The South Pickenham Estate Company Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02834019

The South Pickenham Estate Company Limited

Financial statements

31 March 2025

The South Pickenham Estate Company Limited

Directors' responsibilities statement

Year ended 31 March 2025

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

The South Pickenham Estate Company Limited

Statement of financial position

31 March 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	6	5,408,064	5,624,225
Investments	7	13,000	13,000
		-----------	-----------
		5,421,064	5,637,225

Current assets

Stocks	8	2,217,558	2,805,137
Debtors	9	961,403	486,831
Cash at bank and in hand		6,281	41,435
		-----------	-----------
		3,185,242	3,333,403

Creditors: Amounts falling due within one year	10	( 2,931,028)		( 2,295,508)
		-----------		-----------
Net current assets			254,214		1,037,895
			-----------		-----------
Total assets less current liabilities			5,675,278		6,675,120

Creditors: Amounts falling due after more than one year	11		( 371,024)		( 1,572,135)

Provisions

Taxation including deferred tax	( 702,678)	( 716,735)
	-----------	-----------
Net assets	4,601,576	4,386,250
	-----------	-----------

Capital and reserves

Called up share capital	10,000	10,000
Capital redemption reserve	1,001,080	1,001,080
Profit and loss account	3,590,496	3,375,170
	-----------	-----------
Shareholders funds	4,601,576	4,386,250
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Dr M Q Arumugam	C A Whitaker
Director	Director

Company registration number: 02834019

The South Pickenham Estate Company Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The Company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Estate Office, Home Farm, South Pickenham, Swaffham, Norfolk, PE37 8DZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity .

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Judgements and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.

Revenue recognition

Turnover comprises revenue recognised by the Company in respect of crops sold, work done, rents and arable subsidies receivable, exclusive of Value Added Tax. Revenue is recognised as follows: - Work done - on performance of the service for the customer; - Crops sold - on physical delivery to the customer; - Rent received - amounts receivable in the year; and - Subsidy income - in the year when the qualifying conditions entitling payment are met.

Current and deferred taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term .

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property improvements	-	2%-20% per annum
Plant and machinery	-	2%-20% per annum
Motor vehicles	-	20% per annum

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Crops in store and cultivations are valued at the lower of cost and net realisable value and have been valued in accordance with the Royal Institution of Chartered Surveyors' and Central Association of Agricultural Valuers' Guidance Notes. Net realisable value represents estimated selling price for produce in store with values reduced in accordance with the guidance within H M Revenue & Customs help sheet HS232: farm stock valuation. Consumable stocks are valued at cost.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of employees during the year was 25 (2024: 24 ).

5. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	339,810	218,132
Adjustments in respect of prior periods	1,151	( 11,311)
	---------	---------
Total current tax	340,961	206,821
	---------	---------

Deferred tax:

Origination and reversal of timing differences	( 14,057)	25,375
	---------	---------
Tax on profit	326,904	232,196
	---------	---------

6. Tangible assets

	Property improve- ments	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2024	5,020,254	5,339,926	220,359	10,580,539
Additions	–	385,651	–	385,651
Disposals	–	( 222,223)	( 19,126)	( 241,349)
	-----------	-----------	---------	------------
At 31 March 2025	5,020,254	5,503,354	201,233	10,724,841
	-----------	-----------	---------	------------
Depreciation
At 1 April 2024	1,877,354	2,884,158	194,802	4,956,314
Charge for the year	123,696	420,195	15,571	559,462
Disposals	–	( 179,873)	( 19,126)	( 198,999)
	-----------	-----------	---------	------------
At 31 March 2025	2,001,050	3,124,480	191,247	5,316,777
	-----------	-----------	---------	------------
Carrying amount
At 31 March 2025	3,019,204	2,378,874	9,986	5,408,064
	-----------	-----------	---------	------------
At 31 March 2024	3,142,900	2,455,768	25,557	5,624,225
	-----------	-----------	---------	------------

7. Investments

	Trade investments
	£
Cost
At 1 April 2024 and 31 March 2025	13,000
	-------
Impairment
At 1 April 2024 and 31 March 2025	–
	-------

Carrying amount
At 31 March 2025	13,000
	-------
At 31 March 2024	13,000
	-------

8. Stocks

	2025	2024
	£	£
Raw materials and consumables	213,747	324,953
Finished goods and goods for resale	803,395	1,388,411
Livestock	454,166	378,151
Cultivations	746,250	713,622
	-----------	-----------
	2,217,558	2,805,137
	-----------	-----------

9. Debtors

	2025	2024
	£	£
Trade debtors	838,950	338,673
Other debtors	122,453	148,158
	---------	---------
	961,403	486,831
	---------	---------

10. Creditors: Amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	182,770	199,047
Trade creditors	240,888	300,550
Amounts owed to group undertakings	1,875,073	808,715
Accruals and deferred income	131,300	505,941
Corporation tax	192,185	218,132
Social security and other taxes	23,825	25,234
Obligations under finance leases and hire purchase contracts	284,987	237,889
	-----------	-----------
	2,931,028	2,295,508
	-----------	-----------

The bank loan and overdraft are secured by a related undertaking (Palgrave Limited) by a debenture and a charge over leasehold property. The obligations under finance leases and hire purchase contracts are secured on the related assets.

11. Creditors: Amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	–	1,079,006
Accruals and deferred income	136,181	151,784
Obligations under finance leases and hire purchase contracts	234,843	341,345
	---------	-----------
	371,024	1,572,135
	---------	-----------

The bank loan is secured by a related undertaking (Palgrave Limited) by a debenture and a charge over leasehold property. The obligations under finance leases and hire purchase contracts are secured on the related assets.

12. Summary audit opinion

The auditors report for the year ended 31 March 2025 was unqualified with no emphasis of matter and was signed on 23 December 2025 .

The senior statutory auditor was Alistair Fish (FCA), for and on behalf of MA Partners Audit LLP .

13. Related party transactions

The Company has a short term loan of £375,000 from Pamar Limited. No interest is charged on this loan (2024 - £Nil). The amount due to Pamar Limited at 31 March 2025 was £375,000 (2024 - £375,000). The Company has short term loans of £1,462,358 from Pamar Limited. Interest charged on these loans was £7,948 (2024 - £7,243). The amount due to Pamar Limited at 31 March 2025 was £1,125,073 (2024 - £58,715). The Company occupies farm land and buildings for which the freehold title is held by its parent Company, Pamar Limited. The Company paid rent of £1,000 (2024 - £1,000) in the year for the use of the land and buildings. The Company has a short term loan of £375,000 from Palgrave Limited (a connected undertaking by virtue of having the same ultimate controlling party). No interest is charged on this loan (2024 - £Nil). The amount due to Palgrave Limited at 31 March 2025 was £375,000 (2024 - £375,000). The Company occupies farm land and buildings for which the freehold title is held by Palgrave Limited. The Company paid rent of £2,000 (2024 - £2,000) in the year for the use of the land and buildings.