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Company No: 06585455 (England and Wales)

PUCKSHIPTON FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

PUCKSHIPTON FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

PUCKSHIPTON FARMS LIMITED

BALANCE SHEET

As at 31 December 2024
PUCKSHIPTON FARMS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 31.12.2024 31.12.2023
£ £
Fixed assets
Tangible assets 4 1,377,274 905,633
Investment property 5 955,000 813,167
2,332,274 1,718,800
Current assets
Stocks 509,273 523,392
Debtors 6 42,809 22,026
Cash at bank and in hand 571,851 442,047
1,123,933 987,465
Creditors: amounts falling due within one year 7 ( 1,090,645) ( 497,793)
Net current assets 33,288 489,672
Total assets less current liabilities 2,365,562 2,208,472
Creditors: amounts falling due after more than one year 8 ( 347,475) ( 332,662)
Net assets 2,018,087 1,875,810
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 250,000 250,000
Capital redemption reserve 770,000 770,000
Profit and loss account 997,987 855,710
Total shareholders' funds 2,018,087 1,875,810

Included in profit and loss reserves are non-distributable reserves of £166,955 (2023 - £63,278)

For the financial 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 financial statements of Puckshipton Farms Limited (registered number: 06585455) were approved and authorised for issue by the Board of Directors on 28 April 2025. They were signed on its behalf by:

Mr M H Noble
Director
Mrs S J Collison
Director
Mr R H Noble
Director
PUCKSHIPTON FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PUCKSHIPTON FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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 period, unless otherwise stated.

General information and basis of accounting

Puckshipton Farms 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 Marden House Farm, Marden, Devizes, SN10 3RQ, United Kingdom.

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 £.

Reporting period length

The accounts cover the year to 31 December 2024. The comparative amounts presented cover the 15 month period ended from 1 October 2022 to 31 December 2023.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
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 12.5 % reducing balance
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 years straight line

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
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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

Year ended
31.12.2024
Period from
01.10.2022 to
31.12.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2024 77,874 77,874
Disposals ( 77,874) ( 77,874)
At 31 December 2024 0 0
Accumulated amortisation
At 01 January 2024 77,874 77,874
Disposals ( 77,874) ( 77,874)
At 31 December 2024 0 0
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2024 314,243 1,171,650 24,614 66,974 1,577,481
Additions 487,795 132,050 0 0 619,845
Disposals 0 ( 64,996) 0 0 ( 64,996)
At 31 December 2024 802,038 1,238,704 24,614 66,974 2,132,330
Accumulated depreciation
At 01 January 2024 52,564 572,795 23,252 23,237 671,848
Charge for the financial year 1,209 135,796 341 2,678 140,024
Disposals 0 ( 56,816) 0 0 ( 56,816)
At 31 December 2024 53,773 651,775 23,593 25,915 755,056
Net book value
At 31 December 2024 748,265 586,929 1,021 41,059 1,377,274
At 31 December 2023 261,679 598,855 1,362 43,737 905,633

Included within the net book value of land and buildings above is £748,265 (2023 - £261,679) in respect of freehold land and buildings.

5. Investment property

Investment property
£
Valuation
As at 01 January 2024 813,167
Fair value movement 141,833
As at 31 December 2024 955,000

Investment property comprises of residential dwellings. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 December 2024 by the directors of the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

6. Debtors

31.12.2024 31.12.2023
£ £
Trade debtors 35,763 16,550
Prepayments 5,971 4,988
VAT recoverable 1,075 0
Other debtors 0 488
42,809 22,026

7. Creditors: amounts falling due within one year

31.12.2024 31.12.2023
£ £
Trade creditors 90,587 34,380
Amounts owed to directors 862,325 357,194
Accruals 5,920 5,880
Taxation and social security 27,862 6,143
Obligations under finance leases and hire purchase contracts 59,780 67,500
Other creditors 44,171 26,696
1,090,645 497,793

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £154,480 (2023- £158,500)

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

31.12.2024 31.12.2023
£ £
Obligations under finance leases and hire purchase contracts 94,700 91,000
Deferred tax liability 252,775 241,662
347,475 332,662

9. Called-up share capital

31.12.2024 31.12.2023
£ £
Allotted, called-up and fully-paid
30 Ordinary class A shares of £ 1.00 each 30 30
14 Ordinary class B shares of £ 1.00 each 14 14
10 Ordinary class C shares of £ 1.00 each 10 10
41 Ordinary class D shares of £ 1.00 each 41 41
5 Ordinary class E shares of £ 1.00 each 5 5
100 100