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RBM AGRICULTURAL LIMITED - Company Information

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RBM Agricultural Limited

Registered Number:03130243

For the year ended 31 December 2022

England and Wales

Unaudited Financial Statements

For the year ended 31 December 2022

RBM Agricultural Limited

Contents Page

Statement of Financial Position

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Notes to the Financial Statements

Registered Number :

03130243

As at 31 December 2022

RBM Agricultural Limited

Statement of Financial Position

2021

2022

Notes

Fixed assets

1,540,000

Investment property

1,540,000

Current assets

Trade and other receivables

125,000

2,458,049

Cash and cash equivalents

2,239,008

2,364,008

2,458,049

Trade and other payables: amounts falling due within one

year

(32,795)

(34,331)

2,425,254

2,329,677

Net current assets

Total assets less current liabilities

3,869,677

3,965,254

Trade and other payables: amounts falling due after more

than one year

(1,960,000)

1,909,677

Net assets

2,005,254

Capital and reserves

Called up share capital

20,000

Retained earnings

1,885,637

1,981,214

Other reserves

4,040

1,909,677

2,005,254

Shareholders' funds

For the year ended 31 December 2022 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006

The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section

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.

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

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

Denner A. Director

These financial statements were approved and authorised for issue by the Board on 23 August 2023 and were signed by:

The notes form part of these financial statements

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For the year ended 31 December 2022

RBM Agricultural Limited

Notes to the Financial Statements

Statutory Information

RBM Agricultural Limited is a private limited company, limited by shares, domiciled in England and Wales, registration

number 03130243.

Registered address:

The Hollows

Quadring Eaudyke

Spalding

England

PE11 4QB

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There

were no material departures from that standard.

Investment property

Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the propert is sold.

Estimated Taxation

As a result of the decision to wind down the company, certain assumptions have been made in calculating the

possible direct and indirect tax impact of the realisation. For the purpose of providing estimates it was assumed that

the S75 valuation deficit is £5.95m

2. Investment property

Total

Fair value

At 01 January 2022

1,540,000

At 31 December 2022

1,540,000

Net book value

At 31 December 2022

1,540,000

At 31 December 2021

1,540,000

3. Trade and other receivables

2021

2022

Other debtors

125,000

The debtors above include the following amounts falling due after more than one year:

Other debtors

125,000

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For the year ended 31 December 2022

RBM Agricultural Limited

Notes to the Financial Statements Continued

4. Trade and other payables: amounts falling due within one year

2021

2022

Trade creditors

Taxation and social security

4,348

3,813

Other creditors

29,982

28,982

34,331

32,795

5. Trade and other payables: amounts falling due after more than one year

2021

2022

Other creditors

1,960,000

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For the year ended 31 December 2022

RBM Agricultural Limited

Notes to the Financial Statements Continued

6. Guarantees and other financial commitments

Pension commitments

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For the year ended 31 December 2022

RBM Agricultural Limited

Notes to the Financial Statements Continued

The company sponsored a defined benefit pension scheme, RBM Agricultural Ltd Pension Scheme and has an open

ended legal obligation to fund the scheme by making the necessary contributions over time. As the sponsoring

company had ceased trading the trustees are obliged to secure the cost of the members entitlement to leaving

service benefits using deferred and immediate annuity policies.

In the course of preparing the triennial valuation of the scheme as at 31 October 2019 the Trustee prepared a

recovery plan after obtaining the advice of the Scheme actuary. The actuarial valuation of the scheme as at 31

October 2019 based on the Technical Provisions and minus the value of the assets revealed a shortfall of

£2,146,000.

To eliminate this funding shortfall the Trustee and RBM Agricultural Ltd, the employer, agreed that a one-off

contribution in respect of the shortfall would be paid to the Scheme by the employer of £3,261,000. This payment

was made on 8th March 2021. This one-off contribution was in excess of the scheme's deficit on the Technical

Provisions basis and was equal to the scheme's deficit calculated on a low risk, self-sufficiency, style basis at the

valuation date.

This contribution was solely to remove the deficit.

However at the date of reporting the liabilities of the scheme were also estimated on a buyout basis, the result of

which was a deficit of £5.945 million. Under Section 75 of the Pensions Act 1995, as amended by the Pensions Act

2004 and subsequent regulations, this shortfall is to be borne by the company, and the directors considered it

prudent that full provision be made in the financial statements. The valuation presented should be considered as a

guide. The Scheme Trustees have been in continuing consultations with the pensions regulator and Scheme actuary

in establishing the actual cost of purchasing deferred and immediate annuities which in turn are dependent on

market rates of interest and expectations as to future longevity at the time of winding up together with the supply and

demand for such annuities at that time.

The valuation for the purpose of comparison between assets and liabilities of the Scheme is subject to an agreed

effective date chosen by the Trustees and certification of the debt due made by the Scheme actuary. The level of

provision and the assumptions used in the valuation of the scheme is disclosed below:

Estimated buyout result:

Value of the assets: Market Value as at 31/10/22 £6,310,479

Deferred liabilities (£6,820,000)

Cash in Addition liabilities (£459,000)

Pensioner liabilities (£3,882,000)

GMP equalisation reserve (£102,000)

Expenses (£109,000)

Total liabiliies (£11,372,000)

Apparent scheme deficit (£5,061,521)

The above figures represent the information available to us as at 31 October 2022.

Against this contingent liability the company lodged £2 million (now plus £5,000 interest) with solicitors to be held in

an escrow account should the need arise to introduce further funds into the pension fund. In addition the company

has granted the scheme a charge over the two buildings owned at Market Weighton and Louth valued at £1.540,000

for the same purpose. This is in addition to the provision previously made against the pension fund deficit of

£1.960,000.

Given the uncertainty relating to the estimated value of the scheme's liabilities it is not deemed prudent to make a

further formal provision in the accounts at this time. This matter will be reviewed when the results of the triennial

valuation as at 31 October 2022 are available.

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For the year ended 31 December 2022

RBM Agricultural Limited

Notes to the Financial Statements Continued

7. Average number of persons employed

During the year the average number of employees was 0

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