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Registered Number:03477012
ROBERT FAIRLEY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
PAGES FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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ROBERT FAIRLEY LIMITED
REGISTERED NUMBER:03477012
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BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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ROBERT FAIRLEY LIMITED
REGISTERED NUMBER:03477012
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 profit and loss account 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 on 11 September 2025.
The notes on pages 3 to 7 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Robert Fairley Limited (the "Company") is a company limited by shares and incorporated and domiciled in England & Wales. The address of the registered office is Abbotts Hall, Clacton Road, Horsley Cross, Mistley, Manningtree, Essex, CO11 2NU.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The directors continue to monitor all known factors and consider the company to remain a going concern.
The following principal accounting policies have been applied:
Rental income 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. Rental income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on cost.
Depreciation is provided on the following basis:
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2% on cost and 10% on cost
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10% on cost and 20% on cost
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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.
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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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Investment in the joint venture undertaking is included at lower of cost and net realisable value.
Revenue from the joint venture is calculated in accordance with the farming partnership's profit sharing agreement and recognised to the extent that it is probably 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.
Where the company has drawn monies in excess of that available in accordance with the farming partnership's profit sharing agreement the investment in the joint venture is recognised as a liability in the company's financial statements.
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.
The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Income from participating interests
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The company has an interest in a farming partnership, the T & R Fairley Farming Partnership which is based in the United Kingdom.
The partnership is operated as a joint venture between Robert Fairley Limited and T Fairley & Sons Limited.
The operating profit achieved in the year was £476,191 (2023 - £260,529) and the share of profit attributable to this company of £131,546 (2023 - £48,969) is disclosed on the face of the profit and loss account.
The balance sheet value at 31 December 2024 was £418,182 (2023 - £512,596) and of this a liability of £182,328 (2023 - £129,357) has been included in the balance sheet of the company.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Included in freehold land and buildings is land valued at £1,139,801 (2023 - £1,139,801) which is not depreciated. The freehold land and buildings were valued at their open market value for existing use on 6 February 1998 by Fenn Wright in James Fairley and Sons (Farms) Limited prior to the demerger of that company. The land and buildings were then transferred into this company at that valuation.
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Prepayments and accrued income
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other financial commitment and guarantees
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The company has given a guarantee to its bankers in respect of T & R Fairley Farming Partnership.
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Related party transactions
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The company is controlled by the director, R W H Fairley, by virtue of his 100% shareholding.
Mr R W H Fairley operates an interest free loan account with the company. At 31 December 2024 R W H Fairley owed the company £594,569 (2023 - £572,729). The maximum balance owed by R W H Fairley to the company during the year was £618,683 (2023 £600,756). Advances in the year totalled £80,954 (2023 - £135,887).
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