Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-312025-05-22false2023-06-01falseThe principal activity continued to be that of livestock, arable farming and retail and wholesale of butchers2935truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02927422 2023-06-01 2024-05-31 02927422 2022-06-01 2023-05-31 02927422 2024-05-31 02927422 2023-05-31 02927422 2022-06-01 02927422 c:Director1 2023-06-01 2024-05-31 02927422 d:Buildings 2023-06-01 2024-05-31 02927422 d:Buildings 2024-05-31 02927422 d:Buildings 2023-05-31 02927422 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02927422 d:PlantMachinery 2023-06-01 2024-05-31 02927422 d:PlantMachinery 2024-05-31 02927422 d:PlantMachinery 2023-05-31 02927422 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02927422 d:MotorVehicles 2023-06-01 2024-05-31 02927422 d:MotorVehicles 2024-05-31 02927422 d:MotorVehicles 2023-05-31 02927422 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02927422 d:FurnitureFittings 2023-06-01 2024-05-31 02927422 d:FurnitureFittings 2024-05-31 02927422 d:FurnitureFittings 2023-05-31 02927422 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02927422 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02927422 d:CurrentFinancialInstruments 2024-05-31 02927422 d:CurrentFinancialInstruments 2023-05-31 02927422 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 02927422 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 02927422 d:ShareCapital 2024-05-31 02927422 d:ShareCapital 2023-05-31 02927422 d:SharePremium 2024-05-31 02927422 d:SharePremium 2023-05-31 02927422 d:CapitalRedemptionReserve 2024-05-31 02927422 d:CapitalRedemptionReserve 2023-05-31 02927422 d:RetainedEarningsAccumulatedLosses 2024-05-31 02927422 d:RetainedEarningsAccumulatedLosses 2023-05-31 02927422 c:FRS102 2023-06-01 2024-05-31 02927422 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 02927422 c:FullAccounts 2023-06-01 2024-05-31 02927422 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02927422 2 2023-06-01 2024-05-31 02927422 7 2023-06-01 2024-05-31 02927422 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 02927422 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 02927422 d:OtherDeferredTax 2024-05-31 02927422 d:OtherDeferredTax 2023-05-31 02927422 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Registered number: 02927422






PRIORS HALL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










img02ef.png

 
PRIORS HALL LIMITED
REGISTERED NUMBER:02927422

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,707,184
1,445,360

  
1,707,184
1,445,360

Current assets
  

Stocks
  
23,810
22,750

Debtors: amounts falling due within one year
 5 
203,472
198,417

Cash at bank and in hand
  
487,176
503,927

  
714,458
725,094

Creditors: amounts falling due within one year
 6 
(275,265)
(228,372)

Net current assets
  
 
 
439,193
 
 
496,722

Total assets less current liabilities
  
2,146,377
1,942,082

Provisions for liabilities
  

Deferred tax
 7 
(131,053)
(137,477)

  
 
 
(131,053)
 
 
(137,477)

Net assets
  
2,015,324
1,804,605


Capital and reserves
  

Called up share capital 
  
203,420
203,420

Share premium account
  
168,011
168,011

Capital redemption reserve
  
22,602
22,602

Profit and loss account
  
1,621,291
1,410,572

  
2,015,324
1,804,605


Page 1

 
PRIORS HALL LIMITED
REGISTERED NUMBER:02927422
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider 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 directors acknowledge their 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 comprehensive income 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: 



RC Menhinck
Director

Date: 22 May 2025

Page 2

 
PRIORS HALL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Priors Hall Limited is a private company limited by shares incporrated in England and Wales. The registered office is Millhouse, 32-38 East Street, Rochford, SS4 1DB.
The principal activity continued to be that of livestock, arable farming and retail and wholesale butchers. 

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.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.4

Interest income

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

 
2.5

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.

Page 3

 
PRIORS HALL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

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

 
PRIORS HALL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the reducing balance and straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
No depreciation provided on land or buildings
Plant and machinery
-
15% & 25% reducing balance / 10% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
10% & 15% reducing balance

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.

 
2.10

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 weighted average 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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 5

 
PRIORS HALL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
PRIORS HALL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2023 - 35).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
1,172,910
675,561
68,980
42,094
1,959,545


Additions
287,524
-
29,100
3,906
320,530



At 31 May 2024

1,460,434
675,561
98,080
46,000
2,280,075



Depreciation


At 1 June 2023
-
444,577
44,525
25,083
514,185


Charge for the year on owned assets
-
50,257
6,115
2,334
58,706



At 31 May 2024

-
494,834
50,640
27,417
572,891



Net book value



At 31 May 2024
1,460,434
180,727
47,440
18,583
1,707,184



At 31 May 2023
1,172,910
230,984
24,455
17,011
1,445,360

Page 7

 
PRIORS HALL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
137,409
126,139

Other debtors
57,472
59,439

Prepayments and accrued income
8,591
12,839

203,472
198,417



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
40,134
-

Trade creditors
85,191
168,740

Other taxation and social security
98,856
13,476

Other creditors
13,576
13,142

Accruals and deferred income
37,508
33,014

275,265
228,372



7.


Deferred taxation




2024
2023


£

£






At beginning of year
137,477
150,471


Charged to profit or loss
(6,424)
(12,994)



At end of year
131,053
137,477

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
61,688
68,112

Capital Gain
69,365
69,365

131,053
137,477

Page 8

 
PRIORS HALL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


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 £12,903 (2023: £13,020). Contributions totalling £2,493 (2023: £2,534) were payable to the fund at the balance sheet date and are included in creditors.


9.


Related party transactions

Interest free loans have been granted by the company to the directors totalling £5,341 (2023: £7,130) and are shown within other debtors.

 




Page 9