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Company No: 06542558 (England and Wales)

P & S HARRIS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

P & S HARRIS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

P & S HARRIS LIMITED

BALANCE SHEET

As at 30 April 2024
P & S HARRIS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 315,767 311,480
Biological assets 5 106,822 111,273
422,589 422,753
Current assets
Stocks 6 168,008 113,632
Debtors 7 91,928 107,650
Cash at bank and in hand 365,280 338,331
625,216 559,613
Creditors: amounts falling due within one year 8 ( 341,979) ( 281,127)
Net current assets 283,237 278,486
Total assets less current liabilities 705,826 701,239
Creditors: amounts falling due after more than one year 9 ( 103,752) ( 120,603)
Net assets 602,074 580,636
Capital and reserves
Called-up share capital 100 100
Profit and loss account 601,974 580,536
Total shareholders' funds 602,074 580,636

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of P & S Harris Limited (registered number: 06542558) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

P S Harris
Director
S M Harris
Director
P & S HARRIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
P & S HARRIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

P & S Harris Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Racecourse Farm, Bodmin, PL31 2AZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of milk, livestock and crops, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 20 years straight line
Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Biological 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 a dairy herd. Biological assets not held for continuing use within the business are classified as current assets, such assets are held within stock.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Government grants

Income from government grants is recognised within turnover when the conditions of receipt have been complied with and there is reasonable assurance that the grant will be received.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 May 2023 66,770 66,770
Disposals ( 66,770) ( 66,770)
At 30 April 2024 0 0
Accumulated amortisation
At 01 May 2023 66,770 66,770
Disposals ( 66,770) ( 66,770)
At 30 April 2024 0 0
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 May 2023 75,273 338,139 267,855 681,267
Additions 31,187 32,276 0 63,463
Disposals 0 ( 11,200) 0 ( 11,200)
At 30 April 2024 106,460 359,215 267,855 733,530
Accumulated depreciation
At 01 May 2023 35,695 190,954 143,138 369,787
Charge for the financial year 5,633 25,009 24,944 55,586
Disposals 0 ( 7,610) 0 ( 7,610)
At 30 April 2024 41,328 208,353 168,082 417,763
Net book value
At 30 April 2024 65,132 150,862 99,773 315,767
At 30 April 2023 39,578 147,185 124,717 311,480

5. Biological assets

2024
£
Biological assets at cost 106,822

Assets held at cost:

Dairy Total
£ £
Cost
At 01 May 2023 132,477 132,477
Decrease attributable to sales/ transfers out ( 5,299) ( 5,299)
At 30 April 2024 127,178 127,178
Accumulated depreciation
At 01 May 2023 21,204 21,204
Reversal of past impairment losses ( 848) ( 848)
At 30 April 2024 20,356 20,356
Net book value
At 30 April 2024 106,822 106,822
At 30 April 2023 111,273 111,273

6. Stocks

2024 2023
£ £
Stocks 14,686 0
Livestock 150,510 110,820
Crops 2,812 2,812
168,008 113,632

Livestock comprises of dairy and beef followers, classified as current biological assets.
Crops comprises of tillages, classified as current biological assets.

7. Debtors

2024 2023
£ £
Trade debtors 55,406 60,580
Prepayments 21,599 21,100
VAT recoverable 14,923 25,970
91,928 107,650

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 17,371 17,891
Trade creditors 49,408 7,533
Amounts owed to directors 200,975 182,597
Accruals 1,251 1,248
Deferred tax liability 62,381 51,662
Taxation and social security 10,593 20,196
341,979 281,127

The bank loans are secured against the buildings to which the loan relates.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 103,752 120,603

The bank loans are secured against the buildings to which the loan relates.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 34,268 0

The bank loans are secured against the buildings to which the loan relates.