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REGISTERED NUMBER: 08818821 (England and Wales)















PASTURE FARM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






PASTURE FARM LIMITED (REGISTERED NUMBER: 08818821)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PASTURE FARM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: W R Ward
S G Gibson
Mrs K J Gibson



SECRETARY: W R Ward



REGISTERED OFFICE: Pasture Farm
Ermine Street
Welby
Grantham
Lincolnshire
NG32 3LU



REGISTERED NUMBER: 08818821 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA



BANKERS: Virgin Money
Clydesdale Bank Bft
Syminton House 8
North Avenue
Glasgow
G81 2NT

PASTURE FARM LIMITED (REGISTERED NUMBER: 08818821)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,808,263 1,804,119
Investments 5 888,369 834,423
2,696,632 2,638,542

CURRENT ASSETS
Stocks 74,366 103,222
Debtors 6 113,111 61,398
Cash at bank 1,143,059 1,279,268
1,330,536 1,443,888
CREDITORS
Amounts falling due within one year 7 135,664 127,431
NET CURRENT ASSETS 1,194,872 1,316,457
TOTAL ASSETS LESS CURRENT LIABILITIES 3,891,504 3,954,999

PROVISIONS FOR LIABILITIES 80,000 80,000
NET ASSETS 3,811,504 3,874,999

CAPITAL AND RESERVES
Called up share capital 8 424 424
Revaluation reserve 9 240,392 240,392
Capital redemption reserve 3,385,000 3,385,000
Retained earnings 185,688 249,183
SHAREHOLDERS' FUNDS 3,811,504 3,874,999

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 by the Board of Directors and authorised for issue on 23 February 2024 and were signed on its behalf by:




Mrs K J Gibson - Director


PASTURE FARM LIMITED (REGISTERED NUMBER: 08818821)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Pasture Farm 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents divisible surplus income from contract farming.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Taxation
Taxation for the year 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.


PASTURE FARM LIMITED (REGISTERED NUMBER: 08818821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
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 year 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
The listed investments are shown at market value at the date of the statement of financial position.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 1,800,000 5,789 1,805,789
Additions - 6,653 6,653
At 30 June 2023 1,800,000 12,442 1,812,442
DEPRECIATION
At 1 July 2022 - 1,670 1,670
Charge for year - 2,509 2,509
At 30 June 2023 - 4,179 4,179
NET BOOK VALUE
At 30 June 2023 1,800,000 8,263 1,808,263
At 30 June 2022 1,800,000 4,119 1,804,119

Cost or valuation at 30 June 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 1,800,000 - 1,800,000
Cost - 12,442 12,442
1,800,000 12,442 1,812,442

If freehold land had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,479,608 1,479,608

PASTURE FARM LIMITED (REGISTERED NUMBER: 08818821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. TANGIBLE FIXED ASSETS - continued

Freehold farmland was valued on an open market basis on 31 May 2022 by Fisher German LLP, chartered surveyors.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 July 2022 834,423
Additions 13,040
Disposals (8,016 )
Revaluations 48,922
At 30 June 2023 888,369
NET BOOK VALUE
At 30 June 2023 888,369
At 30 June 2022 834,423

Cost or valuation at 30 June 2023 is represented by:

Other
investments
£   
Valuation in 2022 834,423
Valuation in 2023 53,946
888,369

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 120 13,524
Other debtors 13,457 14,365
Directors' current accounts 81,612 2,348
VAT 6,418 12,873
Prepayments and accrued income 11,504 18,288
113,111 61,398

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 18,054 42,431
Tax 13,457 -
Other creditors 41,941 -
Accruals and deferred income 62,212 85,000
135,664 127,431

PASTURE FARM LIMITED (REGISTERED NUMBER: 08818821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
212 B Ordinary £1 212 212
212 A Ordinary £1 212 212
424 424

9. RESERVES
Revaluation
reserve
£   
At 1 July 2022
and 30 June 2023 240,392

The aggregate surplus on re-measurement of freehold farmland net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 30 June 2023 and the period ended 30 June 2022:

2023 2022
£    £   
W R Ward
Balance outstanding at start of year 2,348 -
Amounts advanced 2,969 2,348
Amounts repaid (2,348 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,969 2,348

Mrs K J Gibson
Balance outstanding at start of year - -
Amounts advanced 109,583 -
Amounts repaid (30,940 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 78,643 -

Loans made in excess of £10,000 are charged to interest using HMRC's official rate of interest.