Company registration number 00572147 (England and Wales)
PLUMFORD FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
PLUMFORD FARMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PLUMFORD FARMS LIMITED (REGISTERED NUMBER: 00572147)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
917,032
970,609
Investments
4
87
87
917,119
970,696
Current assets
Stocks
160,920
147,339
Debtors
5
63,138
71,829
Cash at bank and in hand
571,862
404,339
795,920
623,507
Creditors: amounts falling due within one year
6
(142,635)
(144,243)
Net current assets
653,285
479,264
Net assets
1,570,404
1,449,960
Capital and reserves
Called up share capital
200,000
200,000
Capital redemption reserve
4,211
4,211
Profit and loss reserves
1,366,193
1,245,749
Total equity
1,570,404
1,449,960
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
Mr C Elworthy
Director
PLUMFORD FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Plumford Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Plumford Farm, Ospringe, Faversham, Kent, ME13 0DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of consideration received or receivable for the goods provided in the normal course of business, 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. The following criteria must also be met before turnover is recognised.
Turnover for the sale of goods is recognised when all of the following conditions are met:
- The company has transferred the significant risks and rewards of ownership to the buyer;
- the amount of turnover can be recognised reliably and;
- It is probable that the company will receive consideration due under the transaction.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
2% on cost
Plant and machinery
25% reducing balance and 5% on cost
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
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.
PLUMFORD FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Stocks
Stocks are professionally valued by an independent third party as grown crops per acre in respect of vines, cereals and fruit. Crops and consumable stock are valued on the last day of each financial year.
1.7
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
17
23
PLUMFORD FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
427,614
1,053,267
17,177
9,533
1,507,591
Additions
9,382
6,930
16,312
Disposals
(3,427)
(3,427)
At 31 July 2024
427,614
1,062,649
24,107
6,106
1,520,476
Depreciation and impairment
At 1 August 2023
55,863
465,598
7,802
7,719
536,982
Depreciation charged in the year
8,552
57,817
3,066
454
69,889
Eliminated in respect of disposals
(3,427)
(3,427)
At 31 July 2024
64,415
523,415
10,868
4,746
603,444
Carrying amount
At 31 July 2024
363,199
539,234
13,239
1,360
917,032
At 31 July 2023
371,751
587,669
9,375
1,814
970,609
4
Fixed asset investments
2024
2023
£
£
Investments
87
87
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
22,618
40,893
Other debtors
40,520
30,936
63,138
71,829
PLUMFORD FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
76,872
92,910
Taxation and social security
57,373
46,120
Other creditors
8,390
5,213
142,635
144,243
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
972,000
1,008,000
8
Parent company
The ultimate controlling party is Mr S C Elworthy, a director, by virtue of his shareholdings.