Company registration number 10068355 (England and Wales)
PALEY FARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PALEY FARM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PALEY FARM LIMITED (REGISTERED NUMBER: 10068355)
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,160,547
6,111,951
Biological assets
5
167,655
176,180
6,328,202
6,288,131
Current assets
Debtors
6
143,159
145,386
Cash at bank and in hand
23,465
19,778
166,624
165,164
Creditors: amounts falling due within one year
7
(5,797,568)
(5,721,818)
Net current liabilities
(5,630,944)
(5,556,654)
Total assets less current liabilities
697,258
731,477
Provisions for liabilities
(228,426)
(228,426)
Net assets
468,832
503,051
Capital and reserves
Called up share capital
8
2
2
Revaluation reserve
685,277
685,277
Profit and loss reserves
(216,447)
(182,228)
Total equity
468,832
503,051
PALEY FARM LIMITED (REGISTERED NUMBER: 10068355)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 8 July 2025 and are signed on its behalf by:
Mr A M Brooks
Director
PALEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Paley Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Church Road, Tunbridge Wells, Kent, TN1 1JP.

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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include the revaluation of biological assets at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors and the shareholders have confirmed their intention to continue to provide the company with the necessary financial support to continue for the foreseeable future. Consequently, the financial statements have been prepared on a Going Concern basis.

1.3
Turnover

Turnover represents amounts receivable for the sale of livestock, farm shop and other general income.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not provided
Infrastructure improvements
2% straight line
Plant and equipment
10% straight line
Other farm assets
3 years straight line
Motor vehicles
10-25% reducing balance

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PALEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

Where the company opts to measure a biological asset under the fair value model on initial recognition it must carry the asset at fair value at each reporting date. Changes in fair value less costs to sell are recognised in profit or loss.

 

Where the company opts to measure agricultural produce harvested from the biological asset it is measured at fair value less costs to sell at the point of harvest. This measurement becomes the cost at the date the company applies Section 13 Inventories to the agricultural produce.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Biological assets

In determining the value of herd animals included within biological assets, the directors assess their value to the business.

Freehold land and buildings

The directors consider that the buildings are maintained in a state of good repair. The directors are therefore of the opinion that the residual values of the buildings are so high that no depreciation should be charged.

PALEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Employees

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

2024
2023
Number
Number
Total
5
5
4
Tangible fixed assets
Freehold land and buildings
Infrastructure improvements
Plant and equipment
Other farm assets
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
5,841,424
138,145
85,836
4,776
133,186
6,203,367
Additions
-
0
6,311
6,607
-
0
58,793
71,711
At 31 December 2024
5,841,424
144,456
92,443
4,776
191,979
6,275,078
Depreciation and impairment
At 1 January 2024
-
0
8,989
44,024
2,548
35,855
91,416
Depreciation charged in the year
-
0
2,890
8,793
1,386
10,046
23,115
At 31 December 2024
-
0
11,879
52,817
3,934
45,901
114,531
Carrying amount
At 31 December 2024
5,841,424
132,577
39,626
842
146,078
6,160,547
At 31 December 2023
5,841,424
129,156
41,812
2,228
97,331
6,111,951

Land and buildings were revalued at 31 December 2021 on the basis of market value.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold land and buildings
2024
2023
£
£
Cost
4,927,721
4,927,721
PALEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Biological assets
Cattle
Sheep
Pigs
Goats
Total
£
£
£
£
£
Fair value
At 1 January 2024
137,425
35,850
2,540
365
176,180
Additions - purchases
1,482
-
0
3,523
-
0
5,005
Revaluation
(1,882)
(10,450)
(833)
(365)
(13,530)
At 31 December 2024
137,025
25,400
5,230
-
0
167,655
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,516
1,029
Other debtors
136,643
144,357
143,159
145,386
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,589
3,259
Taxation and social security
3,859
1,087
Other creditors
5,790,120
5,717,472
5,797,568
5,721,818
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
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