REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 31 December 2020 |
|
for |
|
Hilary Russell Group Ltd |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 31 December 2020 |
|
for |
|
Hilary Russell Group Ltd |
Hilary Russell Group Ltd (Registered number: 10503361) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the year ended 31 December 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
Hilary Russell Group Ltd |
|
|
Company Information |
for the year ended 31 December 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Statutory Auditors |
Chartered Accountants |
15 Palace Street |
Norwich |
Norfolk |
NR3 1RT |
Hilary Russell Group Ltd (Registered number: 10503361) |
|
|
Balance Sheet |
31 December 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
Investment property | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than
one year |
9 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium | 14 |
|
|
Revaluation reserve | 14 |
|
|
Retained earnings | 14 |
|
|
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
Hilary Russell Group Ltd (Registered number: 10503361) |
|
|
Notes to the Financial Statements |
for the year ended 31 December 2020 |
|
1. | STATUTORY INFORMATION |
|
Hilary Russell Group Ltd is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about Hilary Russell Group Limited as an individual company and do not contain consolidated financial information as the parent group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Chaplin Group Limited, Abington Park Farm, Great Abington, Cambridge, CB21 6AX. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Total turnover is comprised of three main enterprises of the company, these are: |
- Sale of agricultural produce |
- Rental income from rental property |
|
Revenue recognition |
|
The company recognises revenue when: |
The amount of revenue can be reliably measured; |
It is probable that future economic benefits will flow to the entity; |
Specific criteria have been met for each of the companies activities as follows; |
- for agricultural produce it is when it leaves the farm |
- Rents received are recognised based on the period in which the rent was due |
|
Tangible fixed assets |
|
Plant and machinery etc | - |
|
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
|
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Hilary Russell Group Ltd (Registered number: 10503361) |
|
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
|
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. |
|
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
|
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 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. |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimate useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
|
Eu agricultural support scheme |
Payments received under the EU crop support scheme are recognised as income when the business has met all criteria which entitles it to the payment. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
Hilary Russell Group Ltd (Registered number: 10503361) |
|
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 December 2020 |
|
|
|
DEPRECIATION |
At 1 January 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 December 2020 |
|
|
|
NET BOOK VALUE |
At 31 December 2020 |
|
|
|
At 31 December 2019 |
|
|
|
|
The tangible fixed assets were transferred in from another group company for consideration equal to its open market value at the time, based on an average of the valuations by Savills (UK) Limited and Cheffins in 2016. The directors have considered that there have not been any changes to the fair value of the tangible fixed assets since the date of valuation. |
|
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2020 |
|
|
1,153,494 |
Additions |
|
|
5,275,850 |
Disposals |
|
( |
) | (4,477,603 | ) |
Revaluations |
|
|
72,149 |
At 31 December 2020 |
|
|
2,023,890 |
NET BOOK VALUE |
At 31 December 2020 |
|
|
2,023,890 |
At 31 December 2019 |
|
|
1,153,494 |
|
Cost or valuation at 31 December 2020 is represented by: |
|
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Cost | 1,153,494 | 870,396 | 2,023,890 |
Hilary Russell Group Ltd (Registered number: 10503361) |
|
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2020 |
and 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
|
The investment property was transferred in from other group companies for consideration equal to its open market value at the time, based on an average of the valuations by Savills (UK) Limited, Cheffins and Carter Jonas in 2016. The directors have considered that there have not been any changes to the fair value of the investment property since the date of valuation. |
|
7. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Other debtors |
|
|
Directors' loan accounts | - | 1,260 |
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
|
Amounts falling due after more than one year: |
Other debtors |
|
|
|
Aggregate amounts |
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 10) |
|
|
Hire purchase contracts (see note 11) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
VAT | 3,155 | - |
Accruals and deferred income |
|
|
|
|
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans (see note 10) |
|
|
Hire purchase contracts (see note 11) |
|
|
|
|
Hilary Russell Group Ltd (Registered number: 10503361) |
|
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2020 | 2019 |
£ | £ |
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 719,235 | 792,958 |
|
10. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 719,235 | 792,958 |
|
11. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
12. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts | 50,105 | 124,396 |
|
|
|
The loans taken out during the year carry a fixed charge and are secured over the land held at Lark Farm, Raynham. |
|
The security held for the hire purchase agreements is over the assets obtained via the agreements. |
Hilary Russell Group Ltd (Registered number: 10503361) |
|
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
13. | FINANCIAL INSTRUMENTS |
|
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
|
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
|
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
|
Classifications of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
|
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
|
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
|
14. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
|
At 1 January 2020 |
|
|
|
432,413 |
Profit for the year |
|
|
Movement in the year | (58,441 | ) | - | 58,441 | - |
At 31 December 2020 |
|
|
|
994,494 |
|
15. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
Hilary Russell Group Ltd (Registered number: 10503361) |
|
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
16. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies. |