Registered number: 02421594
PORTWAY FARMS LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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PORTWAY FARMS LIMITED
COMPANY INFORMATION
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Kirtlington Business Centre
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PORTWAY FARMS LIMITED
CONTENTS
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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The following pages do not form part of the statutory financial statements:
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Detailed profit and loss account and summaries
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PORTWAY FARMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors who served during the year were:
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Mrs S H Nicholson
Director
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Page 1
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PORTWAY FARMS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PORTWAY FARMS 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 financial statements of Portway Farms Limited for the year ended 31 March 2023 which comprise the Statement of comprehensive income, the Balance sheet, the 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 at https://www.icaew.com/regulation.
This report is made solely to the Board of directors of Portway Farms Limited, as a body, in accordance with the terms of our engagement letter dated 31 March 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Portway Farms Limited and state those matters that we have agreed to state to the Board of directors of Portway Farms Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portway Farms Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Portway Farms 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 Portway Farms Limited. You consider that Portway Farms Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Portway Farms 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.
James Cowper Kreston
Chartered Accountants
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB
8 February 2024
Page 2
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PORTWAY FARMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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The notes on pages 8 to 15 form part of these financial statements.
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Page 3
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PORTWAY FARMS LIMITED
REGISTERED NUMBER: 02421594
BALANCE SHEET
AS AT 31 MARCH 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Investment property reserve
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Page 4
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PORTWAY FARMS LIMITED
REGISTERED NUMBER: 02421594
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
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 Company's financial statements have been prepared in accordance with the 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:
The notes on pages 8 to 15 form part of these financial statements.
Page 5
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PORTWAY FARMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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Capital redemption reserve
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Investment property revaluation reserve
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Comprehensive income for the year
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Other revaluation movement
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The notes on pages 8 to 15 form part of these financial statements.
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Page 6
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PORTWAY FARMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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Capital redemption reserve
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Investment property revaluation reserve
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Comprehensive income for the year
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The notes on pages 8 to 15 form part of these financial statements.
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Page 7
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Portway Farms Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02421594.
The company's registered office is: The Management Office, Kirtlington Business Centre, Slade Farm, Kirtlington, Oxfordshire, OX5 3JA.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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Current and deferred taxation
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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 balance sheet 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 balance sheet 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 balance sheet date.
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.
Page 8
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
Investment property is carried at fair value determined annually by the directors 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.
Fixed asset investments, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period.
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.
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Cash and cash equivalents
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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.
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.
Page 9
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company only 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.
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The average monthly number of employees, including the directors, during the year was as follows:
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Average Number of Employees
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Page 10
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Charge for the year on owned assets
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Interest in other participating interest
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The participating interest is in Kirtlington Farms, a farming partnership situated in England. The company has a 7.5% right to the profits and losses and fixed capital of the partnership.
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Page 11
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Freehold investment property
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The 2023 valuations were made by the Directors, on an open market value for existing use basis.
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Revaluation reserve movement
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Page 12
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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The bank loan is secured on the freehold land known as:
i) Land on the north side of Akeman Street,
ii) 1 Stud Farm Cottage, Chesterton, Bicester
Page 13
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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The loan is secured on the freehold land known as:
i) Land on the north side of Akeman Street, and
ii) Home Farm, Kirtlington Park, Kirtlington OX5 3JL.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Page 14
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Fixed asset timing differences on investment property revaluations
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Investment property revaluation reserve
Investment property revaluation reserve: where financial instruments and investment properties are measured at fair value a transfer is made to the fair value reserve, instead of a transfer to retained earnings, to assist with the identification of profits available for distribution.
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Related party transactions
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At the year end £2,606 was due from directors to the Company (2022: £2,606).
During the year the company received a share of the Kirtlington Farms' trading profit of £1,606 (2022: £1,987) and charged rent to Kirtlington Farms of £13,700 (2021: £13,700).
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Page 15
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PORTWAY FARMS LIMITED
DETAILED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
Page 16
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PORTWAY FARMS LIMITED
SCHEDULE TO THE DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
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Kirtlington Farms partnership
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Water rates and cesspit emptying
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Management office expenses
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Repairs and maintenance of properties
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Legal and professional fees
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Management and bookkeeping fees
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Garden clearance and maintanance
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Depreciation - fixtures and fittings
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Page 17
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PORTWAY FARMS LIMITED
SCHEDULE TO THE DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
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Bank loan interest payable
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Page 18
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