| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st January 2025 |
| for |
| P J Farms Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st January 2025 |
| for |
| P J Farms Limited |
| P J Farms Limited (Registered number: 02356991) |
| Contents of the Financial Statements |
| for the year ended 31st January 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| P J Farms Limited |
| Company Information |
| for the year ended 31st January 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Regent's Court |
| Princess Street |
| Hull |
| East Yorkshire |
| HU2 8BA |
| P J Farms Limited (Registered number: 02356991) |
| Balance Sheet |
| 31st January 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| P J Farms Limited (Registered number: 02356991) |
| Balance Sheet - continued |
| 31st January 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| P J Farms Limited (Registered number: 02356991) |
| Notes to the Financial Statements |
| for the year ended 31st January 2025 |
| 1. | STATUTORY INFORMATION |
| P J Farms Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. At the reporting date, the entitlements had been fully amortised. The Basic Payment Scheme commenced in 2015 and ceased in 2020. |
| Entitlements acquired via the ownership of existing land, and therefore have no cost, have been revalued to fair value on the transition to FRS and amortised over their expected useful life, in accordance with the above period of benefit expected from the Basic Payment Scheme. |
| Provision is made for any impairment. |
| Tangible fixed assets |
| 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. |
| Depreciation |
| Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives. |
| The annual rates used are as follows: |
| Freehold property | Nil |
| Plant and machinery | 20% on cost |
| Tractors | 15% on cost |
| Motor vehicles | 20% on cost |
| Computer equipment | 25% on cost |
| There is no charge in the year in respect of freehold land and buildings since the directors consider that the residual value is in excess of the net book value. In accordance with FRS 102 section 27, the freehold property is reviewed for impairment at the end of each reporting period. |
| P J Farms Limited (Registered number: 02356991) |
| Notes to the Financial Statements - continued |
| for the year ended 31st January 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| P J Farms Limited (Registered number: 02356991) |
| Notes to the Financial Statements - continued |
| for the year ended 31st January 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and |
| property | machinery | Tractors |
| £ | £ | £ |
| COST |
| At 1st February 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31st January 2025 |
| DEPRECIATION |
| At 1st February 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st January 2025 |
| NET BOOK VALUE |
| At 31st January 2025 |
| At 31st January 2024 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1st February 2024 |
| Additions |
| Disposals | ( |
) |
| At 31st January 2025 |
| DEPRECIATION |
| At 1st February 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st January 2025 |
| NET BOOK VALUE |
| At 31st January 2025 |
| At 31st January 2024 |
| P J Farms Limited (Registered number: 02356991) |
| Notes to the Financial Statements - continued |
| for the year ended 31st January 2025 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1st February 2024 |
| and 31st January 2025 |
| NET BOOK VALUE |
| At 31st January 2025 |
| At 31st January 2024 |
| The investment of £50 represents fifty ordinary shares of £1 in Anglia Farmers Limited |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 143,291 | 143,257 |
| 9. | ULTIMATE CONTROLLING PARTY |
| Mr R D Gladwin controlled the company throughout the year by virtue of his majority share holding. |