Registrar
Registration number:
S G Ratcliff Limited
for the Year Ended 31 March 2025
S G Ratcliff Limited
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Financial Statements |
S G Ratcliff Limited
Company Information
|
Directors |
P G Ratcliff C L Ratcliff L A Ratcliff |
|
Registered office |
|
|
Solicitors |
|
|
Bankers |
|
|
Accountants |
|
S G Ratcliff Limited
(Registration number: 00530267)
Balance Sheet as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
262,061 |
165,878 |
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets/(liabilities) |
|
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
19,250 |
19,250 |
|
|
Capital redemption reserve |
24,000 |
24,000 |
|
|
Revaluation reserve |
5,034,391 |
5,034,391 |
|
|
Retained earnings |
1,332,853 |
756,459 |
|
|
Shareholders' funds |
6,410,494 |
5,834,100 |
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
S G Ratcliff Limited
(Registration number: 00530267)
Balance Sheet as at 31 March 2025
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
Director
S G Ratcliff Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
These financial statements have been prepared on the basis of rounding to the next whole number.
Revenue recognition
Turnover represents invoiced sales of crops and rent receivable, excluding VAT.
Recognition of the Basic Payment Scheme
The Basic Payment is a government grant which is recognised on the performance basis. The Basic Payment income for 2024 is fully recognised in these accounts.
There is no recognition of the 2025 Basic Payment in these accounts.
Tax
Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
S G Ratcliff Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold property |
No depreciation |
|
Improvements to property |
10% Reducing balance |
|
Plant and machinery |
15% Reducing balance |
|
Fixtures and fittings |
20% Reducing balance |
|
Motor vehicles |
20% Reducing balance |
|
Tractors and combines |
20% Reducing balance |
Investment property
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for crops sold or services performed in the ordinary course of business.
Stocks
Stocks are valued by an independent professional valuer. The stocks have been valued using the cost model in accordance with FRS 102.
In applying the cost model, growing and harvested crops have been valued at estimated cost of production. Consumables have been valued at actual cost or replacement cost if lower, or at net realisable value if stores have deteriorated.
Trade creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Defined contribution pension obligation
The company operates a defined pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
S G Ratcliff Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
S G Ratcliff Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Freehold property |
Improvements to property |
Tractors and combines |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||||
|
At 1 April 2024 |
|
|
|
|
|
|
|
|
Additions |
- |
- |
|
- |
- |
|
|
|
Disposals |
- |
( |
( |
( |
- |
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
|
|
Depreciation |
|||||||
|
At 1 April 2024 |
- |
|
|
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
- |
( |
( |
|
At 31 March 2025 |
- |
|
|
|
|
|
|
|
Carrying amount |
|||||||
|
At 31 March 2025 |
|
|
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
|
|
S G Ratcliff Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Revaluation
The fair value of the company's Freehold Property was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Depreciation policy
Tractors and combines depreciation rate has been adjusted to be 20% reducing balance, from 25% reducing balance. In addition the motor vehicles depreciation rate has been adjusted to be 20% reducing balance, from 25% reducing balance. This is to ensure the carrying value of the machinery and motor vehicles is more accurately reflected in the financial statements. The adjustment has been reflected for the 2025 year-end accounts and thereafter.
|
Investment property |
|
2025 |
|
|
At 1 April 2024 |
|
|
At 31 March 2025 |
|
It was determined upon revaluation of land that properties should be transferred to investment property. This transfer was made on 31 October 2022. The cost of the investment property was then revalued to reflect market value of £1,995,000. If the property was reflected at historic cost it would show £274,109. The valuation was carried out by an independent valuer, Philip Hutley (FAAV). Since the above revaluation date the directors are happy that the value represented is still fair and true
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
S G Ratcliff Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Corporation tax |
160,057 |
- |
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Deferred income |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
19,250 |
|
19,250 |
S G Ratcliff Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Hire purchase contracts |
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Hire purchase contracts |
|
|
|
Related party transactions |
Loans from related parties
|
2025 |
P G Ratcliff Farms Limited |
|
At start of period |
|
|
At end of period |
|
|
|
|
|
2024 |
P G Ratcliff Farms Limited |
|
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
|
At end of period |
|
|
|
|