IRIS Accounts Production v24.1.9.2 10811943 Board of Directors 1.6.23 31.5.24 31.5.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh108119432023-05-31108119432024-05-31108119432023-06-012024-05-31108119432022-05-31108119432022-06-012023-05-31108119432023-05-3110811943ns15:EnglandWales2023-06-012024-05-3110811943ns14:PoundSterling2023-06-012024-05-3110811943ns10:Director12023-06-012024-05-3110811943ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3110811943ns10:SmallEntities2023-06-012024-05-3110811943ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-3110811943ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3110811943ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3110811943ns10:FullAccounts2023-06-012024-05-3110811943ns10:Director22023-06-012024-05-3110811943ns10:RegisteredOffice2023-06-012024-05-3110811943ns5:CurrentFinancialInstruments2024-05-3110811943ns5:CurrentFinancialInstruments2023-05-3110811943ns5:Non-currentFinancialInstruments2024-05-3110811943ns5:Non-currentFinancialInstruments2023-05-3110811943ns5:ShareCapital2024-05-3110811943ns5:ShareCapital2023-05-3110811943ns5:RetainedEarningsAccumulatedLosses2024-05-3110811943ns5:RetainedEarningsAccumulatedLosses2023-05-3110811943ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3110811943ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3110811943ns5:OtherRelatedParties2023-06-012024-05-31
REGISTERED NUMBER: 10811943 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PAUL TOWNS AGRICULTURE LIMITED

PAUL TOWNS AGRICULTURE LIMITED (REGISTERED NUMBER: 10811943)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PAUL TOWNS AGRICULTURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: P R Towns
H E Towns





REGISTERED OFFICE: Agriculture House Melton Road
Scalford
Melton Mowbray
Leicestershire
LE14 4UD





REGISTERED NUMBER: 10811943 (England and Wales)





ACCOUNTANTS: TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

PAUL TOWNS AGRICULTURE LIMITED (REGISTERED NUMBER: 10811943)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 101,500 92,994
Debtors 4 652,441 511,073
Cash at bank 5,912 51,931
759,853 655,998
CREDITORS
Amounts falling due within one year 5 574,140 489,434
NET CURRENT ASSETS 185,713 166,564
TOTAL ASSETS LESS CURRENT LIABILITIES 185,713 166,564

CREDITORS
Amounts falling due after more than one
year

6

10,833

20,833
NET ASSETS 174,880 145,731

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 174,780 145,631
174,880 145,731

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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 20 August 2024 and were signed on its behalf by:





P R Towns - Director


PAUL TOWNS AGRICULTURE LIMITED (REGISTERED NUMBER: 10811943)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Paul Towns Agriculture 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.

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 reporting 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.

Commodities, which principally comprise grain, are valued at the market price ruling at the balance sheet date; resultant profits and losses are taken to the statement of comprehensive income. The policy of recognising profits or losses on physical stocks described above is at variance with the requirements of the Companies Act for stocks to be stated at the lower of costs and net realisable value. However, the directors consider this policy is necessary to satisfy the overriding requirements that the financial statements show a true and fair view of the company's performance in any year. This can only be measured by reference to market values.

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.

PAUL TOWNS AGRICULTURE LIMITED (REGISTERED NUMBER: 10811943)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


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 2 (2023 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 627,276 485,038
Other debtors 25,165 26,035
652,441 511,073

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loan 10,000 10,000
Trade creditors 434,092 326,121
Amounts owed to group undertakings 117,189 140,595
Taxation and social security 7,959 10,444
Other creditors 4,900 2,274
574,140 489,434

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loan 10,833 20,833

7. RELATED PARTY DISCLOSURES

During the year the company incurred contract and management charges amounting to £401,000 (2023 £396,000) from a related company. The amount outstanding at the year end was £8,313 (2023 £7,200).

At the the year end the company had a loan outstanding to the related company of £117,189 (2023 £140,595).

8. ULTIMATE CONTROLLING PARTY

The company is a 100% owned subsidiary of Paul R Towns Limited, a company registered in England and Wales.

The company is exempt from the obligation to prepare consolidated accounts, in accordance with s405 of the Companies Act 2006.