REGISTERED NUMBER:
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Richard Austin Agriculture Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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REGISTERED NUMBER:
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Richard Austin Agriculture Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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Richard Austin Agriculture Limited (Registered number: 06936430) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Page |
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Company information | 1 |
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Chartered accountants' report | 2 |
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Statement of financial position | 3 |
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Notes to the financial statements | 5 |
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Richard Austin Agriculture Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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Directors: |
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Registered office: |
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Registered number: |
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Accountants: |
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Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Richard Austin Agriculture Limited |
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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 Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Richard Austin Agriculture Limited for the year ended 31 December 2020 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. |
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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. |
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This report is made solely to the Board of Directors of Richard Austin Agriculture Limited, as a body, in accordance with the terms of our engagement letter dated 20 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Richard Austin Agriculture Limited and state those matters that we have agreed to state to the Board of Directors of Richard Austin Agriculture 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 Richard Austin Agriculture Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Richard Austin Agriculture 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 Richard Austin Agriculture Limited. You consider that Richard Austin Agriculture Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Richard Austin Agriculture 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. |
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Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
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Richard Austin Agriculture Limited (Registered number: 06936430) |
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Statement of Financial Position |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
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Current assets |
Stocks |
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Debtors | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
8 |
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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 9 |
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Retained earnings |
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Shareholders' funds |
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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. |
Richard Austin Agriculture Limited (Registered number: 06936430) |
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Statement of Financial Position - continued |
31 December 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Richard Austin Agriculture Limited (Registered number: 06936430) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | Statutory information |
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Richard Austin Agriculture Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Statement of compliance |
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3. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
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Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful life of that asset as follows: |
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Freehold property - 15 years straight line |
Plant and machinery - 20% reducing balance |
Office equipment - 10% reducing balance, computers 3 years straight line |
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Government grants |
Coronavirus Job Retention Scheme (CJRS). |
Accrual model |
Grant income received in relation to CJRS is recognised in the accounts on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. As such the income from the grant is recognised on a straight line basis over the furlough period for each relevant employee. |
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Coronavirus Local Authority Discretionary Grant Fund |
Accrual model |
The Local Authority Discretionary Grant Fund, announced by government on 29 May 2020, represents a cash payment from local authorities to eligible businesses with no future performance-related conditions. Grant income received in relation to this grant is recognised in the accounts when it becomes receivable for the purpose of giving immediate financial support to the entity. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Richard Austin Agriculture Limited (Registered number: 06936430) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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3. | Accounting policies - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
Contributions to defined contribution pension schemes are recognised as an expense in the period in which the related service is provided. |
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4. | Employees and directors |
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The average number of employees during the year was
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5. | Tangible fixed assets |
Land and | Plant and | Office |
buildings | machinery | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2020 |
and 31 December 2020 |
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Depreciation |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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Net book value |
At 31 December 2020 |
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At 31 December 2019 |
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Richard Austin Agriculture Limited (Registered number: 06936430) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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7. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
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Social security and other taxes |
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VAT |
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Accruals and deferred income |
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8. | Creditors: amounts falling due after more than one year |
2020 | 2019 |
£ | £ |
Bank loans |
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Included in bank loans is £50,000 relating to a Coronavirus Bounce Back loan payable over six years. Interest is chargeable twelve months after the loan being drawn. |
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9. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 |
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100 |
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10. | Other financial commitments |
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The company's bankers hold an unlimited guarantee supported by a debenture in respect of the borrowings of the parent undertaking, Boston Crop Sprayers Limited. |
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11. | Controlling party |
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The ultimate parent company is Boston Crop Sprayers Limited which is incorporated in the United Kingdom. |
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The company together with its parent company and fellow subsidiary undertaking together comprise a small group. Hence the company is able to take advantage of the exemption from audit. |