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R G MEDLER FARMING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Registered number: 03854118
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R G MEDLER FARMING LIMITED
REGISTERED NUMBER:03854118
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BALANCE SHEET
AS AT 30 SEPTEMBER 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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Provisions for liabilities
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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 on 1 October 2025.
Page 1
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R G MEDLER FARMING LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
R G Medler Farming Limited is a private company, limited by shares, domiciled in England and Wales, registration number 03854118. The company's registered office is The Builders Yard, Beechwood Avenue, Aylmerton, Norwich, Norfolk, NR11 8QQ.
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 following principal accounting policies have been applied:
Turnover comprises amounts receivable for cereal crops and sugar beet incorporating year end valuations, exclusive of Value Added Tax.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives.
Freehold agricultural land is not depreciated as this is considered to have an indefinite useful life. The directors also consider that the residual value of various farm buildings and barns significantly exceed their historical cost and accordingly a depreciation provision is not required. The directors undertake an annual impairment review of all assets.
Depreciation is provided on the following basis:
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Freehold land & buildings
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A full years depreciation charge is provided in the year of acquisition and none in the year of disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Stocks of harvested crops are valued using the deemed cost basis, in accordance with H M Revenue and Customs guidance, as outlined in Business Economic Note 19 - "Farming - Stock Valuations" (Now HS232). Stock also includes a valuation at cost of seeds, fertilisers and sprays in hand and other cultivations in respect of the 2025 harvest.
Debtors are measured at transaction price, less any impairment for bad or doubtful debts.
Page 2
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R G MEDLER FARMING LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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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.
Creditors are measured at transaction price.
Interest income is recognised in the Statement of Comprehensive Income in the year in which it is received.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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Current and deferred taxation
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The taxation expense for the year comprises current and deferred tax. Taxation is only recognised in the Statement of Comprehensive Income.
The current corporation tax charge is calculated on the basis of taxation rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.
The charge for taxation takes into account taxation deferred or accelerated as a result of all material timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only to the extent that they are regarded as recoverable within the foreseeable future. Deferred tax assets and liabilities are not discounted.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Page 3
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R G MEDLER FARMING LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Freehold land and buildings
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Charge for the year on owned assets
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 4
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