Peepy Farm Limited


Directors	CRAIG, Jacqueline Ruth
	CRAIG, Robert Keith
	HOUSBY, Mark


Registered Address	Cairnhead Farm
	Ainstable
	Carlisle
	CA4 9RP


Registered Number	11421462 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of financial position.  The assets of the plan are held separately from the company in independently administered funds.

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible fixed assets are amortised at rates calculated to write off the assets on a straight-line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Leasehold improvements - straight-line until 30 September 2033 Farm implements - 15% reducing balance basis Tractors & commercial vehicles - 15% reducing balance basis

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Depreciation is provided on all tangible fixed assets as follows:

Leasehold improvements                   - straight-line until 30 September 2033
Farm implements                              - 15% reducing balance basis
Tractors & commercial vehicles          - 15% reducing balance basis

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Finance leases and hire purchase contracts
	Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.

	Financial instruments
	The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	8		6

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 April 24	10,000	10,000
At 31 March 25	10,000	10,000
Net book value
At 31 March 25	10,000	10,000
At 31 March 24	10,000	10,000

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Total
	£	£	£	£
Cost or valuation
At 01 April 24	271,869	262,838	90,500	625,207
Additions	-	130,600	-	130,600
Disposals	-	(78,950)	(6,500)	(85,450)
At 31 March 25	271,869	314,488	84,000	670,357
Depreciation and impairment
At 01 April 24	96,611	91,623	47,227	235,461
Charge for year	18,360	26,399	5,766	50,525
On disposals	-	(28,410)	(1,666)	(30,076)
At 31 March 25	114,971	89,612	51,327	255,910
Net book value
At 31 March 25	156,898	224,876	32,673	414,447
At 31 March 24	175,258	171,215	43,273	389,746

5.	Fixed asset investments

	Other investments¹	Total
	£	£
Cost or valuation
At 01 April 24	34,591	34,591
At 31 March 25	34,591	34,591
Net book value
At 31 March 25	34,591	34,591
At 31 March 24	34,591	34,591

	Notes
	¹Other investments other than loans

6.	Stocks

	2025	2024
	£	£
Raw materials and consumables	735,997	688,470
Total	735,997	688,470

7.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	186,116	151,630
Amounts owed by group undertakings	1,000	1,000
Other debtors	42,287	7,734
Prepayments and accrued income	3,417	4,417
Total	232,820	164,781


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

8.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	371,667	109,580
Bank borrowings and overdrafts	346,039	584,233
Taxation and social security	297	2,824
Finance lease and HP contracts	14,803	2,994
Other creditors	284,081	170,370
Accrued liabilities and deferred income	38,681	41,648
Total	1,055,568	911,649


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings are secured by a fixed and floating charge over assets of the company. There is an unlimited cross guarantee given by all companies within the group to secure any bank borrowings. Security is given by way of charge over certain of the group's freehold property, investment property and other assets. Finance lease and HP contracts are secured on the assets to which they relate.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Bank borrowings are secured by a fixed and floating charge over assets of the company.

There is an unlimited cross guarantee given by all companies within the group to secure any bank borrowings. Security is given by way of charge over certain of the group's freehold property, investment property and other assets.

Finance lease and HP contracts are secured on the assets to which they relate.

9.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	284,857	317,150
Total	284,857	317,150


	Bank borrowings are secured by a fixed and floating charge over assets of the company.

10.	Provisions for liabilities
	The provision for deferred tax is made up of £78,222 in respect of accelerated capital allowances and £Nil of tax losses carried forward.

	2025	2024
	£	£
Net deferred tax liability (asset)	78,222	57,789
Total	78,222	57,789

11.	Other commitments
	The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,190 (2024 - £3,676). Contributions totalling £573 (2024 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

11.

Other commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,190 (2024 - £3,676). Contributions totalling £573 (2024 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

12.	Contingent liabilities
	The group has entered into an unlimited cross guarantee with Virgin Money PLC in respect of the bank borrowings of all the companies within the group, secured by way of fixed and floating charges over the property and assets. The amount guaranteed is £599,789 (2024: £901,383).

13.	Parent-subsidiary relationships
	Peepy Farm Limited is a wholly owned subsidiary of Cairnhead Farm Limited. The registered office of Cairnhead Farm Limited is Cairnhead Farm, Ainstable, Carlisle, Cumbria, CA4 9RP. As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		10,000		10,000
Tangible assets	4		414,447		389,746
Investments	5		34,591		34,591
			459,038		434,337
Current assets
Stocks	6	735,997		688,470
Debtors	7	232,820		164,781
		968,817		853,251
Creditors amounts falling due within one year	8	(1,055,568)		(911,649)
Net current assets (liabilities)			(86,751)		(58,398)
Total assets less current liabilities			372,287		375,939
Creditors amounts falling due after one year	9		(284,857)		(317,150)
Provisions for liabilities	10		(78,222)		(57,789)
Net assets			9,208		1,000
Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			8,208		-
Shareholders' funds			9,208		1,000