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REGISTERED NUMBER: 00799344 (England and Wales)
















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2024

for

H.R. Philpot & Son (Barleylands) Limited

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


H.R. Philpot & Son (Barleylands) Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: C J H Philpot
P J H Philpot
A P T Philpot
S J R Philpot
P J Hockley
P F Burrows
T H C Philpot
E C L Philpot





SECRETARY: J C W Philpot





REGISTERED OFFICE: Barleylands Farmhouse
Barleylands Road
Billericay
Essex
CM11 2UD





REGISTERED NUMBER: 00799344 (England and Wales)





AUDITORS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
The directors are very pleased to be able to present a strong performance for the year 2024. Our leisure and tourism division continues to grow its offering to the local community with new farm park events created and a football golf course opened in 2024. We continue to quickly adapt and minimise the impact on the financial performance by considering new opportunities available to make best use of the farm.

The results for the year and financial position of the company are as shown in the annexed financial statements.
The directors consider the following to be the key performance indicators:

2024 2023
£    £   
Gross profit 1,343,162 1,348,796
Operating profit 436,044 542,097
Gross assets 42,876,084 42,009,882
Net assets 29,906,642 29,823,183

PRINCIPAL RISKS AND UNCERTAINTIES
Inherent Risk
Looking forward, we expect general economic conditions to continue to be challenging but the Directors are confident that the company is well placed with its diverse operations to face the challenges ahead..

Liquidity Risk
The financial climate is such that the company will continue to use its cash reserves to the best use and careful control of working capital, including tight monitoring of debtors. The company reviews its cash position on a daily basis and a forecast cashflow statement on a regular basis. The company is committed to combating financial risk by a combination of careful review of its markets and consideration of its cost base.

Credit Risk
The company regularly reviews its debtor listings and imposes a cash before order policy where necessary.

FUTURE DEVELOPMENTS
At the date of approving these financial statements, the demand for the farm park was high and the directors and senior management team continue to look for further opportunities to increase the offering of the farm park. The company continues to benefit from its diverse trading activities to ensure cash flow remains positive.

ON BEHALF OF THE BOARD:





A P T Philpot - Director


14 April 2025

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of farming, agricultural contracting, the running of a farm park attraction for the public and property rental and management.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £400,421 (2023: £400,421)

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

C J H Philpot
P J H Philpot
A P T Philpot
S J R Philpot
P J Hockley
P F Burrows
T H C Philpot

Other changes in directors holding office are as follows:

E C L Philpot - appointed 24 February 2024

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch.7 to be contained in the directors' report. It has done so in respect of financial risk management objectives and future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Report of the Directors
for the Year Ended 30 September 2024


AUDITORS
The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A P T Philpot - Director


14 April 2025

Report of the Independent Auditors to the Members of
H.R. Philpot & Son (Barleylands) Limited

Opinion
We have audited the financial statements of H.R. Philpot & Son (Barleylands) Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
H.R. Philpot & Son (Barleylands) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
H.R. Philpot & Son (Barleylands) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identification during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the jurisdictions that the company operates.

We obtained an understanding to how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes.

We assessed the susceptivity of the company's financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand the systems and controls of the company. We also considered remuneration packages and the influence this has on the financial results of the company to provide reasonable assurance that the financial statements were free from fraud and error.

Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved; journal entry testing; focusing on manual journals and journals indicating large or unusual transactions based on our understanding of the business; enquiries of management; review and substantive testing of accounting estimates and focused testing in relation to revenue and management override.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kristi Johnson ACA FCCA CTA (Senior Statutory Auditor)
for and on behalf of Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

23 April 2025

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Income Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 3 4,225,333 4,626,861

Cost of sales 2,882,171 3,278,065
GROSS PROFIT 1,343,162 1,348,796

Administrative expenses 2,801,040 2,579,162
(1,457,878 ) (1,230,366 )

Other operating income 1,893,922 1,772,463
OPERATING PROFIT 5 436,044 542,097

Gain on revaluation of
investment property - 2,712,244
436,044 3,254,341

Interest payable and similar expenses 6 78,678 85,525
PROFIT BEFORE TAXATION 357,366 3,168,816

Tax on profit 7 (126,514 ) 814,839
PROFIT FOR THE FINANCIAL YEAR 483,880 2,353,977

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Other Comprehensive Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

PROFIT FOR THE YEAR 483,880 2,353,977


OTHER COMPREHENSIVE INCOME
Revaluation of property - 3,159,581
Deferred tax on revaluation - (657,325 )
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

2,502,256
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

483,880

4,856,233

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 27,203,428 26,657,937
Investments 10 50 50
Investment property 11 14,215,574 14,215,574
41,419,052 40,873,561

CURRENT ASSETS
Stocks 12 949,529 766,415
Debtors 13 503,334 353,347
Cash in hand 4,169 16,559
1,457,032 1,136,321
CREDITORS
Amounts falling due within one year 14 6,276,281 5,451,647
NET CURRENT LIABILITIES (4,819,249 ) (4,315,326 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,599,803

36,558,235

CREDITORS
Amounts falling due after more than one
year

15

(376,661

)

(292,038

)

PROVISIONS FOR LIABILITIES 19 (6,316,500 ) (6,443,014 )
NET ASSETS 29,906,642 29,823,183

CAPITAL AND RESERVES
Called up share 20 75,000 75,000
Revaluation reserve 21 14,378,473 14,378,473
Capital redemption reserve 21 63,991 63,991
Non distributable retained
earnings 21 10,338,660 10,338,660
Retained earnings 21 5,050,518 4,967,059
SHAREHOLDERS' FUNDS 29,906,642 29,823,183

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





A P T Philpot - Director


H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Retained Revaluation
share earnings reserve
£    £    £   
Balance at 1 October 2022 75,000 5,039,343 11,876,217

Changes in equity
Dividends - (400,421 ) -
Total comprehensive income - 328,137 2,502,256
Balance at 30 September 2023 75,000 4,967,059 14,378,473

Changes in equity
Dividends - (400,421 ) -
Total comprehensive income - 483,880 -
Balance at 30 September 2024 75,000 5,050,518 14,378,473
Non
Capital distributable
redemption retained Total
reserve earnings equity
£    £    £   
Balance at 1 October 2022 63,991 8,312,820 25,367,371

Changes in equity
Dividends - - (400,421 )
Total comprehensive income - 2,025,840 4,856,233
Balance at 30 September 2023 63,991 10,338,660 29,823,183

Changes in equity
Dividends - - (400,421 )
Total comprehensive income - - 483,880
Balance at 30 September 2024 63,991 10,338,660 29,906,642

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

H.R. Philpot & Son (Barleylands) 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 (£).


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" 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Going concern
The company has net current liabilities of £4,819,249 (2023 - £4,315,326).

The directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The company operates in the farming sector which is affected by global commodity pressures. The company has diversified its operations significantly to manage this risk and provide business stability and profitability and the directors are therefore certain that the company is well placed to manage its business risks successfully.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these financial statements the directors have made the following judgement:

Valuation of freehold property

The revaluation of freehold property is periodically carried out by independent valuers and regularly reviewed for movements by the directors.The directors have been involved in land and property transactions for several years and are well placed to provide an opinion on valuations.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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 shorter.


Freehold land and building- Freehold land and buildings are not depreciated.
Plant and machinery- 10 to 25% straight line- 0 to 33.33% reducing balance

Assets under construction
- Assets under construction are not depreciated. Depreciation will be
charged when construction is complete.

Freehold land and buildings used for the purpose of the trade of the company are held on the balance sheet under the revaluation model and revalued annually. Any aggregate surplus or deficit arising from changes in
market value is transferred to a revaluation reserve.

Freehold land is not depreciated.

No charge has been made for depreciation on freehold buildings. This is due to the residual value of the buildings being considered to be not less than current net book value having regard to the continued refurbishment works that has occurred and that are continuing to take place in forthcoming years.

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.

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving stocks.

Crops in store are valued at the lower of deemed cost and net realisable value.

Arable cultivations are valued at the cost per hectare for the various acts of husbandry carried out.

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.


H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to the following pension schemes:

(i) Defined contribution scheme

Contributions are charged to profit and loss account as they become payable in accordance with the rules of the scheme

(ii) Defined benefit scheme

The company participates in a pension scheme, providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company. Employers' contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over the employees' working lives. The company is not the principal employer to the scheme and there is no contractual agreement for charging the defined benefit cost to individual group entities. The company legally responsible for the scheme is group entity A H Philpot & Sons Ltd. See Note 22 for further details.

Investments
Investments held as fixed assets are stated at cost less provision for any impairment in value.

Government and other grants
Government grants on capital expenditure are credited to a deferred account and are released to revenue over the expected useful life of the relevant asset by equal annual instalments.

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.

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless these costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or provide termination benefits.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

30.9.24 30.9.23
£    £   
Arable 1,537,341 2,123,457
Farm park 1,765,743 1,696,329
Equestrian centre 531,976 491,637
Showground and campsite 390,273 315,438
4,225,333 4,626,861

Other operating income related to rents received, which is recognised over the period of tenancy.

4. EMPLOYEES AND DIRECTORS

30.09.2430.09.23
££
Wages and salaries1,411,3771,212,700
Social security126,216109,133
Other pension costs39,72427,660
1,577,3171,349,493

The average number of employees during the year was as follows:-

30.09.2430.09.23
££
Directors87
Other6263
7070

30.9.24 30.9.23
£    £   
Directors' remuneration 200,442 176,477
Directors' pension contributions to money purchase schemes 15,407 12,665

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

Information regarding the highest paid director for the year ended 30 September 2024 is as follows:
30.9.24
£   
Emoluments etc 100,207
Pension contributions to money purchase schemes 10,380

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
£    £   
Hire of plant and machinery 25,826 20,349
Depreciation - owned assets 376,643 280,047
Depreciation - assets on hire purchase contracts 70,441 81,083
Profit on sale of assets (23,109 ) (72,529 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank interest 78,620 70,970
Other interest 58 14,555
78,678 85,525

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax - 78,469

Deferred tax (126,514 ) 736,370
Tax on profit (126,514 ) 814,839

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
£    £   
Profit before tax 357,366 3,168,816
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22%)

89,342

697,140

Effects of:
Expenses not deductible for tax purposes 53,503 23,589
Income not taxable for tax purposes (8,127 ) (613,538 )
Utilisation of tax losses 69,564 -
Adjustments to tax charge in respect of previous periods - 15,248
Movement in deferred tax arising due to tax rate change (330,796 ) 5,996
Gain on Investment property - 686,404
Total tax (credit)/charge (126,514 ) 814,839

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 September 2024.

30.9.23
Gross Tax Net
£    £    £   
Revaluation of property 3,159,581 - 3,159,581
Deferred tax on revaluation (657,325 ) - (657,325 )
2,502,256 - 2,502,256

8. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary shares of £1 each
Interim 400,421 400,421

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

9. TANGIBLE FIXED ASSETS
Freehold Assets
Land and under Plant and
Buildings construction machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2023 24,128,623 624,982 3,901,164 28,654,769
Additions 14,892 387,919 814,810 1,217,621
Disposals - - (507,661 ) (507,661 )
Reclassification/transfer - (382,867 ) 382,867 -
At 30 September 2024 24,143,515 630,034 4,591,180 29,364,729
DEPRECIATION
At 1 October 2023 10,648 - 1,986,184 1,996,832
Charge for year 18,370 - 428,714 447,084
Eliminated on disposal - - (282,615 ) (282,615 )
At 30 September 2024 29,018 - 2,132,283 2,161,301
NET BOOK VALUE
At 30 September 2024 24,114,497 630,034 2,458,897 27,203,428
At 30 September 2023 24,117,975 624,982 1,914,980 26,657,937

The company's freehold investment property and freehold land and buildings were revalued at market value as at 30 September 2024 by the directors.

Cost or valuation at 30 September 2024 is represented by:

Freehold Assets
Land and under Plant and
Buildings construction machinery Totals
£    £    £    £   
Valuation in 2023 17,494,792 - - 17,494,792
Cost 6,648,723 630,034 4,591,180 11,869,937
24,143,515 630,034 4,591,180 29,364,729

The net book value of fixed assets held under hire purchase contracts at the year-end were £493,084 (2023 - £324,333). Depreciation charged on assets under hire purchase contracts during the year was £70,441 (2023 - £81,083).

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 50
NET BOOK VALUE
At 30 September 2024 50
At 30 September 2023 50

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

10. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Joint venture

Barleylands Leisure Limited
Registered office: United Kingdom
Nature of business: Adventure golf
%
Class of shares: holding
Ordinary 50.00
30.9.24 31.8.23
£    £   
Aggregate capital and reserves 23,944 21,726

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 14,215,574
NET BOOK VALUE
At 30 September 2024 14,215,574
At 30 September 2023 14,215,574

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2023 13,201,869
Cost 1,013,705
14,215,574

12. STOCKS
30.9.24 30.9.23
£    £   
Valuation 949,529 766,415

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 168,876 173,080
Owed by related undertakings 26,755 41,305
Other debtors 211,391 107,536
Tax 96,312 31,426
503,334 353,347

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts (see note 16) 1,348,092 1,133,738
Hire purchase contracts (see note 17) 117,132 107,711
Trade creditors 418,476 621,606
Amounts owed to group undertakings 2,981,067 2,440,857
Owed to related undertakings 469,090 292,168
Social security and other taxes 96,158 105,994
Other creditors 383,399 324,707
Accruals and deferred income 430,613 392,612
Deferred government grants 32,254 32,254
6,276,281 5,451,647

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts (see note 17) 117,132 -
Deferred government grants 259,529 292,038
376,661 292,038

Deferred government grants relate to grant monies received to fund capital projects including development of educational facilities and an equestrian centre. See Government Grant accounting policy in Note 2.

16. LOANS

An analysis of the maturity of loans is given below:

30.9.24 30.9.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,348,092 1,133,738

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 117,132 107,711
Between one and five years 117,132 -
234,264 107,711

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank overdrafts 1,348,092 1,133,738
Hire purchase contracts 234,264 107,711
1,582,356 1,241,449

The bank overdraft to Natwest is secured to an unlimited amount by way of a fixed charge on the Barleylands Farm and the Land lying to the east of Hodgson Way Wickford.

The bank overdraft is also secured by cross guarantees from the group companies, PJHP Ltd and A.H Philpot & Sons Ltd.

Hire purchase liabilities are secured against the assets that they relate to.

19. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax
Accelerated capital allowances 337,023 463,537
Revaluations 5,979,477 5,979,477
6,316,500 6,443,014

Deferred
tax
£   
Balance at 1 October 2023 6,443,014
Credit to Income Statement during year (126,514 )
Charge to revaluation reserve
Balance at 30 September 2024 6,316,500

20. CALLED UP SHARE

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
75,000 Ordinary £1 75,000 75,000

H.R. Philpot & Son (Barleylands) Limited (Registered number: 00799344)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

21. RESERVES
Non
Capital distributable
Retained Revaluation redemption retained
earnings reserve reserve earnings Totals
£    £    £    £    £   

At 1 October 2023 4,967,059 14,378,473 63,991 10,338,660 29,748,183
Profit for the year 483,880 483,880
Dividends (400,421 ) (400,421 )
At 30 September 2024 5,050,518 14,378,473 63,991 10,338,660 29,831,642

Non distributable retained earnings of £10,338,660 relates to the revaluation gain on investment properties held in the company (see Note 11) less a provision for potential tax arising on a future sale of the properties.

22. PENSION COMMITMENTS

The company is part of a multi-employer defined benefit scheme which is closed to new members. 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 assets 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.

23. 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.

Entities with common key management personnel
30.9.24 30.9.23
£    £   
Sales 1,562,691 1,763,960
Purchases 1,393,707 2,318,132
Amount due from related party 26,755 41,305
Amount due to related party 469,090 292,168

The only remuneration paid to key management personnel is the amounts shown in note 4.

24. ULTIMATE PARENT COMPANY

The ultimate parent company is PJHP Ltd, 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.