Company registration number 02147977 (England and Wales)
PARKMINSTER FARMS LIMITED
Unaudited Financial Statements
For The Year Ended 31 August 2024
Pages For Filing With Registrar
Parkminster Farms Limited
PARKMINSTER FARMS LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
Parkminster Farms Limited
PARKMINSTER FARMS LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Parkminster Farms Limited For The Year Ended 31 August 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parkminster Farms Limited for the year ended 31 August 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Parkminster Farms Limited, as a body, in accordance with the terms of our engagement letter dated 29 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Parkminster Farms Limited and state those matters that we have agreed to state to the board of directors of Parkminster Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parkminster Farms Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Parkminster Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Parkminster Farms Limited. You consider that Parkminster Farms Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Parkminster Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys Limited
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
ME13 8GD
England
28 August 2025
Parkminster Farms Limited
PARKMINSTER FARMS LIMITED
Balance Sheet
As At 31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
433,063
371,407
Investment property
5
288,000
288,000
Investments
6
102
102
721,165
659,509
Current assets
Stocks
377,896
456,300
Debtors
8
198,287
159,670
Cash at bank and in hand
993
44,472
577,176
660,442
Creditors: amounts falling due within one year
9
(381,444)
(273,217)
Net current assets
195,732
387,225
Total assets less current liabilities
916,897
1,046,734
Creditors: amounts falling due after more than one year
10
(162,918)
(168,482)
Provisions for liabilities
(20,359)
Net assets
753,979
857,893
Capital and reserves
Called up share capital
101
101
Share premium account
389,376
389,376
Profit and loss reserves
364,502
468,416
Total equity
753,979
857,893
Parkminster Farms Limited
PARKMINSTER FARMS LIMITED
Balance Sheet (Continued)
As At 31 August 2024
- 3 -
For the financial year ended 31 August 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 28 August 2025 and are signed on its behalf by:
Mr HG Jackson
Director
Company registration number 02147977 (England and Wales)
Parkminster Farms Limited
PARKMINSTER FARMS LIMITED
Notes To The Financial Statements
For The Year Ended 31 August 2024
- 4 -
1
Accounting policies
Company information
Parkminster Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Parkminster Farm, Henfield Road, Partridge Green, Horsham, West Sussex, England, RH13 8HL.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Basic Payment Entitlements
Fully amortised
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:
Buildings and improvements
0-10% straight line
Plant and equipment
15% reducing balance
Motor vehicles
25% reducing balance
Tractors
15-25% reducing balance
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.
Parkminster Farms Limited
PARKMINSTER FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 August 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
Parkminster Farms Limited
PARKMINSTER FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 August 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Agricultural support schemes
Amounts received under the delinked Basic Payment scheme are recognised when the payment has been received.
Payments received under other agricultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Intangible fixed assets
Basic Payment Entitlements
£
Cost
At 1 September 2023
6,564
Disposals
(6,564)
At 31 August 2024
Amortisation and impairment
At 1 September 2023
6,564
Disposals
(6,564)
At 31 August 2024
Carrying amount
At 31 August 2024
At 31 August 2023
Parkminster Farms Limited
PARKMINSTER FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 August 2024
- 7 -
4
Tangible fixed assets
Buildings and improvements
Plant and equipment
Motor vehicles
Tractors
Total
£
£
£
£
£
Cost
At 1 September 2023
243,942
586,664
55,205
329,306
1,215,117
Additions
167,835
19,000
39,500
226,335
Disposals
(116,500)
(5,000)
(23,500)
(145,000)
At 31 August 2024
243,942
637,999
69,205
345,306
1,296,452
Depreciation and impairment
At 1 September 2023
206,965
332,447
40,181
264,117
843,710
Depreciation charged in the year
3,891
52,674
8,494
21,203
86,262
Eliminated in respect of disposals
(38,691)
(4,950)
(22,942)
(66,583)
At 31 August 2024
210,856
346,430
43,725
262,378
863,389
Carrying amount
At 31 August 2024
33,086
291,569
25,480
82,928
433,063
At 31 August 2023
36,977
254,217
15,024
65,189
371,407
5
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
288,000
The 2023 valuations were made by the director, on an open market value for existing use basis.
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
102
102
Parkminster Farms Limited
PARKMINSTER FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 August 2024
- 8 -
Stocks
2024
2023
£
£
Growing crop
48,089
75,897
Crop in store
215,502
297,746
Consumables
114,305
82,657
377,896
456,300
Biological assets included within stock are as follows:
Biological assets - growing crop
2024
2023
£
£
As at 1 September
75,897
17,800
Net movement on cultivations
(27,808)
58,097
As at 31 August
48,089
75,897
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
101,980
115,186
Amounts owed by group undertakings
4,014
3,312
Other debtors
49,630
24,855
Prepayments and accrued income
36,446
16,317
192,070
159,670
Deferred tax asset (note 11)
6,217
198,287
159,670
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
97,110
16,522
Obligations under finance leases
63,065
Trade creditors
144,044
139,901
Taxation and social security
2,135
Other creditors
47,734
61,595
Accruals and deferred income
29,491
53,064
381,444
273,217
Parkminster Farms Limited
PARKMINSTER FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 August 2024
- 9 -
10
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
68,075
82,674
Obligations under finance leases
9,844
Government grants
4,589
5,398
Other creditors
80,410
80,410
162,918
168,482
Creditors which fall due after five years are payable as follows:
Payable by instalments
22,728
29,017
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
6,574
(41,902)
-
Tax losses
-
(6,480)
68,384
-
Revaluations
-
20,265
-
-
Investment property
-
-
(20,265)
-
-
20,359
6,217
-
2024
Movements in the year:
£
Liability at 1 September 2023
20,359
Credit to profit or loss
(26,576)
Asset at 31 August 2024
(6,217)
Parkminster Farms Limited
PARKMINSTER FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 August 2024
- 10 -
12
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
4,014
3,312
The balance is owed by C.J. Jackson & Sons Limited, the parent company. This balance is included within debtors.
13
Parent company
The parent company, C.J. Jackson & Sons Limited, registered number is 01001870 and the registered office is Parkminster Farm, Henfield Road, Partridge Green, Horsham, West Sussex, RH13 8HL.
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