R.A. Latta (Farms) Limited - Period Ending 2023-05-31
R.A. Latta (Farms) Limited - Period Ending 2023-05-31
Registration number:
R.A. Latta (Farms) Limited
for the
Year Ended 31 May 2023
R.A. Latta (Farms) Limited
(Registration number: 01310346)
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Property, plant and equipment |
R.A. Latta (Farms) Limited
(Registration number: 01310346)
Company Information
Directors |
Mr Mathew Latta Mrs Hannelore Latta |
Company secretary |
Mrs Hannelore Latta |
Registered office |
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Registered number |
01310346 |
R.A. Latta (Farms) Limited
(Registration number: 01310346)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
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Fixed Assets |
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Intangible assets |
- |
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Tangible Assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and Reserves |
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Called up share capital |
285 |
285 |
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Share premium reserve |
639,595 |
639,595 |
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Revaluation reserve |
7,964,782 |
7,944,806 |
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Retained Earnings |
2,995,234 |
2,815,155 |
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Shareholders' funds |
11,599,896 |
11,399,841 |
For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
R.A. Latta (Farms) Limited
(Registration number: 01310346)
Balance Sheet as at 31 May 2023
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
R.A. Latta (Farms) Limited
(Registration number: 01310346)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
The principal place of business is:
Bridge Farm
Holme Fen Drove
Colne
Huntingdon
PE28 3RE
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
R.A. Latta (Farms) Limited
(Registration number: 01310346)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land, buildings and improvements |
2 - 4% Straight line |
Plant and machinery |
15% Reducing balance |
Motor vehicles |
25% Straight line |
Investment property
determined annually by the company director. The director uses observable market prices, adjusted if
necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are
recognised in the profit or loss.
R.A. Latta (Farms) Limited
(Registration number: 01310346)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
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 |
Basic Payment Entitlements |
8 years (to 2023) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade Debtors
Trade Debtors are amounts due from customers for produce 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.
Stocks
Stocks are valued at the lower of cost and net realisable value using the accepted conventions to arrive at deemed cost where actual costs are not accurately ascertainable.
Stocks on hand at the year end are valued by Hub Rural Limited in accordance with the Guidance Notes of the RICS/CAAV and the Inland Revenue Business Economic Note 19.
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 amortised cost using the effective interest method.
R.A. Latta (Farms) Limited
(Registration number: 01310346)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
R.A. Latta (Farms) Limited
(Registration number: 01310346)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Intangible assets |
Basic Payment Entitlements |
Total |
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Cost or valuation |
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At 1 June 2022 |
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At 31 May 2023 |
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Amortisation |
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At 1 June 2022 |
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Amortisation charge |
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At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
- |
- |
At 31 May 2022 |
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Tangible Assets |
Land, buildings and improvements |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Additions |
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- |
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Disposals |
- |
( |
- |
( |
At 31 May 2023 |
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Depreciation |
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At 1 June 2022 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
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- |
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At 31 May 2022 |
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- |
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R.A. Latta (Farms) Limited
(Registration number: 01310346)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Included within the net book value of land and buildings above is £16,022,335 (2022 - £16,059,335 in respect of freehold land and buildings.
Investment properties |
2023 |
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At 1 June |
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At 31 May |
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There has been no valuation of investment property by an independent valuer. The 2023 and 2022 valuations were made by the company directors on an open market value, on an existing use basis
Stocks |
2023 |
2022 |
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Raw materials and consumables |
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Work in progress |
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Finished goods and goods for resale |
- |
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Debtors |
The directors have reviewed trade debtors for impairment and consider the impairment losses to be provided for the year are £Nil (2022 - £Nil)
All amounts are due within one year.
Current |
2023 |
2022 |
Trade Debtors |
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Prepayments |
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Other debtors |
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R.A. Latta (Farms) Limited
(Registration number: 01310346)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade Creditors |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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2023 |
2022 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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R.A. Latta (Farms) Limited
(Registration number: 01310346)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Bank borrowings
Included in the loans and borrowings are the following amounts due after more than five years:
2023 |
2022 |
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After more than five years by instalments |
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Secured loans
Bank loans and overdrafts advanced are secured by fixed legal charges over commerical freehold land at North Fen Drove, Colne Fen Drove and Ferry Farm, Meadlands Farm, freehold land and commercial properties at Holwood Farm and two freehold residential properties at 1 Holwood Farm Cottage and 2 Holwood Farm Cottage in addition to an unlimited debenture secured by a fixed and floating charge over the assets of the company.
Net obligations under finance leases and hire purchases contracts are secured on the associated fixed assets.