Roydon Hall Farms Limited Filleted accounts for Companies House (small and micro)

ROYDON HALL FARMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03134605

Roydon Hall Farms Limited

Filleted Unaudited Financial Statements

29 February 2020

Roydon Hall Farms Limited

Financial Statements

Year ended 29 February 2020

Contents	Page

Balance sheet	1

Notes to the financial statements	3

Roydon Hall Farms Limited

Balance Sheet

29 February 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		1,605,855	1,584,440

Current assets

Stocks		207,814	288,256
Debtors	6	162,133	79,339
Investments	7	1	1
		---------	---------
		369,948	367,596

Creditors: amounts falling due within one year	8	266,546		369,714
		---------		---------
Net current assets/(liabilities)			103,402	( 2,118)
			------------	------------
Total assets less current liabilities			1,709,257	1,582,322

Creditors: amounts falling due after more than one year	9		798,552	768,797

Provisions

Taxation including deferred tax	175,321	136,867
	------------	------------
Net assets	735,384	676,658
	------------	------------

Capital and reserves

Called up share capital		15,000	15,000
Profit and loss account	10	720,384	661,658
		---------	---------
Shareholders funds		735,384	676,658
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings (including profit and loss account) has not been delivered.

For the year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Roydon Hall Farms Limited

Balance Sheet (continued)

29 February 2020

These financial statements were approved by the board of directors and authorised for issue on 25 November 2020 , and are signed on behalf of the board by:

Mr M C Rae
Director

Company registration number: 03134605

Roydon Hall Farms Limited

Notes to the Financial Statements

Year ended 29 February 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Church Lane, Roydon, King's Lynn, Norfolk, PE32 1AR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is the total amount receivable by the company for goods supplied and services rendered, excluding VAT.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	Over 50 years
Leasehold Property	-	Over 50 years
Plant and Machinery	-	10% p.a. reducing balance basis
Office Equipment	-	15% p.a. reducing balance basis
Motor Vehicles	-	10% - 20% p.a. reducing balance basis

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2019: 4 ).

5. Tangible assets

	Freehold property	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Mar 2019	590,463	599,044	1,176,487	6,319	542,368	2,914,681
Additions	–	–	96,528	–	36,500	133,028
Disposals	–	–	( 44,349)	–	( 22,500)	( 66,849)
	---------	---------	------------	-------	---------	------------
At 29 Feb 2020	590,463	599,044	1,228,666	6,319	556,368	2,980,860
	---------	---------	------------	-------	---------	------------
Depreciation
At 1 Mar 2019	51,359	156,794	842,959	5,868	273,261	1,330,241
Charge for the year	11,809	11,981	34,088	68	32,820	90,766
Disposals	–	–	( 25,874)	–	( 20,128)	( 46,002)
	---------	---------	------------	-------	---------	------------
At 29 Feb 2020	63,168	168,775	851,173	5,936	285,953	1,375,005
	---------	---------	------------	-------	---------	------------
Carrying amount
At 29 Feb 2020	527,295	430,269	377,493	383	270,415	1,605,855
	---------	---------	------------	-------	---------	------------
At 28 Feb 2019	539,104	442,250	333,528	451	269,107	1,584,440
	---------	---------	------------	-------	---------	------------

6. Debtors

	2020	2019
	£	£
Trade debtors	101,286	63,526
Other debtors	60,847	15,813
	---------	--------
	162,133	79,339
	---------	--------

7. Investments

	2020	2019
	£	£
Other investments	1	1
	----	----

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	106,258	174,303
Trade creditors	103,450	104,998
Corporation tax	–	2,354
Social security and other taxes	1,506	4,001
Other creditors	5,609	11,198
Other creditors	49,723	72,860
	---------	---------
	266,546	369,714
	---------	---------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	722,024	752,616
Other creditors	76,528	16,181
	---------	---------
	798,552	768,797
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £621,131(2019: £651,723) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

11. Director's advances, credits and guarantees

During the year there were net transactions with the director of £ 8,699 (2019: £ 11,972 ). At the balance sheet date, an amount of £13,029 was owed to the company by the director (2019: £4,330). All loans are unsecured and repayable on demand. No interest is charged on the directors loan account.

12. Related party transactions

The company was under the control of its Director throughout the current and previous year. The Director has provided security for the company's bank borrowings by way of a legal mortgage over the personally owned farm property. This is to support the security provided by the company. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.