Company registration number 02413973 (England and Wales)
PACIFIC FARM INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PACIFIC FARM INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
PACIFIC FARM INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
$
$
$
$
Fixed assets
Investments
3
2
2
Current assets
Debtors
5
2,279,390
2,573,113
Cash at bank and in hand
47,520
165,159
2,326,910
2,738,272
Creditors: amounts falling due within one year
6
(3,186,019)
(3,431,770)
Net current liabilities
(859,109)
(693,498)
Net liabilities
(859,107)
(693,496)
Capital and reserves
Called up share capital
7
4
4
Profit and loss reserves
(859,111)
(693,500)
Total equity
(859,107)
(693,496)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
J M Curtis
Director
Company Registration No. 02413973
PACIFIC FARM INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Profit and loss reserves
Total
$
$
$
Balance at 1 July 2022
4
(740,535)
(740,531)
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
47,035
47,035
Balance at 30 June 2023
4
(693,500)
(693,496)
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
(165,611)
(165,611)
Balance at 30 June 2024
4
(859,111)
(859,107)
PACIFIC FARM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Pacific Farm Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gladstone House, 77/79 High Street, Egham, Surrey, United Kingdom, TW20 9HY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Australian Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest Australian Dollar $.

The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

During the 2022 financial year, the company sold the freehold land and property that it owned and has ceased operations. It is the intention of the directors to close the company in due course.

 

All of the assets and liabilities that existed at 30 June 2024 have been or will be settled in full.

1.3
Fixed asset investments

Investments are included at cost less impairment. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.

1.4
Financial instruments
Basic financial assets

Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method. Financial liabilities classified as payable within one year are not amortised.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.

PACIFIC FARM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.

 

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.6
Foreign exchange

Assets and liabilities in foreign currencies are translated into Australian dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
3
3
Fixed asset investments
2024
2023
$
$
Shares in group undertakings and participating interests
2
2
4
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Indirect
Yiddinga Holdings Pty. Limited
Farming
Ordinary
100.00
0

Registered office addresses (all UK unless otherwise indicated):

Australia
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
$
$
Yiddinga Holdings Pty. Limited
328,064
78,545

 

PACIFIC FARM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
2,279,390
2,573,113
6
Creditors: amounts falling due within one year
2024
2023
$
$
Amounts owed to group undertakings
3,166,571
3,238,571
Corporation tax
-
0
173,819
Other creditors
19,448
19,380
3,186,019
3,431,770
7
Called up share capital
2024
2023
$
$
Ordinary share capital
Issued and fully paid
2 Ordinary shares of $2 each
4
4
8
Related party transactions
Transactions with related parties

The balance due to The Farran Foundation at the balance sheet date of A$3,166,571 (2023: A$3,238,571) is shown within amounts owed to group undertakings as falling due within one year. Mr A C C Farran is the Guardian of The Farran Foundation. The loan is non-interest bearing and has no fixed date of repayment.

 

The balance due from Yiddinga Holdings Pty. Limited at the balance sheet date of A$2,279,390 (2023: A$2,573,114) is shown within amounts owed by group undertakings as falling due within one year. The loan to the subsidiary is non-interest bearing and has no fixed date of repayment.

9
Parent company

The parent undertaking of the company is The Farran Foundation, based in St Helier, Jersey.

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