Peter Crosswell Agricultural Limited 03790620 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is farming. Digita Accounts Production Advanced 6.30.9574.0 true 03790620 2023-04-01 2024-03-31 03790620 2024-03-31 03790620 core:RetainedEarningsAccumulatedLosses 2024-03-31 03790620 core:ShareCapital 2024-03-31 03790620 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 03790620 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 03790620 core:CurrentFinancialInstruments 2024-03-31 03790620 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03790620 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 03790620 core:LandBuildings 2024-03-31 03790620 core:OtherPropertyPlantEquipment 2024-03-31 03790620 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 03790620 bus:SmallEntities 2023-04-01 2024-03-31 03790620 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03790620 bus:FilletedAccounts 2023-04-01 2024-03-31 03790620 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03790620 bus:RegisteredOffice 2023-04-01 2024-03-31 03790620 bus:Director2 2023-04-01 2024-03-31 03790620 bus:Director3 2023-04-01 2024-03-31 03790620 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03790620 core:LandBuildings 2023-04-01 2024-03-31 03790620 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 03790620 core:PlantMachinery 2023-04-01 2024-03-31 03790620 core:KeyManagementPersonnel 2023-04-01 2024-03-31 03790620 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 03790620 core:UKTax 2023-04-01 2024-03-31 03790620 countries:EnglandWales 2023-04-01 2024-03-31 03790620 2023-03-31 03790620 core:LandBuildings 2023-03-31 03790620 core:OtherPropertyPlantEquipment 2023-03-31 03790620 2022-04-01 2023-03-31 03790620 2023-03-31 03790620 core:RetainedEarningsAccumulatedLosses 2023-03-31 03790620 core:ShareCapital 2023-03-31 03790620 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 03790620 core:CurrentFinancialInstruments 2023-03-31 03790620 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03790620 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03790620 core:LandBuildings 2023-03-31 03790620 core:OtherPropertyPlantEquipment 2023-03-31 03790620 core:UKTax 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Peter Crosswell Agricultural Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 03790620

 

Peter Crosswell Agricultural Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Peter Crosswell Agricultural Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,437,015

2,224,919

Other financial assets

6

17

17

 

4,437,032

2,224,936

Current assets

 

Stocks

7

810,220

1,103,061

Debtors

8

1,569,079

1,245,665

Cash at bank and in hand

 

826,937

3,424,806

 

3,206,236

5,773,532

Creditors: Amounts falling due within one year

9

(517,123)

(1,056,522)

Net current assets

 

2,689,113

4,717,010

Total assets less current liabilities

 

7,126,145

6,941,946

Creditors: Amounts falling due after more than one year

9

-

(202,500)

Provisions for liabilities

(272,121)

(353,416)

Net assets

 

6,854,024

6,386,030

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

6,853,924

6,385,930

Shareholders' funds

 

6,854,024

6,386,030

 

Peter Crosswell Agricultural Limited

Balance Sheet

31 March 2024

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
P Crosswell
Director

.........................................
L E Crosswell
Director

Company Registration Number: 03790620

 

Peter Crosswell Agricultural Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Manor Farmhouse
Popham Court Lane
Popham
Winchester
Hampshire
SO21 3BJ

These financial statements were authorised for issue by the Board on 7 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Peter Crosswell Agricultural Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other property, plant and equipment

25% per annum reducing balance

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value as it is considered that there is no reliable measure of market value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, stocks are assessed for impairment. If stocks are 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. No element of profit is included in the valuation of stock.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Peter Crosswell Agricultural Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

 

Peter Crosswell Agricultural Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £

2023
 £

Current taxation

UK corporation tax

212,966

308,957

Deferred taxation

Arising from origination and reversal of timing differences

(81,295)

(47,970)

Tax expense in the income statement

131,671

260,987

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

120,977

3,952,226

4,073,203

Additions

2,575,302

70,769

2,646,071

Disposals

-

(74,576)

(74,576)

At 31 March 2024

2,696,279

3,948,419

6,644,698

Depreciation

At 1 April 2023

-

1,848,284

1,848,284

Charge for the year

-

403,513

403,513

Eliminated on disposal

-

(44,114)

(44,114)

At 31 March 2024

-

2,207,683

2,207,683

Carrying amount

At 31 March 2024

2,696,279

1,740,736

4,437,015

At 31 March 2023

120,977

2,103,942

2,224,919

Included within the net book value of land and buildings above is £2,696,279 (2023 - £120,977) in respect of freehold land and buildings.
 

 

Peter Crosswell Agricultural Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

17

17

At 31 March 2024

17

17

Impairment

Carrying amount

At 31 March 2024

17

17

7

Stocks

2024
£

2023
£

Production supplies

288,800

538,706

Work in progress

68,600

82,535

Finished goods and goods for resale

452,820

481,820

810,220

1,103,061

8

Debtors

2024
£

2023
£

Trade debtors

194,775

1,070,770

Prepayments

177,978

174,895

Other debtors

1,196,326

-

1,569,079

1,245,665

 

Peter Crosswell Agricultural Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

202,500

328,633

Trade creditors

 

95,028

110,371

Taxation and social security

 

215,595

455,574

Accruals and deferred income

 

4,000

3,950

Other creditors

 

-

157,994

 

517,123

1,056,522

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

202,500

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

-

202,500

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

202,500

328,633

 

Peter Crosswell Agricultural Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

11

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

Advanced

1,233,777

1,233,777

Repaid

(50,000)

(50,000)

Interest transactions

12,548

12,548

At end of period

1,196,325

1,196,325

Terms of loans to related parties

Loan advanced to directors in September 2023, with interest payable at 2.25% per annum, and repayable on demand. The directors currently anticipate a significant part of the loan will be repaid within one year.