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REGISTERED NUMBER: 09588322 (England and Wales)

















RICK HOWELL FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






RICK HOWELL FARMS LIMITED (REGISTERED NUMBER: 09588322)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


RICK HOWELL FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr F W Howell
Mrs J D Howell





REGISTERED OFFICE: The Woodlands
Main Road
Theddlethorpe
Lincolnshire
LN12 1NQ





REGISTERED NUMBER: 09588322 (England and Wales)





ACCOUNTANTS: Socius Accountants Limited
Excel House Millbrook Lane
Wragby
Market Rasen
Lincolnshire
LN8 5AB

RICK HOWELL FARMS LIMITED (REGISTERED NUMBER: 09588322)

ABRIDGED BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,583 6,381
Property, plant and equipment 5 3,106,922 1,796,893
3,112,505 1,803,274

CURRENT ASSETS
Inventories 1,011,386 911,289
Debtors 6 1,934,055 2,460,326
Cash at bank 99,738 1,185,672
3,045,179 4,557,287
CREDITORS
Amounts falling due within one year 801,420 1,478,220
NET CURRENT ASSETS 2,243,759 3,079,067
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,356,264

4,882,341

CREDITORS
Amounts falling due after more than one year - (183,123 )

PROVISIONS FOR LIABILITIES (224,285 ) (276,915 )
NET ASSETS 5,131,979 4,422,303

CAPITAL AND RESERVES
Called up share capital 1,500,100 1,500,100
Retained earnings 3,631,879 2,922,203
5,131,979 4,422,303

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

RICK HOWELL FARMS LIMITED (REGISTERED NUMBER: 09588322)

ABRIDGED BALANCE SHEET - continued
30 SEPTEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:





Mr F W Howell - Director


RICK HOWELL FARMS LIMITED (REGISTERED NUMBER: 09588322)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Rick Howell Farms 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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of ten years.

Property, plant and equipment
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.
Improvements to property - 15% on reducing balance
Tractors & combines - 15% on reducing balance
Implements & equipment - 15% on reducing balance
Motor vehicles - 20% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

RICK HOWELL FARMS LIMITED (REGISTERED NUMBER: 09588322)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2023
and 30 September 2024 7,977
AMORTISATION
At 1 October 2023 1,596
Amortisation for year 798
At 30 September 2024 2,394
NET BOOK VALUE

At 30 September 2024 5,583
At 30 September 2023 6,381

5. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST
At 1 October 2023 2,621,372
Additions 1,473,807
Transfer to ownership 71,231
At 30 September 2024 4,166,410
DEPRECIATION
At 1 October 2023 824,479
Charge for year 163,778
Transfer to ownership 71,231
At 30 September 2024 1,059,488
NET BOOK VALUE
At 30 September 2024 3,106,922
At 30 September 2023 1,796,893

RICK HOWELL FARMS LIMITED (REGISTERED NUMBER: 09588322)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 October 2023
and 30 September 2024 1,050,425
DEPRECIATION
At 1 October 2023 290,817
Charge for year 87,097
Transfer to ownership 71,231
At 30 September 2024 449,145
NET BOOK VALUE
At 30 September 2024 601,280
At 30 September 2023 759,608

6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other debtors 1,500,000 1,500,000

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 183,123 390,214

The loans are secured by legal charges over the equipment financed.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
Mr F W Howell
Balance outstanding at start of year 398,331 556,915
Amounts advanced - 635,617
Amounts repaid (398,331 ) (794,201 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 398,331

All advances made to directors are unsecured, repayable on demand and with no interest charged.