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REGISTERED NUMBER: 00602626 (England and Wales)













R.N. Padfield & Sons Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024






R.N. Padfield & Sons Limited (Registered number: 00602626)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


R.N. Padfield & Sons Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: RW Padfield
CR Padfield
Dr HJ Padfield





SECRETARY: Dr HJ Padfield





REGISTERED OFFICE: The Hawthorns
Hawthorns Lane
Corse
Gloucester
Gloucestershire
GL19 3NY





REGISTERED NUMBER: 00602626 (England and Wales)





ACCOUNTANTS: The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
R.N. Padfield & Sons Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R.N. Padfield & Sons Limited for the year ended 30 April 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of R.N. Padfield & Sons Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of R.N. Padfield & Sons Limited and state those matters that we have agreed to state to the Board of Directors of R.N. Padfield & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R.N. Padfield & Sons Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that R.N. Padfield & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R.N. Padfield & Sons Limited. You consider that R.N. Padfield & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of R.N. Padfield & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF


12 September 2024

R.N. Padfield & Sons Limited (Registered number: 00602626)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,895,846 2,663,502
Investment property 5 1,520,710 1,492,877
4,416,556 4,156,379

CURRENT ASSETS
Stocks 6 166,664 252,758
Debtors 7 196,194 255,237
Cash at bank - 147,386
362,858 655,381
CREDITORS
Amounts falling due within one year 8 344,102 503,334
NET CURRENT ASSETS 18,756 152,047
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,435,312

4,308,426

CREDITORS
Amounts falling due after more than one
year

9

(1,114,804

)

(1,154,749

)

PROVISIONS FOR LIABILITIES 12 (390,711 ) (345,464 )
NET ASSETS 2,929,797 2,808,213

CAPITAL AND RESERVES
Allotted, issued and fully
paid share capital 67 67
Fair value reserve 13 688,168 667,293
Retained earnings 2,241,562 2,140,853
SHAREHOLDERS' FUNDS 2,929,797 2,808,213

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

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

R.N. Padfield & Sons Limited (Registered number: 00602626)

Balance Sheet - continued
30 April 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





RW Padfield - Director


R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

R.N. Padfield & 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 as modified by the revaluation of certain assets.

The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Short leasehold - 4% on cost
Improvements to property - 5% on reducing balance, 4% on cost and 2% on cost
Plant and machinery - 6.67% on cost, 4% on cost and at variable rates on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

The company has the following biological assets which are valued as disclosed -

Crops in store - either valued at their estimated cost with reference to market values or their purchase cost, depending on if grown or purchased by the company.
Growing crop - valued at the cost of inputs and cultivations up to the period end.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued
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. 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.

3. EMPLOYEES

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to Plant and
property leasehold property machinery Totals
£    £    £    £    £   
COST
At 1 May 2023 762,010 327,534 1,387,530 1,839,129 4,316,203
Additions - - 91,817 280,486 372,303
At 30 April 2024 762,010 327,534 1,479,347 2,119,615 4,688,506
DEPRECIATION
At 1 May 2023 - 105,520 524,191 1,022,990 1,652,701
Charge for year - 13,101 30,461 96,397 139,959
At 30 April 2024 - 118,621 554,652 1,119,387 1,792,660
NET BOOK VALUE
At 30 April 2024 762,010 208,913 924,695 1,000,228 2,895,846
At 30 April 2023 762,010 222,014 863,339 816,139 2,663,502

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


4. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £NIL (2023: £23,851) in respect of assets held under hire purchase contracts.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 1,492,877
Revaluations 27,833
At 30 April 2024 1,520,710
NET BOOK VALUE
At 30 April 2024 1,520,710
At 30 April 2023 1,492,877

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2011 561,865
Valuation in 2013 (40,500 )
Valuation in 2014 65,500
Valuation in 2016 (7,045 )
Valuation in 2017 19,485
Valuation in 2019 (194,115 )
Valuation in 2020 89,194
Valuation in 2022 364,566
Valuation in 2023 30,772
Valuation in 2024 27,833
Cost 603,155
1,520,710

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 603,155 603,155

Investment property was valued on an open market basis on 30 April 2024 by CR Padfield (director) .

6. STOCKS
2024 2023
£    £   
Crops in store 11,800 5,593
Stores 21,192 43,799
Work-in-progress 133,672 203,366
166,664 252,758

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 44,122 187,684
Amounts owed by group undertakings 4,572 2,698
Directors' current accounts - 3,348
Corporation tax repayable 54,649 -
VAT 2,871 18,196
Prepayments 89,980 43,311
196,194 255,237

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 84,769 56,500
Hire purchase contracts (see note 10) - 13,400
Trade creditors 33,249 7,052
Corporation tax payable 419 212,528
Social security and other taxes 1,829 1,511
Directors' current accounts 138,880 148,776
Accruals and deferred income 58,204 36,740
Rental deposits 26,752 26,827
344,102 503,334

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 49,965 56,500
Bank loans - 2-5 years 99,000 126,632
Bank loans - more than 5 years 562,125 578,993
Bank loans more than 5 years -
non-instalments 296,000 350,000
Accruals and deferred income 107,714 42,624
1,114,804 1,154,749

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 5 years -
non-instalments 296,000 350,000
296,000 350,000

Repayable by instalments
Bank loans - more than 5 years 562,125 578,993

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 13,400

Non-cancellable operating leases
2024 2023
£    £   
Within one year 55,572 55,845
Between one and five years 222,288 223,380
In more than five years 1,051,237 1,112,269
1,329,097 1,391,494

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 31,169 -
Bank loans 1,060,690 1,168,625
Hire purchase contracts - 13,400
1,091,859 1,182,025

The Lloyds Bank plc overdraft and loans are secured by a charge on the assets of the company and a first legal charge over assets owned by Mr RW and Mrs HJ Padfield at Lawn Farm.

The Agricultural Mortgage Corporation plc borrowings are secured by a charge over land at The Hawthorns, Hawthorn Lane, Staunton, Gloucestershire.

Hire purchase contracts are secured against the relevant asset.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Advanced capital allowances 212,105 174,883
Depreciation in stock 4,139 3,071
Other timing difference 23,342 23,343
Investment property 151,125 144,167
390,711 345,464

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 345,464
Advanced capital allowances 37,222
Depreciation in stock 1,068
Building allowances (1 )
Investment property valuation 6,958
Balance at 30 April 2024 390,711

13. RESERVES
Fair
value
reserve
£   
At 1 May 2023 667,293
Investment property valuation 27,833
Deferred tax (6,958 )

At 30 April 2024 688,168

The fair value adjustments are not taxable until the investment property is sold. Deferred tax is provided in the fair value reserve on the uplift from cost to fair value.

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end directors' loans were £138,880 in credit (2023: £145,428). Interest of £27 (2023: £70) has been charged on the overdrawn balances, at the authorised interest rate.

15. TRANSACTIONS WITH RELATED PARTIES

R.N. Padfield & Sons Limited is a wholly owned subsidiary of Hawthorn Holdings Limited. During the year, dividend distributions of £30,000 (2023: £1,063,592) have been made to the holding company and a further £1,874 (2023: £2,400) has also been advanced. The closing debtor balance is £4,572 (2023: £2,698). This loan is interest free, unsecured and repayable on demand.