3 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 20 20 20 xbrli:pure xbrli:shares iso4217:GBP 00670819 2024-01-01 2024-12-31 00670819 2024-12-31 00670819 2023-12-31 00670819 2023-01-01 2023-12-31 00670819 2023-12-31 00670819 2022-12-31 00670819 bus:Director3 2024-01-01 2024-12-31 00670819 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 00670819 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 00670819 core:MotorVehicles 2023-12-31 00670819 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 00670819 core:MotorVehicles 2024-12-31 00670819 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00670819 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 00670819 core:MotorVehicles 2024-01-01 2024-12-31 00670819 core:WithinOneYear 2024-12-31 00670819 core:WithinOneYear 2023-12-31 00670819 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 00670819 core:RevaluationReserve 2023-01-01 2023-12-31 00670819 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00670819 core:ShareCapital 2024-12-31 00670819 core:ShareCapital 2023-12-31 00670819 core:RetainedEarningsAccumulatedLosses 2024-12-31 00670819 core:RetainedEarningsAccumulatedLosses 2023-12-31 00670819 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 00670819 core:Non-currentFinancialInstruments 2024-12-31 00670819 core:Non-currentFinancialInstruments 2023-12-31 00670819 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 00670819 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 00670819 core:MotorVehicles 2023-12-31 00670819 bus:SmallEntities 2024-01-01 2024-12-31 00670819 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 00670819 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00670819 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00670819 bus:FullAccounts 2024-01-01 2024-12-31 00670819 core:OtherRelatedParties 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 00670819
Pies Hill Farms Limited
Unaudited financial statements
31 December 2024
Pies Hill Farms Limited
Statement of financial position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,076,325
2,239,640
Investments
6
20
20
-----------
-----------
1,076,345
2,239,660
Current assets
Stocks
201,381
211,489
Debtors
7
31,046
26,974
Cash at bank and in hand
322,090
1,323,408
---------
-----------
554,517
1,561,871
Creditors: Amounts falling due within one year
8
( 71,491)
( 218,046)
---------
-----------
Net current assets
483,026
1,343,825
-----------
-----------
Total assets less current liabilities
1,559,371
3,583,485
Provisions
Taxation including deferred tax
( 3,148)
( 3,233)
-----------
-----------
Net assets
1,556,223
3,580,252
-----------
-----------
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
1,551,223
3,575,252
-----------
-----------
Shareholders funds
1,556,223
3,580,252
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pies Hill Farms Limited
Statement of financial position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
E C Byford
Director
Company registration number: 00670819
Pies Hill Farms Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN. The company's trading address during the year was Chapel Cottage,76 Upper Green, Higham, Bury St Edmunds, Suffolk, IP28 6PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investments
Fixed asset investments are initially measured at cost.
Certain fixed asset investments are stated at their market value at the year end date.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Rental income is recognised on an accruals basis.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% - 5% straight line
Vehicles and equipment
-
20% - 33% reducing balance
Freehold land is not depreciated.
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Investment properties are not depreciated, in accordance with the Financial Reporting Standard 102 Section 1A. This conflicts with the requirements of the Companies Act 2006 that states that all properties should be depreciated. The departure from the provisions of the Act is required in order to give a true and fair view.
Valuation
Commodity stocks and cultivations are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. The valuation of crops in store and cultivations includes an element of depreciation.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences as a residual interest in the assets of the company after deducting all of its liabilities.
Pension costs
The company operates a defined contribution pension scheme for directors. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of employees during the year was 3 (2023: 3 ).
5. Tangible assets
Freehold property
Investment property
Vehicles and equipment
Total
£
£
£
£
Cost
At 1 January 2024
1,092,971
1,175,000
44,501
2,312,472
Additions
14,030
240
14,270
Disposals
( 1,175,000)
( 282)
( 1,175,282)
-----------
-----------
-------
-----------
At 31 December 2024
1,107,001
44,459
1,151,460
-----------
-----------
-------
-----------
Depreciation
At 1 January 2024
30,011
42,821
72,832
Charge for the year
2,152
359
2,511
Disposals
( 208)
( 208)
-----------
-----------
-------
-----------
At 31 December 2024
32,163
42,972
75,135
-----------
-----------
-------
-----------
Carrying amount
At 31 December 2024
1,074,838
1,487
1,076,325
-----------
-----------
-------
-----------
At 31 December 2023
1,062,960
1,175,000
1,680
2,239,640
-----------
-----------
-------
-----------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 December 2024
Aggregate cost
Aggregate depreciation
----
Carrying value
----
At 31 December 2023
Aggregate cost
1,150,871
Aggregate depreciation
-----------
Carrying value
1,150,871
-----------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2024 and 31 December 2024
20
----
Impairment
At 1 January 2024 and 31 December 2024
----
Carrying amount
At 31 December 2024
20
----
At 31 December 2023
20
----
7. Debtors
2024
2023
£
£
Trade debtors
24,040
833
Other debtors
7,006
26,141
-------
-------
31,046
26,974
-------
-------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
5,878
7,248
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,000
Social security and other taxes
31,778
189,015
Other creditors
31,835
21,783
-------
---------
71,491
218,046
-------
---------
9. Analysis of other comprehensive income
Revaluation reserve
Profit and loss account
Total
£
£
£
Year ended 31 December 2023
Reclassification from revaluation reserve to profit and loss account
( 764,946)
764,946
---------
---------
----
10. Related party transactions
Included within other debtors is an amount of £Nil due from a director, D Byford (2023: £53) and £Nil owed from E Byford (2023: £2,820).