| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| H.R. Philpot & Son (Barleylands) Limited |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Lake House |
| Market Hill |
| Royston |
| Hertfordshire |
| SG8 9JN |
| 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 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| (1,457,878 | ) | (1,230,366 | ) |
| Other operating income |
| OPERATING PROFIT | 5 |
| Gain on revaluation of |
| investment property | - | 2,712,244 |
| 436,044 | 3,254,341 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| 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 |
| OTHER COMPREHENSIVE INCOME |
| Revaluation of property |
| Deferred tax on revaluation | ( |
) |
| Income tax relating to components of other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| 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 |
| Investments | 10 |
| Investment property | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share | 20 |
| Revaluation reserve | 21 |
| Capital redemption reserve | 21 |
| Non distributable retained |
| earnings | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| Non |
| Capital | distributable |
| redemption | retained | Total |
| reserve | earnings | equity |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Balance at 30 September 2024 |
| 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 |
| 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 |
| £ | £ |
| Other operating income related to rents received, which is recognised over the period of tenancy. |
| 4. | EMPLOYEES AND DIRECTORS |
| 30.09.24 | 30.09.23 |
| £ | £ |
| Wages and salaries | 1,411,377 | 1,212,700 |
| Social security | 126,216 | 109,133 |
| Other pension costs | 39,724 | 27,660 |
| 1,577,317 | 1,349,493 |
| The average number of employees during the year was as follows:- |
| 30.09.24 | 30.09.23 |
| £ | £ |
| Directors | 8 | 7 |
| Other | 62 | 63 |
| 70 | 70 |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| 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 |
| Information regarding the highest paid director for the year ended 30 September 2024 is as follows: |
| 30.9.24 |
| £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on sale of assets | ( |
) | ( |
) |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank interest |
| Other interest |
| 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 |
| Deferred tax | ( |
) |
| Tax on profit | ( |
) |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) | ( |
) |
| Utilisation of tax losses |
| Adjustments to tax charge in respect of previous periods |
| 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 |
| Deferred tax on revaluation | ( |
) | - | (657,325 | ) |
| 2,502,256 | - | 2,502,256 |
| 8. | DIVIDENDS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 30.9.24 |
| £ | £ |
| Aggregate capital and reserves |
| 11. | 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 | 13,201,869 |
| Cost | 1,013,705 |
| 14,215,574 |
| 12. | STOCKS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Valuation |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Owed by related undertakings | 26,755 | 41,305 |
| Other debtors |
| Tax |
| 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) |
| Hire purchase contracts (see note 17) |
| Trade creditors |
| Amounts owed to group undertakings |
| Owed to related undertakings | 469,090 | 292,168 |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| Deferred government grants |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Hire purchase contracts (see note 17) |
| Deferred government grants |
| 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 |
| 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 |
| Between one and five years |
| 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 |
| Hire purchase contracts | 234,264 | 107,711 |
| 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 |
| Revaluations | 5,979,477 | 5,979,477 |
| 6,316,500 | 6,443,014 |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Credit to Income Statement during year | ( |
) |
| Charge to revaluation reserve |
| Balance at 30 September 2024 |
| 20. | CALLED UP SHARE |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| 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 | 29,748,183 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 30 September 2024 | 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. |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Sales |
| Purchases |
| Amount due from related party |
| Amount due to related party |
| 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. |