Company registration number 00656052 (England and Wales)
WILLIAM REYNOLDS (FARMERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
WILLIAM REYNOLDS (FARMERS) LIMITED
COMPANY INFORMATION
Directors
Mr M J Reynolds
Mrs S A Reynolds
Mrs D A Reynolds
Mrs H C Chapman
Mrs E K Bundock
Secretary
Mrs S A Reynolds
Company number
00656052
Registered office
Quarry Farm
Luffenham Road
Ketton
Stamford
Lincolnshire
United Kingdom
PE9 3UT
Accountants
Azets
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
WILLIAM REYNOLDS (FARMERS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WILLIAM REYNOLDS (FARMERS) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,104,371
1,169,570
Investments
5
65
65
1,104,436
1,169,635
Current assets
Stocks
176,789
195,387
Debtors
6
58,259
94,629
Cash at bank and in hand
624,246
683,534
859,294
973,550
Creditors: amounts falling due within one year
7
(212,192)
(377,232)
Net current assets
647,102
596,318
Total assets less current liabilities
1,751,538
1,765,953
Provisions for liabilities
(54,979)
(70,352)
Net assets
1,696,559
1,695,601
Capital and reserves
Called up share capital
8
8,000
8,000
Capital redemption reserve
2,000
2,000
Profit and loss reserves
1,686,559
1,685,601
Total equity
1,696,559
1,695,601
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2025 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.
WILLIAM REYNOLDS (FARMERS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 June 2025 and are signed on its behalf by:
Mr M J Reynolds
Mrs S A Reynolds
Director
Director
Company Registration No. 00656052
WILLIAM REYNOLDS (FARMERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information
William Reynolds (Farmers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quarry Farm, Luffenham Road, Ketton, Stamford, Lincolnshire, United Kingdom, PE9 3UT.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at fair value of consideration received or receivable net of VAT. Turnover represents farming income from sales of crops and livestock and from contracting work, at invoiced value excluding VAT, together with associated grants and subsidies.
Turnover from crop and livestock sales is recognised when significant risks and rewards of ownership have transferred to the buyer, normally on delivery.
Turnover from the provision of services is recognised on the delivery of those services by reference to the stage of completion at the balance sheet date.
1.3
Intangible fixed assets other than goodwill
Basic Payment Entitlement was initially measured at fair value and amortised over its estimated useful life of 5 years. It has now been fully written off.
1.4
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 less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
Leasehold improvements
at variable rates on reducing balance
Plant and equipment
15% and 25% on reducing balance
Combines
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
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.
WILLIAM REYNOLDS (FARMERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stock valuations have been prepared in accordance with the principles laid down by HM Revenue & Customs.
Cultivations are biological assets and are included at cost calculated by reference to the seeds, fertilisers, sprays and machinery and labour attributable to the stage of production reached.
Livestock and stocks of fertilisers and sprays are valued by reference to quantities held at the year end at the lower of cost ( or deemed cost ) and net realisable value.
1.6
Financial instruments
Loans to or from the directors are measured at transaction value.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price less any impairment.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WILLIAM REYNOLDS (FARMERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
1.10
Government grants
Government grants are recognised on a performance basis.
Basic Payments Entitlements have been recognised at fair value as intangible assets and are being amortised to write off these to the profit and loss account over their useful lives.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
4
4
3
Intangible fixed assets
Basic Payment Entitlement
£
Cost
At 1 April 2024 and 31 March 2025
49,830
Amortisation and impairment
At 1 April 2024 and 31 March 2025
49,830
Carrying amount
At 31 March 2025
At 31 March 2024
WILLIAM REYNOLDS (FARMERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
978,449
1,030,447
2,008,896
Depreciation and impairment
At 1 April 2024
70,957
768,369
839,326
Depreciation charged in the year
1,387
63,812
65,199
At 31 March 2025
72,344
832,181
904,525
Carrying amount
At 31 March 2025
906,105
198,266
1,104,371
At 31 March 2024
907,492
262,078
1,169,570
5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
65
65
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,123
Other debtors
58,259
93,506
58,259
94,629
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
6,288
14,503
Corporation tax
12,339
25,135
Other taxation and social security
4,559
3,803
Other creditors
189,006
333,791
212,192
377,232
Creditors due within one year include hire purchase debts secured on normal terms of £nil (2024: £101,714).
WILLIAM REYNOLDS (FARMERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
8,000
8,000
8,000
8,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
74,000
113,800
10
Related party transactions
Transactions with related parties
During the year the company occupied rent free 95.5 acres of land which it jointly owns with MJ Reynolds. Other land of approximately 15 acres owned by MJ Reynolds solely or jointly with Mrs SA Reynolds was also occupied rent free.
At 31st March 2025 the company owed the directors M J and Mrs S A Reynolds £163,517 (2024: £210,957), Mrs D A Reynolds £101 (2024: £1,609) and Mrs E Bundock £415 (2024: £nil). All loans were interest free and repayable on demand.