REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
P C PERRETT & SONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
P C PERRETT & SONS LIMITED |
P C PERRETT & SONS LIMITED (REGISTERED NUMBER: 06828569) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
P C PERRETT & SONS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Manchester House |
High Street |
Stalbridge |
Sturminster Newton |
Dorset |
DT10 2LL |
P C PERRETT & SONS LIMITED (REGISTERED NUMBER: 06828569) |
ABRIDGED BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
Herd basis | 8 | 176,490 | 188,340 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
P C PERRETT & SONS LIMITED (REGISTERED NUMBER: 06828569) |
ABRIDGED BALANCE SHEET - continued |
31 March 2024 |
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 |
P C PERRETT & SONS LIMITED (REGISTERED NUMBER: 06828569) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
P C Perrett & Sons Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements is the fair value on transition to FRS 102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted BPS, deferred income is released to the profit and loss at the same rate at which the intangible asset is amortised. |
The amortisation method and rate is as follows: |
8 years straight line |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Biological assets |
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. |
Assets within the classification comprise a dairy herd. |
Depreciation is charged to write off the cost of assets less estimated selling price over their estimated useful economic life. |
The depreciation rate used for the dairy herd is 25% straight line. |
Stocks |
Livestock is valued by the directors at market value. Such valuations are then discounted in accordance with approved Inland Revenue practice (HS232), so as to show values at deemed cost. |
Deadstock and tillages are valued by the directors at cost. |
P C PERRETT & SONS LIMITED (REGISTERED NUMBER: 06828569) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
Disposals | ( |
) |
At 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
P C PERRETT & SONS LIMITED (REGISTERED NUMBER: 06828569) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 April 2023 | 209,600 |
Additions | 125,000 |
At 31 March 2024 | 334,600 |
DEPRECIATION |
At 1 April 2023 | 54,167 |
Charge for year | 42,065 |
At 31 March 2024 | 96,232 |
NET BOOK VALUE |
At 31 March 2024 | 238,368 |
At 31 March 2023 | 155,433 |
7. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 50 |
NET BOOK VALUE |
At 31 March 2024 | 50 |
At 31 March 2023 | 50 |
P C PERRETT & SONS LIMITED (REGISTERED NUMBER: 06828569) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
8. | HERD BASIS |
Dairy |
herd |
basis |
£ |
COST |
At 1 April 2023 | 295,120 |
Additions | 63,920 |
Disposals | (84,320 | ) |
At 31 March 2024 | 274,720 |
DEPRECIATION |
At 1 April 2023 | 106,780 |
Charge for year | 38,380 |
Eliminated on disposal | (46,930 | ) |
At 31 March 2024 | 98,230 |
NET BOOK VALUE |
At 31 March 2024 | 176,490 |
At 31 March 2023 | 188,340 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 114,221 | 70,683 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The company operates from a farm owned by the directors. There is no formal lease and the company currently occupies the property rent free. |
There is additional land, again owned by the directors, on which the company pays rent of £5,400 (2022 £5,400). |