Raymond McLeod (Farms) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 00789743 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2022

for

Raymond McLeod (Farms) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N C McLeod

E C Mcleod

R C Mcleod

S A Mcleod

SECRETARY:

N C McLeod

REGISTERED OFFICE:

8 The Courtyard

Wyncolls Road

Colchester

Suffolk

CO4 9PE

BUSINESS ADDRESS:

Longham Hall

Longham

Dereham

Norfolk

NR19 2RJ

REGISTERED NUMBER:

00789743 (England and Wales)

ACCOUNTANTS:

Knights Lowe Chartered Accountants

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

3,317,595

3,114,809

Investments

5

20

20

3,317,615

3,114,829

CURRENT ASSETS

Stocks

6

1,111,365

858,980

Debtors

7

983,012

1,073,139

Cash at bank

171,977

272,164

2,266,354

2,204,283

CREDITORS

Amounts falling due within one year

8

2,059,703

1,870,976

NET CURRENT ASSETS

206,651

333,307

TOTAL ASSETS LESS CURRENT LIABILITIES

3,524,266

3,448,136

CREDITORS

Amounts falling due after more than one year

9

(522,501

)

(466,779

)

PROVISIONS FOR LIABILITIES

12

(221,543

)

(142,715

)

NET ASSETS

2,780,222

2,838,642

CAPITAL AND RESERVES

Called up share capital

13

310,000

310,000

Revaluation reserve

14

1,319,787

1,384,088

Retained earnings

1,150,435

1,144,554

SHAREHOLDERS' FUNDS

2,780,222

2,838,642

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2023 and were signed on its behalf by:

N C McLeod - Director

1.	STATUTORY INFORMATION

Raymond McLeod (Farms) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The turnover on the sales of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company retained neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of turnover can be measured reliably;

- it is probable that the Company will receive the consideration due under the transactions; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The turnover from a contract to provide services is recognised in the period in which the services were provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

no depreciation is provided on land

Plant and machinery etc

-

25% on reducing balance

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously."

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2021 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 October 2021

2,190,260

3,777,214

5,967,474

Additions

9,987

716,056

726,043

Disposals

(134,481

)

(925,357

)

(1,059,838

)

At 30 September 2022

2,065,766

3,567,913

5,633,679

DEPRECIATION

At 1 October 2021

187,466

2,665,199

2,852,665

Charge for year

1,922

351,780

353,702

Eliminated on disposal

(133,735

)

(756,548

)

(890,283

)

At 30 September 2022

55,653

2,260,431

2,316,084

NET BOOK VALUE

At 30 September 2022

2,010,113

1,307,482

3,317,595

At 30 September 2021

2,002,794

1,112,015

3,114,809

Cost or valuation at 30 September 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2009

580,000

-

580,000

Cost

1,485,766

3,567,913

5,053,679

2,065,766

3,567,913

5,633,679

If land, buildings & improvements had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

1,485,766

1,610,260

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 October 2021

1,177,756

Additions

483,189

Transfer to ownership

(355,000

)

At 30 September 2022

1,305,945

DEPRECIATION

At 1 October 2021

434,883

Charge for year

227,125

Transfer to ownership

(254,528

)

At 30 September 2022

407,480

NET BOOK VALUE

At 30 September 2022

898,465

At 30 September 2021

742,873

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2021

and 30 September 2022

20

NET BOOK VALUE

At 30 September 2022

20

At 30 September 2021

20

6.

STOCKS

2022

2021

£

£

Stocks

1,111,365

858,980

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

218,499

427,683

Other debtors

764,513

645,456

983,012

1,073,139

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 10)

962,351

759,553

Hire purchase contracts

270,825

204,628

Trade creditors

223,906

180,992

Taxation and social security

49,309

72,354

Other creditors

553,312

653,449

2,059,703

1,870,976

Within other creditors is an amount owed to directors.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

522,501

466,779

10.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

962,351

759,553

11.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

793,326

671,407

Bank loan & overdraft

962,351

759,553

1,755,677

1,430,960

The bank loan and overdraft facility are secured by a fixed and floating charge over the assets of the company. Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

12.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

Deferred tax

157,242

142,715

Revaluation

64,301

-

221,543

142,715

Deferred

tax

£

Balance at 1 October 2021

142,715

Revaluation

64,301

Movement

14,527

Balance at 30 September 2022

221,543

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

10,000

Ordinary

£1

10,000

10,000

300,000

Preference

£1

300,000

300,000

310,000

310,000

14.

RESERVES

Revaluation

reserve

£

At 1 October 2021

1,384,088

Deferred tax

(64,301

)

At 30 September 2022

1,319,787