Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3112023-04-01falseNo description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09289535 2023-04-01 2024-03-31 09289535 2022-04-01 2023-03-31 09289535 2024-03-31 09289535 2023-03-31 09289535 c:Director1 2023-04-01 2024-03-31 09289535 d:Buildings 2023-04-01 2024-03-31 09289535 d:Buildings 2024-03-31 09289535 d:Buildings 2023-03-31 09289535 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09289535 d:PlantMachinery 2023-04-01 2024-03-31 09289535 d:PlantMachinery 2024-03-31 09289535 d:PlantMachinery 2023-03-31 09289535 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09289535 d:OfficeEquipment 2023-04-01 2024-03-31 09289535 d:OfficeEquipment 2024-03-31 09289535 d:OfficeEquipment 2023-03-31 09289535 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09289535 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09289535 d:CurrentFinancialInstruments 2024-03-31 09289535 d:CurrentFinancialInstruments 2023-03-31 09289535 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09289535 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09289535 d:ShareCapital 2024-03-31 09289535 d:ShareCapital 2023-03-31 09289535 d:RetainedEarningsAccumulatedLosses 2024-03-31 09289535 d:RetainedEarningsAccumulatedLosses 2023-03-31 09289535 c:OrdinaryShareClass1 2023-04-01 2024-03-31 09289535 c:OrdinaryShareClass1 2024-03-31 09289535 c:OrdinaryShareClass1 2023-03-31 09289535 c:FRS102 2023-04-01 2024-03-31 09289535 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09289535 c:FullAccounts 2023-04-01 2024-03-31 09289535 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09289535 2 2023-04-01 2024-03-31 09289535 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09289535










PEPLOW FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
PEPLOW FARMS LIMITED
REGISTERED NUMBER: 09289535

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
                                                                    Note
£
£

Fixed assets
  

Tangible assets
 4 
88,364
118,968

  
88,364
118,968

Current assets
  

Stocks
  
58,610
42,865

Debtors: amounts falling due within one year
 5 
192,454
42,379

Cash at bank and in hand
  
116,236
253,378

  
367,300
338,622

Creditors: amounts falling due within one year
 6 
(99,946)
(98,855)

Net current assets
  
 
 
267,354
 
 
239,767

Total assets less current liabilities
  
355,718
358,735

  

Net assets
  
355,718
358,735


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
355,717
358,734

  
355,718
358,735


Page 1

 
PEPLOW FARMS LIMITED
REGISTERED NUMBER: 09289535
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 profit and loss account 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: 




Juliet Catriona Spence Scurlock-Jones
Director

Date: 7 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PEPLOW FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Peplow Farms Limited (company number 09289535) is a private limited company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Highway Farm, Peplow, Market Drayton, Shropshire, TF9 3JU.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The comparative figures relate to the year ended 31 March 2023.

 
2.2

Revenue

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

Sale of goods

Revenue 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 revenue 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

Revenue 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 revenue 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 3

 
PEPLOW FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

 
2.5

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.6

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.

Page 4

 
PEPLOW FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Property improvements
-
20% straight line
Plant and machinery
-
5 - 20% straight line
Office equipment
-
25% 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.

 
2.8

Stocks

Farming stocks are valued in accordance with HM Revenue & Customs help sheet HS232.

 
2.9

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.

 
2.10

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.

Page 5

 
PEPLOW FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate
Page 6

 
PEPLOW FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 7

 
PEPLOW FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Property improvements
Plant and machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
20,023
285,241
825
306,089



At 31 March 2024

20,023
285,241
825
306,089



Depreciation


At 1 April 2023
15,308
171,059
754
187,121


Charge for the year on owned assets
2,285
28,301
18
30,604



At 31 March 2024

17,593
199,360
772
217,725



Net book value



At 31 March 2024
2,430
85,881
53
88,364



At 31 March 2023
4,715
114,182
71
118,968


5.


Debtors

2024
2023
£
£


Trade debtors
35,753
21,142

Amounts owed by parent company
143,000
-

VAT repayable
13,701
5,510

Prepayments and accrued income
-
15,727

192,454
42,379


Page 8

 
PEPLOW FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
34,442
10,641

Corporation tax
7,268
15,380

Accruals and deferred income
58,236
72,834

99,946
98,855



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



8.


Controlling party

The ultimate controlling party of the Company is F W Brown & Co (Lincs) Limited, which has its registered office at Highway Farm, Peplow, Market Drayton, Shropshire, TF9 3JU.

 
Page 9