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Registered number: 03906466
R.A. Whitebread (Farms) Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 28 February 2025
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R.A. Whitebread (Farms) Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of R.A. Whitebread (Farms) 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 financial statements of R.A. Whitebread (Farms) Limited for the year ended 28 February 2025 which comprise the balance sheet, the statement of changes in equity and the related notes 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 https://www.icaew.com /regulation.
This report is made solely to the board of directors of R.A. Whitebread (Farms) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of R.A. Whitebread (Farms) Limited and state those matters that we have agreed to state to the board of directors of R.A. Whitebread (Farms) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R.A. Whitebread (Farms) 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. Whitebread (Farms) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R.A. Whitebread (Farms) Limited. You consider that R.A. Whitebread (Farms) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of R.A. Whitebread (Farms) 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 financial statements.
Kreston Reeves LLP
Chartered Accountants
2nd Floor, Maritime Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ
5 September 2025
Page 1
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R.A. Whitebread (Farms) Limited
Registered number: 03906466
Balance sheet
As at 28 February 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Investment property reserve
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Page 2
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R.A. Whitebread (Farms) Limited
Registered number: 03906466
Balance sheet (continued)
As at 28 February 2025
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 7 to 16 form part of these financial statements.
Page 3
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R.A. Whitebread (Farms) Limited
Statement of changes in equity
For the year ended 28 February 2025
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Capital redemption reserve
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Comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Transfer to capital redemption reserve
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Transfer from profit and loss account
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Comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Transfer to capital redemption reserve
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Transfer from profit and loss account
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Page 4
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R.A. Whitebread (Farms) Limited
Statement of changes in equity (continued)
For the year ended 28 February 2025
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The notes on pages 7 to 16 form part of these financial statements.
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Share capital
This reserve represents the nominal value of shares that have been issued.
Other equity reserve
This reserve represents the equity component of the redeemable preference shares.
Revaluation reserve
The company uses the revaluation model for the measurement of its listed investments and investment property. This reserve records the non-distributable revaluation surplus recognised less the related provision for deferred tax.
Capital redemption reserve
This reserve records the nominal value of shares redeemed by the Company.
Profit and loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.
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Page 5
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R.A. Whitebread (Farms) Limited
Statement of changes in equity
For the year ended 29 February 2024
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Capital redemption reserve
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Comprehensive income for the year
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Transfer to capital redemption reserve
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Transfer from profit and loss account
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Comprehensive income for the year
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Transfer to capital redemption reserve
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Transfer from profit and loss account
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The notes on pages 7 to 16 form part of these financial statements.
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Page 6
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R.A. Whitebread (Farms) Limited
Notes to the financial statements
For the year ended 28 February 2025
R.A. Whitebread (Farms) Limited ("the company") is a private company limited by shares and is incorporated in England with the registration number 03906466. The address of the registered office, and the trading address, is Gattons Farmhouse, Cooling Street, Cliffe, Rochester, Kent, ME3 7UA.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The Company's functional currency is Pound Sterling and the financial statements are rounded to the nearest £1.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 7
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R.A. Whitebread (Farms) Limited
Notes to the financial statements
For the year ended 28 February 2025
2.Accounting policies (continued)
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The company operates a defined contribution plan for its 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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Page 8
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R.A. Whitebread (Farms) Limited
Notes to the financial statements
For the year ended 28 February 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.
Depreciation is provided on the following bases:
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Grain store and building improvements
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 9
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R.A. Whitebread (Farms) Limited
Notes to the financial statements
For the year ended 28 February 2025
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the directors. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Page 10
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R.A. Whitebread (Farms) Limited
Notes to the financial statements
For the year ended 28 February 2025
2.Accounting policies (continued)
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 5 (2024 - 5).
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Page 11
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R.A. Whitebread (Farms) Limited
Notes to the financial statements
For the year ended 28 February 2025
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Charge for the year on owned assets
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Page 12
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R.A. Whitebread (Farms) Limited
Notes to the financial statements
For the year ended 28 February 2025
4.Tangible fixed assets (continued)
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Charge for the year on owned assets
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Page 13
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R.A. Whitebread (Farms) Limited
Notes to the financial statements
For the year ended 28 February 2025
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Freehold investment property
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The directors have decided not to revalue the Investment property for the 2025 statutory accounts.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 14
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R.A. Whitebread (Farms) Limited
Notes to the financial statements
For the year ended 28 February 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Share capital treated as debt
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Creditors: Amounts falling due after more than one year
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Share capital treated as debt
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Revaluation of investment property
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Revaluation of listed investments
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Page 15
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R.A. Whitebread (Farms) Limited
Notes to the financial statements
For the year ended 28 February 2025
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Shares classified as equity
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Allotted, called up and fully paid
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500,000 (2024 - 500,000) Ordinary shares of £1.00 each
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Shares classified as debt
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Allotted, called up and fully paid
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1,512,434 (2024 - 1,812,434) Redeemable preference shares of £1.00 each
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The company has the option to redeem these shares provided that six months has elapsed since any previous redemption. To date, 3,850,000 redeemable preference shares have been redeemed. No premium is payable on redemption.
The redeemable preference shares have been accounted for as a compound instrument as the instrument contains both liability and equity components. The liability component has been calculated as the net present value of the future cash flows, discounted at a market interest rate for a similar liability that does not have the associated equity component. The residual proceeds have then been allocated to equity and have not been subsequently remeasured. The liability component has subsequently been accounted for at amortised cost using the effective interest method.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,786 (2024 - £12,869). There we no contributions (2024 - £nil) payable to the fund at the balance sheet date.
Page 16
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