Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-3032021-12-01falseNo description of principal activity3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07466549 2021-12-01 2022-11-30 07466549 2020-12-01 2021-11-30 07466549 2022-11-30 07466549 2021-11-30 07466549 2020-12-01 07466549 1 2021-12-01 2022-11-30 07466549 1 2020-12-01 2021-11-30 07466549 7 2021-12-01 2022-11-30 07466549 7 2020-12-01 2021-11-30 07466549 d:Director1 2021-12-01 2022-11-30 07466549 e:Buildings 2021-12-01 2022-11-30 07466549 e:Buildings 2022-11-30 07466549 e:Buildings 2021-11-30 07466549 e:Buildings e:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 07466549 e:PlantMachinery 2021-12-01 2022-11-30 07466549 e:PlantMachinery 2022-11-30 07466549 e:PlantMachinery 2021-11-30 07466549 e:PlantMachinery e:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 07466549 e:OtherPropertyPlantEquipment 2021-12-01 2022-11-30 07466549 e:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 07466549 e:PatentsTrademarksLicencesConcessionsSimilar 2022-11-30 07466549 e:PatentsTrademarksLicencesConcessionsSimilar 2021-11-30 07466549 e:FreeholdInvestmentProperty 2022-11-30 07466549 e:FreeholdInvestmentProperty 2021-11-30 07466549 e:CurrentFinancialInstruments 2022-11-30 07466549 e:CurrentFinancialInstruments 2021-11-30 07466549 e:Non-currentFinancialInstruments 2022-11-30 07466549 e:Non-currentFinancialInstruments 2021-11-30 07466549 e:CurrentFinancialInstruments e:WithinOneYear 2022-11-30 07466549 e:CurrentFinancialInstruments e:WithinOneYear 2021-11-30 07466549 e:Non-currentFinancialInstruments e:AfterOneYear 2022-11-30 07466549 e:Non-currentFinancialInstruments e:AfterOneYear 2021-11-30 07466549 e:ShareCapital 2021-12-01 2022-11-30 07466549 e:ShareCapital 2022-11-30 07466549 e:ShareCapital 2020-12-01 2021-11-30 07466549 e:ShareCapital 2021-11-30 07466549 e:ShareCapital 2020-12-01 07466549 e:OtherMiscellaneousReserve 2021-12-01 2022-11-30 07466549 e:OtherMiscellaneousReserve 2022-11-30 07466549 e:OtherMiscellaneousReserve 1 2021-12-01 2022-11-30 07466549 e:OtherMiscellaneousReserve 2020-12-01 2021-11-30 07466549 e:OtherMiscellaneousReserve 2021-11-30 07466549 e:OtherMiscellaneousReserve 2020-12-01 07466549 e:OtherMiscellaneousReserve 1 2020-12-01 2021-11-30 07466549 e:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 07466549 e:RetainedEarningsAccumulatedLosses 2022-11-30 07466549 e:RetainedEarningsAccumulatedLosses 1 2021-12-01 2022-11-30 07466549 e:RetainedEarningsAccumulatedLosses 2020-12-01 2021-11-30 07466549 e:RetainedEarningsAccumulatedLosses 2021-11-30 07466549 e:RetainedEarningsAccumulatedLosses 2020-12-01 07466549 e:RetainedEarningsAccumulatedLosses 1 2020-12-01 2021-11-30 07466549 d:FRS102 2021-12-01 2022-11-30 07466549 d:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 07466549 d:FullAccounts 2021-12-01 2022-11-30 07466549 d:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 07466549 6 2021-12-01 2022-11-30 07466549 1 2022-11-30 07466549 1 2021-11-30 iso4217:GBP xbrli:pure
Registered number: 07466549


P J M FARMS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2022

 
P J M FARMS LIMITED
REGISTERED NUMBER:07466549

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
5,014,533
5,009,127

Investments
 6 
405,360
384,444

Investment property
 7 
2,445,188
2,445,188

  
7,865,081
7,838,759

Current assets
  

Stocks
  
12,236
10,575

Debtors: amounts falling due within one year
 8 
1,695,697
1,687,581

Cash at bank and in hand
  
838,871
902,937

  
2,546,804
2,601,093

Creditors: amounts falling due within one year
 9 
(83,987)
(125,707)

Net current assets
  
 
 
2,462,817
 
 
2,475,386

Total assets less current liabilities
  
10,327,898
10,314,145

Creditors: amounts falling due after more than one year
 10 
(8,476,774)
(8,476,774)

Provisions for liabilities
  

Deferred tax
  
(119,806)
(120,725)

  
 
 
(119,806)
 
 
(120,725)

Net assets
  
1,731,318
1,716,646


Capital and reserves
  

Called up share capital 
  
1
1

Fair value reserve
 11 
328,309
-

Profit and loss account
 11 
1,403,008
1,716,645

  
1,731,318
1,716,646


Page 1

 
P J M FARMS LIMITED
REGISTERED NUMBER:07466549
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2022

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 income statement 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 by: 




P J Mayhew
Director

Date: 2 November 2023

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
P J M FARMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022


Called up share capital
Fair Value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2020
1
478
1,589,285
1,589,764


Comprehensive income for the year

Profit for the year

-
-
129,739
129,739

Fair value adjustments
-
-
478
478

Amortisation
-
(478)
-
(478)


Other comprehensive income for the year
-
(478)
478
-


Total comprehensive income for the year
-
(478)
130,217
129,739


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,857)
(2,857)


Total transactions with owners
-
-
(2,857)
(2,857)



At 1 December 2021
1
-
1,716,645
1,716,646


Comprehensive income for the year

Profit for the year

-
-
17,529
17,529

Fair value adjustments
-
-
(328,309)
(328,309)

Revalued assets
-
328,309
-
328,309


Other comprehensive income for the year
-
328,309
(328,309)
-


Total comprehensive income for the year
-
328,309
(310,780)
17,529


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,857)
(2,857)


Total transactions with owners
-
-
(2,857)
(2,857)


At 30 November 2022
1
328,309
1,403,008
1,731,318


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1.


General information

P J M Farms Limited is a private company limited by shares and incorporated in England and Wales, registration number 07466549. The registered office is Monkey Lodge, Freston, Ipswich, Suffolk, IP9 1AA. 

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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

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 reporting 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 reporting 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 reporting date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.7

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.

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 and reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line basis
Plant & machinery
-
10% and 25% reducing balance
Property Improvements
-
20% reducing balance

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.

 
2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

 
2.10

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 6

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
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 reporting 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 Statement of financial position.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).

Page 7

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

4.


Intangible assets




BPS entitlements

£



Cost


At 1 December 2021
28,710



At 30 November 2022

28,710



Amortisation


At 1 December 2021
28,710



At 30 November 2022

28,710



Net book value



At 30 November 2022
-



At 30 November 2021
-



Page 8

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

5.


Tangible fixed assets





Land & buildings
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 December 2021
5,349,464
331,554
5,681,018


Additions
100,000
1,456
101,456



At 30 November 2022

5,449,464
333,010
5,782,474



Depreciation


At 1 December 2021
522,755
149,136
671,891


Charge for the year on owned assets
60,705
35,345
96,050



At 30 November 2022

583,460
184,481
767,941



Net book value



At 30 November 2022
4,866,004
148,529
5,014,533



At 30 November 2021
4,826,709
182,418
5,009,127

Page 9

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

6.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 December 2021
400,000


Additions
61,445


Disposals
(72,558)


Revaluations
16,473



At 30 November 2022

405,360





At 1 December 2021
15,556


Reversal of impairment losses
(15,556)



At 30 November 2022

-



Net book value



At 30 November 2022
405,360



At 30 November 2021
384,444

Page 10

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

7.


Investment property


Freehold investment property

£



Valuation


At 1 December 2021
2,445,188



At 30 November 2022
2,445,188

The 2022 valuations were made by the Directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2022
£


Historic cost
2,163,041

Accumulated depreciation and impairments
(29,689)

2,133,352

Page 11

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

8.


Debtors

2022
2021
£
£


Trade debtors
71,307
80,485

Other debtors
1,611,678
1,572,488

Prepayments and accrued income
12,712
34,608

1,695,697
1,687,581



9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
49,948
54,861

Corporation tax
29,639
66,606

Other creditors
-
70

Accruals and deferred income
4,400
4,170

83,987
125,707



10.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Amounts owed to group undertakings
8,476,774
8,476,774

8,476,774
8,476,774



11.


Reserves

Fair value reserve

The fair value reserve reserves represents the revaluations of investments in listed shares and investment property and is part of the profit and loss reserve but is not distributable . 

Profit & loss account

The profit and loss account represents the company's accumulated profits which are available for distribution to members. 

Page 12

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £409 (2021 - £361).


Page 13