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Company No: 04911933 (England and Wales)

# R & P FARMING LIMITED

### Unaudited Financial Statements
For the financial year ended 31 August 2025
Pages for filing with the registrar

R & P FARMING LIMITED

## Unaudited Financial Statements

For the financial year ended 31 August 2025

Contents

R & P FARMING LIMITED

## BALANCE SHEET

As at 31 August 2025
R & P FARMING LIMITED

## BALANCE SHEET (continued)

As at 31 August 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 2,438,427 |  | 2,478,075
Investments | 4 | 46 |  | 46
|  | 2,438,473 |  | 2,478,121
Current assets |  |  |  |
Stocks | 5 | 372,930 |  | 325,510
Debtors | 6 | 248,906 |  | 227,623
Cash at bank and in hand |  | 96 |  | 24,927
|  | 621,932 |  | 578,060
Creditors: amounts falling due within one year | 7 | ( 734,672) |  | ( 698,027)
Net current liabilities |  | (112,740) |  | (119,967)
Total assets less current liabilities |  | 2,325,733 |  | 2,358,154
Creditors: amounts falling due after more than one year | 8 | ( 1,061,893) |  | ( 1,158,464)
Provision for liabilities |  | ( 239,472) |  | ( 239,176)
Net assets |  | 1,024,368 |  | 960,514
Capital and reserves |  |  |  |
Called-up share capital | 9 | 2,569 |  | 2,569
Profit and loss account |  | 1,021,799 |  | 957,945
Total shareholders' funds |  | 1,024,368 |  | 960,514

For the financial year ending 31 August 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of R & P Farming Limited (registered number: 04911933) were approved and authorised for issue by the Board of Directors on 30 March 2026. They were signed on its behalf by:

M R Cotton Director |  | P Cotton Director
R C Cotton Director |

R & P FARMING LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2025
R & P FARMING LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

R & P Farming Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of crop and livestock, the provision of contracting services and the receipt of government grants. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of crops and livestock, straight line over the period in which services are provided to customers and in the period to which the government grant relates.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 13 - 50 years straight line
Plant and machinery | 15 % reducing balance
Vehicles | 25 % reducing balance
Fixtures and fittings | 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Biological assets

Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise growing crops, beef youngstock and sheep youngstock.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

##### Stocks

Stocks comprising agricultural produce (i.e crops in store) and deadstock such as fuel are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e crops in store) harvested from biological assets are measured at the point of harvest.

##### Trade and other debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Other debtors are amounts due from customers where the work has been completed during the year but not yet invoiced. The income has been recognised in the year in which the work took place as the accounts have been prepared under the accruals basis. Similarly, Prepayments are included, whereby payments have been made by the company within the year for services that have not yet been received, along with the VAT balance owed to HMRC as at the year end.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other 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 amortised cost using the effective interest method.
Other creditors are amounts due to suppliers where the work has been completed during the year but no invoice received. The expense has been recognised in the year in which the work took place as the accounts have been prepared under the accruals basis. Loans to directors are also included within this balance, as is the Deferred Income balance in relation to the release of the Basic Payment Scheme Entitlements, which is an Intangible Asset revalued on the transition to FRS102 Section 1A.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

##### Government grants

Income from grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received.

##### Ordinary 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

##### Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 7 |  | 7

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery |  | Vehicles |  | Fixtures and fittings |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 September 2024 | 1,697,378 |  | 2,056,682 |  | 64,189 |  | 1,725 |  | 3,819,974
Additions | 0 |  | 145,260 |  | 10,500 |  | 0 |  | 155,760
Disposals | 0 |  | ( 22,139) |  | 0 |  | 0 |  | ( 22,139)
At 31 August 2025 | 1,697,378 |  | 2,179,803 |  | 74,689 |  | 1,725 |  | 3,953,595
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 September 2024 | 167,435 |  | 1,130,416 |  | 42,323 |  | 1,725 |  | 1,341,899
Charge for the financial year | 27,037 |  | 151,497 |  | 7,436 |  | 0 |  | 185,970
Disposals | 0 |  | ( 12,701) |  | 0 |  | 0 |  | ( 12,701)
At 31 August 2025 | 194,472 |  | 1,269,212 |  | 49,759 |  | 1,725 |  | 1,515,168
Net book value |  |  |  |  |  |  |  |  |
At 31 August 2025 | 1,502,906 |  | 910,591 |  | 24,930 |  | 0 |  | 2,438,427
At 31 August 2024 | 1,529,943 |  | 926,266 |  | 21,866 |  | 0 |  | 2,478,075

#### 4. Fixed asset investments

| Other investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 September 2024 | 46 |  | 46
At 31 August 2025 | 46 |  | 46
Carrying value at 31 August 2025 | 46 |  | 46
Carrying value at 31 August 2024 | 46 |  | 46

#### 5. Stocks

| 2025 |  | 2024
| £ |  | £
Stocks | 139,838 |  | 182,438
Livestock | 229,092 |  | 139,572
Crops | 4,000 |  | 3,500
| 372,930 |  | 325,510

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 44,653 |  | 54,558
Other debtors | 204,253 |  | 173,065
| 248,906 |  | 227,623

Included in other debtors is an amount due from a third party in respect of work completed in the year to 31 August 2025, and a loan due from an associated company. No interest is charged on this loan and it is repayable on demand.

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans and overdrafts (secured) | 425,368 |  | 191,953
Trade creditors | 40,672 |  | 50,772
Taxation and social security | 53,712 |  | 41,116
Obligations under finance leases and hire purchase contracts (secured) | 43,968 |  | 86,688
Other creditors | 170,952 |  | 327,498
| 734,672 |  | 698,027

Bank loans and overdrafts are secured on land owned by the company and on land owned outside of the company by Mr and Mrs R Cotton by way of a debenture. Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate.

Included in other creditors are amounts owed to the directors and shareholders and accrued expenses relating to the year ended 31 August 2025.

#### 8. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 1,061,893 |  | 1,124,754
Obligations under finance leases and hire purchase contracts (secured) | 0 |  | 33,710
| 1,061,893 |  | 1,158,464

Amounts repayable after more than 5 years are included in creditors falling due over one year:

| 2025 |  | 2024
| £ |  | £
Bank loans (secured / repayable by instalments) | 837,242 |  | 1,025,822

Bank loans and overdrafts are secured on land owned by the company and on land owned outside of the company by Mr and Mrs R Cotton by way of a debenture. Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate.

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
18,800 Ordinary A shares of £ 0.10 each | 1,880 |  | 1,880
40,000 Ordinary B shares of £ 0.01 each | 400 |  | 400
16,920 Ordinary C shares of £ 0.01 each | 169 |  | 169
1,200 Ordinary D shares of £ 0.10 each | 120 |  | 120
| 2,569 |  | 2,569

#### 10. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £144,054 (2024 £154,858). The company has non-cancellable bi-annual rent commitments for land and buildings which are rented on a long lease.