Robert Mitchell(Farms)Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Robert Mitchell(Farms)Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00719280 . The registered office is Highfield Farm, Frankton, Rugby, Warwickshire, CV23 9PP.

2. Accounting Policies

2.1. Basis of Preparation of 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant 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.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of cattle, potatoes and corn is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Basic Payment Scheme entitlements - 6 years

Provision is made for any impairment.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Freehold	4% on cost
Plant & Machinery	25% reducing balance
Motor Vehicles	10% - 25% reducing balance
Computer Equipment	25% on cost

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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Robert Mitchell(Farms)Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

2.6. Stocks and Work in Progress

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all cost of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

2.7. Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

2.8. Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2024: 5)

4. Intangible Assets

	Other
	£
Cost
As at 1 May 2024	58,425

As at 30 April 2025	58,425

Amortisation
As at 1 May 2024	58,425

As at 30 April 2025	58,425

Net Book Value
As at 30 April 2025	-

As at 1 May 2024	-

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Robert Mitchell(Farms)Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

5. Tangible Assets

	Land & Buildings	Plant & Machinery etc.	Total
	£	£	£
Cost
As at 1 May 2024	3,104,579	1,656,824	4,761,403
Additions	27,195	139,576	166,771
Disposals	-	(100,575 )	(100,575 )

As at 30 April 2025	3,131,774	1,695,825	4,827,599

Depreciation
As at 1 May 2024	576,239	1,017,483	1,593,722
Provided during the period	38,073	126,121	164,194
Disposals	-	(51,971 )	(51,971 )

As at 30 April 2025	614,312	1,091,633	1,705,945

Net Book Value
As at 30 April 2025	2,517,462	604,192	3,121,654

As at 1 May 2024	2,528,340	639,341	3,167,681

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	7,760	10,346
Motor Vehicles	228,093	203,376

	235,853	213,722

6. Investments

	Listed
	£
Cost
As at 1 May 2024	4,225

As at 30 April 2025	4,225

Provision
As at 1 May 2024	-

As at 30 April 2025	-

Net Book Value
As at 30 April 2025	4,225

As at 1 May 2024	4,225

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Robert Mitchell(Farms)Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

7. Stocks

	2025	2024
	£	£
Stock	77,795	79,575
Finished goods	198,673	152,805
Work in progress	824,664	688,480

	1,101,132	920,860

8. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	44,917	47,482
Prepayments and accrued income	18,000	6,217
VAT	36,843	10,013
Directors' loan accounts	-	1,535

	99,760	65,247

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	83,112	65,827
Trade creditors	160,900	68,600
Bank loans and overdrafts	191,428	247,899
Corporation tax	49,615	1,076
Other creditors	110,442	110,208
Accruals and deferred income	11,543	12,202
Directors' loan accounts	200,185	144,369

	807,225	650,181

10. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	29,227	66,361
Bank loans	565,470	594,369

	594,697	660,730

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	2025		2024
	£		£
Bank loans	440,126		470,768

11. Secured Creditors

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Bank loans and overdrafts	756,898		842,269

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Robert Mitchell(Farms)Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

Amounts owed to the bank are secured by a fixed charge over the land at Lime Kiln farm.

12. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	30,221	29,656

	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	125,344	123,601

	2025	2024
	£	£
Amounts falling due after more than five years:
Bank loans	440,126	470,768

13. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	83,112	65,827
Later than one year and not later than five years	29,227	66,361

	112,339	132,188

	112,339	132,188

14. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
12,500 Ordinary Shares of £ 1.00 each	12,500	12,500
8,899 Ordinary A shares of £ 1.00 each	8,899	8,899
3,601 Ordinary B shares of £ 1.00 each	3,601	3,601

	25,000	25,000

15. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 May 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 30 April 2025
	£	£	£	£	£
Mr Robert Mitchell	1,535	6,200	7,735	-	-

The above loan is provided interest free and repayable on demand.

16. Related Party Disclosures

At the balance sheet date, a shareholder was owed £110,000 (2024: £110,000) in respect of a loan. The loan has been provided interest free and is repayable on demand.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		3,121,654		3,167,681
Investments	6		4,225		4,225

			3,125,879		3,171,906
CURRENT ASSETS
Stocks	7	1,101,132		920,860
Debtors	8	99,760		65,247

		1,200,892		986,107
Creditors: Amounts Falling Due Within One Year	9	(807,225 )		(650,181 )

NET CURRENT ASSETS (LIABILITIES)			393,667		335,926

TOTAL ASSETS LESS CURRENT LIABILITIES			3,519,546		3,507,832

Creditors: Amounts Falling Due After More Than One Year	10		(594,697 )		(660,730 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(177,172 )		(142,053 )

NET ASSETS			2,747,677		2,705,049

CAPITAL AND RESERVES
Called up share capital	14		25,000		25,000
Fair value reserve			415,205		415,205
Profit and Loss Account			2,307,472		2,264,844

SHAREHOLDERS' FUNDS			2,747,677		2,705,049