Company Registration No. 08378800 (England and Wales)
S & J Padfield (Farms) Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
S & J Padfield (Farms) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
S & J Padfield (Farms) Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
2,989,680
2,737,522
Current assets
Cash at bank and in hand
117,195
155,155
Creditors: amounts falling due within one year
4
(623,864)
(604,146)
Net current liabilities
(506,669)
(448,991)
Total assets less current liabilities
2,483,011
2,288,531
Capital and reserves
Called up share capital
2,000
2,000
Share premium account
1,699,000
1,699,000
Profit and loss reserves
782,011
587,531
Total equity
2,483,011
2,288,531

The directors of the company have elected not to include a copy of the income statement 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.

The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
C S Padfield
Director
Company Registration No. 08378800
S & J Padfield (Farms) Limited
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Company information

S & J Padfield (Farms) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Codham Hall, Codham Hall Lane, Great Warley, Brentwood, Essex, CM13 3JT.

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. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
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 statement of financial position 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, 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 and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

S & J Padfield (Farms) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3
Basic financial liabilities

Basic financial liabilities, including creditors 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.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
2
3
S & J Padfield (Farms) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
4
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
2,989,680
2,737,522

Fixed asset investments represents the company's capital account balance in S & J Padfield & Partners LLP.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
2,737,522
Net movements
252,158
At 31 March 2024
2,989,680
Carrying amount
At 31 March 2024
2,989,680
At 31 March 2023
2,737,522
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
56,603
37,960
Other creditors
567,261
566,186
623,864
604,146
5
Related party transactions

S & J Padfield (Farms) Limited is connected to S & J Padfield & Partners LLP, S & J Padfield Estates LLP, S & J Padfield (Contracts) Limited, S & J Padfield (Handling) Limited, S & J Padfield (Lands) LLP, Latchets LLP, Codham Hall Holdings Limited and Codham Hall Estates Limited through common designated members and directors.

 

Included within other creditors at the year end is a balance of £566,094 (2023: £566,094) due to S & J Padfield (Handling) Limited.

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