John Rayner Farms Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01384036

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

JOHN RAYNER FARMS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M E Rayner

Miss R E Rayner

P J Rayner

SECRETARY:

Miss R E Rayner

REGISTERED OFFICE:

Croft Chambers

11 Bancroft

Hitchin

Hertfordshire

SG5 1JQ

REGISTERED NUMBER:

01384036

ACCOUNTANTS:

Bradshaw Johnson

Chartered Accountants

Croft Chambers

11 Bancroft

Hitchin

Hertfordshire

SG5 1JQ

FIXED ASSETS

Tangible assets

4

1,133,849

1,167,145

Investments

5

1,000

1,000

1,134,849

1,168,145

CURRENT ASSETS

Stocks

223,123

157,673

Debtors

6

586,627

503,809

Cash at bank

258,030

429,583

1,067,780

1,091,065

CREDITORS

Amounts falling due within one year

7

413,572

494,237

NET CURRENT ASSETS

654,208

596,828

TOTAL ASSETS LESS CURRENT LIABILITIES

1,789,057

1,764,973

CAPITAL AND RESERVES

Called up share capital

1,250

1,250

Share premium

207,250

207,250

Retained earnings

1,580,557

1,556,473

SHAREHOLDERS' FUNDS

1,789,057

1,764,973

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 15 March 2021 and were signed on its behalf by:

P J Rayner - Director

1.	STATUTORY INFORMATION

John Rayner Farms Ltd is a private company, limited by shares, registered in the United Kingdom. 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.

Turnover

Turnover represents the rent receivable for the year along with crop sales.

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 depreciated

Improvements to property

-

4% straight line

Plant and machinery

-

15% on reducing balance

Office equipment

-

15% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Depreciation on freehold property

The company has chosen not to depreciate freehold property, which constitutes mainly farmland. The buildings are maintained to a high standard and so any depreciation would be minimal.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Office

property

property

machinery

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

and 31 March 2020

998,000

102,238

475,351

2,257

1,577,846

DEPRECIATION

At 1 April 2019

-

50,041

358,614

2,046

410,701

Charge for year

-

4,090

29,184

22

33,296

At 31 March 2020

-

54,131

387,798

2,068

443,997

NET BOOK VALUE

At 31 March 2020

998,000

48,107

87,553

189

1,133,849

At 31 March 2019

998,000

52,197

116,737

211

1,167,145

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2019

and 31 March 2020

1,000

NET BOOK VALUE

At 31 March 2020

1,000

At 31 March 2019

1,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

18,431

22,623

Other debtors

500,418

399,108

VAT

8,384

8,128

Deferred tax asset

21,978

33,664

Prepayments and accrued income

37,416

286

Prepayments

-

40,000

586,627

503,809

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

63,156

-

Tax

2

-

Social security and other taxes

1,152

-

Other creditors

315,525

460,500

Directors' current accounts

33,737

33,737

413,572

494,237

8.	RELATED PARTY DISCLOSURES

Mrs M E Rayner is the controlling party of the company.

Kings Ripton Farms Ltd is related by common ownership. It owes John Rayner Farms Ltd £450,418 (2019: £399,108). This balance is included in other debtors.

Beverage Kings Ltd is related by common ownership. It owes John Rayner Farms Ltd £50.000 (2019: £NIL). This balance is included in other debtors.

Glebe Farm Foods Ltd is related by common ownership. It is owed by John Rayner Farms Ltd £226.850 (2019: £459,000). This balance is included in other creditors.

The company owes PJ & RE Rayner £33,737 (2019:£33,737) being the directors' current account.