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REGISTERED NUMBER: 01985497 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

H. PADFIELD AND SONS LIMITED

H. PADFIELD AND SONS LIMITED (REGISTERED NUMBER: 01985497)






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




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


H. PADFIELD AND SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







Directors: S J Padfield
M Padfield
C J Padfield
T Padfield



Secretary: M Padfield



Registered office: Bovinger Lodge
Morton
Ongar
Essex
CM5 0LT



Registered number: 01985497 (England and Wales)



Bankers: Barclays Bank Plc
183 High Street
Epping
Essex
CM16 4BH

H. PADFIELD AND SONS LIMITED (REGISTERED NUMBER: 01985497)

ABRIDGED BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 3,139,202 2,880,138
Investments 5 70 70
3,139,272 2,880,208

Current assets
Stocks 2,380,892 2,304,058
Debtors 1,211,278 858,395
Prepayments and accrued income 352 -
Cash in hand 72,845 18,564
3,665,367 3,181,017
Creditors
Amounts falling due within one year 1,814,240 1,287,626
Net current assets 1,851,127 1,893,391
Total assets less current liabilities 4,990,399 4,773,599

Creditors
Amounts falling due after more than one
year

6

(4,412,885

)

(4,204,626

)

Provisions for liabilities (73,430 ) (69,064 )
Net assets 504,084 499,909

Capital and reserves
Called up share capital 100,000 100,000
Retained earnings 404,084 399,909
Shareholders' funds 504,084 499,909

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

H. PADFIELD AND SONS LIMITED (REGISTERED NUMBER: 01985497)

ABRIDGED BALANCE SHEET - continued
30 SEPTEMBER 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 20 August 2024 and were signed on its behalf by:





C J Padfield - Director


H. PADFIELD AND SONS LIMITED (REGISTERED NUMBER: 01985497)

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

1. Statutory information

H. Padfield and Sons 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to Property - 8% on reducing balance
Farm Buildings - 5% on reducing balance
Tractor and Combine - 15% on reducing balance
Implements & Small Tools - 15% on reducing balance
Drainage - 15% on reducing balance
Motor Vehicles - 25% on reducing balance
Office Equipment - 30% on reducing balance

Valuation
The valuation has been prepared by the directors on a basis that is consistent with the farming industry.


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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and are depreciated over their estimated useful lives.

H. PADFIELD AND SONS LIMITED (REGISTERED NUMBER: 01985497)

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

2. Accounting policies - continued

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.

3. Employees and directors

The average number of employees during the year was 15 (2022 - 15 ) .

4. Tangible fixed assets
Totals
£   
Cost
At 1 October 2022 5,424,652
Additions 542,081
Disposals (272,724 )
At 30 September 2023 5,694,009
Depreciation
At 1 October 2022 2,544,514
Charge for year 216,297
Eliminated on disposal (206,004 )
At 30 September 2023 2,554,807
Net book value
At 30 September 2023 3,139,202
At 30 September 2022 2,880,138

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
Cost
At 1 October 2022 859,049
Additions 508,000
At 30 September 2023 1,367,049
Depreciation
At 1 October 2022 194,048
Charge for year 131,500
At 30 September 2023 325,548
Net book value
At 30 September 2023 1,041,501
At 30 September 2022 665,001

H. PADFIELD AND SONS LIMITED (REGISTERED NUMBER: 01985497)

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

5. Fixed asset investments

Information on investments other than loans is as follows:
Totals
£   
Cost
At 1 October 2022
and 30 September 2023 70
Net book value
At 30 September 2023 70
At 30 September 2022 70

6. Creditors: amounts falling due after more than five years
2023 2022
£    £   
Repayable by instalments
Bank Loans 3,552,196 2,988,975

7. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 849,990 353,832
Bank loans 3,971,771 4,031,074
4,821,761 4,384,906