IRIS Accounts Production v23.3.1.45 00465714 Board of Directors 1.4.22 31.8.23 31.8.23 false true false false false true false Ordinary Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh004657142022-03-31004657142023-08-31004657142022-04-012023-08-31004657142021-03-31004657142021-04-012022-03-31004657142022-03-3100465714ns10:Originalns15:EnglandWales2022-04-012023-08-3100465714ns14:PoundSterlingns10:Original2022-04-012023-08-3100465714ns10:Originalns10:Director12022-04-012023-08-3100465714ns10:Original2022-04-012023-08-3100465714ns10:Original2023-08-3100465714ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-08-3100465714ns10:Originalns10:SmallEntities2022-04-012023-08-3100465714ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-08-3100465714ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-08-3100465714ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-08-3100465714ns10:Originalns10:FullAccounts2022-04-012023-08-3100465714ns10:Original12022-04-012023-08-3100465714ns10:Originalns10:OrdinaryShareClass12022-04-012023-08-3100465714ns10:Originalns10:Director22022-04-012023-08-3100465714ns10:Originalns10:Director32022-04-012023-08-3100465714ns10:Originalns10:Director42022-04-012023-08-3100465714ns10:Originalns10:Director52022-04-012023-08-3100465714ns10:CompanySecretary1ns10:Original2022-04-012023-08-3100465714ns10:Originalns10:RegisteredOffice2022-04-012023-08-3100465714ns10:Original2022-03-3100465714ns10:Originalns5:CurrentFinancialInstruments2023-08-3100465714ns10:Originalns5:CurrentFinancialInstruments2022-03-3100465714ns5:ShareCapitalns10:Original2023-08-3100465714ns5:ShareCapitalns10:Original2022-03-3100465714ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-08-3100465714ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3100465714ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-04-012023-08-3100465714ns10:Original2021-04-012022-03-3100465714ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-3100465714ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-08-3100465714ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-3100465714ns10:Originalns5:LandBuildings2022-03-3100465714ns10:Originalns5:PlantMachinery2022-03-3100465714ns10:Original2022-03-3100465714ns10:Originalns5:LandBuildings2022-04-012023-08-3100465714ns10:Originalns5:PlantMachinery2022-04-012023-08-3100465714ns10:Originalns5:LandBuildings2023-08-3100465714ns10:Originalns5:PlantMachinery2023-08-3100465714ns10:Originalns5:LandBuildings2022-03-3100465714ns10:Originalns5:PlantMachinery2022-03-3100465714ns10:Originalns5:CostValuation2022-03-3100465714ns10:Originalns5:AdditionsToInvestments2023-08-3100465714ns10:Originalns5:DisposalsRepaymentsInvestments2023-08-3100465714ns10:Originalns5:RevaluationsIncreaseDecreaseInInvestments2023-08-3100465714ns10:Originalns5:CostValuation2023-08-3100465714ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3100465714ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3100465714ns10:Originalns10:OrdinaryShareClass12023-08-31
REGISTERED NUMBER: 00465714 (England and Wales)















PROCTOR BROS. (GOSBERTON) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 APRIL 2022 TO 31 AUGUST 2023






PROCTOR BROS. (GOSBERTON) LIMITED (REGISTERED NUMBER: 00465714)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 31 AUGUST 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


PROCTOR BROS. (GOSBERTON) LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2022 TO 31 AUGUST 2023







DIRECTORS: A D Proctor
Mrs J F Proctor
S R Proctor
Ms L F Proctor
Mrs L M Proctor





SECRETARY: Mrs J F Proctor





REGISTERED OFFICE: c/o Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR





REGISTERED NUMBER: 00465714 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

PROCTOR BROS. (GOSBERTON) LIMITED (REGISTERED NUMBER: 00465714)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 464 -
Tangible assets 5 3,054,979 3,427,519
Investments 6 397,986 338,024
3,453,429 3,765,543

CURRENT ASSETS
Valuation 872,741 940,919
Debtors 7 297,758 409,840
Cash at bank 756,069 410,498
1,926,568 1,761,257
CREDITORS
Amounts falling due within one year 8 268,152 305,039
NET CURRENT ASSETS 1,658,416 1,456,218
TOTAL ASSETS LESS CURRENT LIABILITIES 5,111,845 5,221,761

CAPITAL AND RESERVES
Called up share capital 9 8,002 8,002
Retained earnings 5,103,843 5,213,759
SHAREHOLDERS' FUNDS 5,111,845 5,221,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by:





A D Proctor - Director


PROCTOR BROS. (GOSBERTON) LIMITED (REGISTERED NUMBER: 00465714)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 31 AUGUST 2023

1. STATUTORY INFORMATION

Proctor Bros. (Gosberton) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of farm crops and area aid excluding value added tax.

Sales of produce are recognised at the point of delivery.

The Basic Farm Payment is recognised in the financial statements in accordance with current H.M. Revenue & Customs guidance.

Entitlements
Intangible assets consist of entitlements to the basic payment scheme. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Freehold Buildings- 2%- 5% Straight Line
Plant and Machinery- 10%-25% Straight Line


Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


PROCTOR BROS. (GOSBERTON) LIMITED (REGISTERED NUMBER: 00465714)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives.

Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits
The company contributes to various defined contribution pension schemes providing benefits for directors and employees additional to those from the state. The assets of these schemes are held in independently administered funds.

Investments
Fixed asset investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 11 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 1 April 2022 94,461
Additions 464
At 31 August 2023 94,925
AMORTISATION
At 1 April 2022
and 31 August 2023 94,461
NET BOOK VALUE
At 31 August 2023 464
At 31 March 2022 -

PROCTOR BROS. (GOSBERTON) LIMITED (REGISTERED NUMBER: 00465714)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 AUGUST 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 3,447,209 3,359,418 6,806,627
Additions 45,719 23,070 68,789
Disposals - (365,945 ) (365,945 )
At 31 August 2023 3,492,928 3,016,543 6,509,471
DEPRECIATION
At 1 April 2022 636,425 2,742,683 3,379,108
Charge for period 33,816 273,363 307,179
Eliminated on disposal - (231,795 ) (231,795 )
At 31 August 2023 670,241 2,784,251 3,454,492
NET BOOK VALUE
At 31 August 2023 2,822,687 232,292 3,054,979
At 31 March 2022 2,810,784 616,735 3,427,519

Included in cost of land and buildings is freehold land of £ 2,655,633 (2022 - £ 2,655,633 ) which is not depreciated.


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2022 338,024
Additions 369,604
Disposals (337,538 )
Revaluations 27,896
At 31 August 2023 397,986
NET BOOK VALUE
At 31 August 2023 397,986
At 31 March 2022 338,024

Cost or valuation at 31 August 2023 is represented by:

Other
investments
£   
Valuation in 2023 27,896
Cost 370,090
397,986

PROCTOR BROS. (GOSBERTON) LIMITED (REGISTERED NUMBER: 00465714)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 AUGUST 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 140,464 320,396
Other debtors 157,294 89,444
297,758 409,840

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 14,029
Trade creditors 58,613 209,684
Taxation and social security 10,593 13,073
Other creditors 198,946 68,253
268,152 305,039

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
8,002 Ordinary Shares 1 8,002 8,002

10. PENSION COMMITMENTS

The company operates a defined contribution scheme whose assets are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company and amounted to £20,440 (2022 - £14,577), of which £Nil (2022 - £Nil) were payments for directors. The outstanding contributions at the year end were £861 (2022 - £1,715).