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Company No: 00417626 (England and Wales)

G. PHILLIPS & SONS (THE FARMERS FRIEND) LIMITED

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

G. PHILLIPS & SONS (THE FARMERS FRIEND) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

G. PHILLIPS & SONS (THE FARMERS FRIEND) LIMITED

BALANCE SHEET

As at 31 December 2024
G. PHILLIPS & SONS (THE FARMERS FRIEND) LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 1,975
Tangible assets 4 230,297 217,936
230,297 219,911
Current assets
Stocks 480,242 456,836
Debtors 5 3,865 6,784
Cash at bank and in hand 248,799 253,488
732,906 717,108
Creditors: amounts falling due within one year 6 ( 171,145) ( 183,249)
Net current assets 561,761 533,859
Total assets less current liabilities 792,058 753,770
Provision for liabilities ( 23,000) ( 18,000)
Net assets 769,058 735,770
Capital and reserves
Called-up share capital 7 9,500 9,500
Profit and loss account 759,558 726,270
Total shareholders' funds 769,058 735,770

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 G. Phillips & Sons (The Farmers Friend) Limited (registered number: 00417626) were approved and authorised for issue by the Board of Directors on 08 May 2025. They were signed on its behalf by:

Mr N Phillips
Director
G. PHILLIPS & SONS (THE FARMERS FRIEND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
G. PHILLIPS & SONS (THE FARMERS FRIEND) 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 year, unless otherwise stated.

General information and basis of accounting

G. Philips & Sons (The Farmers Friend) 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 17 & 18 Cowick Street, Exeter, EX4 1AL, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover comprises the fair value of the consideration received or receivable goods and provision of services in the ordinary course of the company's activities.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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:

Website costs 3 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 both a straight-line, and reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 13 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 10 % reducing balance
Computer equipment 3 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
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.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Intangible assets

Website costs Total
£ £
Cost
At 01 January 2024 7,110 7,110
At 31 December 2024 7,110 7,110
Accumulated amortisation
At 01 January 2024 5,135 5,135
Charge for the financial year 1,975 1,975
At 31 December 2024 7,110 7,110
Net book value
At 31 December 2024 0 0
At 31 December 2023 1,975 1,975

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2024 194,427 8,300 133,937 57,480 3,042 397,186
Additions 0 0 41,587 0 519 42,106
Disposals 0 0 ( 27,451) 0 0 ( 27,451)
At 31 December 2024 194,427 8,300 148,073 57,480 3,561 411,841
Accumulated depreciation
At 01 January 2024 52,692 7,810 70,396 45,848 2,504 179,250
Charge for the financial year 3,807 64 18,809 1,163 474 24,317
Disposals 0 0 ( 22,023) 0 0 ( 22,023)
At 31 December 2024 56,499 7,874 67,182 47,011 2,978 181,544
Net book value
At 31 December 2024 137,928 426 80,891 10,469 583 230,297
At 31 December 2023 141,735 490 63,541 11,632 538 217,936

Land and Buildings represents Freehold Property

5. Debtors

2024 2023
£ £
Prepayments 3,408 6,784
Other debtors 457 0
3,865 6,784

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 24,635 22,651
Accruals 5,239 5,780
Taxation and social security 45,886 59,818
Other creditors 95,385 95,000
171,145 183,249

Included in Other Creditors due within one year are 'B' preference shares with a carrying amount of £95,000 (2023 - £95,000).

The 'B' preference shares of £1 each are redeemable. They are redeemable at £1 per share and carry no voting rights.

The 'B' preference shares have a dividend rate of 6% per annum or, if greater, 0.5% of annual profit before tax.

The terms of the 'B' preference shares are such that six months notice must be served by either the company or the shareholder.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,500 Ordinary shares of £ 1.00 each 1,500 1,500
8,000 Preference A shares of £ 1.00 each 8,000 8,000
95,000 Redeemable 'B' preference shares of £ 1.00 each 95,000 95,000
103,000 103,000
104,500 104,500