales)
R H Topham & Sons Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
R H Topham & Sons Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11
R H Topham & Sons Limited
Statement of financial position
As at 30 June 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,689,428
12,827,882
Investment property
5
4,665,560
4,412,322
Investments
6
9,869,558
9,869,558
27,224,546
27,109,762
Current assets
Stocks
940,855
1,277,508
Debtors
7
292,061
545,624
Cash at bank and in hand
6,523,950
3,678,544
7,756,866
5,501,676
Creditors: amounts falling due within one year
8
(12,642,857)
(11,915,186)
Net current liabilities
(4,885,991)
(6,413,510)
Total assets less current liabilities
22,338,555
20,696,252
Creditors: amounts falling due after more than one year
9
(347,062)
(309,710)
Provisions for liabilities
(620,204)
(479,117)
Net assets
21,371,289
19,907,425
Capital and reserves
Called up share capital
11
45,032
45,032
Capital redemption reserve
21,724
21,724
Other reserves
1,518,242
1,518,242
Profit and loss reserves
19,786,291
18,322,427
Total equity
21,371,289
19,907,425
R H Topham & Sons Limited
Statement of financial position (continued)
As at 30 June 2024
2
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 March 2025 and are signed on its behalf by:
M R Topham
Director
Company Registration No. 00669412
R H Topham & Sons Limited
Notes to the financial statements
For the year ended 30 June 2024
3
1
Accounting policies
Company information
R H Topham & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Monks Hardwick, Priory Hill, St Neots, Huntingdon, Cambridgeshire, PE19 6ED.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents sales to customers in respect of crops and is stated net of value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets except freehold and leasehold land less their residual values over their useful lives on the following bases:
Freehold buildings
2% on cost
Leasehold land
Nil
Plant, machinery and equipment
10% - 20% written down value
Motor vehicles
25% written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
R H Topham & Sons Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
4
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired term is less than 20 years.
No depreciation is provided on freehold investment properties. The requirement of the Companies Act 2006 is to depreciate all fixed assets which have a useful economic life but that requirement conflicts with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, for the financial statements to give a true and fair view.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the cost of seeds, fertilisers and sprays, plus a proportion of labour, machinery costs, machinery depreciation and other relevant indirect costs that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
R H Topham & Sons Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
5
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
R H Topham & Sons Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
6
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
No provision has been made for deferred tax on gains recognised on revaluing property to its market value as the company does not intend to sell the revalued assets.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Revenue Recognition - Basic Payment Scheme
In any Scheme Year, the right to the Basic Payment Scheme entitlement is recognised if there is a reasonable certainty over the existence of the right to the Basic Payment Scheme for that Scheme Year and once all conditions attached to the Basic Payment Scheme have been met.
R H Topham & Sons Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
7
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Intangible fixed assets
Basic Payment Scheme entitlements
£
Cost
At 1 July 2023 and 30 June 2024
265,582
Amortisation and impairment
At 1 July 2023 and 30 June 2024
265,582
Carrying amount
At 30 June 2024
At 30 June 2023
R H Topham & Sons Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
8
4
Tangible fixed assets
Freehold buildings
Leasehold land
Plant, machinery and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
10,367,217
1,950,000
1,014,989
1,014,075
14,346,281
Additions
1,531
29,999
210,418
241,948
Disposals
(238,970)
(23,371)
(2,900)
(265,241)
At 30 June 2024
10,129,778
1,950,000
1,021,617
1,221,593
14,322,988
Depreciation and impairment
At 1 July 2023
116,394
678,611
723,394
1,518,399
Depreciation charged in the year
14,668
62,300
60,218
137,186
Eliminated in respect of disposals
(19,251)
(2,774)
(22,025)
At 30 June 2024
131,062
721,660
780,838
1,633,560
Carrying amount
At 30 June 2024
9,998,716
1,950,000
299,957
440,755
12,689,428
At 30 June 2023
10,250,823
1,950,000
336,378
290,681
12,827,882
Leasehold land is stated at a valuation of £1,950,000 as from June 2013 and this is treated as deemed cost. On an historical cost basis leasehold land would have been included at an original cost of £4,975 (2023 - £4,975), and aggregate depreciation of £nil (2023 - £nil).
5
Investment property
2024
£
Fair value
At 1 July 2023
4,412,322
Revaluations
253,238
At 30 June 2024
4,665,560
The fair value of investment properties has been arrived at on an open market basis by reference to market evidence of transaction prices for similar properties. No depreciation is provided in respect of these properties.
R H Topham & Sons Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
9
6
Fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 July 2023 & 30 June 2024
9,869,543
15
9,869,558
Carrying amount
At 30 June 2024
9,869,543
15
9,869,558
At 30 June 2023
9,869,543
15
9,869,558
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
131,744
418,739
Other debtors
160,317
126,885
292,061
545,624
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
59,305
57,784
Trade creditors
132,700
200,472
Amounts due to group undertakings
11,696,479
11,334,361
Corporation tax
122,441
151,050
Other taxation and social security
3,051
2,845
Other creditors
628,881
168,674
12,642,857
11,915,186
A fixed and floating charge has been given in respect of the bank loan.
R H Topham & Sons Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
10
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
248,884
309,710
Obligations under finance leases
98,178
347,062
309,710
A fixed and floating charge has been given in respect of the bank loan.
Amounts included above which fall due after five years are as follows:
Payable by instalments
11,666
78,574
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
168,013
148,404
Investment property
330,713
330,713
Other gain
121,478
-
620,204
479,117
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
45,032
45,032
22,516
22,516
A shares of 50p each
14,226
14,226
7,113
7,113
B shares of 50p each
14,224
14,224
7,112
7,112
C shares of 50p each
16,582
16,582
8,291
8,291
90,064
90,064
45,032
45,032
Subject to the specific rights attributable to the A, B and C shares, the ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
R H Topham & Sons Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
11
12
Directors' transactions
Loans have been granted by the company to a director as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan account
6.50
15,582
153,805
(252,120)
(82,733)
15,582
153,805
(252,120)
(82,733)
13
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
419,150
68,329
Key management personnel
82,733
(15,582)
Interest is charged on these balances at commercial rates.
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