Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30falsetrueFarming2023-04-01false13The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03195848 2023-04-01 2024-06-30 03195848 2022-04-01 2023-03-31 03195848 2024-06-30 03195848 2023-03-31 03195848 c:Director1 2023-04-01 2024-06-30 03195848 d:PlantMachinery 2023-04-01 2024-06-30 03195848 d:PlantMachinery 2024-06-30 03195848 d:PlantMachinery 2023-03-31 03195848 d:FurnitureFittings 2023-04-01 2024-06-30 03195848 d:FurnitureFittings 2024-06-30 03195848 d:FurnitureFittings 2023-03-31 03195848 d:FreeholdInvestmentProperty 2023-04-01 2024-06-30 03195848 d:FreeholdInvestmentProperty 2024-06-30 03195848 d:FreeholdInvestmentProperty 2023-03-31 03195848 d:CurrentFinancialInstruments 2024-06-30 03195848 d:CurrentFinancialInstruments 2023-03-31 03195848 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 03195848 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03195848 d:ShareCapital 2024-06-30 03195848 d:ShareCapital 2023-03-31 03195848 d:CapitalRedemptionReserve 2024-06-30 03195848 d:CapitalRedemptionReserve 2023-03-31 03195848 d:InvestmentPropertiesRevaluationReserve 2023-04-01 2024-06-30 03195848 d:InvestmentPropertiesRevaluationReserve 2024-06-30 03195848 d:InvestmentPropertiesRevaluationReserve 2023-03-31 03195848 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-06-30 03195848 d:RetainedEarningsAccumulatedLosses 2024-06-30 03195848 d:RetainedEarningsAccumulatedLosses 2023-03-31 03195848 d:OtherDeferredTax 2024-06-30 03195848 d:OtherDeferredTax 2023-03-31 03195848 c:OrdinaryShareClass1 2023-04-01 2024-06-30 03195848 c:OrdinaryShareClass1 2024-06-30 03195848 c:OrdinaryShareClass1 2023-03-31 03195848 c:FRS102 2023-04-01 2024-06-30 03195848 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-06-30 03195848 c:FullAccounts 2023-04-01 2024-06-30 03195848 c:PrivateLimitedCompanyLtd 2023-04-01 2024-06-30 03195848 2 2023-04-01 2024-06-30 03195848 e:PoundSterling 2023-04-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03195848










G T PRYCE (FARMS) LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2024

 
G T PRYCE (FARMS) LTD
REGISTERED NUMBER: 03195848

BALANCE SHEET
AS AT 30 JUNE 2024

30 June
31 March
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
981

Investment property
 6 
-
3,500,000

  
-
3,500,981

Current assets
  

Debtors: amounts falling due within one year
 7 
4,806
28,684

Cash at bank and in hand
 8 
5,173,291
75,456

  
5,178,097
104,140

Creditors: amounts falling due within one year
 9 
(845,971)
(7,661)

Net current assets
  
 
 
4,332,126
 
 
96,479

Total assets less current liabilities
  
4,332,126
3,597,460

Provisions for liabilities
  

Deferred tax
 10 
-
(638,025)

  
 
 
-
 
 
(638,025)

Net assets
  
4,332,126
2,959,435


Capital and reserves
  

Called up share capital 
 11 
1,040,000
1,040,000

Capital redemption reserve
 12 
255,000
255,000

Investment property reserve
 12 
-
2,120,725

Profit and loss account
 12 
3,037,126
(456,290)

  
4,332,126
2,959,435


Page 1

 
G T PRYCE (FARMS) LTD
REGISTERED NUMBER: 03195848
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 comprehensive income 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 on 18 August 2024.




Mr S C Pryce
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
G T PRYCE (FARMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

G T Pryce Farms Limited, 03195848, is a private limited company, limited by shares, incorporated in England and Wales, with it's principle place of business at Lower Heblands Farm, Snead, Churchstoke, Powys, SY15 6ED.
The principle activity of the company is the rental of land.

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

Going concern

The business is not considered a going concern as it is the directors intention to liquidate the company shortly after the end of this period..  The accounts have therefore been prepared on the break-up basis.

 
2.3

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.

 
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.

Page 3

 
G T PRYCE (FARMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Reducing balance

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 4

 
G T PRYCE (FARMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
G T PRYCE (FARMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future event that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future.  The resulting accounting estimates will by definition, seldom equal the related actual results.  In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees




The average monthly number of employees, including directors, during the period was 1 (2023 - 3).


5.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Total

£
£
£





At 1 April 2023
-
1,308
1,308


Additions
-
(1,308)
(1,308)



At 30 June 2024

-
-
-





At 1 April 2023
-
327
327


Disposals
(327)
-
(327)



At 30 June 2024

(327)
327
-



Net book value



At 30 June 2024
327
(327)
-



At 31 March 2023
-
981
981

Page 6

 
G T PRYCE (FARMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Investment property





Freehold investment property

£





At 1 April 2023
3,500,000


Disposals
(3,500,000)



At 30 June 2024
-

The 2024 valuations were made by the directors, on an open market value for existing use basis.

30 June
31 March
2024
2023
£
£

Revaluation reserves


At 1 April 2023
2,120,725
995,725

Net surplus/(deficit) in movement properties
(2,120,725)
1,125,000

At 30 June 2024
-
2,120,725



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

30 June
31 March
2024
2023
£
£


Historic cost
-
947,902

Accumulated depreciation and impairments
-
(214,912)

-
732,990

Page 7

 
G T PRYCE (FARMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

7.


Debtors

30 June
31 March
2024
2023
£
£


Trade debtors
1,022
16,927

Other debtors
306
10,718

Prepayments and accrued income
-
1,039

Tax recoverable
3,478
-

4,806
28,684



8.


Cash and cash equivalents

30 June
31 March
2024
2023
£
£

Cash at bank and in hand
5,173,291
75,456

5,173,291
75,456



9.


Creditors: Amounts falling due within one year

30 June
31 March
2024
2023
£
£

Trade creditors
1
2,219

Corporation tax
843,722
3,420

Other taxation and social security
172
-

Accruals and deferred income
2,076
2,022

845,971
7,661


Page 8

 
G T PRYCE (FARMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

10.


Deferred taxation






2024


£






At beginning of year
(638,025)


Charged to other comprehensive income
638,025



At end of year
-

The deferred taxation balance is made up as follows:

30 June
31 March
2024
2023
£
£


Revaluation on reclassification of asset
-
(638,025)

-
(638,025)

Page 9

 
G T PRYCE (FARMS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

11.


Share capital

30 June
31 March
2024
2023
£
£
Allotted, called up and fully paid



1,040,000 (2023 - 1,040,000) Ordinary shares of £1.00 each
1,040,000
1,040,000



12.


Reserves

Investment property revaluation reserve

This represents the revaluation of the freehold property on it's transfer between classes of assets, to bring it in line with the market value.  This amount is recognised net of deferred taxation.  The asset was sold in the year so the this reserve has now been transferred to the profit and loss reserve.

Profit and loss account

The profit and loss account represents the accumulated profits for the Company, since incorporation, less distributions made to shareholders.

 
Page 10