Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-311287381669362025-05-2825019921No description of principal activity2023-09-01false3232falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01922885 2023-09-01 2024-08-31 01922885 2022-09-01 2023-08-31 01922885 2024-08-31 01922885 2023-08-31 01922885 2023-09-01 01922885 c:Director1 2023-09-01 2024-08-31 01922885 c:Director2 2023-09-01 2024-08-31 01922885 d:Buildings 2023-09-01 2024-08-31 01922885 d:Buildings 2024-08-31 01922885 d:Buildings 2023-08-31 01922885 d:Buildings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01922885 d:Buildings d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 01922885 d:Buildings d:ShortLeaseholdAssets 2023-09-01 2024-08-31 01922885 d:Buildings d:ShortLeaseholdAssets 2024-08-31 01922885 d:Buildings d:ShortLeaseholdAssets 2023-08-31 01922885 d:LandBuildings 2024-08-31 01922885 d:LandBuildings 2023-08-31 01922885 d:PlantMachinery 2023-09-01 2024-08-31 01922885 d:PlantMachinery 2024-08-31 01922885 d:PlantMachinery 2023-08-31 01922885 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01922885 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 01922885 d:MotorVehicles 2023-09-01 2024-08-31 01922885 d:MotorVehicles 2024-08-31 01922885 d:MotorVehicles 2023-08-31 01922885 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01922885 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 01922885 d:OfficeEquipment 2023-09-01 2024-08-31 01922885 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01922885 d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 01922885 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-08-31 01922885 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-08-31 01922885 d:CurrentFinancialInstruments 2024-08-31 01922885 d:CurrentFinancialInstruments 2023-08-31 01922885 d:Non-currentFinancialInstruments 2024-08-31 01922885 d:Non-currentFinancialInstruments 2023-08-31 01922885 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 01922885 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 01922885 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 01922885 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 01922885 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-08-31 01922885 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 01922885 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-08-31 01922885 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-08-31 01922885 d:ShareCapital 2024-08-31 01922885 d:ShareCapital 2023-08-31 01922885 d:RetainedEarningsAccumulatedLosses 2024-08-31 01922885 d:RetainedEarningsAccumulatedLosses 2023-08-31 01922885 c:OrdinaryShareClass1 2023-09-01 2024-08-31 01922885 c:OrdinaryShareClass1 2024-08-31 01922885 c:OrdinaryShareClass1 2023-08-31 01922885 c:FRS102 2023-09-01 2024-08-31 01922885 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 01922885 c:FullAccounts 2023-09-01 2024-08-31 01922885 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 01922885 d:Subsidiary1 2023-09-01 2024-08-31 01922885 d:Subsidiary1 1 2023-09-01 2024-08-31 01922885 d:Subsidiary2 2023-09-01 2024-08-31 01922885 d:Subsidiary2 1 2023-09-01 2024-08-31 01922885 d:Subsidiary3 2023-09-01 2024-08-31 01922885 d:Subsidiary3 1 2023-09-01 2024-08-31 01922885 2 2023-09-01 2024-08-31 01922885 4 2023-09-01 2024-08-31 01922885 6 2023-09-01 2024-08-31 01922885 8 2023-09-01 2024-08-31 01922885 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-08-31 01922885 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-31 01922885 d:LeasedAssetsHeldAsLessee 2024-08-31 01922885 d:LeasedAssetsHeldAsLessee 2023-08-31 01922885 e:PoundSterling 2023-09-01 2024-08-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number:01922885













P & P PROFESSIONAL FARMERS LTD




UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
P & P PROFESSIONAL FARMERS LTD
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 14


 
P & P PROFESSIONAL FARMERS LTD
REGISTERED NUMBER:01922885

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 6 
1,094,980
1,139,286

Investments
 7 
57
57

  
1,095,037
1,139,343

Current assets
  

Stocks
  
120,425
114,965

Debtors: amounts falling due within one year
 8 
1,166,042
1,280,909

Cash at bank and in hand
  
90,901
60,293

  
1,377,368
1,456,167

Creditors: amounts falling due within one year
 9 
(1,609,311)
(383,409)

Net current (liabilities)/assets
  
 
 
(231,943)
 
 
1,072,758

Total assets less current liabilities
  
863,094
2,212,101

  

Creditors: amounts falling due after more than one year
 10 
(608,235)
(1,938,143)

  
254,859
273,958

  

  

Net assets
  
254,859
273,958


Capital and reserves
  

Called up share capital 
 13 
380,980
380,980

Profit and loss account
  
(126,121)
(107,022)

  
254,859
273,958


Page 1

 
P & P PROFESSIONAL FARMERS LTD
REGISTERED NUMBER:01922885
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 income and retained earnings 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: 




................................................
A J Papworth
................................................
T F Papworth
Director
Director


Date: 28 May 2025

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

P & P Professional Farmers Limited is a private limited company limited by shares and incorporated in England and Wales, registered number 01922885. The registered office is Lodge Farm, Felmingham, North Walsham, Norfolk, NR28 0LL.  

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the company's position at the time of signing the financial statements. The company is showing net current liabilities at 31 August 2024 due to bank loans of £1m maturing and being due for payment in January 2025 and moving to short term liabilities. The company has been in discussions with its lender, and the lender has now agreed to extend the loan of £1m for repayment in 2030.  
Based on this, the directors have concluded that the company will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of approval of these financial statements. The directors therefore continue to adopt the going concern basis in preparing the financial statements.

Page 3

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts. 

 
2.7

Interest income

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

Page 5

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Borrowing costs

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

 
2.10

Goodwill

Acquired goodwill is written off in equal, annual installments over its estimated useful economic life. 

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following bases:

Freehold buildings
-
2% straight line
Plant & machinery
-
10-25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% 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.

Page 6

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.
At each reporting 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.

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. 
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. 
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time and timing differences are expected to reverse. 
Deferred tax assets and liabilities are not discounted. 

Page 7

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.19

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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average number
32
32


4.


Interest receivable

2024
2023
£
£


Other interest receivable
1
261

1
261

Page 8

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Intangible assets



Goodwill

£



Cost


At 1 September 2023
227,769



At 31 August 2024

227,769



Amortisation


At 1 September 2023
227,769



At 31 August 2024

227,769



Net book value



At 31 August 2024
-



At 31 August 2023
-



Page 9

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Tangible fixed assets





Freehold Buildings
Freehold Land
Butchers
Motor & Machinery
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
949,551
422,714
235,106
133,978
1,741,349


Additions
-
-
5,280
-
5,280


Disposals
-
(15,139)
-
-
(15,139)



At 31 August 2024

949,551
407,575
240,386
133,978
1,731,490



Depreciation


At 1 September 2023
307,106
-
203,374
91,583
602,063


Charge for the year on owned assets
18,967
-
5,553
6,927
31,447


Charge for the year on financed assets
-
-
-
3,000
3,000



At 31 August 2024

326,073
-
208,927
101,510
636,510



Net book value



At 31 August 2024
623,478
407,575
31,459
32,468
1,094,980



At 31 August 2023
642,445
422,714
31,732
42,395
1,139,286

Page 10

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           6.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold buildings
623,478
642,445

Freehold land
407,575
422,714

1,031,053
1,065,159


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
9,000
6,059

9,000
6,059


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
57



At 31 August 2024
57




Page 11

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Oasis Agriculture Ltd
Ordinary
100%
J & D Papworth Ltd
Ordinary
100%
L F Papworth Ltd
Ordinary
50%

The registered office of Oasis Agriculture Limited, J & D Papworth Limited and L F Papworth Limited is Lodge Farm, Felmingham, North Walsham, NR28 0LL.


8.


Debtors

2024
2023
£
£


Trade debtors
47,800
52,088

Amounts owed by group undertakings
1,106,338
1,214,695

Other debtors
4,822
6,276

Prepayments and accrued income
7,082
7,850

1,166,042
1,280,909



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
17,922
78,003

Bank loans
1,010,000
10,000

Trade creditors
224,704
111,612

Amounts owed to group undertakings
225,044
45,789

Other taxation and social security
16,542
13,870

Obligations under finance lease and hire purchase contracts
4,297
2,382

Other creditors
22,930
27,480

Accruals and deferred income
87,872
94,273

1,609,311
383,409


The overdraft is secured by way of a corporate guarantee by the company and the directors.
The company has been in discussions with its lender in connection with the bank loan of £1m maturing in January 2025. The lender has now agreed to extend the loan of £1m for repayment in 2030.  

Page 12

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
603,088
1,938,143

Net obligations under finance leases and hire purchase contracts
5,147
-

608,235
1,938,143


Bank loans of £1,593,922 are secured on assets owned by the company.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
1,010,000
10,000


1,010,000
10,000


Amounts falling due 2-5 years

Bank loans
9,166
1,344,221


9,166
1,344,221

Amounts falling due after more than 5 years

Bank loans
593,922
593,922

593,922
593,922

1,613,088
1,948,143


Page 13

 
P & P PROFESSIONAL FARMERS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
4,297
2,382

Between 1-5 years
5,147
-

9,444
2,382


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



380,980 (2023 - 380,980) Ordinary shares of £1.00 each
380,980
380,980



14.


Contingent liabilities

The overdraft of Beccles Farms, a partnership in which L F Papworth Limited has a 50% interest, is secured against the land owned by the company. This company owns 50% of the share capital of L F Papworth Limited. 


15.


Commitments under operating leases

As at 31 August 2024 the company had annual commitments under non-cancellable operating leases, due to expire over the next five years of £48,668 (2023: £45,250).


16.


Directors' benefits: advances, credit and guarantees

During the year the company operated accounts for the directors. The balances on the accounts at the beginning and end of the year were as follows:


Closing balance
Opening balance
£
£



A J and Mrs S J Papworth
7,421
11,971

C M Douglas
2,500
2,500

9,921
14,471

 
Page 14