Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30No description of principal activity2022-12-01true3false3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07466549 2022-12-01 2023-11-30 07466549 2021-12-01 2022-11-30 07466549 2023-11-30 07466549 2022-11-30 07466549 2021-12-01 07466549 1 2021-12-01 2022-11-30 07466549 7 2021-12-01 2022-11-30 07466549 d:Director1 2022-12-01 2023-11-30 07466549 e:Buildings 2022-12-01 2023-11-30 07466549 e:Buildings 2023-11-30 07466549 e:Buildings 2022-11-30 07466549 e:Buildings e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07466549 e:PlantMachinery 2022-12-01 2023-11-30 07466549 e:PlantMachinery 2023-11-30 07466549 e:PlantMachinery 2022-11-30 07466549 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07466549 e:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 07466549 e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07466549 e:PatentsTrademarksLicencesConcessionsSimilar 2022-12-01 2023-11-30 07466549 e:PatentsTrademarksLicencesConcessionsSimilar 2023-11-30 07466549 e:PatentsTrademarksLicencesConcessionsSimilar 2022-11-30 07466549 e:FreeholdInvestmentProperty 2023-11-30 07466549 e:FreeholdInvestmentProperty 2022-11-30 07466549 e:CurrentFinancialInstruments 2023-11-30 07466549 e:CurrentFinancialInstruments 2022-11-30 07466549 e:Non-currentFinancialInstruments 2023-11-30 07466549 e:Non-currentFinancialInstruments 2022-11-30 07466549 e:CurrentFinancialInstruments e:WithinOneYear 2023-11-30 07466549 e:CurrentFinancialInstruments e:WithinOneYear 2022-11-30 07466549 e:Non-currentFinancialInstruments e:AfterOneYear 2023-11-30 07466549 e:Non-currentFinancialInstruments e:AfterOneYear 2022-11-30 07466549 e:ShareCapital 2022-12-01 2023-11-30 07466549 e:ShareCapital 2023-11-30 07466549 e:ShareCapital 2021-12-01 2022-11-30 07466549 e:ShareCapital 2022-11-30 07466549 e:ShareCapital 2021-12-01 07466549 e:OtherMiscellaneousReserve 2022-12-01 2023-11-30 07466549 e:OtherMiscellaneousReserve 2023-11-30 07466549 e:OtherMiscellaneousReserve 2021-12-01 2022-11-30 07466549 e:OtherMiscellaneousReserve 2022-11-30 07466549 e:OtherMiscellaneousReserve 2021-12-01 07466549 e:OtherMiscellaneousReserve 1 2021-12-01 2022-11-30 07466549 e:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 07466549 e:RetainedEarningsAccumulatedLosses 2023-11-30 07466549 e:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 07466549 e:RetainedEarningsAccumulatedLosses 2022-11-30 07466549 e:RetainedEarningsAccumulatedLosses 2021-12-01 07466549 e:RetainedEarningsAccumulatedLosses 1 2021-12-01 2022-11-30 07466549 d:FRS102 2022-12-01 2023-11-30 07466549 d:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 07466549 d:FullAccounts 2022-12-01 2023-11-30 07466549 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07466549 2 2022-12-01 2023-11-30 07466549 6 2022-12-01 2023-11-30 07466549 f:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure
Registered number: 07466549


P J M FARMS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2023

 
P J M FARMS LIMITED
REGISTERED NUMBER:07466549

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,846,210
5,014,533

Investments
 6 
669,389
405,360

Investment property
 7 
2,445,188
2,445,188

  
7,960,787
7,865,081

Current assets
  

Stocks
  
12,500
12,236

Debtors: amounts falling due within one year
 8 
1,783,588
1,695,697

Cash at bank and in hand
  
590,501
838,871

  
2,386,589
2,546,804

Creditors: amounts falling due within one year
 9 
(66,572)
(83,987)

Net current assets
  
 
 
2,320,017
 
 
2,462,817

Total assets less current liabilities
  
10,280,804
10,327,898

Creditors: amounts falling due after more than one year
 10 
(8,476,774)
(8,476,774)

Provisions for liabilities
  

Deferred tax
  
(89,973)
(119,806)

  
 
 
(89,973)
 
 
(119,806)

Net assets
  
1,714,057
1,731,318


Capital and reserves
  

Called up share capital 
  
1
1

Fair value reserve
 11 
328,309
328,309

Profit and loss account
 11 
1,385,747
1,403,008

  
1,714,057
1,731,318


Page 1

 
P J M FARMS LIMITED
REGISTERED NUMBER:07466549
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

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 year 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 income statement 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 by: 




P J Mayhew
Director

Date: 16 November 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
P J M FARMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Fair Value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2021
1
-
1,716,645
1,716,646


Comprehensive income for the year

Profit for the year

-
-
17,529
17,529

Fair value adjustments
-
-
(328,309)
(328,309)

Amortisation
-
328,309
-
328,309


Other comprehensive income for the year
-
328,309
(328,309)
-


Total comprehensive income for the year
-
328,309
(310,780)
17,529


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,857)
(2,857)


Total transactions with owners
-
-
(2,857)
(2,857)



At 1 December 2022
1
328,309
1,403,008
1,731,318


Comprehensive income for the year

Loss for the year

-
-
(14,404)
(14,404)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(14,404)
(14,404)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,857)
(2,857)


Total transactions with owners
-
-
(2,857)
(2,857)


At 30 November 2023
1
328,309
1,385,747
1,714,057


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

P J M Farms Limited is a private company limited by shares and incorporated in England and Wales, registration number 07466549. The registered office is Monkey Lodge, Freston, Ipswich, Suffolk, IP9 1AA. 

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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year 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 reporting 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 reporting 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 reporting date.


Page 5

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

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, using the straight-line method and reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line basis
Plant & machinery
-
10% and 25% reducing balance
Property Improvements
-
20% 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.

 
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

Page 6

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

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 reporting 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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement
Page 7

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
39,483
38,427

Social security costs
4,950
4,545

Cost of defined contribution scheme
428
382

44,861
43,354


The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Intangible assets




BPS entitlements

£





At 1 December 2022
28,710


Disposals
(28,710)



At 30 November 2023

-





At 1 December 2022
28,710


On disposals
(28,710)



At 30 November 2023

-



Net book value



At 30 November 2023
-



At 30 November 2022
-



Page 9

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Land & buildings
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 December 2022
6,270,185
333,010
6,603,195


Additions
174,878
14,562
189,440


Disposals
(281,000)
-
(281,000)



At 30 November 2023

6,164,063
347,572
6,511,635



Depreciation


At 1 December 2022
1,404,181
184,481
1,588,662


Charge for the year on owned assets
63,344
29,605
92,949


Disposals
(16,186)
-
(16,186)



At 30 November 2023

1,451,339
214,086
1,665,425



Net book value



At 30 November 2023
4,712,724
133,486
4,846,210



At 30 November 2022
4,866,004
148,529
5,014,533


6.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 December 2022
405,360


Additions
319,262


Disposals
(52,441)


Revaluations
(2,792)



At 30 November 2023
669,389




Page 10

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
2,445,188



At 30 November 2023
2,445,188

The 2023 valuations were made by the Directors, on an open market value for existing use basis.



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

2023
£


Historic cost
2,163,041

Accumulated depreciation and impairments
(29,689)

2,133,352

Page 11

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
58,226
71,307

Other debtors
1,664,025
1,611,678

Prepayments and accrued income
61,337
12,712

1,783,588
1,695,697



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
37,025
49,948

Corporation tax
17,387
29,639

Other creditors
7,500
-

Accruals and deferred income
4,660
4,400

66,572
83,987



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
8,476,774
8,476,774

8,476,774
8,476,774



11.


Reserves

Fair value reserve

The fair value reserve reserves represents the revaluations of investments in listed shares and investment property and is part of the profit and loss reserve but is not distributable . 

Profit & loss account

The profit and loss account represents the company's accumulated profits which are available for distribution to members. 

Page 12

 
P J M FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £428 (2022 - £409).


Page 13