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REGISTERED NUMBER: 00502600 (England and Wales)















PITCHER FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024






PITCHER FARMS LIMITED (REGISTERED NUMBER: 00502600)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


PITCHER FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2024







DIRECTORS: I Pitcher
Mrs W Pitcher





REGISTERED OFFICE: Sigtoft Farm
Wrangle
Boston
Lincolnshire
PE22 9AZ





REGISTERED NUMBER: 00502600 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

PITCHER FARMS LIMITED (REGISTERED NUMBER: 00502600)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 560,899 567,496
Investments 5 117 117
561,016 567,613

CURRENT ASSETS
Valuation 100,946 112,386
Debtors 6 165,153 19,793
Cash at bank 139,635 427,297
405,734 559,476
CREDITORS
Amounts falling due within one year 7 13,800 79,939
NET CURRENT ASSETS 391,934 479,537
TOTAL ASSETS LESS CURRENT LIABILITIES 952,950 1,047,150

PROVISIONS FOR LIABILITIES - 12,006
NET ASSETS 952,950 1,035,144

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Retained earnings 942,950 1,025,144
SHAREHOLDERS' FUNDS 952,950 1,035,144

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:



I Pitcher - Director


PITCHER FARMS LIMITED (REGISTERED NUMBER: 00502600)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

1. STATUTORY INFORMATION

Pitcher Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of produce and livestock, excluding value added tax.

Sales of produce are recognised upon despatch. Revenue from livestock is recognised on the day of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings - Land - Nil. Buildings 2% on cost
Plant and machinery etc - 12.5% - 30% on reducing balance

Tangible fixed assets are held at cost less accumulated depreciation.

Stocks
As in previous years, stocks have been certified by a qualified valuer at the lower of cost and fair value less costs to complete and sell.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


PITCHER FARMS LIMITED (REGISTERED NUMBER: 00502600)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic farm payment
The basic farm payment is recognised in the financial statements in accordance with H M Revenue & Customs guidance.

Investments
Fixed asset investments are recorded at cost less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 548,465 296,507 844,972
Additions - 8,850 8,850
Disposals - (4,800 ) (4,800 )
At 28 February 2024 548,465 300,557 849,022
DEPRECIATION
At 1 March 2023 44,159 233,317 277,476
Charge for year 1,286 10,854 12,140
Eliminated on disposal - (1,493 ) (1,493 )
At 28 February 2024 45,445 242,678 288,123
NET BOOK VALUE
At 28 February 2024 503,020 57,879 560,899
At 28 February 2023 504,306 63,190 567,496

PITCHER FARMS LIMITED (REGISTERED NUMBER: 00502600)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 March 2023
and 28 February 2024 117
NET BOOK VALUE
At 28 February 2024 117
At 28 February 2023 117

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 1,007
Other debtors 165,153 18,786
165,153 19,793

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 6,049
Trade creditors 5,864 7,222
Taxation and social security 888 59,186
Other creditors 7,048 7,482
13,800 79,939

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 6,049

The hire purchase liability is secured against the asset to which it relates.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 A Ordinary £1 200 200
9,800 B Ordinary £1 9,800 9,800
10,000 10,000

10. POST BALANCE SHEET EVENTS

Since the year end the company has paid dividends totalling £146,000.