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REGISTERED NUMBER: 00602626 (England and Wales)













R.N. Padfield & Sons Limited

Unaudited Financial Statements

for the Year Ended 30 April 2023






R.N. Padfield & Sons Limited (Registered number: 00602626)

Contents of the Financial Statements
for the Year Ended 30 April 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


R.N. Padfield & Sons Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: RW Padfield
CR Padfield
Dr HJ Padfield





SECRETARY: Dr HJ Padfield





REGISTERED OFFICE: The Hawthorns
Hawthorns Lane
Corse
Gloucester
Gloucestershire
GL19 3NY





REGISTERED NUMBER: 00602626 (England and Wales)





ACCOUNTANTS: The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
R.N. Padfield & Sons Limited


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 Balance Sheet. Readers are cautioned that the Profit and Loss account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

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. Padfield & Sons Limited for the year ended 30 April 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of R.N. Padfield & Sons Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of R.N. Padfield & Sons Limited and state those matters that we have agreed to state to the Board of Directors of R.N. Padfield & Sons 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 R.N. Padfield & Sons 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. Padfield & Sons 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. Padfield & Sons Limited. You consider that R.N. Padfield & Sons 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. Padfield & Sons 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 Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF


12 October 2023

R.N. Padfield & Sons Limited (Registered number: 00602626)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,663,502 2,854,704
Investment property 5 1,492,877 1,462,105
4,156,379 4,316,809

CURRENT ASSETS
Stocks 6 252,758 281,191
Debtors 7 255,237 1,165,250
Cash at bank 147,386 196,251
655,381 1,642,692
CREDITORS
Amounts falling due within one year 8 503,334 264,765
NET CURRENT ASSETS 152,047 1,377,927
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,308,426

5,694,736

CREDITORS
Amounts falling due after more than one
year

9

(1,154,749

)

(2,239,544

)

PROVISIONS FOR LIABILITIES 12 (345,464 ) (344,686 )
NET ASSETS 2,808,213 3,110,506

CAPITAL AND RESERVES
Allotted, issued and fully
paid share capital 13 67 67
Fair value reserve 14 667,293 644,214
Retained earnings 2,140,853 2,466,225
SHAREHOLDERS' FUNDS 2,808,213 3,110,506

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

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.

R.N. Padfield & Sons Limited (Registered number: 00602626)

Balance Sheet - continued
30 April 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





RW Padfield - Director


R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements
for the Year Ended 30 April 2023


1. STATUTORY INFORMATION

R.N. Padfield & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Short leasehold - 4% on cost
Improvements to property - 5% on reducing balance, 4% on cost and 2% on cost
Plant and machinery - 6.67% on cost, 4% on cost and at variable rates on reducing balance

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.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

The company has the following biological assets which are valued as disclosed -

Crops in store - valued at their estimated cost with reference to market values.
Growing crop - valued at the cost of inputs and cultivations up to the period end.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


2. ACCOUNTING POLICIES - continued
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 estimated 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.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES

The average number of employees during the year was 4 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to Plant and
property leasehold property machinery Totals
£    £    £    £    £   
COST
At 1 May 2022 856,777 318,340 1,387,530 1,842,365 4,405,012
Additions - 9,194 - 34,000 43,194
Disposals (94,767 ) - - (37,236 ) (132,003 )
At 30 April 2023 762,010 327,534 1,387,530 1,839,129 4,316,203
DEPRECIATION
At 1 May 2022 - 92,419 495,354 962,535 1,550,308
Charge for year - 13,101 28,837 92,817 134,755
Eliminated on disposal - - - (32,362 ) (32,362 )
At 30 April 2023 - 105,520 524,191 1,022,990 1,652,701
NET BOOK VALUE
At 30 April 2023 762,010 222,014 863,339 816,139 2,663,502
At 30 April 2022 856,777 225,921 892,176 879,830 2,854,704

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


4. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £23,851 (2022: £31,801) in respect of assets held under hire purchase contracts.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022 1,462,105
Revaluations 30,772
At 30 April 2023 1,492,877
NET BOOK VALUE
At 30 April 2023 1,492,877
At 30 April 2022 1,462,105

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2010 536,865
Valuation in 2011 25,000
Valuation in 2013 (40,500 )
Valuation in 2014 65,500
Valuation in 2016 (7,045 )
Valuation in 2017 19,485
Valuation in 2019 (194,115 )
Valuation in 2020 89,194
Valuation in 2022 364,566
Valuation in 2023 30,772
Cost 603,155
1,492,877

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 603,155 603,155

Investment property was valued on an open market basis on 30 April 2023 by CR Padfield (director) .

6. STOCKS
2023 2022
£    £   
Crops in store 5,593 85,483
Stores 43,799 28,533
Work-in-progress 203,366 167,175
252,758 281,191

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 187,684 72,943
Amounts owed by group undertakings 2,698 1,027,890
Directors' current accounts 3,348 15,710
VAT 18,196 3,332
Prepayments 43,311 45,375
255,237 1,165,250

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 56,500 59,344
Hire purchase contracts (see note 10) 13,400 15,494
Trade creditors 7,052 56,611
Corporation tax payable 212,528 66,671
Social security and other taxes 1,511 902
Directors' current accounts 148,776 6,257
Accruals and deferred income 36,740 33,949
Rental deposits 26,827 25,537
503,334 264,765

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 56,500 60,273
Bank loans - 2-5 years 126,632 207,890
Bank loans - more than 5 years 578,993 547,662
Bank loans more than 5 years -
non-instalments 350,000 1,360,000
Hire purchase contracts (see note 10) - 13,400
Accruals and deferred income 42,624 50,319
1,154,749 2,239,544

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 5 years -
non-instalments 350,000 1,360,000
350,000 1,360,000

Repayable by instalments
Bank loans - more than 5 years 578,993 547,662

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 13,400 15,494
Between one and five years - 13,400
13,400 28,894

Non-cancellable operating leases
2023 2022
£    £   
Within one year 55,845 -
Between one and five years 223,380 -
In more than five years 1,112,269 -
1,391,494 -

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,168,625 2,235,169
Hire purchase contracts 13,400 28,894
1,182,025 2,264,063

The Lloyds Bank plc overdraft and loans are secured by a charge on the assets of the company and a first legal charge over assets owned by Mr RW and Mrs HJ Padfield at Lawn Farm.

The Agricultural Mortgage Corporation plc borrowings are secured by a charge over land at The Hawthorns, Hawthorn Lane, Staunton, Gloucestershire.

Hire purchase contracts are secured against the relevant asset.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Advanced capital allowances 175,349 179,939
Depreciation in stock 3,071 4,960
Other timing difference 22,877 23,313
Investment property 144,167 136,474
345,464 344,686

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2022 344,686
Advanced capital allowances (4,590 )
Depreciation in stock (1,889 )
Building allowances (436 )
Investment property valuation 7,693
Balance at 30 April 2023 345,464

13. ALLOTTED, ISSUED AND FULLY
PAID SHARE CAPITAL

Allotted, issued and fully paid:
2023 2022




Number




Class



Nominal
value
Brought
forward
and
carried
forward







Brought
forward



Re-
designated




Cancelled



Carried
forward
£    £    £    £    £   
67 Ordinary £1 67 269 (202 ) - 67
- A Ordinary £1 - - 202 (202 ) -
67 67 269 - (202 ) 67


During the year ended 30 April 2022, 202 ordinary shares were re-designated as A ordinary shares which were subsequently cancelled.

14. RESERVES
Fair
value
reserve
£   
At 1 May 2022 644,214
Investment property valuation 30,772
Deferred tax (7,693 )

At 30 April 2023 667,293

The fair value adjustments are not taxable until the investment property is sold. Deferred tax is provided in the fair value reserve on the uplift from cost to fair value.

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end directors' loans were £145,428 in credit (2022: £9,453 overdrawn). Interest of £70 (2022: £165) has been charged on the overdrawn balances, at the authorised interest rate.

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


16. TRANSACTIONS WITH RELATED PARTIES

R.N. Padfield & Sons Limited is a wholly owned subsidiary of Hawthorn Holdings Limited. During the year, dividend distributions of £1,063,592 have been made to the holding company and a further £2,400 has also been advanced. The closing debtor balance is £2,698 (2022: £1,027,890). This loan is interest free, unsecured and repayable on demand.