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REGISTRAR OF COMPANIES

Registration number: 04425165

Park House Farming Company Limited

Unaudited Financial Statements

31 March 2023

image-name

 

Park House Farming Company Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Park House Farming Company Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Park House Farming Company Limited for the year ended 31 March 2023 as set out on pages 2 to 12 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 at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Park House Farming Company Limited, as a body, in accordance with the terms of our engagement letter dated 14 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of Park House Farming Company Limited and state those matters that we have agreed to state to the Board of Directors of Park House Farming Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Park House Farming Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Park House Farming Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Park House Farming Company Limited. You consider that Park House Farming Company 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 accounts of Park House Farming Company 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

19 October 2023

 

Park House Farming Company Limited

(Registration number: 04425165)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

59,699

56,089

Tangible assets

5

3,458,904

1,459,768

Other financial assets

6

41,052

30,789

 

3,559,655

1,546,646

Current assets

 

Stocks

492,132

412,617

Debtors

7

119,759

171,574

Investments

8

20,702

20,296

Cash at bank and in hand

 

217,909

430,202

 

850,502

1,034,689

Creditors: Amounts falling due within one year

9

(1,095,946)

(310,680)

Net current (liabilities)/assets

 

(245,444)

724,009

Total assets less current liabilities

 

3,314,211

2,270,655

Creditors: Amounts falling due after more than one year

9

(901,726)

(129,650)

Provisions for liabilities

(243,224)

(258,250)

Net assets

 

2,169,261

1,882,755

Capital and reserves

 

Allotted, called up and fully paid share capital

250

250

Profit and loss account

2,169,011

1,882,505

Total equity

 

2,169,261

1,882,755

 

Park House Farming Company Limited

(Registration number: 04425165)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 October 2023 and signed on its behalf by:
 

.........................................

T Blamire

Director

 

Park House Farming Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Park House
Aikton
WIGTON
CA7 0JW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 March 2023 and meets its day to day working capital requirements through its directors who have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its directors, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

 

Park House Farming Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Land not depreciated, buildings 15% reducing balance

Plant and machinery

10% and 12.5% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 years straight line

Short leasehold land and buildings relate to tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets on a 15% reducing balance basis over their useful economic life, and not the duration of the lease.

 

Park House Farming Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Park House Farming Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 7).

 

Park House Farming Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Intangible assets

Basic payment scheme
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

11,067

82,063

93,130

Additions

-

20,362

20,362

At 31 March 2023

11,067

102,425

113,492

Amortisation

At 1 April 2022

11,067

25,974

37,041

Amortisation charge

-

16,752

16,752

At 31 March 2023

11,067

42,726

53,793

Carrying amount

At 31 March 2023

-

59,699

59,699

At 31 March 2022

-

56,089

56,089

 

Park House Farming Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

5

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

390,403

2,068,917

17,200

2,635

2,479,155

Additions

2,079,643

79,030

-

-

2,158,673

At 31 March 2023

2,470,046

2,147,947

17,200

2,635

4,637,828

Depreciation

At 1 April 2022

84,351

917,775

14,949

2,312

1,019,387

Charge for the year

11,665

147,082

563

227

159,537

At 31 March 2023

96,016

1,064,857

15,512

2,539

1,178,924

Carrying amount

At 31 March 2023

2,374,030

1,083,090

1,688

96

3,458,904

At 31 March 2022

306,052

1,151,142

2,251

323

1,459,768

 

Park House Farming Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at cost less impairment

41,052

30,789

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

30,789

30,789

Additions

10,263

10,263

At 31 March 2023

41,052

41,052

Carrying amount

At 31 March 2023

41,052

41,052

At 31 March 2022

30,789

30,789

7

Debtors

2023
£

2022
£

Trade debtors

60,146

65,568

Other debtors

59,613

106,006

119,759

171,574

8

Current asset investments

2023
£

2022
£

Other investments

20,702

20,296

 

Park House Farming Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

9

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

895,853

103,916

Trade creditors

 

82,256

153,279

Taxation and social security

 

-

4,618

Corporation tax liability

 

85,986

-

Other creditors

 

31,851

48,867

 

1,095,946

310,680

Due after one year

 

Loans and borrowings

10

816,937

30,099

Other creditors

 

84,789

99,551

 

901,726

129,650

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

491,439

-

Finance lease liabilities

24,974

26,465

Other borrowings

379,440

77,451

895,853

103,916

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Finance lease liabilities

24,974

26,465

Finance lease liabilities are secured on the assets to which they relate.

 

Park House Farming Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

811,812

-

Finance lease liabilities

5,125

30,099

816,937

30,099

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Finance lease liabilities

5,125

30,099

Finance lease liabilities are secured on the assets to which they relate.

11

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2023
£

R H Blamire

Loan

-

3,352

(3,352)

-

-

-

-

               
         

J Blamire

Loan

-

3,315

(3,315)

-

-

-

-

               
         

W R Blamire

Loan

-

4,454

(4,454)

-

-

-

-

               
         

 

2022

At 1 April 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2022
£

R H Blamire

Loan

-

18,912

(12,912)

-

(6,000)

-

-

               
         

W R Blamire

Loan

-

19,513

(19,513)

-

-

-

-

               
         

 

Directors' advances are repayable on demand.

No interest has been charged on advances to directors.

Directors guarantees

Certain directors have provided personal guarantees in respect of the company's bank borrowings.