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REGISTRAR OF COMPANIES

Registration number: 05749548

R & A Slack (Cockley Bank) Limited

Unaudited Financial Statements

28 February 2025

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R & A Slack (Cockley Bank) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

5

 

R & A Slack (Cockley Bank) Limited

Company Information

Directors

G R Slack

A Slack

Company secretary

A Slack

Registered office

Cockley Bank
Heads Nook
BRAMPTON
CA8 9EQ
 

Accountants

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
 

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
R & A Slack (Cockley Bank) Limited
for the Year Ended 28 February 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R & A Slack (Cockley Bank) Limited for the year ended 28 February 2025 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of R & A Slack (Cockley Bank) Limited, as a body, in accordance with the terms of our engagement letter dated 19 May 2023. Our work has been undertaken solely to prepare for your approval the accounts of R & A Slack (Cockley Bank) Limited and state those matters that we have agreed to state to the Board of Directors of R & A Slack (Cockley Bank) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R & A Slack (Cockley Bank) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that R & A Slack (Cockley Bank) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of R & A Slack (Cockley Bank) Limited. You consider that R & A Slack (Cockley Bank) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of R & A Slack (Cockley Bank) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

16 May 2025

 

R & A Slack (Cockley Bank) Limited

(Registration number: 05749548)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

320,918

324,901

Other financial assets

6

100

100

 

321,018

325,001

Current assets

 

Stocks

488,711

584,473

Debtors

7

64,342

29,428

Cash at bank and in hand

 

126,781

131,629

 

679,834

745,530

Creditors: Amounts falling due within one year

8

(907,406)

(975,184)

Net current liabilities

 

(227,572)

(229,654)

Total assets less current liabilities

 

93,446

95,347

Provisions for liabilities

(45,880)

(52,221)

Net assets

 

47,566

43,126

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

47,466

43,026

Total equity

 

47,566

43,126

 

R & A Slack (Cockley Bank) Limited

(Registration number: 05749548)
Balance Sheet as at 28 February 2025 (continued)

For the financial year ending 28 February 2025 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 and 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 16 May 2025 and signed on its behalf by:
 

.........................................

G R Slack

Director

 

R & A Slack (Cockley Bank) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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:
Cockley Bank
Heads Nook
BRAMPTON
CA8 9EQ

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has net current liabilities at 28 February 2025 and meets its day to day working capital requirements through financial support provided by the directors by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its directors, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.

 

R & A Slack (Cockley Bank) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Land and buildings

10% reducing balance basis

Plant and equipment

15% reducing balance and 33% straight line basis

Motor vehicles

25% reducing balance basis

Land and buildings includes tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 10% reducing balance over their useful economic life, and not the duration of the lease.

 

R & A Slack (Cockley Bank) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Preference shares are classified as debt when the shares are redeemable in the future at the option of the holder.

 

R & A Slack (Cockley Bank) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

 

R & A Slack (Cockley Bank) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 March 2024

151,020

151,020

At 28 February 2025

151,020

151,020

Amortisation

At 1 March 2024

151,020

151,020

At 28 February 2025

151,020

151,020

Carrying amount

At 28 February 2025

-

-

At 29 February 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2024

282,683

1,492,506

34,758

1,809,947

Additions

-

54,118

-

54,118

Disposals

-

(70,461)

(16,000)

(86,461)

At 28 February 2025

282,683

1,476,163

18,758

1,777,604

Depreciation

At 1 March 2024

199,694

1,252,311

33,041

1,485,046

Charge for the year

8,300

39,324

308

47,932

Eliminated on disposal

-

(60,777)

(15,515)

(76,292)

At 28 February 2025

207,994

1,230,858

17,834

1,456,686

Carrying amount

At 28 February 2025

74,689

245,305

924

320,918

At 29 February 2024

82,989

240,195

1,717

324,901

 

R & A Slack (Cockley Bank) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

6

Other financial assets (current and non-current)

2025
£

2024
£

Non-current financial assets

Financial assets at cost less impairment

100

100

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2024

100

100

At 28 February 2025

100

100

Carrying amount

At 28 February 2025

100

100

At 29 February 2024

100

100

7

Debtors

2025
£

2024
£

Other debtors

64,342

29,428

64,342

29,428

 

R & A Slack (Cockley Bank) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

8

Creditors

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

9

883,157

892,959

Trade creditors

 

19,445

68,232

Taxation and social security

 

289

289

Corporation tax liability

 

-

9,626

Other creditors

 

4,515

4,078

 

907,406

975,184

9

Loans and borrowings

2025
£

2024
£

Current loans and borrowings

Redeemable preference shares

850,000

850,000

Other borrowings

33,157

42,959

883,157

892,959

 

R & A Slack (Cockley Bank) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

10

Related party transactions

Transactions with directors

2025

At 1 March 2024
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 28 February 2025
£

A Slack

Directors loan

22,065

28,454

(28,001)

-

(1,000)

450

21,968

               
         

 

2024

At 1 March 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 29 February 2024
£

A Slack

Directors loan

19,582

37,281

(32,372)

-

(2,800)

374

22,065

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% to March 2023 and 2.25% thereafter on advances to directors.