REGISTERED NUMBER: 03504213 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

P & S Farms Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs Pamela Wallace

Mr Sam Wallace

SECRETARY:

Mrs Pamela Wallace

REGISTERED OFFICE:

Farrows Farm

Ashwell

Baldock

Hertfordshire

SG7 5PJ

REGISTERED NUMBER:

03504213 (England and Wales)

ACCOUNTANTS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Tangible assets

4

1,098,760

1,089,708

CURRENT ASSETS

Stocks

5

157,993

116,497

Debtors

6

25,114

26,478

Cash at bank

175,948

262,613

359,055

405,588

CREDITORS

Amounts falling due within one year

7

62,017

66,911

NET CURRENT ASSETS

297,038

338,677

TOTAL ASSETS LESS CURRENT LIABILITIES

1,395,798

1,428,385

PROVISIONS FOR LIABILITIES

33,890

32,085

NET ASSETS

1,361,908

1,396,300

CAPITAL AND RESERVES

Called up share

8

1,120,000

1,120,000

Retained earnings

241,908

276,300

SHAREHOLDERS' FUNDS

1,361,908

1,396,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 23 September 2025 and were signed on its behalf by:

Mrs Pamela Wallace - Director

1.	STATUTORY INFORMATION

P & S Farms 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. 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.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

Tractors and combines

-

15% on 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

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2024

973,574

92,625

499

Additions

-

5,272

-

At 31 March 2025

973,574

97,897

499

DEPRECIATION

At 1 April 2024

-

35,253

499

Charge for year

-

12,042

-

At 31 March 2025

-

47,295

499

NET BOOK VALUE

At 31 March 2025

973,574

50,602

-

At 31 March 2024

973,574

57,372

-

Tractors

Motor

and

vehicles

combines

Totals

£

£

£

COST

At 1 April 2024

13,275

153,900

1,233,873

Additions

25,749

-

31,021

At 31 March 2025

39,024

153,900

1,264,894

DEPRECIATION

At 1 April 2024

12,557

95,856

144,165

Charge for year

1,220

8,707

21,969

At 31 March 2025

13,777

104,563

166,134

NET BOOK VALUE

At 31 March 2025

25,247

49,337

1,098,760

At 31 March 2024

718

58,044

1,089,708

5.

STOCKS

31.3.25

31.3.24

£

£

Valuation

157,993

116,497

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

5,201

16,234

Other debtors

9,031

4,470

Prepayments and accrued income

10,882

5,774

25,114

26,478

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

58,282

48,064

Tax

420

15,907

Accrued expenses

3,315

2,940

62,017

66,911

8.	CALLED UP SHARE

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

1,120,000

Ordinary

1

1,120,000

1,120,000