REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st May 2023 |
for |
PJR (Mile House) Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st May 2023 |
for |
PJR (Mile House) Limited |
PJR (Mile House) Limited (Registered number: 04254798) |
Contents of the Financial Statements |
for the year ended 31st May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PJR (Mile House) Limited |
Company Information |
for the year ended 31st May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
PJR (Mile House) Limited (Registered number: 04254798) |
Balance Sheet |
31st May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
PJR (Mile House) Limited (Registered number: 04254798) |
Balance Sheet - continued |
31st May 2023 |
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 |
PJR (Mile House) Limited (Registered number: 04254798) |
Notes to the Financial Statements |
for the year ended 31st May 2023 |
1. | STATUTORY INFORMATION |
PJR (Mile House) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Basic payment scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. At the reporting date, the expected useful life is 8 years, reflecting the 8 year period of benefit to be received via the Basic Payment Scheme. The Basic Payment Scheme commenced in 2015 and the cessation year expected to be 2022. |
Fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation |
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives. |
The annual rates used are as follows: |
Plant & machinery | 15% on cost |
Tractors | 20% on cost |
Motor vehicles | 20% on cost |
Stocks |
Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses. |
PJR (Mile House) Limited (Registered number: 04254798) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2023 |
2. | ACCOUNTING POLICIES - continued |
Current & deferred tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase agreements |
Tangible fixed assets acquired under hire purchase agreements are capitalised at the estimated fair value at the date of inception of each contract. The finance charges are allocated over the period of the contract in accordance with the straight line method. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
Hire purchase agreements |
Tangible fixed assets acquired under hire purchase agreements are capitalised at the estimated fair value at the date of inception of each contract. The finance charges are allocated over the period of the contract in accordance with the straight line method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PJR (Mile House) Limited (Registered number: 04254798) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st June 2022 |
and 31st May 2023 |
AMORTISATION |
At 1st June 2022 |
and 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | Tractors | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st June 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
PJR (Mile House) Limited (Registered number: 04254798) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Accruals and deferred income |
The bank overdraft is secured by a fixed and floating charge over all the assets of the company. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-5 years |
Bank loans over 5 years |
Other loans - 1-5 years |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans over 5 years | 436,385 | 607,124 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The company took out a loan for £1.2m from the Agricultural Mortgage Corporation plc ("AMC") during the year ended 31 May 2014. A further £240,000 loan from Agricultural Mortgage Corporation plc was taken out during the year ended 31 May 2016.The loan is secured on land owned by a director and is repayable over a period of 20 years. Interest is chargeable at 1.70% over the base rate of AMC for the first 10 year period of the loan and 2.35% thereafter. The balance on the loan at 31 May 2023 is £908,967. |
PJR (Mile House) Limited (Registered number: 04254798) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2023 |
10. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
2023 | 2022 |
£ | £ |
Loans due to related parties | 433,517 | 437,517 |
Key management personnel of the entity or its parent (in the aggregate) |
2023 | 2022 |
£ | £ |
Directors remuneration and other benefits etc | 8,400 | 8,400 |