REGISTERED NUMBER: 04366430 (England and Wales)

Price & Co Farming Limited

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A D Price

P G Price

SECRETARY:

P G Price

REGISTERED OFFICE:

Gelliargwellt Farm

Gelligaer

Hengoed

CF82 8FY

REGISTERED NUMBER:

04366430 (England and Wales)

ACCOUNTANTS:

Xeinadin South Wales & West Limited

Accountants & Business Advisors

Suite 2d,

Building 1 Eastern Business Park

St Mellons

Cardiff

CF3 5EA

SOLICITORS:

Hugh James

Martin Evans House

Riverside Court

Avenue de Clichy

Merthyr Tydfil

CF47 8LD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,382,915

1,440,946

Biological assets

6

544,077

707,878

1,926,992

2,148,824

CURRENT ASSETS

Stocks

287,640

120,997

Debtors

7

521,928

589,814

Cash at bank

138,392

418,573

947,960

1,129,384

CREDITORS

Amounts falling due within one year

8

1,156,758

1,809,686

NET CURRENT LIABILITIES

(208,798

)

(680,302

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,718,194

1,468,522

CREDITORS

Amounts falling due after more than one year

9

(226,577

)

(262,849

)

PROVISIONS FOR LIABILITIES

(222,264

)

(224,524

)

NET ASSETS

1,269,353

981,149

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,269,352

981,148

SHAREHOLDERS' FUNDS

1,269,353

981,149

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

A D Price - Director

1.	STATUTORY INFORMATION

Price & Co Farming 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Revenue is recognised when goods are delivered and legal title has passed. It is recognised at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

Intangible assets

Intangible assets comprise milk quotas. These are shown at cost less any provision for a permanent diminution in value. Their value is re-assessed at each balance sheet date.

Intangible assets are amortised through the profit and loss account in equal instalments over the estimated useful economic life of the assets being 6, 8 or 20 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Buildings

-

5% on cost

Leasehold property

-

5% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Biological assets

Biological assets are living animals held as fixed assets from which economic benefits flow to the company. Agricultural produce is the harvested product of a biological asset. The company's farming operations include dairy cattle which are classified as biological assets. Dairy cattle are state at fair value less costs to sell. Changes in fair value less costs to sell are recognised in the income statement. The associated produce, milk, is stored only for a short time before onward sale and hence the value held is not considered material and is not included on the balance sheet.

The company's operations also include beef cattle farming from which economic benefits are derived. The products are treated as current assets within stock.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for any impaired stock.

Taxation

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

A research and development tax credit claim had been made within the year.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern

The Directors believe that despite the company having net current liabilities there is sufficient access to funds to all the company to continue as a going concern.

Grants

Revenue grants are recognised in the profit and loss account in line with the period they relate to. If this period extends beyond the year end then amounts are carried as deferred income and released in the appropriate period.

Capital grants are carried as deferred income in the balance sheet and released to the profit and loss in line with the economic life of the asset to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2024 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Milk

Quota

£

COST

At 1 April 2024

and 31 March 2025

487,518

AMORTISATION

At 1 April 2024

and 31 March 2025

487,518

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

Buildings

property

machinery

£

£

£

COST

At 1 April 2024

1,173,898

89,848

2,472,959

Additions

-

-

161,057

Disposals

-

-

(27,000

)

At 31 March 2025

1,173,898

89,848

2,607,016

DEPRECIATION

At 1 April 2024

463,007

53,419

1,784,909

Charge for year

61,110

4,492

180,178

Eliminated on disposal

-

-

(14,344

)

At 31 March 2025

524,117

57,911

1,950,743

NET BOOK VALUE

At 31 March 2025

649,781

31,937

656,273

At 31 March 2024

710,891

36,429

688,050

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

44,531

6,585

3,787,821

Additions

45,024

-

206,081

Disposals

-

-

(27,000

)

At 31 March 2025

89,555

6,585

3,966,902

DEPRECIATION

At 1 April 2024

39,605

5,935

2,346,875

Charge for year

5,162

514

251,456

Eliminated on disposal

-

-

(14,344

)

At 31 March 2025

44,767

6,449

2,583,987

NET BOOK VALUE

At 31 March 2025

44,788

136

1,382,915

At 31 March 2024

4,926

650

1,440,946

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 April 2024

365,500

Transfer to ownership

(259,000

)

At 31 March 2025

106,500

DEPRECIATION

At 1 April 2024

119,968

Charge for year

24,960

Transfer to ownership

(113,310

)

At 31 March 2025

31,618

NET BOOK VALUE

At 31 March 2025

74,882

At 31 March 2024

245,532

6.	BIOLOGICAL ASSETS

The company's farming operations include dairy cattle which are classified as biological assets under fixed assets in the balance sheet and are stated at fair value less costs to sell. Changes in fair value less costs to sell are recognised in the income statement. The value of the Dairy cattle as biological assets at the reporting date was £544,077.

Fair value at 31 March 2025 is represented by:

£

Valuation in 2025

544,077

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

93,652

50,129

Amounts owed by group undertakings

61,611

92,651

Other debtors

313,117

407,023

VAT

53,548

40,011

521,928

589,814

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts

19,912

50,443

Trade creditors

473,935

400,342

Amounts owed to group undertakings

622,577

1,321,860

Social security and other taxes

4,936

7,878

Other creditors

5,513

2,865

Accrued expenses

13,434

9,847

Deferred government grants

16,451

16,451

1,156,758

1,809,686

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts

16,917

36,738

Deferred government grants

209,660

226,111

226,577

262,849

Included within creditors is a balance in relation to deferred grants.

£

£

2025

2024

Brought forward

242,562

259,014

Released

(16,451

)

(16,452

)

Received

-

Carried forward

226,111

242,562

The above balance is split between short term and long term creditors based on the amount released each year.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the year end the company was owed £313,116 (2024: £406,000) by a company related by common Director.