Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-31true2022-09-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseDairy farming53truefalse 11920830 2022-09-01 2023-08-31 11920830 2021-09-01 2022-08-31 11920830 2023-08-31 11920830 2022-08-31 11920830 c:Director1 2022-09-01 2023-08-31 11920830 d:Buildings 2022-09-01 2023-08-31 11920830 d:Buildings 2023-08-31 11920830 d:Buildings 2022-08-31 11920830 d:Buildings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 11920830 d:Buildings d:ShortLeaseholdAssets 2022-09-01 2023-08-31 11920830 d:Buildings d:ShortLeaseholdAssets 2023-08-31 11920830 d:Buildings d:ShortLeaseholdAssets 2022-08-31 11920830 d:PlantMachinery 2022-09-01 2023-08-31 11920830 d:PlantMachinery 2023-08-31 11920830 d:PlantMachinery 2022-08-31 11920830 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 11920830 d:FurnitureFittings 2022-09-01 2023-08-31 11920830 d:FurnitureFittings 2023-08-31 11920830 d:FurnitureFittings 2022-08-31 11920830 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 11920830 d:OfficeEquipment 2022-09-01 2023-08-31 11920830 d:OfficeEquipment 2023-08-31 11920830 d:OfficeEquipment 2022-08-31 11920830 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 11920830 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 11920830 d:Goodwill 2022-09-01 2023-08-31 11920830 d:Goodwill 2023-08-31 11920830 d:Goodwill 2022-08-31 11920830 d:CurrentFinancialInstruments 2023-08-31 11920830 d:CurrentFinancialInstruments 2022-08-31 11920830 d:Non-currentFinancialInstruments 2023-08-31 11920830 d:Non-currentFinancialInstruments 2022-08-31 11920830 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 11920830 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 11920830 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 11920830 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 11920830 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 11920830 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 11920830 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 11920830 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 11920830 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-08-31 11920830 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-08-31 11920830 d:ShareCapital 2023-08-31 11920830 d:ShareCapital 2022-08-31 11920830 d:RetainedEarningsAccumulatedLosses 2023-08-31 11920830 d:RetainedEarningsAccumulatedLosses 2022-08-31 11920830 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-08-31 11920830 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-08-31 11920830 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-08-31 11920830 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2022-08-31 11920830 c:FRS102 2022-09-01 2023-08-31 11920830 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 11920830 c:FullAccounts 2022-09-01 2023-08-31 11920830 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 11920830 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 11920830 d:HirePurchaseContracts d:WithinOneYear 2022-08-31 11920830 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 11920830 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-08-31 11920830 2 2022-09-01 2023-08-31 11920830 d:Goodwill d:OwnedIntangibleAssets 2022-09-01 2023-08-31 11920830 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number:  11920830














PRESCOTT FARM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


 
PRESCOTT FARM LIMITED
REGISTERED NUMBER: 11920830

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
24,000
42,000

Tangible assets
 5 
1,503,981
595,209

  
1,527,981
637,209

Current assets
  

Stocks
 6 
820
64,059

Debtors: amounts falling due within one year
 7 
183,569
162,807

Cash at bank and in hand
 8 
19,260
196,787

  
203,649
423,653

Creditors: amounts falling due within one year
 9 
(2,448,695)
(1,650,135)

Net current liabilities
  
 
 
(2,245,046)
 
 
(1,226,482)

Total assets less current liabilities
  
(717,065)
(589,273)

Creditors: amounts falling due after more than one year
 10 
(353,291)
(345,508)

  

Net liabilities
  
(1,070,356)
(934,781)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,070,357)
(934,782)

  
(1,070,356)
(934,781)

Page 1

 
PRESCOTT FARM LIMITED
REGISTERED NUMBER: 11920830
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with 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: 




N Prescott
Director

Date: 16 April 2024

The notes on pages 3 to 14 form part of these financial statements.
Page 2

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no. 11920830). The address of the registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.
These financial statements present information about the company as an individual undertaking. The principal activity of the company is that of dairy farming.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

 
2.9

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%             On cost
Leasehold property
-
2%             On cost
Plant and machinery
-
5 - 25%      On cost
Fixtures and fittings
-
5 - 25%      On cost
Office equipment
-
33%           On cost

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.

Page 5

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

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.

 
2.12

Cash and cash equivalents

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.

 
2.13

Creditors

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.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 6

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

2023
£

Wages and salaries
103,547

Social security costs
(1,877)

Cost of defined contribution scheme
198

101,868


The average monthly number of employees, including directors, during the year was 5 (2022 - 3).

Page 7

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 September 2022
90,000



At 31 August 2023

90,000



Amortisation


At 1 September 2022
48,000


Charge for the year on owned assets
18,000



At 31 August 2023

66,000



Net book value



At 31 August 2023
24,000



At 31 August 2022
42,000




5.


Tangible fixed assets





Freehold property
Leasehold property
Plant and machinery
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 September 2022
-
120,619
615,204
11,100
8,347


Additions
837,076
36,604
126,736
-
-


Disposals
-
-
(86,100)
-
-



At 31 August 2023

837,076
157,223
655,840
11,100
8,347



Depreciation


At 1 September 2022
-
5,629
144,462
1,850
8,119


Charge for the year on owned assets
-
2,961
54,686
555
228


Disposals
-
-
(52,885)
-
-



At 31 August 2023

-
8,590
146,263
2,405
8,347
Page 8

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

           5.Tangible fixed assets (continued)




Net book value



At 31 August 2023
837,076
148,633
509,577
8,695
-



At 31 August 2022
-
114,990
470,741
9,250
228

Total

£



Cost or valuation


At 1 September 2022
755,270


Additions
1,000,416


Disposals
(86,100)



At 31 August 2023

1,669,586



Depreciation


At 1 September 2022
160,060


Charge for the year on owned assets
58,430


Disposals
(52,885)



At 31 August 2023

165,605



Net book value



At 31 August 2023
1,503,981



At 31 August 2022
595,209

Freehold property comprises of land not subject to depreciation.


6.


Stocks

2023
2022
£
£

Livestock
-
48,000

Raw materials and consumables
820
16,059

820
64,059


Page 9

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Debtors

2023
2022
£
£


Trade debtors
2,000
1,598

Other debtors
180,368
156,197

Prepayments and accrued income
1,201
5,012

183,569
162,807



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
19,260
196,787

19,260
196,787


Page 10

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
25,149
25,149

Trade creditors
12,084
12,756

Other taxation and social security
415
540

Obligations under finance lease and hire purchase contracts
20,373
14,660

Other creditors
2,386,007
1,592,163

Accruals and deferred income
4,667
4,867

2,448,695
1,650,135


The following liabilities were secured:

2023
2022
£
£



Bank loans
25,149
25,149

Obligations under finance lease and hire purchase contracts
20,373
14,660

45,522
39,809

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the company.
Obligations under finance lease and hire purchase contracts are secured against the assets concerned.

Page 11

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
311,264
330,883

Net obligations under finance leases and hire purchase contracts
42,027
14,625

353,291
345,508


The following liabilities were secured:

2023
2022
£
£



Bank loans
311,264
330,883

Obligations under finance lease and hire purchase contracts
42,027
14,625

353,291
345,508

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the company.
Obligations under finance lease and hire purchase contracts are secured against the assets concerned.


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
25,149
25,149

Amounts falling due 1-2 years

Bank loans
25,149
25,149

Amounts falling due 2-5 years

Bank loans
75,446
75,446

Amounts falling due after more than 5 years

Bank loans
210,669
230,288

336,413
356,032


Page 12

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
23,775
14,660

Between 1-5 years
47,832
14,625

71,607
29,285


13.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
19,260
196,787

Financial assets measured at amortised cost
176,635
116,055

195,895
312,842


Financial liabilities


Financial liabilities measured at amortised cost
2,800,368
1,994,075


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets measured at amortised cost comprise of trade debtors.


Financial liabilities measured at amortised cost comprise of bank loans, trade creditors, obligations under finance lease and hire purchase contracts and other creditors.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £198 (2022: £725). Contributions totalling £175 (2022: £Nil)  were payable to the fund at the balance sheet date and are included in creditors.

Page 13

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

15.


Related party transactions

Included in other debtors is an amount of £173,434 (2022: £154,289) owed from Dexter Plant Limited, a connected company. The loan is repayable on demand and no interest has been charged.
Included in other creditors is an amount of £2,384,631 (2022: £1,590,477) owed to the director. The loan is repayable on demand and no interest has been charged.


16.


Controlling party

The company is under the control of the director.

 
Page 14