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Registration number: 01269341

Donald Racey & Sons Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Donald Racey & Sons Ltd
(Registration number: 01269341)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Donald Racey & Sons Ltd
(Registration number: 01269341)

Company Information

Directors

Mr J M Racey

Mrs C E Racey

Registered office

Bruces Castle Farm
Sawtry
Huntingdon
Cambs
PE28 5XQ

Registered number

01269341

 

Donald Racey & Sons Ltd
(Registration number: 01269341)

Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

332,012

398,775

Other financial assets

5

12

12

 

332,024

398,787

Current assets

 

Stocks

202,186

200,364

Debtors

6

91,494

157,408

 

293,680

357,772

Creditors: Amounts falling due within one year

7

(189,259)

(192,003)

Net current assets

 

104,421

165,769

Total assets less current liabilities

 

436,445

564,556

Creditors: Amounts falling due after more than one year

7

(41,332)

(60,000)

Provisions for liabilities

(59,279)

(79,594)

Net assets

 

335,834

424,962

Capital and Reserves

 

Called up share capital

417

417

Retained Earnings

335,417

424,545

Shareholders' funds

 

335,834

424,962

 

Donald Racey & Sons Ltd
(Registration number: 01269341)

Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 March 2025 and signed on its behalf by:
 

.........................................
Mr J M Racey
Director

 

Donald Racey & Sons Ltd
(Registration number: 01269341)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Bruces Castle Farm
Sawtry
Huntingdon
Cambs
PE28 5XQ

These financial statements were authorised for issue by the Board on 19 March 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Donald Racey & Sons Ltd
(Registration number: 01269341)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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

Farm property improvements

10% reducing balance per annum

Plant and machinery

15-25% reducing balance per annum

Motor vehicles

25% reducing balance per annum

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Donald Racey & Sons Ltd
(Registration number: 01269341)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the
reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the
obligation and the amount of the obligation can be estimated reliably.

Leases

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.

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 3 (2023 - 3).

 

Donald Racey & Sons Ltd
(Registration number: 01269341)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible Assets

Freehold land and farm improvements
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

134,085

16,095

855,804

1,005,984

Additions

-

-

408

408

At 30 September 2024

134,085

16,095

856,212

1,006,392

Depreciation

At 1 October 2023

114,556

13,230

479,423

607,209

Charge for the year

934

716

65,521

67,171

At 30 September 2024

115,490

13,946

544,944

674,380

Carrying amount

At 30 September 2024

18,595

2,149

311,268

332,012

At 30 September 2023

19,529

2,865

376,381

398,775

5

Investments

Investments at cost
£

Total
£

Cost

At 1 October 2023

12

12

At 30 September 2024

12

12

Carrying amount

At 30 September 2024

12

12

 

Donald Racey & Sons Ltd
(Registration number: 01269341)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

The directors have reviewed trade debtors for impairment and consider the impairment losses to be provided for the year are £Nil (2023 - £Nil)

All amounts are due within one year.

Current

2024
£

2023
£

Trade Debtors

12,387

94,871

Prepayments

10,625

1,676

Other debtors

68,482

60,861

 

91,494

157,408

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

44,025

50,611

Trade Creditors

 

33,602

34,696

Taxation and social security

 

-

260

Accruals and deferred income

 

43,501

38,568

Other creditors

 

68,131

67,868

 

189,259

192,003



Other creditors includes a balance of £66,331 (2023 - £67,868) due to Mr J M and Mrs C E Racey in respect of their Directors loan to the company which has no fixed date for repayment. Interest is charged at 15% per annum (2023 - 15%) and is paid on 31 March following the year end. The directors have taken the choice afforded by FRED 67 to record the balance on their Directors loan account at transaction value.

 

Donald Racey & Sons Ltd
(Registration number: 01269341)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

41,332

60,000

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

25,432

21,796

Hire purchase contracts

18,593

28,815

44,025

50,611

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

41,332

60,000

9

Related party transactions

The tenancy of Bruce’s Castle Farm, occupied by the company for the purpose of farming activities, is held in the name of Mr J M Racey, with all rents and other outgoings including all drainage, water and rates being paid by the company.