Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falsefruit and cereal growers and general farmers. The company also operates a property management business at the farm.66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00614817 2021-01-01 2021-12-31 00614817 2020-01-01 2020-12-31 00614817 2021-12-31 00614817 2020-12-31 00614817 c:CompanySecretary1 2021-01-01 2021-12-31 00614817 c:Director1 2021-01-01 2021-12-31 00614817 c:Director2 2021-01-01 2021-12-31 00614817 c:Director3 2021-01-01 2021-12-31 00614817 c:Director4 2021-01-01 2021-12-31 00614817 c:RegisteredOffice 2021-01-01 2021-12-31 00614817 d:Buildings d:LongLeaseholdAssets 2021-01-01 2021-12-31 00614817 d:Buildings d:LongLeaseholdAssets 2021-12-31 00614817 d:Buildings d:LongLeaseholdAssets 2020-12-31 00614817 d:PlantMachinery 2021-01-01 2021-12-31 00614817 d:PlantMachinery 2021-12-31 00614817 d:PlantMachinery 2020-12-31 00614817 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00614817 d:MotorVehicles 2021-01-01 2021-12-31 00614817 d:MotorVehicles 2021-12-31 00614817 d:MotorVehicles 2020-12-31 00614817 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00614817 d:OfficeEquipment 2021-01-01 2021-12-31 00614817 d:OfficeEquipment 2021-12-31 00614817 d:OfficeEquipment 2020-12-31 00614817 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00614817 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00614817 d:LeaseholdInvestmentProperty 2021-12-31 00614817 d:LeaseholdInvestmentProperty 2020-12-31 00614817 d:CurrentFinancialInstruments 2021-12-31 00614817 d:CurrentFinancialInstruments 2020-12-31 00614817 d:Non-currentFinancialInstruments 2021-12-31 00614817 d:Non-currentFinancialInstruments 2020-12-31 00614817 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 00614817 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 00614817 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 00614817 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 00614817 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 00614817 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 00614817 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 00614817 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 00614817 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 00614817 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-12-31 00614817 d:ShareCapital 2021-12-31 00614817 d:ShareCapital 2020-12-31 00614817 d:CapitalRedemptionReserve 2021-12-31 00614817 d:CapitalRedemptionReserve 2020-12-31 00614817 d:RetainedEarningsAccumulatedLosses 2021-12-31 00614817 d:RetainedEarningsAccumulatedLosses 2020-12-31 00614817 c:FRS102 2021-01-01 2021-12-31 00614817 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 00614817 c:FullAccounts 2021-01-01 2021-12-31 00614817 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 00614817 d:HirePurchaseContracts d:WithinOneYear 2021-12-31 00614817 d:HirePurchaseContracts d:WithinOneYear 2020-12-31 00614817 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-12-31 00614817 d:HirePurchaseContracts d:BetweenOneFiveYears 2020-12-31 00614817 2 2021-01-01 2021-12-31 00614817 6 2021-01-01 2021-12-31 00614817 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-12-31 00614817 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2020-12-31 00614817 d:LeasedAssetsHeldAsLessee 2021-12-31 00614817 d:LeasedAssetsHeldAsLessee 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 00614817










F.G. PIERCE & SONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
F.G. PIERCE & SONS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr W F Pierce 
Mrs R J Pierce 
Mr A W Pierce 
Mrs M J Montgomerie 




Company secretary
Mr A W Pierce



Registered number
00614817



Registered office
Orchard Place Farm
Comp Road

Borough Green

Sevenoaks

Kent

TN15 8QX




Accountants
MHA MacIntyre Hudson
Chartered Accountants

Victoria Court

17-21 Ashford Road

Maidstone

Kent

ME14 5DA





 
F.G. PIERCE & SONS LIMITED
REGISTERED NUMBER: 00614817

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 6 
1,422,312
1,351,606

Investments
 7 
3,804
6,204

Investment property
 8 
2,351,713
2,351,713

  
3,777,829
3,709,523

Current assets
  

Stocks
  
340,991
239,954

Debtors
 9 
296,669
214,656

Cash at bank and in hand
  
285,046
610,520

  
922,706
1,065,130

Creditors: amounts falling due within one year
 10 
(719,778)
(969,064)

Net current assets
  
 
 
202,928
 
 
96,066

Total assets less current liabilities
  
3,980,757
3,805,589

Creditors: amounts falling due after more than one year
 11 
(1,130,922)
(1,236,638)

Provisions for liabilities
  

Deferred tax
  
(38,592)
(15,656)

  
 
 
(38,592)
 
 
(15,656)

Net assets
  
2,811,243
2,553,295


Capital and reserves
  

Called up share capital 
  
54,000
54,000

Capital redemption reserve
  
55,000
55,000

Profit and loss account
  
2,702,243
2,444,295

  
2,811,243
2,553,295


Page 1

 
F.G. PIERCE & SONS LIMITED
REGISTERED NUMBER: 00614817
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 September 2022.




Mr W F Pierce
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
F.G. PIERCE & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

F.G. Pierce & Sons Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00614817 and registered office address is Orchard Place House Comp Road, Wrotham Heath, Sevenoaks, Kent, TN15 8QX.
The presentation currency of the financial statements is the Pound Sterling (£). The financial statements are presented to the nearest whole pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover comprises amounts derived from the provision of goods and services in the normal course of business, net of discounts and value added tax.
Income received from the company's portfolio of rental units is included in turnover since this is considered to be part of the company's trading activities. 
Income due under the Basic Payment Scheme is included in turnover for the calendar year to which it relates provided that, at the balance sheet date, the qualifying conditions have been met. 

 
2.3

Going concern

The accounts have been prepared on the going concern basis. No material uncertainties which may cast significant doubt about the company's ability to continue as a going concern have been identified by the directors.

 
2.4

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
F.G. PIERCE & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
F.G. PIERCE & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5%
on cost and 10% on cost
Plant and machinery
-
25%
on cost and 15% on cost
Tractors and vehicles
-
25%
on cost
Office equipment
-
25%
on cost and 10% on cost

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.

 
2.11

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Deemed cost is estimated at 75% of the market value for harvested crops, less monies received on account. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
F.G. PIERCE & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company 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.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Income and Retained Earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors have estimated the market value of the company's investment properties based on an initial valuation prepared by Hobbs Parker Property Consultants LLP in April 2014, and applying the same criteria to the current year. No other significant judgements and estimates have been made by management in preparing these financial statements.

Page 6

 
F.G. PIERCE & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Operating profit

The operating profit is stated after charging:

2021
2020
£
£

Depreciation
92,511
73,793


5.


Employees

The average monthly number of employees, including directors, during the year was 6 (2020 - 6).


6.


Tangible fixed assets





Land and buildings
Plant and machinery
Tractors and vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2021
1,354,642
1,215,573
405,769
24,642
3,000,626


Additions
42,692
33,253
87,000
600
163,545


Disposals
-
(7,533)
-
-
(7,533)



At 31 December 2021

1,397,334
1,241,293
492,769
25,242
3,156,638



Depreciation


At 1 January 2021
200,252
1,034,391
403,946
10,431
1,649,020


Charge for the year on owned assets
24,346
54,828
9,688
3,649
92,511


Disposals
-
(7,205)
-
-
(7,205)



At 31 December 2021

224,598
1,082,014
413,634
14,080
1,734,326



Net book value



At 31 December 2021
1,172,736
159,279
79,135
11,162
1,422,312



At 31 December 2020
1,154,390
181,182
1,823
14,211
1,351,606

Page 7

 
F.G. PIERCE & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

           6.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Plant and machinery
98,728
69,229

98,728
69,229




7.


Fixed asset investments





Other investments

£



Cost or valuation


At 1 January 2021
6,204


Disposals
(2,400)



At 31 December 2021
3,804




Fixed asset investments are included at cost, being the directors' best estimate of their value.

Page 8

 
F.G. PIERCE & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8.


Investment property


Land and buildings

£



Valuation


At 1 January 2021
2,351,713



At 31 December 2021
2,351,713



The properties have been reflected in the accounts at open market value for existing use basis, as
estimated by the Directors and based on a valuation by Mr M Sawdon MRICS of Hobbs Parker Property
Consultants LLP, carried out in April 2014.
On a historical cost basis, these properties would have been included at an original cost of £2,728,615 (2020: £2,728,615).
 
The above properties are let out on operating leases.





9.


Debtors

2021
2020
£
£

Due after more than one year

Other debtors
1,092
2,901

1,092
2,901

Due within one year

Trade debtors
264,537
159,347

Other debtors
11,785
30,773

Prepayments and accrued income
19,255
21,635

296,669
214,656


Page 9

 
F.G. PIERCE & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
152,205
173,015

Trade creditors
362,482
591,001

Corporation tax
53,276
43,972

Other taxation and social security
4,743
4,724

Obligations under finance lease and hire purchase contracts
33,674
40,244

Other creditors
359
353

Accruals and deferred income
113,039
115,755

719,778
969,064



11.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
1,083,978
1,228,188

Net obligations under finance leases and hire purchase contracts
46,944
8,450

1,130,922
1,236,638


The following liabilities were secured:

2021
2020
£
£



Bank loans
1,236,183
1,401,203

Hire purchase contracts
80,618
48,694

1,316,801
1,449,897

Details of security provided:

The bank loan and overdraft are secured by a debenture over the assets of the company, a first charge over the property, a personal guarantee given by Mr W.F. Pierce and the assignment of a life policy in relation to Mr A.W. Pierce. Assets held under hire purchase contracts and finance leases are secured on the assets concerned.

Page 10

 
F.G. PIERCE & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
152,205
173,015


152,205
173,015

Amounts falling due 1-2 years

Bank loans
94,022
166,927


94,022
166,927

Amounts falling due 2-5 years

Bank loans
298,708
334,290


298,708
334,290

Amounts falling due after more than 5 years

Bank loans
691,248
726,971

691,248
726,971

1,236,183
1,401,203



13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2021
2020
£
£


Within one year
33,674
40,244

Between 1-5 years
46,944
8,450

80,618
48,694

Page 11

 
F.G. PIERCE & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

14.


Operating leases

2021
2020
        £
        £

Within one year

44,610

36,420

Between one and five years

10,815

37,555


55,425

73,975



15.


Directors' advances, credits and guarantees

An interest free loan, for which there are no fixed repayment terms, has been made to a director. Repayments totalling £3,566 have been made during the year and £2,000 has been waived by the company. The balance owing to the company at the year end date was £3,361 (2020: £8,927).
An interest free loan, for which there are no fixed repayment terms, has been made to a second director. The balance owing  to the company at the year end date was £577 (2020: £7,015).

 
Page 12