Registered number:
FOR THE YEAR ENDED 31 MARCH 2022
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RUMWOOD GREEN FARM LTD
COMPANY INFORMATION
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RUMWOOD GREEN FARM LTD
CONTENTS
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RUMWOOD GREEN FARM LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The directors present their strategic report for the year ended 31 March 2022.
For the year under review the principal business activities of the group comprised:
• The production of soft and top fruit for UK retail customers • The supply of packing services to UK and International customers • The supply of commercial refrigeration services
The directors are pleased to report an increase in turnover to £61,645,764 (2021: £56,800,035) and a decrease in profit before tax to £1,804,025 (2021: £3,821,923).
Net assets for the group also increased to £20,823,801 (2021: £19,579,514). Operations The increased turnover in the period reflects growth across the group divisions. Gross profit however declined from 8.3% to 3.1% due to pressure on trading margins and increasing labour costs. Section 172 Companies Act 2006 Statement The directors have a duty to promote the success of the Group for the benefit of the shareholders and other key stakeholders as a whole and to describe how this duty has been performed with regard to those matters set out in section 172 of the Companies Act 2006 ("section 172"). The directors have identified the Group's main stakeholders as the following:
∙
The Group's shareholders
Principal considerations of the board are whether the trading objectives and investment strategies of the Group are meeting shareholder expectations. These are discussed and reviewed regularly throughout the year. Through regular engagement with all trading partners, managers, staff, and external credit providers the board can monitor its performance against these objectives.
∙
The customers
The board recognises the importance of working in partnership with its key trading partners to manage expectations, deliver a superior service level and maintain supply of quality produce to the fruit sector. With a strategy for investment in growing systems and providing innovative and market leading solutions to the cold chain sector, together with regular dialogue to foster relationships the board can meet these expectations.
∙
The staff
The board seeks to engage regularly with staff at all levels via a number of structured leadership forums. Investment in and the development of the groups management team is a continual focus as the Group expands together with resourcing strategies to enhance the deployment and retention of the seasonally employed workforce. Tailored safety and training programmes for staff at all levels ensure the group can retain and develop a competent workforce to meet the needs of the business. The Group has policies and procedures to ensure regular communication is maintained between these stakeholders.
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RUMWOOD GREEN FARM LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
∙
The suppliers
The board endeavour to maintain constructive relationships with all service providers through continual dialogue and setting clear delivery terms and expectations to ensure that the supply chain is managed effectively and all obligations are met.
∙
The desirability of the Group to maintain a reputation for high standards of business conduct
The Group is committed, in its day to day operations and dealings with all stakeholders to uphold the highest standard of business conduct and integrity. The directors are not responsible for setting a "business culture" in the traditional sense, but are committed to understanding the culture of each stakeholder and raise any concerns in this regard if necessary.
The directors are cognisant of their duty under section 172 in their deliberation as a board on all matters. Decisions made by the board take into account the interests of all the Group's key stakeholders and reflect the board's belief that the long term sustainable success of the Group is linked directly to its key stakeholders.
The process of risk management is addressed through the groups policies and procedures and is subject to continual review by management.
The directors have identified the following principal risks and uncertainties affecting the group: Labour availability Of significant concern is the availability of seasonal labour and uncertainty of government policy post 2024 towards overseas seasonal worker schemes. Experience of the sector post Brexit has highlighted the limited capacity of the domestic labour market to replace these sources. Labour costs Labour costs are the single largest business cost. Inflationary pressures due to both tightening labour market and domestic wage legislation is an ongoing concern.
Key performance indicators
The directors monitor performance of the Group’s activities using a number of financial and operational measures within its control, including measurement of performance against business plans, appraisal on investments and business unit budgets with production focus being measured on a cost per unit of production and yield (per plant and per hectare) and labour efficiency. As a result of continual investment in both packing and production facilities the Group’s turnover increased against the previous year from £56,800,035 to £61,645,764 with a net increase in the Group’s assets from £19,579,514 to £20,823,801. The Group’s year on year gross profit margin decreased from 8.3% to 3.2% mainly due to pressure on trading margins, together with lower than anticipated yields on certain fruit production as a result of weather and other matters outside of the Group’s control, increased investment in staff and higher seasonal labour costs.
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RUMWOOD GREEN FARM LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
This report was approved by the board
and signed on its behalf.
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RUMWOOD GREEN FARM LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The directors present their report and the financial statements for the year ended 31 March 2022.
The directors are responsible for preparing the Group strategic report, the Directors' report and the
consolidated
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the Group for the year, after taxation and minority interests, amounted to £
1,240,650
(2021 -
£
3,181,907
)
.
Ordinary dividends totalling £Nil (2021: £8,000) were declared and paid in the year to the owners of the parent company.
The directors who served during the year were:
The directors have embarked on a programme of significant investment focussed on meeting key business challenges and delivering sustainable profits for the future.
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RUMWOOD GREEN FARM LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
We are committed to ensuring that employees are involved and treated with respect. We believe that employees are one of our most valued asset and we promote communciation with our employees and offer the support resources they may require.
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RUMWOOD GREEN FARM LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
Conversion factors produced from the Carbon Trust. The Scope 1 emissions of the Streamlined Energy and Carbon Reporting (SECR) requirement, considered here, are from the combustion energy sources and electricity used across all farm sites of the Group. The energy use is heavily influenced by the cold stores and packhouses at Rumwood Green Farm site and glasshouses at Berries Direct. These two facilities account for over 70% of the energy used.
Whilst the majority of data gathering is based on the calendar year, the figures used here are for the FY 2021/22.
Energy usage is influenced by the overall principle cause:
a. Expansion: The acquisition of additional farm sites, some of which has included the installation of worker accommodation, production infrastructure. b. Product/ crop types: Top fruit, Berries and third party fruit have differing energy loads c. Weather: Low temperatures influence the energy use required for heating protected crops and workers in accommodation. The following points should be considered: a. Energy figures include considerable year round on site employee accomodation b. Packhouse & Cold Stores: include third party fruit stored and packed on site.
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RUMWOOD GREEN FARM LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
Renewable Energy Sources
At Rumwood Green Farm, a 1.2 MW solar array covering 5,700m2 was installed during Autumn 2021 to Spring 2022 but was yet to be commissioned and generating during the reporting period. The array was commissioned in June 2022. A further 800 KW array covering 4,000m2 is planned for installation during Autumn 2022. Both arrays, when operational, will reduce Group emissions by 850 tCO2e a year. At Berries Direct Farming, a 2 MW biomass boiler is used to heat the glasshouses. Energy saving improvement in the period LED grow lighting has been installed at Berries Direct providing 90% reduction in energy use over legacy lights. Energy saving opportunities in 2023 We plan to install thermal screens and expand Biomass as a source of heat generation for our glasshouses.
The auditor, MHA MacIntyre Hudson, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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RUMWOOD GREEN FARM LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUMWOOD GREEN FARM LTD
We have audited the financial statements of Rumwood Green Farm Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2022, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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RUMWOOD GREEN FARM LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUMWOOD GREEN FARM LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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RUMWOOD GREEN FARM LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUMWOOD GREEN FARM LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙
Enquiry of management around actual and potential litigation and claims;
∙
Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
∙
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias;
∙
Reviewing minutes of meetings of those charged with governance; and
∙
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's report.
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RUMWOOD GREEN FARM LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUMWOOD GREEN FARM LTD (CONTINUED)
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
United Kingdom
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RUMWOOD GREEN FARM LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
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RUMWOOD GREEN FARM LTD
REGISTERED NUMBER:
07768823
CONSOLIDATED BALANCE SHEET
AS AT
31 MARCH 2022
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RUMWOOD GREEN FARM LTD
REGISTERED NUMBER:
07768823
CONSOLIDATED BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 21 to 42 form part of these financial statements.
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RUMWOOD GREEN FARM LTD
REGISTERED NUMBER:
07768823
COMPANY BALANCE SHEET
AS AT
31 MARCH 2022
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RUMWOOD GREEN FARM LTD
REGISTERED NUMBER:
07768823
COMPANY BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 21 to 42 form part of these financial statements.
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RUMWOOD GREEN FARM LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2022
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RUMWOOD GREEN FARM LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2022
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RUMWOOD GREEN FARM LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
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RUMWOOD GREEN FARM LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Rumwood Green Farm Limited is a private company limited by shares incorporated in England & Wales in the United Kingdom. The address of the registered office is Rumwood Green Farm Sutton Road, Langley, Maidstone, Kent, ME17 3ND. The nature of the company's operation and principal activities are that of fruit farming, picking and packaging.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 March 2016.
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cashflows and the impact of subsequent events in making their assessment.
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the accounts.
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as per the methods below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Within freehold property is land of £2,549,691 (2021: £2,549,651) which is not depreciated.
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements: - The apportionment of land usage in the share farming agreement - The useful expected lives of assets.
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
11.
Taxation (continued)
Legislation was introduced in the Finance Bill 2021 to effect an increase in the Corporation Tax main rate to 25% for the financial year beginning 1 April 2023.
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
14.
Tangible fixed assets (continued)
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
All holdings are in ordinary share capital, being the only class of share on issue fore each subsidiary. All subsidiaries are consolidated in the Group accounts.
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The Company bank loans and overdraft facility are secured by;
- First legal charge over freehold property known as Park Farm, Chart Sutton, Maidstone, ME17 3RD, land at Church Farm, Ulcombe Hill, Maidstone, Kent, ME17 1DN and land known as Street Farm, Ulcombe, Maidstone, Kent. - Debenture including Fixed Charge over all present freehold and leasehold property and a first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future - First Floating Charge over all assets and undertaking both present and future. The Company has also provided an unlimited multilateral guarantee in respect of its subsidiaries.
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the balance sheet date.
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Page 39
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Profit and loss account
The Group operates a
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
30.
Other commitments and guarantees
During the prior year, the company provided a guarantee to Lombard Finance on behalf of Mockbeggars for the value of £1,148,808. The guarantee was reduced to £574,404 during the year.
During the year, the company provided a guarantee to Lombard Finance on behalf of Mid-Kent Growers for the value of £250,301. This was satisified after the year end. Two companies within the Group have provided HSBC plc with an unlimited multilateral guarantee.
During the year, the Group entered in to the following transactions with directors:
Directors of the Parent Company received dividends totalling £Nil (2021: £8,000). At the balance sheet date, £Nil was owed to directors (2021: £5,798 owed to one director). Mr R Burbridge, a director of a subsidiary, received advances of £10,000 (2021: £10,000). At 31 March 2022, £2,363 (2021: £2,363) was due to Mr R Burbridge. Mr S Macoy, a director of a subsidiary, received advances of £10,000 (2021: £10,000). At 31 March 2022, £3,062 (2021: £3,062) was due to Mr S Macoy. Mr D Reynolds, a director of a subsidiary, received advances of £10,000 (2021: £10,000). At 31 March 2022, £2,566 (2022: £2,566) was due to Mr D Reynolds. No further transactions were made. No interest is accrued or charged on any balances owed to or by the directors.
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RUMWOOD GREEN FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The company is ultimately controlled by the directors who own 100% of the shares.
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