IRIS Accounts Production v24.3.2.46 01602550 Board of Directors 1.7.23 30.6.24 30.6.24 0 0 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh016025502023-06-30016025502024-06-30016025502023-07-012024-06-30016025502022-06-30016025502022-07-012023-06-30016025502023-06-3001602550ns15:EnglandWales2023-07-012024-06-3001602550ns14:PoundSterling2023-07-012024-06-3001602550ns10:Director12023-07-012024-06-3001602550ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3001602550ns10:SmallEntities2023-07-012024-06-3001602550ns10:AuditExempt-NoAccountantsReport2023-07-012024-06-3001602550ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3001602550ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3001602550ns10:FullAccounts2023-07-012024-06-3001602550ns10:OrdinaryShareClass12023-07-012024-06-3001602550ns10:Director22023-07-012024-06-3001602550ns10:RegisteredOffice2023-07-012024-06-3001602550ns5:CurrentFinancialInstruments2024-06-3001602550ns5:CurrentFinancialInstruments2023-06-3001602550ns5:Non-currentFinancialInstruments2024-06-3001602550ns5:Non-currentFinancialInstruments2023-06-3001602550ns5:ShareCapital2024-06-3001602550ns5:ShareCapital2023-06-3001602550ns5:RetainedEarningsAccumulatedLosses2024-06-3001602550ns5:RetainedEarningsAccumulatedLosses2023-06-3001602550ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-07-012024-06-3001602550ns5:LandBuildingsns5:ShortLeaseholdAssets2023-07-012024-06-3001602550ns5:LongLeaseholdAssetsns5:LandBuildings2023-07-012024-06-3001602550ns5:PlantMachinery2023-07-012024-06-3001602550ns5:FurnitureFittings2023-07-012024-06-3001602550ns5:MotorVehicles2023-07-012024-06-3001602550ns5:ComputerEquipment2023-07-012024-06-3001602550ns5:LandBuildings2023-06-3001602550ns5:LandBuildingsns5:ShortLeaseholdAssets2023-06-3001602550ns5:LongLeaseholdAssetsns5:LandBuildings2023-06-3001602550ns5:PlantMachinery2023-06-3001602550ns5:LandBuildings2023-07-012024-06-3001602550ns5:LandBuildings2024-06-3001602550ns5:LandBuildingsns5:ShortLeaseholdAssets2024-06-3001602550ns5:LongLeaseholdAssetsns5:LandBuildings2024-06-3001602550ns5:PlantMachinery2024-06-3001602550ns5:LandBuildings2023-06-3001602550ns5:LandBuildingsns5:ShortLeaseholdAssets2023-06-3001602550ns5:LongLeaseholdAssetsns5:LandBuildings2023-06-3001602550ns5:PlantMachinery2023-06-3001602550ns5:FurnitureFittings2023-06-3001602550ns5:MotorVehicles2023-06-3001602550ns5:ComputerEquipment2023-06-3001602550ns5:FurnitureFittings2024-06-3001602550ns5:MotorVehicles2024-06-3001602550ns5:ComputerEquipment2024-06-3001602550ns5:FurnitureFittings2023-06-3001602550ns5:MotorVehicles2023-06-3001602550ns5:ComputerEquipment2023-06-3001602550ns5:LeasedAssetsHeldAsLessee2023-07-012024-06-3001602550ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3001602550ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3001602550ns5:Secured2024-06-3001602550ns5:Secured2023-06-3001602550ns10:OrdinaryShareClass12024-06-30
REGISTERED NUMBER: 01602550 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

R & M Smithson (Farming) Limited

R & M Smithson (Farming) Limited (Registered number: 01602550)






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


R & M Smithson (Farming) Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: R H Smithson
M Smithson





REGISTERED OFFICE: Lutyens
Low Street, Beckingham
Doncaster
Yorkshire
DN10 4PW





REGISTERED NUMBER: 01602550 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

R & M Smithson (Farming) Limited (Registered number: 01602550)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,787,869 1,836,917

CURRENT ASSETS
Stocks 396,000 395,844
Debtors 5 35,895 31,979
Cash at bank 156 4,446
432,051 432,269
CREDITORS
Amounts falling due within one year 6 472,307 236,228
NET CURRENT (LIABILITIES)/ASSETS (40,256 ) 196,041
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,747,613

2,032,958

CREDITORS
Amounts falling due after more than one
year

7

(445,413

)

(551,793

)

PROVISIONS FOR LIABILITIES (104,252 ) (114,503 )
NET ASSETS 1,197,948 1,366,662

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 1,197,848 1,366,562
SHAREHOLDERS' FUNDS 1,197,948 1,366,662

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 18 March 2025 and were signed on its behalf by:





M Smithson - Director


R & M Smithson (Farming) Limited (Registered number: 01602550)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

R & M Smithson (Farming) 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land - not provided
Improvements to property - not provided
Grain store - 2% on cost
Plant and machinery - 15% on reducing balance
Implements & equipment - 15% on reducing balance
Tractors & motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.


R & M Smithson (Farming) Limited (Registered number: 01602550)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Improvements
to Grain Plant and
Land property store machinery
£    £    £    £   
COST
At 1 July 2023
and 30 June 2024 1,119,877 32,048 551,847 287,948
DEPRECIATION
At 1 July 2023 - - 97,938 126,536
Charge for year - - 11,037 24,212
At 30 June 2024 - - 108,975 150,748
NET BOOK VALUE
At 30 June 2024 1,119,877 32,048 442,872 137,200
At 30 June 2023 1,119,877 32,048 453,909 161,412

R & M Smithson (Farming) Limited (Registered number: 01602550)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Tractors
Implements & motor Computer
& equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023
and 30 June 2024 58,363 142,805 1,650 2,194,538
DEPRECIATION
At 1 July 2023 55,097 76,621 1,429 357,621
Charge for year 490 13,237 72 49,048
At 30 June 2024 55,587 89,858 1,501 406,669
NET BOOK VALUE
At 30 June 2024 2,776 52,947 149 1,787,869
At 30 June 2023 3,266 66,184 221 1,836,917

Included within fixed assets are assets held under hire purchase with a net book value of £nil (2023 : £116,249). Depreciation charged in the year on these assets amounted to £nil (2023: 30,996).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,294 -
Other debtors 27,601 31,979
35,895 31,979

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 403,188 100,221
Hire purchase contracts 15,623 17,044
Trade creditors 7,925 4,739
Taxation and social security 42,278 102,708
Other creditors 3,293 11,516
472,307 236,228

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 438,746 551,793
Hire purchase contracts 6,667 -
445,413 551,793

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 119,249 178,876

R & M Smithson (Farming) Limited (Registered number: 01602550)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 545,380 652,014
Hire purchase contracts 22,290 17,044
567,670 669,058

Bank loans are secured over the land and assets of the company.

Hire purchase loans are secured against the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100