2022-04-012023-03-312023-03-31false11421462Peepy Farm 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Peepy Farm Limited

Registered Number
11421462
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Peepy Farm Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

CRAIG, Jacqueline Ruth
CRAIG, Robert Keith

Registered Address

Cairnhead Farm
Ainstable
Carlisle
CA4 9RP

Registered Number

11421462 (England and Wales)
Peepy Farm Limited
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets610,000-
Tangible assets7397,973397,092
Investments834,59134,591
442,564431,683
Current assets
Stocks12686,800707,130
Debtors13400,457298,423
1,087,2571,005,553
Creditors amounts falling due within one year14(850,864)(941,683)
Net current assets (liabilities)236,39363,870
Total assets less current liabilities678,957495,553
Creditors amounts falling due after one year15(348,256)(378,263)
Provisions for liabilities16(43,005)(20,361)
Net assets287,69696,929
Capital and reserves
Called up share capital1,0001,000
Profit and loss account286,69695,929
Shareholders' funds287,69696,929
The financial statements were approved and authorised for issue by the Board of Directors on 20 October 2023, and are signed on its behalf by:
CRAIG, Jacqueline Ruth
Director
CRAIG, Robert Keith
Director

Registered Company No. 11421462
Peepy Farm Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Smallest group in which results are consolidated
Peepy Farm Limited is a wholly owned subsidiary of Cairnhead Farm Limited. The registered office of Cairnhead Farm Limited is Cairnhead Farm, Ainstable, Carlisle, Cumbria, CA4 9RP. As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Leasehold improvements - straight-line until 30 September 2033 Farm implements - 15% reducing balance basis Tractors and commercial vehicles - 15% reducing balance basis
Intangible assets policy
Intangible fixed assets are amortised at rates calculated to write off the assets on a straight-line basis over their estimated useful economic lives.  Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases policy
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Employee benefits policy
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company 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.
5.Employee information

20232022
Average number of employees during the year66
6.Intangible assets

Other

Total

££
Cost or valuation
Additions10,00010,000
At 31 March 2310,00010,000
Net book value
At 31 March 2310,00010,000
At 31 March 22--
7.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 April 22271,869178,91980,000530,788
Additions-45,32610,50055,826
Disposals-(6,000)-(6,000)
At 31 March 23271,869218,24590,500580,614
Depreciation and impairment
At 01 April 2259,89242,59531,209133,696
Charge for year18,36024,4108,38251,152
On disposals-(2,207)-(2,207)
At 31 March 2378,25264,79839,591182,641
Net book value
At 31 March 23193,617153,44750,909397,973
At 31 March 22211,977136,32448,791397,092
8.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 April 2234,59134,591
At 31 March 2334,59134,591
Net book value
At 31 March 2334,59134,591
At 31 March 2234,59134,591

Notes

1Other investments other than loans
9.Creditors or instalments due after 5 years
Bank borrowings and overdrafts repayable after more than five years amount to £216,596, (2022 - £251,332).
10.Description of financial commitments other than capital commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,818 (2022 - £3,063). Contributions totalling £514 (2022 - £520) were payable to the fund at the balance sheet date and are included in creditors.
11.Contingent liabilities, including financial effect, uncertainties and possible reimbursement
The group has entered into an unlimited cross guarantee with Clydesdale Bank PLC in respect of the bank borrowings of all the companies within the group, secured by way of fixed and floating charges over the property and assets. The amount guaranteed is £1,061,510 (2021: £1,166,114).
12.Stocks

2023

2022

££
Raw materials and consumables686,800707,130
Total686,800707,130
13.Debtors

2023

2022

££
Trade debtors / trade receivables199,611136,679
Amounts owed by group undertakings1,0001,000
Other debtors194,430154,327
Prepayments and accrued income5,4166,417
Total400,457298,423
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
14.Creditors within one year

2023

2022

££
Trade creditors / trade payables59,84966,665
Bank borrowings and overdrafts30,007787,851
Taxation and social security3,000-
Finance lease and HP contracts13,38020,961
Other creditors683,761520
Accrued liabilities and deferred income60,86765,686
Total850,864941,683
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings are secured by a fixed and floating charge over assets of the company. There is an unlimited cross guarantee given by all companies within the group to secure any bank borrowings. Security is given by way of charge over certain of the group's freehold property, investment property and other assets. Finance lease and HP contracts are secured on the assets to which they relate.
15.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts348,256378,263
Total348,256378,263
Bank borrowings are secured by a fixed and floating charge over assets of the company.
16.Provisions for liabilities
The provision for deferred tax is made up of £43,005 in respect of accelerated capital allowances and £Nil of tax losses carried forward.

2023

2022

££
Net deferred tax liability (asset)43,00520,361
Total43,00520,361