Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Mr E E C Parsons 01/06/2012 Mrs E A Parsons 01/06/2012 14 March 2025 The principal activity of the company is that of farming within the United Kingdom. 08093205 2024-06-30 08093205 bus:Director1 2024-06-30 08093205 bus:Director2 2024-06-30 08093205 2023-06-30 08093205 core:CurrentFinancialInstruments 2024-06-30 08093205 core:CurrentFinancialInstruments 2023-06-30 08093205 core:Non-currentFinancialInstruments 2024-06-30 08093205 core:Non-currentFinancialInstruments 2023-06-30 08093205 core:ShareCapital 2024-06-30 08093205 core:ShareCapital 2023-06-30 08093205 core:RetainedEarningsAccumulatedLosses 2024-06-30 08093205 core:RetainedEarningsAccumulatedLosses 2023-06-30 08093205 core:LandBuildings 2023-06-30 08093205 core:PlantMachinery 2023-06-30 08093205 core:Vehicles 2023-06-30 08093205 core:LandBuildings 2024-06-30 08093205 core:PlantMachinery 2024-06-30 08093205 core:Vehicles 2024-06-30 08093205 bus:OrdinaryShareClass1 2024-06-30 08093205 bus:OrdinaryShareClass2 2024-06-30 08093205 bus:OrdinaryShareClass3 2024-06-30 08093205 bus:PreferenceShareClass1 2024-06-30 08093205 2023-07-01 2024-06-30 08093205 bus:FilletedAccounts 2023-07-01 2024-06-30 08093205 bus:SmallEntities 2023-07-01 2024-06-30 08093205 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 08093205 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08093205 bus:Director1 2023-07-01 2024-06-30 08093205 bus:Director2 2023-07-01 2024-06-30 08093205 core:LandBuildings core:BottomRangeValue 2023-07-01 2024-06-30 08093205 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 08093205 core:PlantMachinery 2023-07-01 2024-06-30 08093205 core:Vehicles 2023-07-01 2024-06-30 08093205 2022-07-01 2023-06-30 08093205 core:LandBuildings 2023-07-01 2024-06-30 08093205 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 08093205 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 08093205 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 08093205 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 08093205 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 08093205 bus:OrdinaryShareClass3 2023-07-01 2024-06-30 08093205 bus:OrdinaryShareClass3 2022-07-01 2023-06-30 08093205 bus:PreferenceShareClass1 2023-07-01 2024-06-30 08093205 bus:PreferenceShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08093205 (England and Wales)

PARSONS FARMING LIMITED

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

PARSONS FARMING LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

PARSONS FARMING LIMITED

BALANCE SHEET

As at 30 June 2024
PARSONS FARMING LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 744,758 812,230
744,758 812,230
Current assets
Stocks 4 152,747 2,285
Debtors 5 225,903 176,762
Cash at bank and in hand 78,473 3,632
457,123 182,679
Creditors: amounts falling due within one year 6 ( 331,524) ( 129,612)
Net current assets 125,599 53,067
Total assets less current liabilities 870,357 865,297
Creditors: amounts falling due after more than one year 7 ( 90,223) ( 215,955)
Provision for liabilities ( 153,800) ( 167,921)
Net assets 626,334 481,421
Capital and reserves
Called-up share capital 8 150,300 150,300
Profit and loss account 476,034 331,121
Total shareholders' funds 626,334 481,421

For the financial year ending 30 June 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 Parsons Farming Limited (registered number: 08093205) were approved and authorised for issue by the Board of Directors on 14 March 2025. They were signed on its behalf by:

Mr E E C Parsons
Director
Mrs E A Parsons
Director
PARSONS FARMING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
PARSONS FARMING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Parsons Farming 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 Hitchcock House Hilltop Park, Devizes Road, Salisbury, SP3 4UF, United Kingdom. The principal place of business is Templemans farm, Redlynch, Salisbury, Wiltshire, SP5 2JS.

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 comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 15 - 20 years straight line
Plant and machinery 15 - 20 % reducing balance
Vehicles 25 % 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 1

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 July 2023 0 1,289,246 79,007 1,368,253
Additions 84,662 36,943 3,799 125,404
Disposals 0 ( 25,000) ( 56,020) ( 81,020)
At 30 June 2024 84,662 1,301,189 26,786 1,412,637
Accumulated depreciation
At 01 July 2023 0 513,916 42,107 556,023
Charge for the financial year 12,853 119,757 1,039 133,649
Disposals 0 ( 312) ( 21,481) ( 21,793)
At 30 June 2024 12,853 633,361 21,665 667,879
Net book value
At 30 June 2024 71,809 667,828 5,121 744,758
At 30 June 2023 0 775,330 36,900 812,230

The land and buildings net book value figure of £71,809 relates to leasehold property.

4. Stocks

2024 2023
£ £
Stocks 152,747 2,285

5. Debtors

2024 2023
£ £
Trade debtors 184,396 43,808
Prepayments and accrued income 539 120,673
Other debtors 40,968 12,281
225,903 176,762

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 47,341 18,976
Amounts owed to directors 57,623 18,105
Accruals 65,720 5,368
Taxation and social security 58,039 4,881
Obligations under finance leases and hire purchase contracts 102,801 82,282
331,524 129,612

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 90,223 215,955

The above hire purchase obligations are secured by respective assets held by the company.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each 100 100
100 Ordinary B shares of £ 1.00 each 100 100
100 Ordinary C shares of £ 1.00 each 100 100
300 300
150,000 Redeemable Preference shares shares of £ 1.00 each 150,000 150,000
150,300 150,300