| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| A.H.Philpot & Sons Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| A.H.Philpot & Sons Limited |
| A.H.Philpot & Sons Limited (Registered number: 00327961) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| A.H.Philpot & Sons Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Lake House |
| Market Hill |
| Royston |
| Hertfordshire |
| SG8 9JN |
| A.H.Philpot & Sons Limited (Registered number: 00327961) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share | 11 |
| Revaluation reserve | 12 |
| Development reserve | 12 |
| Retained earnings | 12 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| A.H.Philpot & Sons Limited (Registered number: 00327961) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| A.H.Philpot & Sons Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1 A and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain freehold land and buildings. |
| The directors believe that the company will continue to be profitable and will have adequate cash resources in order to pay all of its creditors as they fall due for the foreseeable future and for at least 12 months from the date of signing of these financial statements. |
| Turnover |
| Turnover, all of which arises in the United Kingdom, is the amount received in respect of goods sold and services provided during the year which fall within the ordinary activities of the company after deduction of trade discounts and value added tax and includes sales subsidies receivable from DEFRA under the Arable Aid Payments Scheme (including set-aside) in relation to crops sold and subsidies receivable under under the Single Payment Scheme. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Freehold land and building - Freehold land and buildings are not depreciated |
| Plant and machinery - 10 to 25% straight line |
| Freehold land and buildings used for the purpose of the trade of the company are revalued periodically and any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve. |
| The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| A.H.Philpot & Sons Limited (Registered number: 00327961) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 statement of financial position when the company becomes party to the contractual provisions of the instrument. |
| Basic financial assets |
| Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Provision is made for potential tax due on the revalued amount of the freehold property. |
| 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. |
| A.H.Philpot & Sons Limited (Registered number: 00327961) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Defined benefit pension schemes |
| The company is the named principal employer of the multi-employer defined benefit scheme "A H Philpot Limited Pension & Assurance scheme". The company is legally responsible for the scheme and therefore per FRS 102 section 28 the company must recognise the net defined benefit cost of the scheme in its individual financial statements. |
| For defined benefit retirement schemes, the cost of providing benefits is determined using the projected unit credit method and are based on independent actuarial advice. |
| The net defined asset/liability represents the present value of the defined benefit obligation minus the fair value of plan assets out of which obligations are to be settled. |
| The rate used to discount the benefit obligations to their present value is set by reference to yields available at the accounting date on UK AA-rated corporate bonds with terms consistent with those of the benefit obligations. |
| Gains or losses recognised in profit or loss: |
| The change in the net defined benefit liability arising from employee service during the period is recognised as an employee cost. |
| The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred. |
| Net interest on the net defined benefit asset/liability comprises the interest cost on the defined benefit obligation and interest income on the plan assets, calculated by multiplying the fair value of the plan's net assets at the beginning of the period by the rate used to discount the benefit obligations. |
| Gains or losses recognised in other comprehensive income: |
| Actuarial gains and losses |
| The difference between the interest income on the plan assets and the actual return on the plan assets |
| Government grants |
| Income receivable under the EU Single Payment scheme is not recognised as income until the point at which the following criteria are both met: |
| - A valid application form has been submitted and accepted by the Rural Payments Agency and |
| - The relevant land has been eligible for the entire calendar year to 31 December. |
| The subsidy income received from the government changed on 1 January 2024, to the delinked payment scheme. The new subsidy income is delinked from the requirement to meet cross-compliance conditions. The delinked payment income is recognised on receipt. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| A.H.Philpot & Sons Limited (Registered number: 00327961) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The company's freehold land and buildings were reviewed for revaluation as at 30 September 2024 by the directors. |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Fair value at 30 September 2024 is represented by: |
| £ |
| Valuation in 2023 | 3,735,459 |
| Cost | 516,191 |
| 4,251,650 |
| 6. | STOCKS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Stocks |
| A.H.Philpot & Sons Limited (Registered number: 00327961) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Amounts due from related |
| parties | 2,607 | 15,943 |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade creditors |
| Tax |
| Amounts due to related parties | 5,372 | - |
| Accruals and deferred income |
| 9. | SECURED DEBTS |
| The bank overdraft is also secured by cross guarantees from the group companies, PJHP Ltd and H.R. Philpot & Son (Barleylands) Ltd. |
| 10. | PROVISIONS FOR LIABILITIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Revaluations | 943,754 | 943,754 |
| 947,136 | 947,840 |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Utilised during year | ( |
) |
| Balance at 30 September 2024 |
| 11. | CALLED UP SHARE |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | 25p | 175,001 | 175,001 |
| Development | 25p | 25,000 | 25,000 |
| Deferred | £1 | 1 | 1 |
| 200,002 | 200,002 |
| A.H.Philpot & Sons Limited (Registered number: 00327961) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 11. | CALLED UP SHARE - continued |
| The deferred share has no right to income and, as regards capital, the amount paid up thereon but only after the return of capital to the holders of the development shares and the holder of the 'A' preferred share. The share carries no voting rights. |
| The development shares are entitled to income only out of profits available for distribution and attributable to the development reserve, and on a return of assets the balance standing to the credit of the development reserve. The shares carry voting rights only in respect of matters affecting the development reserve and the assets attaching thereto. |
| The ordinary shares are entitled, after satisfaction of the rights of the other shares, to a dividend as declared by the directors and on a return of assets, to the balance of such assets after satisfaction of the rights of the other shareholders. The holders of the ordinary shares have sole right to vote on any matter concerning the company. |
| 12. | RESERVES |
| Retained | Revaluation | Development |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 October 2023 | 4,011,505 |
| Profit for the year |
| Actuarial gain/(loss) re defined benefit scheme |
(68,000 |
) |
- |
- |
(68,000 |
) |
| At 30 September 2024 | 4,191,555 |
| The development reserve relates to the reserve created from profits arising from certain assets held by the company that are defined in the company's Articles of Association. |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| A.H.Philpot & Sons Limited (Registered number: 00327961) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 14. | EMPLOYEE BENEFIT OBLIGATIONS |
| The company is the named principal employer of the A H Philpot Limited Pension & Assurance scheme which is closed to new members. The scheme provides benefits based on final pensionable salary. The assets of the scheme are held separately from those of the company. |
| A valuation of the scheme for purposes of section 28 of FRS 102 has been carried out at 30th September 2024 supported by a qualified independent actuary. As required by FRS 102, the value of the defined benefit liabilities has been measured using the projected unit method. The last full actuarial valuation was carried out as at 31st July 2022 and indicated a funding level of 73.2% on a continuing valuation basis. A recovery plan was agreed on 8th December 2016 which is aimed at removing the deficit by 31 July 2035 and this requires annual payments of £59,000. |
| The amounts recognised in the Balance Sheet are as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Present value of defined benefit obligations | (1,449,000 | ) | (1,368,000 | ) |
| Fair value of plan assets | 1,624,000 | 1,500,000 |
| Pension asset / (liability) at year end | 175,000 | 132,000 |
| Related deferred tax asset | - | - |
| Pension asset / (liability) net of deferred tax asset | 175,000 | 132,000 |
| Under FRS 102, the net pension asset balance of £175,000 has not been included in the balance sheet at 30 September 2024. |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Current service cost | - | - |
| Net interest from net defined benefit asset/liability |
131,000 |
73,000 |
| Past service cost | - | - |
| 131,000 | 73,000 |
| Actual return on plan assets | ( |
) |
| A.H.Philpot & Sons Limited (Registered number: 00327961) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 14. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Opening defined benefit obligation |
| Interest cost |
| Actuarial losses/(gains) | ( |
) |
| Benefits paid | ( |
) | ( |
) |
| Oblig other remeasurement | 43,000 | 132,000 |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Opening fair value of scheme assets |
| Contributions by employer |
| Interest income | 79,000 | 73,000 |
| Actuarial gain/(losses) | ( |
) |
| Benefits paid | (139,000 | ) | (72,000 | ) |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Oblig other remeasurement | (43,000 | ) | (132,000 | ) |
| Actuarial gains/(losses) | ( |
) |
| (68,000 | ) | (45,000 | ) |
| The major categories of scheme assets as a percentage of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 30.9.24 | 30.9.23 |
| Equities | 70% | 70% |
| Bonds | 30% | 30% |
| 100% | 100% |
| A.H.Philpot & Sons Limited (Registered number: 00327961) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 14. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 30.9.24 | 30.9.23 |
| Discount rate |
| Inflation assumption (RPI) |
| Inflation assumption (CPI) |
| Mortality rate (S2PA tables) |
| 15. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 16. | ULTIMATE PARENT COMPANY |
| The immediate parent company is PJHP Limited, a company incorporated in England and Wales. The largest and smallest group of undertakings for which group accounts have been drawn up is that headed by PJHP Limited, copies of which are available from the registrar of companies (www.companieshouse.gov.uk). |
| There is no overall controlling party. |