Company registration number 00653653 (England and Wales)
PYTCHLEY FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PYTCHLEY FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PYTCHLEY FARMS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,417,198
1,235,168
Current assets
Stocks
37,170
137,949
Debtors
5
96,711
66,742
Cash at bank and in hand
159,892
289,556
293,773
494,247
Creditors: amounts falling due within one year
6
(345,154)
(298,116)
Net current (liabilities)/assets
(51,381)
196,131
Total assets less current liabilities
1,365,817
1,431,299
Creditors: amounts falling due after more than one year
7
(122,715)
(182,788)
Provisions for liabilities
(75,505)
(74,424)
Net assets
1,167,597
1,174,087
Capital and reserves
Called up share capital
8
3,942
3,942
Capital redemption reserve
1,058
1,058
Profit and loss reserves
1,162,597
1,169,087
Total equity
1,167,597
1,174,087
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PYTCHLEY FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr R D I Tarry
Mrs J M Tarry
Director
Director
Company Registration No. 00653653
PYTCHLEY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Pytchley Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pytchley Grange, Pytchley, Kettering, Northamptonshire, United Kingdom, NN14 1EF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain assets at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at fair value of consideration received or receivable net of VAT.
Turnover from crop and livestock sales is recognised when significant risks and rewards of ownership have transferred to the buyer, normally on delivery.
Turnover from the provision of services is recognised on the delivery of those services by reference to the stage of completion at the balance sheet date.
1.3
Intangible fixed assets other than goodwill
Basic Payment Entitlement is a grant which was initially measured at fair value and was amortised over its estimated useful life of 5 years.
1.4
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.
Freehold land and buildings
Plant and equipment
25% on reducing balance, 20% on cost, 10% on reducing balance and 5% on cost
Office and Computer equipment
20% on reducing balance
Barns and barn conversion
4% on cost
1.5
Stocks
Stocks have been valued by the directors in accordance with the principles laid down by HM Revenue & Customs.
Cultivations are biological assets and are included at cost calculated by reference to the seeds, machinery and labour attributable to the stage of production reached.
The stock of fertilisers and sprays includes quantities held at the year end and amounts applied to the cultivations to the stage of production reached, valued at the lower of cost and net realisable value.
PYTCHLEY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors and loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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
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.
PYTCHLEY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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 or deferred tax liabilities or other future taxable profits.
1.8
Government grants
Government grants are recognised on a performance basis.
Basic Payment Entitlements have been recognised at fair value as intangible fixed assets and are being amortised to write off these to the profit and loss account over their useful lives.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Intangible fixed assets
Basic Payment Entitlement
£
Cost
At 1 April 2023 and 31 March 2024
47,040
Amortisation and impairment
At 1 April 2023 and 31 March 2024
47,040
Carrying amount
At 31 March 2024
At 31 March 2023
PYTCHLEY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Barns and barn conversion
Total
£
£
£
£
Cost
At 1 April 2023
793,262
1,320,307
399,837
2,513,406
Additions
28,044
191,257
219,301
At 31 March 2024
793,262
1,348,351
591,094
2,732,707
Depreciation and impairment
At 1 April 2023
1,140,324
137,914
1,278,238
Depreciation charged in the year
22,489
14,782
37,271
At 31 March 2024
1,162,813
152,696
1,315,509
Carrying amount
At 31 March 2024
793,262
185,538
438,398
1,417,198
At 31 March 2023
793,262
179,983
261,923
1,235,168
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,371
53,979
Other debtors
82,340
12,763
96,711
66,742
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
33,924
7,232
Amounts owed to group undertakings
900
900
Corporation tax
899
2,615
Other taxation and social security
2,821
593
Other creditors
306,610
286,776
345,154
298,116
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
122,715
182,788
PYTCHLEY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary of 33.33p each
6,024
6,024
2,008
2,008
'B' Ordinary of 33.33p each
3,175
3,175
1,058
1,058
'C' Ordinary of 33.33p each
2,624
2,624
875
875
'D' Ordinary of 33.33p each
2
2
1
1
11,825
11,825
3,942
3,942
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
804
615
10
Related party transactions
Transactions with related parties
During the year the company occupied land owned by R D Tarry rent free.
At 31st March 2024 the company owed R D Tarry £128,177 (2023: £135,525), this loan is interest free and repayable on demand.
11
Parent company
The company's parent company is Pytchley Farming Company Limited. The registered office of Pytchley Farming Company Limited is Pytchley Grange, Pytchley, Kettering, Northants, NN14 1EF.