REGISTERED NUMBER: |
PROCTOR BROS. (GOSBERTON) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 APRIL 2022 TO 31 AUGUST 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Valuation |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | INTANGIBLE FIXED ASSETS |
Entitlements |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 August 2023 |
AMORTISATION |
At 1 April 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 March 2022 |
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 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 March 2022 |
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 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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). |