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REGISTERED NUMBER: 02335630 (England and Wales)















PENGETHLEY POTATOES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






PENGETHLEY POTATOES LIMITED (REGISTERED NUMBER: 02335630)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


PENGETHLEY POTATOES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mrs S A Pugh
S J Pugh





SECRETARY: Mrs S A Pugh





REGISTERED OFFICE: The Beeches
Clatterdyke
Frampton
Boston
Lincolnshire
PE20 1AL





REGISTERED NUMBER: 02335630 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

PENGETHLEY POTATOES LIMITED (REGISTERED NUMBER: 02335630)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 35,239 45,319
Tangible assets 5 13,807,406 13,154,484
13,842,645 13,199,803

CURRENT ASSETS
Valuation 1,990,835 1,796,717
Debtors 6 687,141 12,250,529
Cash at bank 204,083 142,123
2,882,059 14,189,369
CREDITORS
Amounts falling due within one year 7 837,772 15,568,803
NET CURRENT ASSETS/(LIABILITIES) 2,044,287 (1,379,434 )
TOTAL ASSETS LESS CURRENT LIABILITIES 15,886,932 11,820,369

CREDITORS
Amounts falling due after more than one year 8 (3,728,622 ) (1,499,022 )

PROVISIONS FOR LIABILITIES (818,357 ) (639,125 )
NET ASSETS 11,339,953 9,682,222

CAPITAL AND RESERVES
Called up share capital 10 20,000 20,000
Retained earnings 11,319,953 9,662,222
SHAREHOLDERS' FUNDS 11,339,953 9,682,222

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PENGETHLEY POTATOES LIMITED (REGISTERED NUMBER: 02335630)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2025 and were signed on its behalf by:





S J Pugh - Director


PENGETHLEY POTATOES LIMITED (REGISTERED NUMBER: 02335630)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Pengethley Potatoes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's place of business is Lowgrounds Farm, Lowgrounds, Swineshead, Boston, Lincolnshire PE20 3PG.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of crops, excluding value added tax.

Sales of crops are recognised upon despatch.

Intangible assets
Entitlements have been capitalised in the accounts at cost and are being amortised on a straight line basis until December 2027.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost, 2% on cost and not provided
Plant and machinery etc - 15% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation.

Valuation
Stock represents the farm valuation which has been prepared by the directors at the lower of cost and estimated selling price less cost to sell.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


PENGETHLEY POTATOES LIMITED (REGISTERED NUMBER: 02335630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Basic payment scheme
The basic payment scheme is recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 1 September 2023 127,810
Disposals (48,000 )
At 31 August 2024 79,810
AMORTISATION
At 1 September 2023 82,491
Amortisation for year 10,080
Eliminated on disposal (48,000 )
At 31 August 2024 44,571
NET BOOK VALUE
At 31 August 2024 35,239
At 31 August 2023 45,319

PENGETHLEY POTATOES LIMITED (REGISTERED NUMBER: 02335630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2023 12,503,325 831,244 13,334,569
Additions 495,480 273,625 769,105
At 31 August 2024 12,998,805 1,104,869 14,103,674
DEPRECIATION
At 1 September 2023 - 180,085 180,085
Charge for year - 116,183 116,183
At 31 August 2024 - 296,268 296,268
NET BOOK VALUE
At 31 August 2024 12,998,805 808,601 13,807,406
At 31 August 2023 12,503,325 651,159 13,154,484

Included in cost of land and buildings is freehold land of £ 12,503,325 (2023 - £ 12,503,325 ) which is not depreciated.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 118,583 1,650
Other debtors 568,558 12,248,879
687,141 12,250,529

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 83,186 88,202
Hire purchase contracts 42,000 -
Trade creditors 130,601 4,196
Taxation and social security 425,352 166,214
Other creditors 156,633 15,310,191
837,772 15,568,803

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
as restated
£    £   
Bank loans 3,685,205 1,499,022
Hire purchase contracts 43,417 -
3,728,622 1,499,022

PENGETHLEY POTATOES LIMITED (REGISTERED NUMBER: 02335630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
as restated
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 2,250,000 -

Repayable by instalments
Bank loans 1,102,461 1,234,416

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank loans 3,768,391 1,587,224
Hire purchase contracts 85,417 -
3,853,808 1,587,224

The bank borrowings are secured by a charge over the land, a debenture with the bank and a personal guarantee offered by S A and S J Pugh.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
20,000 £1 Ordinary shares £1 20,000 20,000

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Loans are secured by a personal guarantee offered by S A and S J Pugh.

12. CHANGE OF YEAR END

The prior financial statements cover a period of seven months only and were shortened to align with a related set of partnership financial statements. The results for the prior period are therefore not comparable.