REGISTERED NUMBER: 00599054 (England and Wales)

Unaudited Financial Statements for the Year Ended 5 April 2025

for

P. Payne & Son (Farmers) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr T Payne

Mr S Payne

Secretary:

Mr T Payne

Registered office:

Home Farm

2 Whiteplot Road

Methwold Hythe

Thetford

Norfolk

IP26 4QP

Registered number:

00599054 (England and Wales)

Accountants:

Stephenson Smart (East Anglia) Limited

Chartered Accountants

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

Fixed assets

Intangible assets

5

-

-

Tangible assets

6

287,911

328,635

Investments

7

20

20

287,931

328,655

Current assets

Stocks

129,895

127,735

Debtors

8

19,441

23,809

Cash at bank

47,719

74,311

197,055

225,855

Creditors

Amounts falling due within one year

9

(348,016

)

(373,920

)

Net current liabilities

(150,961

)

(148,065

)

Total assets less current liabilities

136,970

180,590

Creditors

Amounts falling due after more than one year

10

(17,822

)

(46,112

)

Provisions for liabilities

(44,708

)

(43,828

)

Net assets

74,440

90,650

Capital and reserves

Called up share capital

8,000

8,000

Retained earnings

66,440

82,650

74,440

90,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2025 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2025 and were signed on its behalf by:

Mr T Payne - Director

1.	Statutory information

P. Payne & Son (Farmers) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Sugar beet quota are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

10% on cost

Plant and machinery

-

20% p.a. reducing balance

Implements and equipment

-

15% p.a. reducing balance

Motor vehicles

-

25% p.a. reducing balance

Office equipment

-

15% p.a. reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

4.	Employees and directors

The average number of employees during the year was 2 (2024 - 2 ) .

5.	Intangible fixed assets

Sugar beet

quota

£

Cost

At 6 April 2024

and 5 April 2025

7,250

Amortisation

At 6 April 2024

and 5 April 2025

7,250

Net book value

At 5 April 2025

-

At 5 April 2024

-

6.	Tangible fixed assets

Implements

Freehold

Plant and

and

property

machinery

equipment

£

£

£

Cost

At 6 April 2024

224,115

25,427

391,312

Additions

-

137

-

At 5 April 2025

224,115

25,564

391,312

Depreciation

At 6 April 2024

175,166

24,263

216,398

Charge for year

4,931

236

26,237

At 5 April 2025

180,097

24,499

242,635

Net book value

At 5 April 2025

44,018

1,065

148,677

At 5 April 2024

48,949

1,164

174,914

Motor

Office

vehicles

equipment

Totals

£

£

£

Cost

At 6 April 2024

291,176

64

932,094

Additions

-

-

137

At 5 April 2025

291,176

64

932,231

Depreciation

At 6 April 2024

187,568

64

603,459

Charge for year

9,457

-

40,861

At 5 April 2025

197,025

64

644,320

Net book value

At 5 April 2025

94,151

-

287,911

At 5 April 2024

103,608

-

328,635

7.	Fixed asset investments

Other

investments

£

Cost

At 6 April 2024

and 5 April 2025

20

Net book value

At 5 April 2025

20

At 5 April 2024

20

The company owned 20 £1 shares in Anglia Farmers Limited at 5th April 2025. (2024: 20 £1 shares).

At 5th April 2025 the company owned 1,533 Genus plc ordinary 10p shares (2024: 1,533 shares). The approximate market value of the 1,533 Genus plc shares at 5th April 2025 was £26,858 (2024: £26,736).

8.

Debtors: amounts falling due within one year

5.4.25

5.4.24

£

£

Trade debtors

358

840

Other debtors

19,083

22,969

19,441

23,809

9.

Creditors: amounts falling due within one year

5.4.25

5.4.24

£

£

Hire purchase contracts

28,290

28,290

Trade creditors

22,955

33,329

Taxation and social security

28

28

Other creditors

296,743

312,273

348,016

373,920

10.

Creditors: amounts falling due after more than one year

5.4.25

5.4.24

£

£

Hire purchase contracts

17,822

46,112