Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.2023-05-01falsefarming66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00672902 2023-05-01 2024-04-30 00672902 2022-05-01 2023-04-30 00672902 2024-04-30 00672902 2023-04-30 00672902 c:CompanySecretary1 2023-05-01 2024-04-30 00672902 c:Director1 2023-05-01 2024-04-30 00672902 c:Director2 2023-05-01 2024-04-30 00672902 c:Director3 2023-05-01 2024-04-30 00672902 c:RegisteredOffice 2023-05-01 2024-04-30 00672902 d:Buildings 2023-05-01 2024-04-30 00672902 d:Buildings 2024-04-30 00672902 d:Buildings 2023-04-30 00672902 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00672902 d:Buildings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00672902 d:PlantMachinery 2023-05-01 2024-04-30 00672902 d:PlantMachinery 2024-04-30 00672902 d:PlantMachinery 2023-04-30 00672902 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00672902 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00672902 d:MotorVehicles 2023-05-01 2024-04-30 00672902 d:MotorVehicles 2024-04-30 00672902 d:MotorVehicles 2023-04-30 00672902 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00672902 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00672902 d:FurnitureFittings 2023-05-01 2024-04-30 00672902 d:FurnitureFittings 2024-04-30 00672902 d:FurnitureFittings 2023-04-30 00672902 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00672902 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00672902 d:OfficeEquipment 2023-05-01 2024-04-30 00672902 d:OfficeEquipment 2024-04-30 00672902 d:OfficeEquipment 2023-04-30 00672902 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00672902 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00672902 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00672902 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00672902 d:CurrentFinancialInstruments 2024-04-30 00672902 d:CurrentFinancialInstruments 2023-04-30 00672902 d:Non-currentFinancialInstruments 2024-04-30 00672902 d:Non-currentFinancialInstruments 2023-04-30 00672902 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 00672902 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 00672902 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 00672902 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 00672902 d:ShareCapital 2024-04-30 00672902 d:ShareCapital 2023-04-30 00672902 d:CapitalRedemptionReserve 2023-05-01 2024-04-30 00672902 d:CapitalRedemptionReserve 2024-04-30 00672902 d:CapitalRedemptionReserve 2023-04-30 00672902 d:RevaluationReserve 2023-05-01 2024-04-30 00672902 d:RevaluationReserve 2024-04-30 00672902 d:RevaluationReserve 2023-04-30 00672902 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 00672902 d:RetainedEarningsAccumulatedLosses 2024-04-30 00672902 d:RetainedEarningsAccumulatedLosses 2023-04-30 00672902 c:OrdinaryShareClass1 2023-05-01 2024-04-30 00672902 c:OrdinaryShareClass1 2024-04-30 00672902 c:OrdinaryShareClass2 2023-05-01 2024-04-30 00672902 c:OrdinaryShareClass2 2024-04-30 00672902 c:OrdinaryShareClass3 2023-05-01 2024-04-30 00672902 c:OrdinaryShareClass3 2024-04-30 00672902 c:OrdinaryShareClass4 2023-05-01 2024-04-30 00672902 c:OrdinaryShareClass4 2024-04-30 00672902 c:OrdinaryShareClass5 2023-05-01 2024-04-30 00672902 c:OrdinaryShareClass5 2024-04-30 00672902 c:FRS102 2023-05-01 2024-04-30 00672902 c:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 00672902 c:FullAccounts 2023-05-01 2024-04-30 00672902 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00672902 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-01 2024-04-30 00672902 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-04-30 00672902 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-30 00672902 4 2023-05-01 2024-04-30 00672902 5 2023-05-01 2024-04-30 00672902 6 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00672902










P F SOUTHGATE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
P F SOUTHGATE LIMITED
 
 
COMPANY INFORMATION


Directors
A F Southgate 
Mrs S A Southgate 
F Southgate 




Company secretary
A F Southgate



Registered number
00672902



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
P F SOUTHGATE LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 11


 
P F SOUTHGATE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF P F SOUTHGATE LIMITED
FOR THE YEAR ENDED 30 APRIL 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P F Southgate Limited for the year ended 30 April 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of P F Southgate Limited, as a body, in accordance with the terms of our engagement letter dated 17 October 2022Our work has been undertaken solely to prepare for your approval the financial statements of P F Southgate Limited  and state those matters that we have agreed to state to the Board of Directors of P F Southgate Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P F Southgate Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that P F Southgate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P F Southgate Limited. You consider that P F Southgate Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of P F Southgate Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
9 January 2025
Page 1

 
P F SOUTHGATE LIMITED
REGISTERED NUMBER: 00672902

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,011,555
4,862,270

Investments
 5 
2
2

  
5,011,557
4,862,272

Current assets
  

Stocks
  
245,542
274,902

Debtors: amounts falling due within one year
 6 
135,270
211,192

Cash at bank and in hand
  
73,792
5

  
454,604
486,099

Creditors: amounts falling due within one year
 7 
(391,766)
(453,524)

Net current assets
  
 
 
62,838
 
 
32,575

Total assets less current liabilities
  
5,074,395
4,894,847

Creditors: amounts falling due after more than one year
 8 
(1,252,216)
(1,183,084)

Provisions for liabilities
  

Deferred tax
  
(230,893)
(216,605)

Net assets
  
3,591,286
3,495,158


Capital and reserves
  

Called up share capital 
 9 
75,000
75,000

Revaluation reserve
 10 
1,640,765
1,640,765

Capital redemption reserve
 10 
75,000
75,000

Profit and loss account
 10 
1,800,521
1,704,393

  
3,591,286
3,495,158


Page 2

 
P F SOUTHGATE LIMITED
REGISTERED NUMBER: 00672902
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 January 2025.






A F Southgate
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
P F SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The Company is a private company limited by shares. It is both incorporated and domicile in England and Wales. The registered office address of the company is 7 The Close, Norwich, Norfolk, NR1 4DJ. The company's principal place of business is Attleborough, Norfolk.
The company's principal activity continues to be that of farming.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of crops sold, work done, rents and grants receivable, exclusive of Value Added Tax.

Revenue is recognised in the following manner:-

Crops sold - on physical delivery to the customer;
Work done - on completion of engagement;
Rents - amounts receivable in the year;
Grants income - in the year when the qualifying conditions entitling payment are met.

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
P F SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
P F SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Wind Turbines
-
4%
straight line
Plant and equipment
-
10%
reducing balance
Motor vehicles
-
25%
reducing balance
Tractors
-
15%
reducing balance
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Revaluation of tangible fixed assets

The company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 30 April 2002, and will not update that valuation.

 
2.11

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

Stocks

Stocks and closing valuation for cultivations (work in progress) are valued at the lower of cost and net realisable value. Costs have been determined from cost of production calculations. Net realisable value represents estimated selling price for produce in store with values reduced in accordance with guidance within H M Revenue & Customs help sheet HS232. Consumable stocks are valued at cost.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
P F SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).

Page 7

 
P F SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Tractors
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
3,981,736
1,327,431
9,200
716,524
5,879
6,040,770


Additions
92,982
145,034
20,389
-
801
259,206


Disposals
-
(16,100)
-
-
-
(16,100)



At 30 April 2024

4,074,718
1,456,365
29,589
716,524
6,680
6,283,876



Depreciation


At 1 May 2023
-
755,042
7,735
410,371
5,352
1,178,500


Charge for the year on owned assets
-
47,504
1,004
45,923
444
94,875


Charge for the year on financed assets
-
11,098
-
-
-
11,098


Disposals
-
(12,152)
-
-
-
(12,152)



At 30 April 2024

-
801,492
8,739
456,294
5,796
1,272,321



Net book value



At 30 April 2024
4,074,718
654,873
20,850
260,230
884
5,011,555



At 30 April 2023
3,981,736
572,388
1,465
306,153
528
4,862,270


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 May 2023
2



At 30 April 2024
2




Page 8

 
P F SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Trade debtors
94,090
123,773

Other debtors
26,576
74,863

Prepayments and accrued income
14,604
12,556

135,270
211,192



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
34,154

Bank loans
74,200
119,025

Trade creditors
183,965
211,188

Other taxation and social security
64,255
62,740

Obligations under finance lease and hire purchase contracts
45,414
9,575

Other creditors
2,071
3,572

Accruals and deferred income
21,861
13,270

391,766
453,524


Page 9

 
P F SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,044,696
1,019,115

Other creditors
207,520
163,969

1,252,216
1,183,084


The bank loans and overdrafts are secured by a charge over freehold land and buildings.
Hire purchase obligations are secured on the assets financed.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
735,632
633,511

735,632
633,511




9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



67,500 Ordinary shares shares of £1.00 each
67,500
67,500
2,500 A Ordinary shares shares of £1.00 each
2,500
2,500
2,500 B Ordinary shares shares of £1.00 each
2,500
2,500
500 C Ordinary shares shares of £1.00 each
500
500
2,000 D Ordinary shares shares of £1.00 each
2,000
2,000

75,000

75,000


Page 10

 
P F SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative value of revaluations of the company's freehold property to fair value.

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve created on the redemption by the company of ordinary share in a previous financial period.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.


11.


Related party transactions

At the year end the combined balance on the director's loan accounts was £207,520 credit (2023 - £163,969 credit). These amounts are included within other creditors amounts falling due after more than 1 year in note 8 to the financial statements. 

Page 11