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Registration number: 05622842

Paddocks Farm Partnership Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2024

 

Paddocks Farm Partnership Ltd

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

Paddocks Farm Partnership Ltd

(Registration number: 05622842)
Abridged Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,413

3,417

Tangible assets

5

18,432

19,544

 

20,845

22,961

Current assets

 

Stocks

147,096

185,813

Debtors

398,742

301,335

Cash at bank and in hand

 

201,882

219,667

 

747,720

706,815

Creditors: Amounts falling due within one year

(85,190)

(62,124)

Net current assets

 

662,530

644,691

Total assets less current liabilities

 

683,375

667,652

Provisions for liabilities

(3,135)

(3,252)

Net assets

 

680,240

664,400

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

680,238

664,398

Total equity

 

680,240

664,400

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 27 July 2025 and signed on its behalf by:
 

Mr P M C Millar
Director

Ms C Fane Davies
Director

Ms A L Vickery
Director

     
 

Paddocks Farm Partnership Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Downclose Farm
Downclose Lane
North Perrott
Crewkerne
Somerset
TA18 7SH

These financial statements were authorised for issue by the Board on 27 July 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Paddocks Farm Partnership Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10% straight line

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Trademarks, patents and licenses

10% and 25% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 13).

 

Paddocks Farm Partnership Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 November 2023

11,094

At 31 October 2024

11,094

Amortisation

At 1 November 2023

7,677

Amortisation charge

1,004

At 31 October 2024

8,681

Carrying amount

At 31 October 2024

2,413

At 31 October 2023

3,417

5

Tangible assets

Total
£

Cost or valuation

At 1 November 2023

295,185

Additions

5,109

At 31 October 2024

300,294

Depreciation

At 1 November 2023

275,641

Charge for the year

6,221

At 31 October 2024

281,862

Carrying amount

At 31 October 2024

18,432

At 31 October 2023

19,544

6

Related party transactions

Summary of transactions with other related parties

Included within other debtors is an interest free loan of £190,232 (2023 - £170,212) which has been provided by Paddocks Farm Partnership Ltd to associated companies and is repayable on demand.
 

7

Parent and ultimate parent undertaking

The company's immediate parent is Paddocks Farm Partnership Holdings Limited, incorporated in England and Wales.