Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-312023-09-01falseDairy farming55truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11920830 2023-09-01 2024-08-31 11920830 2022-09-01 2023-08-31 11920830 2024-08-31 11920830 2023-08-31 11920830 c:Director1 2023-09-01 2024-08-31 11920830 d:Buildings 2023-09-01 2024-08-31 11920830 d:Buildings 2024-08-31 11920830 d:Buildings 2023-08-31 11920830 d:Buildings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 11920830 d:Buildings d:ShortLeaseholdAssets 2023-09-01 2024-08-31 11920830 d:Buildings d:ShortLeaseholdAssets 2024-08-31 11920830 d:Buildings d:ShortLeaseholdAssets 2023-08-31 11920830 d:PlantMachinery 2023-09-01 2024-08-31 11920830 d:PlantMachinery 2024-08-31 11920830 d:PlantMachinery 2023-08-31 11920830 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 11920830 d:FurnitureFittings 2023-09-01 2024-08-31 11920830 d:FurnitureFittings 2024-08-31 11920830 d:FurnitureFittings 2023-08-31 11920830 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 11920830 d:OfficeEquipment 2023-09-01 2024-08-31 11920830 d:OfficeEquipment 2024-08-31 11920830 d:OfficeEquipment 2023-08-31 11920830 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 11920830 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 11920830 d:Goodwill 2023-09-01 2024-08-31 11920830 d:Goodwill 2024-08-31 11920830 d:Goodwill 2023-08-31 11920830 d:CurrentFinancialInstruments 2024-08-31 11920830 d:CurrentFinancialInstruments 2023-08-31 11920830 d:Non-currentFinancialInstruments 2024-08-31 11920830 d:Non-currentFinancialInstruments 2023-08-31 11920830 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 11920830 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 11920830 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 11920830 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 11920830 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-08-31 11920830 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 11920830 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-08-31 11920830 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 11920830 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-08-31 11920830 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-08-31 11920830 d:ShareCapital 2024-08-31 11920830 d:ShareCapital 2023-08-31 11920830 d:RetainedEarningsAccumulatedLosses 2024-08-31 11920830 d:RetainedEarningsAccumulatedLosses 2023-08-31 11920830 c:FRS102 2023-09-01 2024-08-31 11920830 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 11920830 c:FullAccounts 2023-09-01 2024-08-31 11920830 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 11920830 d:HirePurchaseContracts d:WithinOneYear 2024-08-31 11920830 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 11920830 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-08-31 11920830 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 11920830 2 2023-09-01 2024-08-31 11920830 d:Goodwill d:OwnedIntangibleAssets 2023-09-01 2024-08-31 11920830 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number:  11920830














PRESCOTT FARM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


 
PRESCOTT FARM LIMITED
REGISTERED NUMBER: 11920830

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
6,000
24,000

Tangible assets
 5 
1,495,370
1,503,979

  
1,501,370
1,527,979

Current assets
  

Stocks
 6 
16,400
820

Debtors: amounts falling due within one year
 7 
234,268
183,569

Cash at bank and in hand
 8 
61,322
19,260

  
311,990
203,649

Creditors: amounts falling due within one year
 9 
(138,438)
(2,448,693)

Net current assets/(liabilities)
  
 
 
173,552
 
 
(2,245,044)

Total assets less current liabilities
  
1,674,922
(717,065)

Creditors: amounts falling due after more than one year
 10 
(2,719,121)
(353,291)

  

Net liabilities
  
(1,044,199)
(1,070,356)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,044,200)
(1,070,357)

  
(1,044,199)
(1,070,356)


Page 1

 
PRESCOTT FARM LIMITED
REGISTERED NUMBER: 11920830
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The director considers 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 director acknowledges his 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 statement of income and retained earnings 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 by: 




N Prescott
Director

Date: 24 March 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no. 11920830). The address of the registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.
These financial statements present information about the company as an individual undertaking. The principal activity of the company is that of dairy 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
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.

 
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

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

 
2.8

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 4

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%             On cost
Leasehold property
-
2%             On cost
Plant and machinery
-
5 - 25%      On cost
Fixtures and fittings
-
5 - 25%      On cost
Office equipment
-
33%           On cost

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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 5

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Employees




The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


4.


Intangible assets




Goodwill

£



Cost


At 1 September 2023
90,000



At 31 August 2024

90,000



Amortisation


At 1 September 2023
66,000


Charge for the year on owned assets
18,000



At 31 August 2024

84,000



Net book value



At 31 August 2024
6,000



At 31 August 2023
24,000



Page 6

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Tangible fixed assets





Freehold property
Leasehold property
Plant and machinery
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 September 2023
837,076
157,223
655,839
11,100
8,347


Additions
16,143
46,007
24,000
-
-


Disposals
-
-
(26,980)
-
(8,347)



At 31 August 2024

853,219
203,230
652,859
11,100
-



Depreciation


At 1 September 2023
-
8,591
146,264
2,405
8,347


Charge for the year on owned assets
-
3,310
81,656
555
-


Disposals
-
-
(17,743)
-
(8,347)



At 31 August 2024

-
11,901
210,177
2,960
-



Net book value



At 31 August 2024
853,219
191,329
442,682
8,140
-



At 31 August 2023
837,076
148,632
509,576
8,695
-
Page 7

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 September 2023
1,669,585


Additions
86,150


Disposals
(35,327)



At 31 August 2024

1,720,408



Depreciation


At 1 September 2023
165,607


Charge for the year on owned assets
85,521


Disposals
(26,090)



At 31 August 2024

225,038



Net book value



At 31 August 2024
1,495,370



At 31 August 2023
1,503,979

Freehold property comprises of land not subject to depreciation.


6.


Stocks

2024
2023
£
£

Raw materials and consumables
16,400
820

16,400
820


Page 8

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Debtors

2024
2023
£
£


Trade debtors
2,156
2,000

Other debtors
226,662
180,368

Prepayments and accrued income
5,450
1,201

234,268
183,569



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
61,322
19,260

61,322
19,260


Page 9

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
25,149

Trade creditors
9,597
12,084

Other taxation and social security
1,824
415

Obligations under finance lease and hire purchase contracts
19,258
20,373

Other creditors
100,010
2,386,005

Accruals and deferred income
7,749
4,667

138,438
2,448,693


The following liabilities were secured:

2024
2023
£
£



Bank loans
-
25,149

Obligations under finance lease and hire purchase contracts
19,258
20,373

19,258
45,522

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the company.
Obligations under finance lease and hire purchase contracts are secured against the assets concerned.

Page 10

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
311,264

Net obligations under finance leases and hire purchase contracts
38,583
42,027

Other creditors
2,680,538
-

2,719,121
353,291


The following liabilities were secured:

2024
2023
£
£



Bank loans
-
311,264

Obligations under finance lease and hire purchase contracts
38,584
42,027

38,584
353,291

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the company.
Obligations under finance lease and hire purchase contracts are secured against the assets concerned.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
25,149

Amounts falling due 1-2 years

Bank loans
-
25,149

Amounts falling due 2-5 years

Bank loans
-
75,446

Amounts falling due after more than 5 years

Bank loans
-
210,669

-
336,413


Page 11

 
PRESCOTT FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
22,093
23,775

Between 1-5 years
45,746
47,832

67,839
71,607


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £252 (2023: £198). Contributions totalling £8 (2023: £175)  were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

Included in other debtors is an amount of £223,566 (2023: £173,434) owed from Dexter Plant Limited, a connected company. The loan is repayable on demand and no interest has been charged.
Included in other creditors is an amount of £2,780,538 (2023: £2,384,631) owed to the director. The loan is repayable on demand and no interest has been charged.


15.


Controlling party

The company is under the control of the director.

 
Page 12