Company registration number:
PA & CT Barrett Limited
for the Year Ended 31 May 2024
PA & CT Barrett Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
PA & CT Barrett Limited
Company Information
Directors |
P A Barrett J Barrett Mrs C T Barrett |
Company secretary |
Mrs C T Barrett |
Registered office |
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Accountants |
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PA & CT Barrett Limited
(Registration number: 06175663)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Biological assets |
332,637 |
328,917 |
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Current assets |
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Stocks |
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Debtors |
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Biological assets |
334,358 |
272,128 |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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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
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PA & CT Barrett Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
PA & CT Barrett Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Intangible assets |
BPS Entitlements |
Total |
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Cost or valuation |
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At 1 June 2023 |
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At 31 May 2024 |
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Amortisation |
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At 1 June 2023 |
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At 31 May 2024 |
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Carrying amount |
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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
Tangible assets |
Property improvements |
Short leasehold land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
- |
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- |
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Disposals |
- |
- |
( |
- |
( |
At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 May 2024 |
- |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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PA & CT Barrett Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Non current biological assets |
Dairy herd |
Total |
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Cost or valuation |
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At 1 June 2023 |
439,079 |
439,079 |
Additions |
4,320 |
4,320 |
At 31 May 2024 |
443,399 |
443,399 |
Fair value |
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At 1 June 2023 |
110,162 |
110,162 |
Movement in the year |
600 |
600 |
At 31 May 2024 |
110,762 |
110,762 |
Carrying amount |
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At 31 May 2024 |
332,637 |
332,637 |
At 31 May 2023 |
328,917 |
328,917 |
Current biological assets |
Dairy followers
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Beef youngstock
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Tillages
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Total |
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Cost or valuation |
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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 |
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Carrying amount |
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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
Stocks |
2024 |
2023 |
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Other inventories |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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PA & CT Barrett Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
- |
13,235 |
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Taxation and social security |
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- |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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PA & CT Barrett Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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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.