Company No:
Contents
DIRECTORS | Mrs S J Collison |
Mr R H Noble | |
Mr M H Noble |
SECRETARY | Mr M H Noble |
REGISTERED OFFICE | Hitchcock House |
Hilltop Park | |
Devizes Road | |
Salisbury | |
SP3 4UF | |
United Kingdom |
COMPANY NUMBER | 06585455 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Hitchcock House | |
Hilltop Park | |
Devizes Road | |
Salisbury | |
Wiltshire SP3 4UF |
Note | 31.12.2023 | 30.09.2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 5 |
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Investment property | 6 |
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1,718,800 | 1,447,106 | |||
Current assets | ||||
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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987,465 | 1,030,965 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 489,672 | 416,626 | ||
Total assets less current liabilities | 2,208,472 | 1,863,732 | ||
Creditors: amounts falling due after more than one year | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Revaluation reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Puckshipton Farms Limited (registered number:
Mr M H Noble
Director |
Mrs S J Collison
Director |
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Mr R H Noble
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Puckshipton Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hitchcock House, Hilltop Park, Devizes Road, Salisbury, SP3 4UF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The accounts cover the 15 month period from 1 October 2022 to 31 December 2023. The comparative amounts presented cover the 12 month period ended 30 September 2022.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Other intangible assets |
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Land and buildings |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
The directors have discovered material errors arising for the years to 30 September 2022 and consider that a restatement is necessary.
The impact on the financial statements is a decrease in retained earnings brought forward by £52,584, a decrease in other operating income by £17,711, and an increase in creditors: amounts falling due within one year by £70,295.
As previously reported | Adjustment | As restated | ||||
Period ended 30 September 2022 | £ | £ | £ | |||
Retained earnings brought forward | 460,673 | (52,584) | 408,089 | |||
Other operating income | 71,665 | (17,711) | 53,954 | |||
Creditors: amounts falling due within one year | 544,044 | 70,295 | 614,339 |
Period from 01.10.2022 to 31.12.2023 |
Year ended 30.09.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2022 |
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At 31 December 2023 |
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Accumulated amortisation | |||
At 01 October 2022 |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 30 September 2022 |
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Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 October 2022 |
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Additions |
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Disposals |
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At 31 December 2023 |
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Accumulated depreciation | |||||||||
At 01 October 2022 |
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Charge for the financial period |
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Disposals |
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At 31 December 2023 |
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Net book value | |||||||||
At 31 December 2023 |
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At 30 September 2022 |
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Investment property | |
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Valuation | |
As at 01 October 2022 |
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As at 31 December 2023 |
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Investment property comprises of residential dwellings. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 26 April 2019 by the directors of the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.
31.12.2023 | 30.09.2022 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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VAT recoverable |
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Other debtors |
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31.12.2023 | 30.09.2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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31.12.2023 | 30.09.2022 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
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Deferred tax liability |
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31.12.2023 | 30.09.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |