Registrar
Registration number:
P G Ratcliff Farms Limited
for the Year Ended 31 March 2025
P G Ratcliff Farms Limited
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
P G Ratcliff Farms Limited
Company Information
|
Directors |
P G Ratcliff C L Ratcliff L A Ratcliff |
|
Company secretary |
L A Ratcliff |
|
Registered office |
|
|
Solicitors |
|
|
Bankers |
|
|
Accountants |
|
P G Ratcliff Farms Limited
(Registration number: 06506983)
Balance Sheet as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
- |
|
|
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
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 |
150,100 |
150,100 |
|
|
Retained earnings |
720,172 |
677,949 |
|
|
Shareholders' funds |
870,272 |
828,049 |
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. |
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’.
P G Ratcliff Farms Limited
(Registration number: 06506983)
Balance Sheet as at 31 March 2025
Approved and authorised by the
Director
P G Ratcliff Farms Limited
Notes to the Unaudited 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:
The principal place of business is: Black Notley Hall, Black Notley, Braintree, Essex, CM77 8LF.
|
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Revenue recognition
Turnover comprises invoiced sales of crops and livestock, net of 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.
Tax
The tax expense for the period comprises corporation tax. Tax is recognised in profit or loss, 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.
P G Ratcliff Farms Limited
Notes to the Unaudited 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 |
|
Grain barn |
20% reducing balance method |
|
Plant and machinery |
15% reducing balance method |
|
Tractors and combine harvesters |
20% reducing balance method |
|
Motor vehicles |
20% reducing balance method |
|
Improvements to property |
10% reducing balance method |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Entitlement to Basic Payment |
Over 4 years |
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 and livestock 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. Home-bred livestock has been valued at estimated cost of production, or deemed cost in accordance with BEN19 Purchased breeding stock has been valued at cost plus additional costs or rearing to point of production and then depreciated on a straight line basis over breeding life of expectancy.
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.
Trade creditors are recognised initially at the transaction price and subsequently measured at cost less impairment.
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.
P G Ratcliff Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which dividends are declared.
Defined contribution pension obligation
The company operates a defined contribution 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.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Intangible assets |
|
Entitlement to Basic Payment |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2024 |
|
|
|
At 31 March 2025 |
|
|
|
Amortisation |
||
|
At 1 April 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 March 2025 |
|
|
|
Carrying amount |
||
|
At 31 March 2025 |
- |
- |
|
At 31 March 2024 |
|
|
P G Ratcliff Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Grain barn |
Tractors and combine harvesters |
Motor vehicles |
Property improvements |
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 |
|
|
|
|
|
The plant & machinery depreciation rate has been adjusted to be 15% reducing balance, from 20% 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.
P G Ratcliff Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
160 |
157 |
|
|
Other debtors |
|
|
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax |
2,179 |
- |
|
|
Directors loan |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
P G Ratcliff Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
150,100 |
|
150,100 |
|
Related party transactions |
Loans to related parties
|
2025 |
S G Ratcliff Limited |
|
At start of period |
|
|
At end of period |
|
|
|
|
|
2024 |
S G Ratcliff Limited |
|
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
|
Prior year adjustment |
( |
|
At end of period |
|
|
|
|
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Other borrowings |
|
|