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COMPANY REGISTRATION NUMBER: 00563778
R. Pratt & Sons Limited
Unaudited financial statements
5 April 2024
R. Pratt & Sons Limited
Statement of financial position
5 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
606,870
599,148
Current assets
Stocks
147,127
155,996
Debtors
6
20,567
24,089
Cash at bank and in hand
125,177
185,279
---------
---------
292,871
365,364
Creditors: Amounts falling due within one year
7
( 24,224)
( 20,465)
---------
---------
Net current assets
268,647
344,899
---------
---------
Total assets less current liabilities
875,517
944,047
---------
---------
Net assets
875,517
944,047
---------
---------
Capital and reserves
Called up share capital
7,775
7,775
Revaluation reserve
543,586
543,586
Capital redemption reserve
2,225
2,225
Other reserves
1,925
1,925
Profit and loss account
320,006
388,536
---------
---------
Shareholders funds
875,517
944,047
---------
---------
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 income statement has not been delivered.
For the year ending 5 April 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 .
R. Pratt & Sons Limited
Statement of financial position (continued)
5 April 2024
These financial statements were approved by the board of directors and authorised for issue on 3 January 2025 , and are signed on behalf of the board by:
R A Pratt
Director
Company registration number: 00563778
R. Pratt & Sons Limited
Notes to the financial statements
Year ended 5 April 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 Grove Farm, Fen Road, Hinderclay, Diss, Norfolk, IP22 1HS.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 property
-
2% reducing balance
Property improvements
-
10% reducing balance
Plant and machinery
-
20% reducing balance
Tractors, combines and motor vehicles
-
20% reducing balance
Freehold land is not depreciated.
Investment property
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This is in accordance with SSAP 19 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of employees during the year was 2 (2023: 2 ).
5. Tangible assets
Freehold property
Property improve- ments
Plant and machinery
Tractors, combines and motor vehicles
Total
£
£
£
£
£
Cost
At 6 April 2023
605,000
50,536
206,916
144,200
1,006,652
Additions
19,050
19,050
---------
-------
---------
---------
-----------
At 5 April 2024
605,000
50,536
225,966
144,200
1,025,702
---------
-------
---------
---------
-----------
Depreciation
At 6 April 2023
38,416
48,272
190,170
130,646
407,504
Charge for the year
1,232
226
7,159
2,711
11,328
---------
-------
---------
---------
-----------
At 5 April 2024
39,648
48,498
197,329
133,357
418,832
---------
-------
---------
---------
-----------
Carrying amount
At 5 April 2024
565,352
2,038
28,637
10,843
606,870
---------
-------
---------
---------
-----------
At 5 April 2023
566,584
2,264
16,746
13,554
599,148
---------
-------
---------
---------
-----------
The following must be disclosed regarding investment property:
The freehold property are measured at fair value. The directors assess and determine the fair value of the investment properties at each reporting date. The values inevitably have a degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
Tangible assets held at valuation
Freehold land and buildings:-
Freehold property
£
Valuation543,586
Cost61,414
---------
605,000
---------
The property was valued at £605,000 in 1996 on an open market basis. Under provisions of the transitional rules of Financial Reporting Standard 15, the freehold land and buildings are included in these financial statements at that current revalued amount. If freehold land had not been revalued, it would have been included at a cost of £61,414. The directors consider that the values at 5 April 2021 are correctly shown.