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REGISTERED NUMBER: 01193404 (England and Wales)












PROCTERS FARM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROCTERS FARM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







Directors: Mr A Moores
Mr J S Elliott



Secretary: Mr G Swindlehurst



Registered office: Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Registered number: 01193404 (England and Wales)



Accountants: Xeinadin
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Bankers: Virgin Money
44 Fishergate
PRESTON
PR1 8BH

PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 4 5,900,352 7,464,948
Investments 5 1,250 1,250
5,901,602 7,466,198

Current assets
Stocks 6 2,993 612,040
Debtors 7 57,663 52,944
Cash at bank 30,201 89,419
90,857 754,403
Creditors
Amounts falling due within one year 8 9,723,409 10,423,720
Net current liabilities (9,632,552 ) (9,669,317 )
Total assets less current liabilities (3,730,950 ) (2,203,119 )

Capital and reserves
Called up share capital 9 8,850,000 8,850,000
Retained earnings (12,580,950 ) (11,053,119 )
Shareholders' funds (3,730,950 ) (2,203,119 )

PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404)

BALANCE SHEET - continued
30 JUNE 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by:





Mr A Moores - Director


PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. Statutory information

Procters Farm 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for goods provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Nil
Short leasehold - 33% Straight line
Long leasehold - 2% Straight line
Plant and machinery - 15% Reducing balance
Tractors - 15% Reducing balance
Motor vehicles - 25% Reducing balance
Computer equipment - 25% Straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stock is valued at the lower of cost and net realisable value.

Cost is calculated at either purchase price or 75% of market value for home bred pedigree sheep.

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.


PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 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.

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

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

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial statements have been prepared on a going concern basis, despite there being net liabilities at the balance sheet date, as the director, Mr A Moores has confirmed that he is willing to continue to support the company for the forseeable future.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 3 ) .

4. Tangible fixed assets
Freehold Short Long Plant and
property leasehold leasehold machinery
£    £    £    £   
Cost
At 1 July 2023 138,234 74,619 9,690,153 1,574,960
Additions - - 440,316 4,112
Disposals - - (2,158,125 ) (129,662 )
At 30 June 2024 138,234 74,619 7,972,344 1,449,410
Depreciation
At 1 July 2023 - 74,619 2,697,553 1,311,131
Charge for year - - 159,446 34,913
Eliminated on disposal - - (396,142 ) (94,406 )
At 30 June 2024 - 74,619 2,460,857 1,251,638
Net book value
At 30 June 2024 138,234 - 5,511,487 197,772
At 30 June 2023 138,234 - 6,992,600 263,829

PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. Tangible fixed assets - continued

Motor Computer
Tractors vehicles equipment Totals
£    £    £    £   
Cost
At 1 July 2023 194,675 49,026 3,447 11,725,114
Additions 10,700 - - 455,128
Disposals (67,775 ) (26,103 ) - (2,381,665 )
At 30 June 2024 137,600 22,923 3,447 9,798,577
Depreciation
At 1 July 2023 130,669 43,247 2,947 4,260,166
Charge for year 8,981 574 250 204,164
Eliminated on disposal (52,938 ) (22,619 ) - (566,105 )
At 30 June 2024 86,712 21,202 3,197 3,898,225
Net book value
At 30 June 2024 50,888 1,721 250 5,900,352
At 30 June 2023 64,006 5,779 500 7,464,948

5. Fixed asset investments
Interest
in other
participating
interests
£   
Cost
At 1 July 2023
and 30 June 2024 1,250
Net book value
At 30 June 2024 1,250
At 30 June 2023 1,250

6. Stocks
2024 2023
£    £   
Livestock - 554,008
Other stock 2,993 58,032
2,993 612,040

PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 23,504 29,623
VAT 28,398 16,668
Prepayments 5,761 6,653
57,663 52,944

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 2,970 91,757
Social security and other taxes 540 1,662
Directors' current accounts 9,715,517 10,326,426
Accrued expenses 4,382 3,875
9,723,409 10,423,720

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
8,850,000 Ordinary 1 8,850,000 8,850,000

Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company.

10. Other financial commitments

The total amount of financial commitments not included in the balance sheet is £36,450 (2023 - £4,100).

11. Related party disclosures

During the year the company leased two farms from one of the directors at a favourable rate. The rent paid under the Farm Business Tenancy to the director was £1 (2022 - £1).