| PLANK BROTHERS LIMITED |
|
| ABRIDGED BALANCE SHEET |
| as at 31 December 2024 |
|
| Notes |
2024 |
|
2023 |
| Registered Number: |
07563236 |
|
£ |
£ |
|
£ |
£ |
|
| Fixed assets |
| Tangible assets |
|
3 |
|
1,110,291 |
|
|
1,205,958 |
|
| Current assets |
| Stocks |
|
|
535,529 |
|
|
522,217 |
| Debtors |
|
|
136,028 |
|
|
139,640 |
| Cash at bank and in hand |
|
3 |
|
|
3 |
|
|
|
|
671,560 |
|
|
661,860 |
|
| Creditors: amounts falling due within one year |
4 |
(644,350) |
|
|
(631,643) |
|
| Net current assets |
|
|
27,210 |
|
|
30,217 |
|
| Total assets less current liabilities |
|
|
1,137,501 |
|
|
1,236,175 |
|
| Creditors: amounts falling due after more than one year |
|
|
(498,630) |
|
|
(604,133) |
|
| Provisions for liabilities |
|
|
(125,387) |
|
|
(136,691) |
|
| Net assets |
|
|
|
513,484 |
|
|
495,351 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
2 |
|
|
2 |
| Profit and loss account |
|
|
513,482 |
|
|
495,349 |
|
| Shareholders' funds |
|
|
|
513,484 |
|
|
495,351 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
| The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006. |
|
|
|
| J F J Plank |
| Director |
| Approved by the board on 31 December 2025 |
|
| PLANK BROTHERS LIMITED |
|
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2024 |
|
| 1 |
Accounting policies |
|
|
General information and basis of preparation |
|
Plank Brothers Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is Barbers Pightle, Scotland Corner, Bucklebury, Reading. The company's principal activities are that of farming and agricultural contracting. |
|
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of agricultural produce, related subsidies and contracting work carried out in respect of services provided to customers when the risks and rewards of ownership have been transferred to them. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Property improvements |
5% straight line |
|
Tractors and implements |
25% reducing balance |
|
Landrovers and trucks |
25% reducing balance |
|
|
Entitlements |
|
The cost of purchased single farm payment entitlements is amortised on a straight line basis over five years. |
|
|
Stocks and inventories |
|
Stock and inventories have been valued at the lower of cost and estimated selling price less costs to sell. |
|
|
Biological assets |
|
Biological assets; living plants and animals are included at the lower of cost and estimated selling price less costs to sell. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
Leasing and hire purchase commitments |
|
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest/finance charge is allocated to each period during the agreement so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
|
|
Government grants |
|
Government grants are recognised at fair value when there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. Grants related to purchase of assets are treated as deferred income and allocated to income statement over the useful lives of the related assets while grants related to expenses are treated as other income in the income statement. |
|
| 2 |
Employees |
2024 |
|
2023 |
|
|
|
|
|
Number |
|
Number |
|
|
Average monthly number of employees, including directors during the year |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
Total |
|
|
|
|
|
|
|
£ |
|
Cost |
|
At 1 January 2024 |
1,843,174 |
|
Additions |
126,854 |
|
Disposals |
(25,650) |
|
|
At 31 December 2024 |
1,944,378 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2024 |
637,216 |
|
Charge for the year |
214,168 |
|
On disposals |
(17,297) |
|
|
At 31 December 2024 |
834,087 |
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
1,110,291 |
|
At 31 December 2023 |
1,205,958 |
|
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
|
|
Included in creditors falling due within one year is the bank overdraft of £56,326 (2023 £92,651) which has been secured by the provision of a fixed and floating charge over the all the company's assets and a bank loans of £25,654 (2023 £26,626) which have been secured by the provision of a fixed charge over land purchased by the company and property owned personally by one of the directors. |
|
| 5 |
Other financial commitments |
2024 |
|
2023 |
|
|
Total future minimum payments under non-cancellable operating leases |
|
37,446 |
|
37,446 |