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REGISTERED NUMBER: 02863338 (England and Wales)















POLLYBELL FARMS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






POLLYBELL FARMS LIMITED (REGISTERED NUMBER: 02863338)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


POLLYBELL FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: J F S Brown
J C Taylor


SECRETARY: J F S Brown


REGISTERED OFFICE: Little Carr Farm
Carr Road
Gringley on the Hill
Doncaster
South Yorkshire
DN10 4SN


REGISTERED NUMBER: 02863338 (England and Wales)


SENIOR STATUTORY AUDITOR: Michael Argyle BSc ACA


AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF


SOLICITORS: Mossop & Bowser
10 Spalding Road
Holbeach
Lincolnshire
PE12 7LP

POLLYBELL FARMS LIMITED (REGISTERED NUMBER: 02863338)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,304,470 976,390
Investments 5 383,589 133,589
1,688,059 1,109,979

CURRENT ASSETS
Inventories 1,008,068 756,170
Debtors 6 947,483 839,825
Cash at bank - 199,053
1,955,551 1,795,048
CREDITORS
Amounts falling due within one year 7 684,168 555,907
NET CURRENT ASSETS 1,271,383 1,239,141
TOTAL ASSETS LESS CURRENT LIABILITIES 2,959,442 2,349,120

CREDITORS
Amounts falling due after more than one year 8 (324,846 ) (225,674 )

PROVISIONS FOR LIABILITIES (191,299 ) (57,171 )
NET ASSETS 2,443,297 2,066,275

CAPITAL AND RESERVES
Called up share capital 10 1,250,002 1,250,002
Retained earnings 1,193,295 816,273
SHAREHOLDERS' FUNDS 2,443,297 2,066,275

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:





J F S Brown - Director


POLLYBELL FARMS LIMITED (REGISTERED NUMBER: 02863338)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Pollybell Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets and on the assumption that the company is a going concern.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue
Revenue represents amounts derived from the provision of goods and services which fall within the company's ordinary activities after deduction of trade discounts and value added tax.

Sales of produce and livestock are recognised upon despatch.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tenant property improvements - 10% on cost and 3 - 10 years straight line
Plant and machinery - 33% on cost, 20% on reducing balance, 20% on cost and 10% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

Inventories and work in progress
Inventories are stated at the lower of cost and fair value less costs to complete and sell. Costs of cultivations include overheads appropriate to the stage of cultivation.

POLLYBELL FARMS LIMITED (REGISTERED NUMBER: 02863338)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date, including capital gains rolled into the company's assets.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs
The company operates a money purchase pension scheme for eligible employees, the assets of which are administered and held independently. Contributions to the scheme are charged to the income statement as incurred.

Basic farm payment and countryside stewardship
The basic farm payment and countryside stewardship are recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

Investments
Investments held as fixed assets are stated at cost less impairment.

Operating leases
Annual rentals are charged to the income statement on a straight line basis over the lease term.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the income statement over the expected useful life of the asset to which they relate, commencing on the date that the asset comes into use.

POLLYBELL FARMS LIMITED (REGISTERED NUMBER: 02863338)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 19 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Tenant
property Plant and
improvements machinery Totals
£    £    £   
COST
At 1 June 2023 922,483 4,089,647 5,012,130
Additions 179,552 431,115 610,667
Disposals - (289,768 ) (289,768 )
Reclassification/transfer 4,645 (4,645 ) -
At 31 May 2024 1,106,680 4,226,349 5,333,029
DEPRECIATION
At 1 June 2023 501,741 3,533,999 4,035,740
Charge for year 67,426 211,960 279,386
Eliminated on disposal - (286,567 ) (286,567 )
Reclassification/transfer 2,027 (2,027 ) -
At 31 May 2024 571,194 3,457,365 4,028,559
NET BOOK VALUE
At 31 May 2024 535,486 768,984 1,304,470
At 31 May 2023 420,742 555,648 976,390

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2023 133,589
Additions 250,000
At 31 May 2024 383,589
NET BOOK VALUE
At 31 May 2024 383,589
At 31 May 2023 133,589

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 370,725 249,059
Amounts owed by group undertakings 92,567 287,159
Other debtors 250,063 196,925
Prepayments and accrued income 234,128 106,682
947,483 839,825

POLLYBELL FARMS LIMITED (REGISTERED NUMBER: 02863338)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 66,336 -
Hire purchase contracts 135,183 109,955
Trade creditors 367,973 253,125
Amounts owed to group undertakings 68,743 115,449
Social security and other taxes 23,426 21,180
Other creditors - 18,514
Accruals and deferred income 13,131 28,308
Deferred government grants 9,376 9,376
684,168 555,907

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 247,494 138,946
Deferred government grants 77,352 86,728
324,846 225,674

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 382,677 248,901

The hire purchase creditor is secured on the assets to which it relates.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,250,002 Ordinary £1 1,250,002 1,250,002

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Argyle BSc ACA (Senior Statutory Auditor)
for and on behalf Duncan & Toplis Audit Limited, Statutory Auditor

12. OTHER FINANCIAL COMMITMENTS

At the year end the company has commitments due as follows:

20242023
££
Within one year40,444478,668
Between one and five years 12,29729,970
52,741508,638