RJ & JM Bowen Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10220908 (England and Wales)

RJ & JM Bowen Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

RJ Bowen

Mrs JM Bowen

REGISTERED OFFICE:

Northgate Farm

St Weonards

Herefordshire

HR2 8QF

REGISTERED NUMBER:

10220908 (England and Wales)

ACCOUNTANTS:

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Retained Income and Earnings and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RJ & JM Bowen Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of RJ & JM Bowen Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of RJ & JM Bowen Limited and state those matters that we have agreed to state to the Board of Directors of RJ & JM Bowen Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RJ & JM Bowen Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that RJ & JM Bowen Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of RJ & JM Bowen Limited. You consider that RJ & JM Bowen Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of RJ & JM Bowen Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

13 May 2024

FIXED ASSETS

Tangible assets

4

986,945

1,052,198

CURRENT ASSETS

Stocks

-

174,886

Debtors

5

25,023

86,092

Cash at bank

445,943

-

470,966

260,978

CREDITORS

Amounts falling due within one year

6

209,014

243,464

NET CURRENT ASSETS

261,952

17,514

TOTAL ASSETS LESS CURRENT LIABILITIES

1,248,897

1,069,712

CREDITORS

Amounts falling due after more than one year

7

(871,958

)

(928,587

)

PROVISIONS FOR LIABILITIES

9

(109,720

)

(63,644

)

NET ASSETS

267,219

77,481

CAPITAL AND RESERVES

Allotted, issued and fully paid share capital

1,000

1,000

Retained earnings

266,219

76,481

267,219

77,481

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2024 and were signed on its behalf by:

RJ Bowen - Director

1.	STATUTORY INFORMATION

RJ & JM Bowen 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.

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.

The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare the accounts on the going concern basis.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Improvements to property

-

5% on cost

Plant and machinery

-

10% on reducing balance and 5% on cost

Stocks

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

The company owns chickens for egg production, the cost of which is depreciated on a straight line basis over their useful life of 14 months.

Taxation

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

3.

EMPLOYEES

The average number of employees during the year was 4 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

Totals

£

£

£

£

COST

At 1 January 2023

75,000

456,351

842,520

1,373,871

Additions

-

-

2,679

2,679

At 31 December 2023

75,000

456,351

845,199

1,376,550

DEPRECIATION

At 1 January 2023

-

113,850

207,823

321,673

Charge for year

-

22,818

45,114

67,932

At 31 December 2023

-

136,668

252,937

389,605

NET BOOK VALUE

At 31 December 2023

75,000

319,683

592,262

986,945

At 31 December 2022

75,000

342,501

634,697

1,052,198

Tangible fixed assets includes freehold property with a book value of £75,000 that is not being depreciated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

18,577

63,903

Prepayments and accrued income

1,299

14,375

Other debtors

600

1,383

VAT

4,547

6,431

25,023

86,092

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

56,000

97,054

Trade creditors

38,214

41,981

Corporation tax payable

64,143

-

Social security and other taxes

829

-

Directors' current accounts

45,454

92,124

Accruals and deferred income

4,374

12,305

209,014

243,464

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

58,000

57,000

Bank loans - 2-5 years

165,901

169,671

Bank loans more than 5 years by instalments

648,057

701,916

871,958

928,587

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalments

648,057

701,916

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

927,958

983,587

The loans (except the Bounce Back Loan) are secured by a fixed charge over the land and property at Northgate Farm, St Weonards owned by the company and the directors and other family members.

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

109,720

85,127

Tax losses carried forward

-

(21,483

)

109,720

63,644

Deferred

tax

£

Balance at 1 January 2023

63,644

Provided during year

46,076

Balance at 31 December 2023

109,720

10.	RELATED PARTY DISCLOSURES

The directors' current accounts included within 'Creditors: Amounts falling due within one year" are unsecured and interest free.

NJ Bowen, a relation of the directors, is a joint owner of land at Northgate Farm that has been provided as security.