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Company registration number: 06175663

PA & CT Barrett Limited

Annual Report and Filleted Unaudited Financial Statements

for the Year Ended 31 May 2024

image-name
 

PA & CT Barrett Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

PA & CT Barrett Limited

Company Information

Directors

P A Barrett

J Barrett

Mrs C T Barrett

Company secretary

Mrs C T Barrett

Registered office


39-40 High Street
Taunton
Somerset
TA1 3PN

Accountants


Pat Tomlinson Accountancy Ltd
39-40 High Street
Taunton
Somerset
TA1 3PN

 

PA & CT Barrett Limited

(Registration number: 06175663)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,171,328

2,072,055

Biological assets

6

332,637

328,917

 

2,503,965

2,400,972

Current assets

 

Stocks

8

60,900

61,050

Debtors

9

222,025

218,828

Biological assets

7

334,358

272,128

 

617,283

552,006

Creditors: Amounts falling due within one year

10

(796,510)

(622,819)

Net current liabilities

 

(179,227)

(70,813)

Total assets less current liabilities

 

2,324,738

2,330,159

Creditors: Amounts falling due after more than one year

10

(1,120,309)

(1,156,814)

Provisions for liabilities

(102,325)

(102,325)

Net assets

 

1,102,104

1,071,020

Capital and reserves

 

Called up share capital

20

20

Profit and loss account

1,102,084

1,071,000

Total equity

 

1,102,104

1,071,020

 

PA & CT Barrett Limited

(Registration number: 06175663)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 January 2025 and signed on its behalf by:
 

P A Barrett
Director

J Barrett
Director

Mrs C T Barrett
Company secretary and director

     
 

PA & CT Barrett Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
39-40 High Street
Taunton
Somerset
TA1 3PN

These financial statements were authorised for issue by the Board on 1 January 2025.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentational currency is £ Sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of milk, livestock, crops and the generation and export of electricity. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of milk, livestock and crops and at the point of generation for electricity.

Government grants

Income from government grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received, Recognition will be on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

 

PA & CT Barrett Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current 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 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.


Basic Payment Scheme
Basic Payment Scheme (BPS) entitlements are initially recognised at cost. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses.

Asset class

Amortisation method and rate

Basic Payment Scheme entitlements

8 years straight line

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 of tangible assets

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

Property improvements

5% reducing balance

Plant and machinery

15% reducing balance

Biological non current assets
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise the dairy herd and sheep flock.

 

PA & CT Barrett Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Depreciation of biological non current assets
Depreciation is charged so as to write off the cost of assets, less their estimated selling price less costs to sale, over their useful economic life as follows:

Asset class

Depreciation method and rate

Dairy herd

20% straight line basis

Biological current assets
Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers, beef followers, lambs and tillages.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

PA & CT Barrett Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

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.

Security is provided by way of the assets themselves.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

PA & CT Barrett Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

BPS Entitlements
 £

Total
£

Cost or valuation

At 1 June 2023

58,366

58,366

At 31 May 2024

58,366

58,366

Amortisation

At 1 June 2023

58,366

58,366

At 31 May 2024

58,366

58,366

Carrying amount

At 31 May 2024

-

-

At 31 May 2023

-

-

 

PA & CT Barrett Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Property improvements
£

Short leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

918,307

436,469

1,385,308

20,395

2,760,479

Additions

-

2,227

333,288

-

335,515

Disposals

-

-

(166,420)

-

(166,420)

At 31 May 2024

918,307

438,696

1,552,176

20,395

2,929,574

Depreciation

At 1 June 2023

-

132,573

551,772

4,079

688,424

Charge for the year

-

15,304

169,706

3,263

188,273

Eliminated on disposal

-

-

(118,451)

-

(118,451)

At 31 May 2024

-

147,877

603,027

7,342

758,246

Carrying amount

At 31 May 2024

918,307

290,819

949,149

13,053

2,171,328

At 31 May 2023

918,307

303,896

833,536

16,316

2,072,055

 

PA & CT Barrett Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Non current biological assets

Dairy herd
£

Total
£

Cost or valuation

At 1 June 2023

439,079

439,079

Additions

4,320

4,320

At 31 May 2024

443,399

443,399

Fair value

At 1 June 2023

110,162

110,162

Movement in the year

600

600

At 31 May 2024

110,762

110,762

Carrying amount

At 31 May 2024

332,637

332,637

At 31 May 2023

328,917

328,917

7

Current biological assets

Dairy followers
£

Beef youngstock
£

Tillages
£

Total
£

Cost or valuation

At 1 June 2023

118,794

108,141

45,193

272,128

Additions

180,204

103,173

50,981

334,358

Disposals

(118,794)

(108,141)

(45,193)

(272,128)

At 31 May 2024

180,204

103,173

50,981

334,358

Fair value

Carrying amount

At 31 May 2024

180,204

103,173

50,981

334,358

At 31 May 2023

118,794

108,141

45,193

272,128

 

PA & CT Barrett Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Stocks

2024
£

2023
£

Other inventories

60,900

61,050

9

Debtors

Current

2024
£

2023
£

Trade debtors

162,185

169,587

Prepayments

8,810

12,579

Other debtors

51,030

36,662

 

222,025

218,828

 

PA & CT Barrett Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

315,003

222,140

Trade creditors

 

182,599

259,686

Accruals and deferred income

 

15,122

19,672

Corporation tax

 

-

13,235

Taxation and social security

 

24

-

Other creditors

 

283,762

108,086

 

796,510

622,819

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

1,120,309

1,156,814

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,049,076

1,094,458

Hire purchase contracts

71,233

62,356

1,120,309

1,156,814

 

PA & CT Barrett Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

35,721

26,060

Bank overdrafts

239,799

152,239

Hire purchase contracts

39,483

43,841

315,003

222,140

Bank borrowings and hire purchase contracts
Bank loans and overdrafts are secured on assets owned outside of the Company by Mr and Mrs PA Barrett and by way of a debenture on the company assets. Obligations under hire purchase contracts are secured by fixed charges over the assets to which they relate.