Registered number
06980925
RT FARM & INDUSTRIAL BUILDINGS LIMITED
Filleted Accounts
31 August 2024
RT FARM & INDUSTRIAL BUILDINGS LIMITED
Registered number: 06980925
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 2,376,358 1,644,955
Current assets
Stocks 70,000 60,000
Debtors 5 281,143 341,855
Cash at bank and in hand 19,914 1,000
371,057 402,855
Creditors: amounts falling due within one year 6 (1,201,812) (992,104)
Net current liabilities (830,755) (589,249)
Total assets less current liabilities 1,545,603 1,055,706
Creditors: amounts falling due after more than one year 7 (849,861) (509,327)
Provisions for liabilities (384,413) (235,792)
Net assets 311,329 310,587
Capital and reserves
Called up share capital 50,002 50,002
Profit and loss account 261,327 260,585
Shareholders' funds 311,329 310,587
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R C Triggs
Director
Approved by the board on 27 May 2025
RT FARM & INDUSTRIAL BUILDINGS LIMITED
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold land and buildings 2% straight line
Plant and machinery 10% reducing balance
Motor vehicles 20% reducing balance
Fixtures, fittings, tools and office equipment 3 years straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 102,427
At 31 August 2024 102,427
Amortisation
At 1 September 2023 102,427
At 31 August 2024 102,427
Net book value
At 31 August 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 395,516 1,988,230 274,136 2,657,882
Additions - 967,529 39,240 1,006,769
Disposals - (35,700) (14,525) (50,225)
At 31 August 2024 395,516 2,920,059 298,851 3,614,426
Depreciation
At 1 September 2023 11,145 784,838 216,944 1,012,927
Charge for the year 1,712 215,621 18,525 235,858
On disposals - - (10,717) (10,717)
At 31 August 2024 12,857 1,000,459 224,752 1,238,068
Net book value
At 31 August 2024 382,659 1,919,600 74,099 2,376,358
At 31 August 2023 384,371 1,203,392 57,192 1,644,955
5 Debtors 2024 2023
£ £
Trade debtors 270,667 286,995
Other debtors 10,476 54,860
281,143 341,855
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 36,801 83,644
Obligations under finance lease and hire purchase contracts 423,874 273,438
Trade creditors 641,375 480,833
Taxation and social security costs 45,208 108,682
Other creditors 54,554 45,507
1,201,812 992,104
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 149,334 164,783
Obligations under finance lease and hire purchase contracts 700,527 344,544
849,861 509,327
8 Other information
RT FARM & INDUSTRIAL BUILDINGS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
9 High Street
Wellington
Somerset
TA21 8QT
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