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2020-04-01
Sage Accounts Production 21.0 - FRS102_2019
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xbrli:shares
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2021-03-31
05944059
2021-03-31
05944059
2020-03-31
05944059
2020-03-31
05944059
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core:OwnedOrFreeholdAssets
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05944059
core:PlantMachinery
2020-04-01
2021-03-31
05944059
core:FurnitureFittingsToolsEquipment
2020-04-01
2021-03-31
05944059
core:MotorVehicles
2020-04-01
2021-03-31
05944059
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2020-04-01
2021-03-31
05944059
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2020-04-01
2021-03-31
05944059
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2021-03-31
05944059
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2021-03-31
05944059
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2021-03-31
05944059
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2021-03-31
05944059
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2021-03-31
05944059
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-03-31
05944059
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core:LongLeaseholdAssets
2020-03-31
05944059
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05944059
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05944059
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2020-03-31
05944059
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core:OwnedOrFreeholdAssets
2021-03-31
05944059
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core:LongLeaseholdAssets
2021-03-31
05944059
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2021-03-31
05944059
core:FurnitureFittingsToolsEquipment
2021-03-31
05944059
core:MotorVehicles
2021-03-31
05944059
core:WithinOneYear
2021-03-31
05944059
core:WithinOneYear
2020-03-31
05944059
core:ShareCapital
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05944059
core:ShareCapital
2020-03-31
05944059
core:RetainedEarningsAccumulatedLosses
2021-03-31
05944059
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2020-03-31
05944059
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-03-31
05944059
core:LandBuildings
core:LongLeaseholdAssets
2020-03-31
05944059
core:PlantMachinery
2020-03-31
05944059
core:FurnitureFittingsToolsEquipment
2020-03-31
05944059
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2020-03-31
05944059
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2021-03-31
05944059
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05944059
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05944059
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2021-03-31
05944059
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2020-03-31
05944059
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2020-04-01
2021-03-31
05944059
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2021-03-31
Company registration number:
05944059
R N Verity Limited
Unaudited filleted financial statements
31 March 2021
THE BARKER PARTNERSHIP
Chartered Accountants and Statutory Auditors
Thirsk
R N Verity Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
R N Verity Limited
Directors and other information
|
|
|
|
Directors
|
R N Verity
|
|
|
D N Verity
|
|
|
H R Verity
|
|
|
|
|
|
|
|
Secretary
|
R L Verity
|
|
|
|
|
|
|
|
Company number
|
05944059
|
|
|
|
|
|
|
|
Registered office
|
Thorpe Grange
|
|
|
Grewelthorpe
|
|
|
Ripon
|
|
|
North Yorkshire
|
|
|
HG4 3DP
|
|
|
|
|
|
|
|
Accountants
|
The Barker Partnership
|
|
|
17 Central Buildings
|
|
|
Market Place
|
|
|
Thirsk
|
|
|
North Yorkshire
|
|
|
YO7 1HD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers
|
Barclays Bank plc
|
|
|
22 Market Place
|
|
|
Masham
|
|
|
Ripon, North Yorkshire
|
|
|
HG4 4ED
|
|
|
|
R N Verity Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of R N Verity Limited
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R N Verity Limited for the year ended 31 March 2021 which comprise the Balance sheet and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of R N Verity Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of R N Verity Limited and state those matters that we have agreed to state to the board of directors of R N Verity Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R N Verity Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that R N Verity 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 R N Verity Limited. You consider that R N Verity 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 R N Verity 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 Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
14 December 2021
R N Verity Limited
Balance sheet
31 March 2021
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
4
|
-
|
|
|
|
-
|
|
|
Tangible assets
|
|
5
|
1,764,079
|
|
|
|
1,658,346
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
|
|
1,764,079
|
|
|
|
1,658,346
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
141,910
|
|
|
|
99,785
|
|
|
Debtors
|
|
6
|
67,410
|
|
|
|
85,307
|
|
|
Cash at bank and in hand
|
|
|
122,914
|
|
|
|
179,966
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
332,234
|
|
|
|
365,058
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
7
|
(
534,046)
|
|
|
|
(
596,161)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
201,812)
|
|
|
|
(
231,103)
|
|
|
|
|
|
_________
|
|
|
|
_________
|
Total assets less current liabilities
|
|
|
|
|
1,562,267
|
|
|
|
1,427,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
42,084)
|
|
|
|
(
37,438)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________
|
|
|
|
_________
|
Net assets
|
|
|
|
|
1,520,183
|
|
|
|
1,389,805
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
3
|
|
|
|
3
|
Profit and loss account
|
|
|
|
|
1,520,180
|
|
|
|
1,389,802
|
|
|
|
|
|
_________
|
|
|
|
_________
|
Shareholders funds
|
|
|
|
|
1,520,183
|
|
|
|
1,389,805
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
14 December 2021
, and are signed on behalf of the board by:
R N Verity
Director
Company registration number:
05944059
R N Verity Limited
Notes to the financial statements
Year ended 31 March 2021
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Thorpe Grange, Grewelthorpe, Ripon, North Yorkshire, HG4 3DP.
The principal activity of the company is farming.
2.
Statement of compliance
These finnacial statements have been prepared in compliance with the provisions of FRS 102, Section !A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland".
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold buildings
|
-
|
5 %
|
straight line
|
|
Plant and machinery
|
-
|
15 %
|
reducing balance
|
|
Tractors
|
-
|
20 %
|
reducing balance
|
|
Motor vehicles
|
-
|
25 %
|
straight line
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Dairy herd
The dairy herd is valued at initial cost. Transfers to or from the herd are at average number and movements are recorded as an addition or deduction to profit.
4.
Intangible assets
|
|
SFP Entitlements
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 April 2020 and 31 March 2021
|
42,000
|
42,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 April 2020 and 31 March 2021
|
42,000
|
42,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 March 2021
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 March 2020
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
5.
Tangible assets
|
|
Farm buildings
|
Freehold property
|
Plant and machinery
|
Tractors
|
Motor vehicles
|
Dairy herd
|
Total
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 April 2020
|
217,499
|
1,161,670
|
445,985
|
105,718
|
32,426
|
169,279
|
2,132,577
|
|
Additions
|
-
|
-
|
19,855
|
48,000
|
11,600
|
88,487
|
167,942
|
|
|
_______
|
_________
|
_______
|
_______
|
_______
|
_______
|
_________
|
|
At 31 March 2021
|
217,499
|
1,161,670
|
465,840
|
153,718
|
44,026
|
257,766
|
2,300,519
|
|
|
_______
|
_________
|
_______
|
_______
|
_______
|
_______
|
_________
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2020
|
99,373
|
-
|
310,712
|
47,010
|
17,136
|
-
|
474,231
|
|
Charge for the year
|
10,875
|
-
|
23,269
|
21,342
|
6,723
|
-
|
62,209
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
_________
|
|
At 31 March 2021
|
110,248
|
-
|
333,981
|
68,352
|
23,859
|
-
|
536,440
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2021
|
107,251
|
1,161,670
|
131,859
|
85,366
|
20,167
|
257,766
|
1,764,079
|
|
|
_______
|
_________
|
_______
|
_______
|
_______
|
_______
|
_________
|
|
At 31 March 2020
|
118,126
|
1,161,670
|
135,273
|
58,708
|
15,290
|
169,279
|
1,658,346
|
|
|
_______
|
_________
|
_______
|
_______
|
_______
|
_______
|
_________
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
48,503
|
40,102
|
|
Other debtors
|
|
18,907
|
45,205
|
|
|
|
_______
|
_______
|
|
|
|
67,410
|
85,307
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
28,026
|
33,036
|
|
Corporation tax
|
|
16,321
|
24,240
|
|
Other creditors
|
|
489,699
|
538,885
|
|
|
|
_______
|
_______
|
|
|
|
534,046
|
596,161
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Related party transactions
Mr D N Verity and Mrs H R Verity, directors and shareholders of the company, provided the company with an unsecured interest free loan. The amount due to them at 31 March 2021 was £75,806 (31 March 2020 - £84,206). Mr R N Verity,
a director and shareholder of the company, provided the company with an unsecured interest free loan. The amount due to him at 31 March 2021 was £404,199 (31 March 2020 - £404,199).
During the year the company paid dividends in equal shares to the directors of £9,000 (2020 - £10,980).