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COMPANY REGISTRATION NUMBER: 01211729
Pennard Hill Farm Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
Pennard Hill Farm Limited
Financial Statements
Year ended 31st January 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Pennard Hill Farm Limited
Officers and Professional Advisers
The board of directors
D Chambers
P C Chambers
Company secretary
Philippa Chambers
Registered office
20 Chamberlain Street
Wells
Somerset
BA5 2PF
Accountants
Chalmers HB Ltd
Chartered Accountants
20 Chamberlain Street
Wells
Somerset BA5 2PF
Pennard Hill Farm Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
2,452,887
1,733,451
Current assets
Stocks
522,589
Debtors
7
387,987
312,137
Investments
8
300,065
65
Cash at bank and in hand
443,209
813,643
------------
------------
1,131,261
1,648,434
Creditors: amounts falling due within one year
9
1,108,488
703,563
------------
------------
Net current assets
22,773
944,871
------------
------------
Total assets less current liabilities
2,475,660
2,678,322
------------
------------
Net assets
2,475,660
2,678,322
------------
------------
Capital and reserves
Called up share capital
2,580,234
3,080,234
Profit and loss account
( 104,574)
( 401,912)
------------
------------
Shareholders funds
2,475,660
2,678,322
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31st January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pennard Hill Farm Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
D Chambers
Director
Company registration number: 01211729
Pennard Hill Farm Limited
Notes to the Financial Statements
Year ended 31st January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Chamberlain Street, Wells, Somerset, BA5 2PF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% on a straight line basis
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold land & buildings
-
Land - No depreciation, Buildings - 0% to 33% on a straight line basis
Plant and machinery
-
15% or 25% on a reducing balance basis
Motor vehicles
-
25% on a reducing balance basis
Website
-
20% on a straight line basis
No depreciation has been charged on the farmhouse and farmhouse buildings on the grounds that it would be immaterial. The directors are of the opinion that the estimated residual value of these buildings are not materially different from the carrying amounts.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
- Financial assets Basic financial assets, including trade and other receivables, cash and bank balances and current asset investments are initially recognised at transaction price, less any impairment.
- Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1st February 2023 and 31st January 2024
300,000
---------
Amortisation
At 1st February 2023 and 31st January 2024
300,000
---------
Carrying amount
At 31st January 2024
---------
At 31st January 2023
---------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Website
Total
£
£
£
£
£
Cost
At 1st February 2023
1,639,929
453,782
26,458
10,000
2,130,169
Additions
750,090
102,984
4,800
857,874
Disposals
( 87,496)
( 87,496)
------------
---------
--------
--------
------------
At 31st January 2024
2,302,523
556,766
31,258
10,000
2,900,547
------------
---------
--------
--------
------------
Depreciation
At 1st February 2023
16,528
345,720
24,470
10,000
396,718
Charge for the year
6,133
43,112
1,697
50,942
------------
---------
--------
--------
------------
At 31st January 2024
22,661
388,832
26,167
10,000
447,660
------------
---------
--------
--------
------------
Carrying amount
At 31st January 2024
2,279,862
167,934
5,091
2,452,887
------------
---------
--------
--------
------------
At 31st January 2023
1,623,401
108,062
1,988
1,733,451
------------
---------
--------
--------
------------
7. Debtors
2024
2023
£
£
Trade debtors
181,820
292,524
Other debtors
206,167
19,613
---------
---------
387,987
312,137
---------
---------
8. Investments
2024
2023
£
£
Other investments
65
65
Short-term deposits
300,000
---------
----
300,065
65
---------
----
Investments represent unlisted investments in two farmers co-operative buying groups.
Investments in short term deposits have an original maturity of 3 months or less. At the balance sheet date the average maturity of the deposits was 2 months. The average interest rate was 3.07%.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
33,560
170,903
Social security and other taxes
54,458
92,629
Other creditors
1,020,470
440,031
------------
---------
1,108,488
703,563
------------
---------
10. Related party transactions
The company is controlled by Mr D Chambers . During the year Mr Chambers, his close family members and some trusts maintained a loan account with the company. There are no fixed repayment terms. At the balance sheet date the amount due repayable to Mr Chambers's family was £296,374 (2023: £118,461). During the year, the company reduced it's share capital by £500,000 and returned this capital to its shareholder, Pennard Hill Farm Holdings Limited (PHFHL). PHFHL is owned by Mr Chambers, close family members and some trusts for which Mr Chambers and his close family are beneficiaries.
11. Controlling party
The ultimate parent company is Pennard Hill Farm Holdings Ltd, a company registered in England and Wales.