ACCOUNTS - Final Accounts preparation

Registered number: 03340358

PART FARM LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

PART FARM LIMITED

REGISTERED NUMBER: 03340358

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

FIXED ASSETS
Tangible assets	4		250,088		250,103
			250,088		250,103
CURRENT ASSETS
Cash at bank and in hand	5	13,909		10,963
		13,909		10,963
Creditors: amounts falling due within one year	6	(45,535)		(43,640)
NET CURRENT LIABILITIES			(31,626)		(32,677)
TOTAL ASSETS LESS CURRENT LIABILITIES			218,462		217,426
PROVISIONS FOR LIABILITIES
Deferred tax	7	(30,211)		(30,214)
			(30,211)		(30,214)
NET ASSETS			188,251		187,212

CAPITAL AND RESERVES
Called up share capital	85,500	85,500
Revaluation reserve	128,918	128,918
Profit and loss account	(26,167)	(27,206)
	188,251	187,212

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PART FARM LIMITED

REGISTERED NUMBER: 03340358

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

The Hon A P R Budgen

Director

Date: 8 December 2025

The notes on pages 3 to 7 form part of these financial statements.

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PART FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	GENERAL INFORMATION

Part Farm Limited, 03340358, is a private limited company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Boreatton House, Baschurch, Shrewsbury, SY4 2EP.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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 following principal accounting policies have been applied:

2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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PART FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.3

CURRENT AND DEFERRED TAXATION

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

15%

reducing balance

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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PART FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.5

REVALUATION OF TANGIBLE FIXED ASSETS

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2024 - 1).

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PART FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	TANGIBLE FIXED ASSETS

	Freehold property	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 April 2024	250,000	5,672	255,672
At 31 March 2025	250,000	5,672	255,672
Depreciation
At 1 April 2024	-	5,569	5,569
Charge for the year on owned assets	-	15	15
At 31 March 2025	-	5,584	5,584
Net book value
At 31 March 2025	250,000	88	250,088
At 31 March 2024	250,000	103	250,103

Cost or valuation at 31 March 2025 is as follows:

			Land and buildings
			£

		At cost	-
		At valuation:
		The 2025 valuation was made by the director, on an open market value for existing use basis.	250,000

			250,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£


Cost	91,082	91,082
Net book value	91,082	91,082

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PART FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5.	CASH AND CASH EQUIVALENTS
		2025	2024
		£	£

Cash at bank and in hand	13,909	10,963
	13,909	10,963

6.	CREDITORS: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	328	-
Other creditors	44,249	42,728
Accruals and deferred income	958	912
	45,535	43,640

7.	DEFERRED TAXATION

	2025	2024
	£	£

At beginning of year	(30,214)	(30,217)
Charged to profit or loss	3	3
At end of year	(30,211)	(30,214)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	3	(20)
Revaluation of property	(30,214)	(30,194)
	(30,211)	(30,214)

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