| REGISTERED NUMBER: |
| Strategic Report, Report of the Director and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Rumen Supplies Ltd |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Director and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Rumen Supplies Ltd |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Contents of the Financial Statements |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 4 |
| Statement of Comprehensive Income | 7 |
| Statement of Financial Position | 8 |
| Statement of Changes in Equity | 9 |
| Statement of Cash Flows | 10 |
| Notes to the Statement of Cash Flows | 11 |
| Notes to the Financial Statements | 12 |
| Rumen Supplies Ltd |
| Company Information |
| for the year ended 31 December 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Datum House |
| Electra Way |
| Crewe |
| Cheshire |
| CW1 6ZF |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Strategic Report |
| for the year ended 31 December 2024 |
| The director presents his strategic report for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| Rumen Supplies Ltd is a privately owned business based in Cheshire. Its principal activity is the sale of livestock inputs. |
| REVIEW OF BUSINESS |
| The company continued to grow in terms of sales and profitability in 2024. Sales growth was 15.39% (2023: 19.64%) and after allowing for a small drop in margin of 1.11%, the gross profit was 7.75% higher at £2.67m (2023: £2.48m). Total operating costs remained relatively low and constant at £0.52m (2023: £0.51m). |
| The company's key performance indicators are: |
| 2024 | 2023 |
| Revenue | £17.03m | £14.76m |
| Gross profit % | 15.76% | 16.78% |
| Net profit before taxation | £2.17m | £1.92m |
| Shareholder funds | £4.94m | £3.37m |
| The principal risks and uncertainties within the business relate to macro-economic factors in general and how these may affect the farming sector in particular. The company is well financed which will allow it to navigate any risks that do arise. |
| ON BEHALF OF THE BOARD: |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Report of the Director |
| for the year ended 31 December 2024 |
| The director presents his report with the financial statements of the company for the year ended 31 December 2024. |
| DIVIDENDS |
| The total amount of dividends paid in the year was £46,750 (2023: £143,633). |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Banks Sheridan (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Rumen Supplies Ltd |
| Opinion |
| We have audited the financial statements of Rumen Supplies Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Rumen Supplies Ltd |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations |
| We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the company, and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, pensions legislation, employment regulation, health and safety regulation, anti-bribery, corruption and fraud and money laundering. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006. |
| We evaluated the director and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management override, management bias through judgements and assumptions in significant accounting estimates, and the treatment of significant one-off or unusual transactions. |
| Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to: |
| - | enquiries of management and those charged with governance regarding actual and potential litigation and claims. |
| - | discussing with the directors and management their policies and procedures regarding compliance with laws and |
| regulations; |
| - | communicating identified laws and regulations throughout our engagement team and remaining alert to any |
| indications of non-compliance throughout our audit; and |
| - | considering the risk of acts by the company which were contrary to applicable laws and regulations, including |
| fraud. |
| Report of the Independent Auditors to the Members of |
| Rumen Supplies Ltd |
| Our audit procedures in relation to fraud included but were not limited to: |
| - | making enquiries of the director and management on whether they had knowledge of any actual, suspected or |
| alleged fraud; |
| - | gaining an understanding of the internal controls established to mitigate risks related to fraud; |
| - | discussing amongst the engagement team the risks of fraud; |
| - | addressing the risks of fraud through management override of controls by awareness throughout the audit; and |
| - | analytical review to identify any unusual variances. |
| There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Datum House |
| Electra Way |
| Crewe |
| Cheshire |
| CW1 6ZF |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Statement of Comprehensive |
| Income |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Distribution costs | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| 2,151,712 | 1,970,802 |
| Other operating income |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| 2,184,111 | 1,977,570 |
| Interest payable and similar expenses | 7 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Statement of Financial Position |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors: amounts falling due within one year | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Retained earnings | 21 |
| SHAREHOLDER FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Statement of Changes in Equity |
| for the year ended 31 December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Statement of Cash Flows |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 72,259 | 91,245 |
| Amount withdrawn by directors | (59,432 | ) | (30,290 | ) |
| Share issue |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
1,184,038 |
| Cash and cash equivalents at end of year | 2 | 2,805,098 | 1,114,552 |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Statement of Cash Flows |
| for the year ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) |
| Finance costs | 14,385 | 53,797 |
| Finance income | (30,854 | ) | (6,768 | ) |
| 2,253,113 | 2,072,641 |
| (Increase)/decrease in stocks | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 2,805,098 | 1,114,552 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 1,114,552 | 1,184,038 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,114,552 | 1,690,546 | 2,805,098 |
| 1,114,552 | 2,805,098 |
| Debt |
| Debts falling due within 1 year | (91,427 | ) | 91,427 | - |
| (91,427 | ) | 91,427 | - |
| Total | 1,023,125 | 1,781,973 | 2,805,098 |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Rumen Supplies Ltd ('The Company') is primarily engaged in the sale of livestock inputs. |
| The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and of the registered office is Unit 1, Brayne Hall Farm, Aston Juxta Mondrum, Nantwich, Cheshire, CW5 6DU. The registered number can be found on the Company Information page. |
| Monetary amounts in these financial statements are rounded to the nearest £. |
| 2. | STATEMENT OF COMPLIANCE |
| The financial statements of Rumen Supplies Ltd have been prepared in compliance with United Kingdom Accounting Standards, including 'The Financial Reporting Accounting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and the Companies Act 2006. |
| 3. | ACCOUNTING POLICIES |
| Summary of significant accounting policies |
| The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. |
| Basis of preparation |
| The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006. |
| Going concern |
| No material uncertainties that may cast doubt about the ability of the company to continue as a going concern have been identified by the director. Therefore, the director considers it appropriate to prepare the financial statements on the going concern basis. |
| Key accounting judgements and estimates |
| The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| The main judgements, estimates and assumptions are: |
| Impairment of assets: |
| In assessing whether there have been any indicators of impairment, the director has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. |
| Depreciation and amortisation rates: |
| In assessing the depreciation and amortisation rates the director considers the expected useful life of the specific asset involved. |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
| Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
| Operating lease income |
| Operating lease income is recognised on a straight line basis over the period of the lease or to the date of the next rent review. |
| Goodwill and intangible fixed assets |
| Intangible fixed assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is charged to administrative expenses in the Statement of Comprehensive Income. |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2017 was amortised evenly over its estimated useful life of 5 years. |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided at the following annual rates so as to write off their cost less residual amounts over their estimated useful economic lives. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount. |
| Freehold property | - 2% on cost |
| Plant and machinery | - 25% on reducing balance |
| Fixtures and fittings | - 25% on reducing balance |
| Motor vehicles | - 25% on reducing balance |
| Computer equipment | - 33.33% on cost |
| The residual values and useful lives of assets are reviewed and adjusted if appropriate at the end of each reporting period. |
| Stocks |
| Stocks are stated at cost or, if lower, selling price including costs to sell. Cost includes all costs of purchase and also other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out basis. |
| A provision is made for damaged, discontinued and slow-moving stock where appropriate. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 end of the financial year. |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the end of the financial year. |
| 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. |
| Foreign currency |
| The functional and presentational currency of the financial statements is the Pound Sterling (£). |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the date of the transactions. At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income. |
| Employee benefits |
| The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and a defined contribution pension plan. |
| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which service is received. |
| The company operates a defined contribution pension plan for its directors and employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid at the reporting date are included in accruals. The assets of the plan are held separately from the company in independently administered funds. |
| The company operates an annual bonus plan for certain employees. An expense is recognised in the Statement of Comprehensive Income when the company has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made. |
| Borrowing costs |
| All borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred.. |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| Basic financial assets, including trade debtors, other receivables, cash and bank balances and investments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Such assets are subsequently carried at amortised cost using the effective interest method. |
| Basic financial liabilities, including trade creditors, other payables, bank loans and other loans are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade debtors and other receivables within one year |
| Trade debtors and other receivables with no stated interest rate are recorded at transaction price less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents include cash on hand, demand and other short-term highly liquid investments with original maturities of three months or less. |
| Trade creditors and other payables |
| Trade creditors and other payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. |
| Impairment of assets |
| Assets not measured at fair value are reviewed for any indications that the asset may be impaired at the end of the financial year. If such indications exist the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Any losses arising from impairment are recognised in the income statement under the appropriate heading. |
| Provisions for liabilities |
| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting period end date, taking into account the risks and uncertainties surrounding the obligation. |
| Related parties |
| The company discloses transactions with related parties. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the director, separate disclosure is necessary to understand the effect of the transactions on the financial statements. |
| 4. | TURNOVER |
| The total turnover of the company for the year has been derived from its principal activity and trading is mostly undertaken in the UK. No further disclosure of turnover is given due to it being considered commercially sensitive. |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 5. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Director | 1 | 1 |
| Sales, distribution and administration | 5 | 5 |
| The company operates a defined contribution pension scheme for the benefit of employees. The assets of the scheme are administered by an independent pensions provider. Pension payments are recognised as an expense during the year and amount to £4,249 (2023: £2,770). At the reporting period end date, outstanding pension contributions amounted to £nil (2023: £nil). |
| 2024 | 2023 |
| £ | £ |
| Director's remuneration |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation of tangible fixed assets - owned assets | 132,311 | 101,839 |
| Profit on disposal of tangible fixed assets | (32,455 | ) | - |
| Auditors' remuneration: |
| - audit services | 12,550 | 10,000 |
| - other services | 10,877 | 7,318 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Director's loan interest |
| Bank loan arrangement fee |
| Penalties and interest on VAT |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Tax effect of differing rates | - | 3,846 |
| Tax effect of super allowances | - | (1,376 | ) |
| Total tax charge | 549,457 | 464,355 |
| The main rate of corporation tax increased on 1 April 2023 from 19% to 25%. |
| 9. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £0.01 each |
| Interim |
| Redeemable Preference share of £0.01 |
| Interim |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 10. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 11. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Included in the freehold property is land of £923,900 (2023: £923,900) which is not depreciated. |
| 12. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| There is no significant difference between the value of stock and the replacement value. |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Amounts owed by related |
| parties | 70,330 | 44,865 |
| Called up share capital not paid |
| Prepayments and accrued income |
| Amounts owed by related parties are unsecured, interest free and repayable on demand. |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 16) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 179,582 | 123,673 |
| Other creditors |
| Amounts owed to related |
| parties | 36,042 | - |
| Director's current account | 97,038 | 84,211 |
| Accrued expenses |
| Amounts owed to related parties are unsecured, interest free and repayable on demand. |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Director's loan account | 100,000 | 100,000 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The bank loan was secured by a debenture over the company's assets and a specific charge over the company's freehold property. |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 18. | FINANCIAL INSTRUMENTS |
| The carrying amounts of the financial instruments are as follows: |
| 2024 | 2023 |
| £ | £ |
| Financial assets measured at amortised cost: |
| Cash at bank | 2,805,098 | 1,114,552 |
| Trade debtors | 2,261,593 | 1,622,043 |
| Other receivables | 89,037 | 44,866 |
| Financial liabilities measured at amortised cost: |
| Bank loans and overdrafts | - | 91,427 |
| Trade creditors | 2,552,566 | 1,337,489 |
| Other payables | 722,848 | 576,280 |
| 19. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 174,521 | 116,456 |
| Other provisions | 10,000 | 10,000 |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 January 2024 |
| Charge to Statement of Comprehensive Income during year |
| Balance at 31 December 2024 |
| The deferred tax provision consists of the tax effect of the following: |
| 2024 | 2023 |
| £ | £ |
| Accelerated capital allowances | 177,021 | 118,956 |
| Other short term timing differences | (2,500 | ) | (2,500 | ) |
| 174,521 | 116,456 |
| Other provisions of £10,000 (2023: £10,000) represents an amount to cover any obligations at the year end. |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £0.01 | 1 | 1 |
| Redeemable Preference | £0.01 | - | - |
| 1 | 1 |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 20. | CALLED UP SHARE CAPITAL - continued |
| The Ordinary shares have full equity, voting and dividend rights. |
| The Redeemable Preference shares have the right to receive dividends at the director's discretion, are redeemable at par at the option of the company at any time and are are non-voting, and non-equity. |
| 21. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2024 |
| Retained earnings represent cumulative profits and losses net of dividends and other adjustments. |
| Dividends and other distributions to the company's shareholders are recognised as liabilities in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the Statement of Changes in Equity. |
| 22. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 23. | DIRECTOR'S INTEREST IN CONTRACTS |
| An amount of £197,039 (2023: £184,211) is owed to the director and is included within creditors: amounts falling due within one year and creditors: amounts falling due after more than one year. |
| During the year interest of £12,461 (2023: £10,047) has been incurred by the company in respect of the director's loan. At 31 December 2024 an amount of £12,461 (2023: £10,047) remains unpaid and is included within accruals: amounts falling due within one year. |
| 24. | RELATED PARTY DISCLOSURES |
| Transactions with related parties during the year and balances outstanding at the end of the reporting period were as follows: |
| 2024 | 2023 |
| £ | £ |
| Sales to entities |
| Purchases from entities |
| Dividends paid | 30,000 | 120,133 |
| Amounts owed by entities |
| Rumen Supplies Ltd (Registered number: 10845002) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 24. | RELATED PARTY DISCLOSURES - continued |
| 2024 | 2023 |
| £ | £ |
| Purchases |
| Amount due to related party |
| 25. | POST BALANCE SHEET EVENTS |
| On 4 March 2025, the company acquired a 100% shareholding in Westbrook Agricultural Supplies Ltd for a total consideration of £1,000,000. |
| 26. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is A Chalklin. |
| 27. | FINANCIAL RISK MANAGEMENT |
| The company has exposure in three main areas of financial risk; foreign exchange , liquidity and customer credit. |
| Foreign exchange transactional currency exposure |
| The company is exposed to currency exchange risk due to a proportion of its transactions being denominated in non-sterling currencies. The net exposure of each currency is monitored and if necessary managed by early settlement of trade payables. |
| Liquidity and cashflow risk |
| The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows and the company is in a position to meet its commitments and obligations as they fall due. |
| Customer credit exposure |
| The company may offer credit terms to its customers which allow payment of the debt after delivery of the goods. The company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong on-going customer relationships and by effective credit control procedures. |