REGISTERED NUMBER: 00494698 (England and Wales)

R. HARDY (VEGETABLES) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

C R Hardy

R Hardy

Mrs M M Hardy

Miss L Harrison

SECRETARY:

R Hardy

REGISTERED OFFICE:

Willoughby House

Fishtoft

Boston

Lincolnshire

PE21 9SA

REGISTERED NUMBER:

00494698 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

5 Resolution Close

Endeavour Park

Boston

Lincolnshire

PE21 7TT

SOLICITORS:

Roythornes

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,565,391

1,716,424

Investments

6

1,527,630

657,737

Investment property

7

260,000

260,000

3,353,021

2,634,161

CURRENT ASSETS

Valuation

2,371,500

1,328,852

Debtors

8

634,668

1,043,121

Cash at bank and in hand

726,442

1,599,982

3,732,610

3,971,955

CREDITORS

Amounts falling due within one year

9

1,795,910

2,249,165

NET CURRENT ASSETS

1,936,700

1,722,790

TOTAL ASSETS LESS CURRENT LIABILITIES

5,289,721

4,356,951

PROVISIONS FOR LIABILITIES

375,012

402,435

NET ASSETS

4,914,709

3,954,516

CAPITAL AND RESERVES

Called up share capital

11

1,400

1,400

Other reserves

12

68,925

-

Retained earnings

12

4,844,384

3,953,116

SHAREHOLDERS' FUNDS

4,914,709

3,954,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2025 and were signed on its behalf by:

R Hardy - Director

1.	STATUTORY INFORMATION

R. Hardy (Vegetables) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net accrued invoiced sales of goods, excluding value added tax.

Sales of crops are recognised on despatch.

Intangible assets

Basic Payment Scheme Entitlements have been capitalised in the accounts at cost and are being amortised on a straight line basis until December 2019.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and at variable rates on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Valuation

Stock represents the farm valuation, which has been prepared by the directors at the lower of cost and estimated selling price less costs to sell.

Financial instruments

The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 the income statement in the period to which they relate.

Investments

Unquoted fixed asset investments are stated at cost less provision for any permanent diminution in value. Fixed asset investments that can be reliably measured at market value are measured at their fair value.

Basic payment scheme

The basic payment scheme is recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2024

and 31 January 2025

104,158

AMORTISATION

At 1 February 2024

and 31 January 2025

104,158

NET BOOK VALUE

At 31 January 2025

-

At 31 January 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2024

6,336,315

Additions

129,652

Disposals

(192,496

)

At 31 January 2025

6,273,471

DEPRECIATION

At 1 February 2024

4,619,891

Charge for year

264,841

Eliminated on disposal

(176,652

)

At 31 January 2025

4,708,080

NET BOOK VALUE

At 31 January 2025

1,565,391

At 31 January 2024

1,716,424

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 February 2024

657,737

Additions

846,576

Revaluations

23,317

At 31 January 2025

1,527,630

NET BOOK VALUE

At 31 January 2025

1,527,630

At 31 January 2024

657,737

Cost or valuation at 31 January 2025 is represented by:

Other

investments

£

Valuation in 2025

1,527,630

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

1,504,313

657,737

Fixed asset investments were valued on an open market basis on 31 January 2025 by the investment manager .

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2024

and 31 January 2025

260,000

NET BOOK VALUE

At 31 January 2025

260,000

At 31 January 2024

260,000

Fair value at 31 January 2025 is represented by:

£

Valuation in 2020

260,000

If investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

196,498

196,498

Investment property was valued on an open market basis on 21 January 2020 by Fairweather Estate Agents .

The directors have reviewed the valuation at the year end and consider it to be materially correct.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

240,110

447,157

Directors' loan accounts

-

31,883

VAT

42,302

43,778

Prepayments and accrued income

352,256

520,303

634,668

1,043,121

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

-

37,328

Trade creditors

296,305

319,925

Amounts owed to group undertakings

613,064

1,172,564

Tax

354,966

154,779

Social security and other taxes

36,473

33,450

Other creditors

462,033

531,119

Directors' loan accounts

33,069

-

1,795,910

2,249,165

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

-

37,328

Hire purchase liabilities are secured against the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1,400

Ordinary

1

1,400

1,400

12.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 February 2024

3,953,116

-

3,953,116

Profit for the year

960,193

-

960,193

Transfer

(68,925

)

68,925

-

At 31 January 2025

4,844,384

68,925

4,913,309

Other reserves relate to unrealised gains, net of deferred tax, on fixed asset investments and investment property.