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Registered number: 00672902 P F SOUTHGATE LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 APRIL 2025
P F SOUTHGATE LIMITED COMPANY INFORMATION
Directors | A F Southgate
| Mrs S A Southgate
| F E Southgate
Company secretary | A F Southgate
Registered number | 00672902
Registered office | 7 The Close
| Norwich
| Norfolk
| NR1 4DJ
Accountants | MA Partners LLP
| Chartered Accountants
| 7 The Close
| Norwich
| Norfolk
| NR1 4DJ
P F SOUTHGATE LIMITED CONTENTS
| Page
Accountants' Report | 1
Balance Sheet | 2 - 3
Notes to the Financial Statements | 4 - 13
P F SOUTHGATE LIMITED CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF P F SOUTHGATE LIMITED FOR THE YEAR ENDED 30 APRIL 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P F Southgate Limited for the year ended 30 April 2025 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the Board of Directors of P F Southgate Limited, as a body, in accordance with the terms of our engagement letter dated 17 October 2022. Our work has been undertaken solely to prepare for your approval the financial statements of P F Southgate Limited and state those matters that we have agreed to state to the Board of Directors of P F Southgate Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P F Southgate Limited and its Board of Directors, as a body, for our work or for this report. It is your duty to ensure that P F Southgate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P F Southgate Limited. You consider that P F Southgate Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of P F Southgate Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ 12 January 2026 Page 1
P F SOUTHGATE LIMITED REGISTERED NUMBER: 00672902 BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 4,653,190 |  | 4,466,564
Investment property | 6 |  | 1,850,000 |  | 1,850,000
Investments | 5 |  | 2 |  | 2
|  |  | 6,503,192 |  | 6,316,566
Current assets |  |  |  |  |
Stocks |  | 190,547 |  | 245,542 |
Debtors: amounts falling due within one year | 7 | 170,381 |  | 135,270 |
Cash at bank and in hand |  | 5 |  | 73,792 |
|  | 360,933 |  | 454,604 |
Creditors: amounts falling due within one year | 8 | (396,097) |  | (391,766) |
Net current (liabilities)/assets |  |  | (35,164) |  | 62,838
Total assets less current liabilities |  |  | 6,468,028 |  | 6,379,404
Creditors: amounts falling due after more than one year | 9 |  | (1,286,579) |  | (1,252,216)
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 |  | (548,050) |  | (500,225)
Net assets |  |  | 4,633,399 |  | 4,626,963
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 75,000 |  | 75,000
Revaluation reserve | 12 |  | 1,640,765 |  | 1,640,765
Capital redemption reserve | 12 |  | 75,000 |  | 75,000
Investment property revaluation reserve | 12 |  | 1,035,677 |  | 1,035,677
Profit and loss account | 12 |  | 1,806,957 |  | 1,800,521
|  |  | 4,633,399 |  | 4,626,963
Page 2
P F SOUTHGATE LIMITED REGISTERED NUMBER: 00672902 BALANCE SHEET (CONTINUED) AS AT 30 APRIL 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 their 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 on 12 January 2026.
A F Southgate
Director
The notes on pages 4 to 13 form part of these financial statements. Page 3
P F SOUTHGATE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
The Company is a private company limited by shares. It is both incorporated and domicile in England and Wales. The registered office address of the company is 7 The Close, Norwich, Norfolk, NR1 4DJ. The company's principal place of business is Attleborough, Norfolk. The company's principal activity continues to be that of farming. 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. 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
Turnover comprises revenue recognised by the company in respect of crops sold, work done, rents and grants receivable, exclusive of Value Added Tax. Revenue is recognised in the following manner:- ∙Crops sold - on physical delivery to the customer; ∙Work done - on completion of engagement; ∙Rents - amounts receivable in the year; ∙Grants income - in the year when the qualifying conditions entitling payment are met.
| 2.3 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 4
P F SOUTHGATE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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.
| 2.8 | 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. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis. Depreciation is provided on the following basis:
|  |  |  | Wind Turbines | - | 4% | straight line
|  |  |  | Plant and equipment | - | 10% | reducing balance
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Tractors | - | 15% | reducing balance
|  |  |  | Office equipment | - | 33% | straight line
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.
| 2.9 | Revaluation of tangible fixed assets
The company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 30 April 2002, and will not update that valuation. Page 5
P F SOUTHGATE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.10 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.12 | Stocks
Stocks and closing valuation for cultivations (work in progress) are valued at the lower of cost and net realisable value. Costs have been determined from cost of production calculations. Net realisable value represents estimated selling price for produce in store with values reduced in accordance with guidance within H M Revenue & Customs help sheet HS232. Consumable stocks are valued at cost.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 6
P F SOUTHGATE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.17 | 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 Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 7
P F SOUTHGATE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Other financial instruments Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2024 - 6).
Page 8
P F SOUTHGATE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
4. | Tangible fixed assets
|  | Freehold property | Plant & machinery | Motor vehicles | Tractors | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 May 2024 (as previously stated) | 4,055,918 | 1,456,365 | 29,589 | 716,524 | 6,680 | 6,265,076
| Prior year adjustment | (526,191) | - | - | - | - | (526,191)
| At 1 May 2024 (as restated) | 3,529,727 | 1,456,365 | 29,589 | 716,524 | 6,680 | 5,738,885
| Additions | - | 52,974 | 14,000 | 313,593 | 661 | 381,228
| Disposals | - | (33,121) | (4,500) | (190,500) | - | (228,121)
| At 30 April 2025 | 3,529,727 | 1,476,218 | 39,089 | 839,617 | 7,341 | 5,891,992
| Depreciation |  |  |  |  |  |
| At 1 May 2024 | - | 801,492 | 8,739 | 456,294 | 5,796 | 1,272,321
| Charge for the year on owned assets | - | 48,740 | 6,587 | 56,184 | 703 | 112,214
| Charge for the year on financed assets | - | 13,605 | - | - | - | 13,605
| Disposals | - | (16,324) | (4,162) | (138,852) | - | (159,338)
| At 30 April 2025 | - | 847,513 | 11,164 | 373,626 | 6,499 | 1,238,802
| Net book value |  |  |  |  |  |
| At 30 April 2025 | 3,529,727 | 628,705 | 27,925 | 465,991 | 842 | 4,653,190
| At 30 April 2024 (as restated) | 3,529,727 | 654,872 | 20,850 | 260,230 | 885 | 4,466,564
Page 9
P F SOUTHGATE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 May 2024 and at 30 April 2025 | 2
6. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 May 2024 and at 30 April 2025 | 1,850,000
The 2025 valuations were made by the directors.
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 106,739 | 94,090
| Other debtors | 44,355 | 26,576
| Prepayments and accrued income | 19,287 | 14,604
|  | 170,381 | 135,270
Page 10
P F SOUTHGATE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdraft | 104,170 | -
| Bank loans | 97,354 | 74,200
| Trade creditors | 111,175 | 183,965
| Other taxation and social security | 2,167 | 64,255
| Obligations under finance lease and hire purchase contracts | 65,272 | 45,414
| Other creditors | 2,570 | 2,071
| Accruals and deferred income | 13,389 | 21,861
|  | 396,097 | 391,766
| The bank loans and overdraft are secured by a charge over freehold land and buildings. Hire purchase obligations are secured on the assets financed.
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 925,986 | 1,044,696
| Net obligations under finance leases and hire purchase contracts | 97,610 | -
| Other creditors | 262,983 | 207,520
|  | 1,286,579 | 1,252,216
| The bank loans are secured by a charge over freehold land and buildings. Hire purchase obligations are secured on the assets financed.
| The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Repayable by instalments | 575,057 | 735,632
|  | 575,057 | 735,632
Page 11
P F SOUTHGATE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
10. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 500,225
| Charged to profit or loss | 47,825
| At end of year | 548,050
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 278,717 | 230,893
| Revaluation of investment properties | 269,332 | 269,332
|  | 548,049 | 500,225
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | Ordinary shares of £1.00 each | 67,500 | 67,500
|  | A Ordinary shares of £1.00 each | 2,500 | 2,500
|  | B Ordinary shares of £1.00 each | 2,500 | 2,500
|  | C Ordinary shares of £1.00 each | 500 | 500
|  | D Ordinary shares of £1.00 each | 2,000 | 2,000
|  |  | 75,000 | 75,000
Page 12
P F SOUTHGATE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
12. | Reserves
Revaluation reserve The revaluation reserve represents the cumulative value of revaluations of the company's freehold property to fair value. Capital redemption reserve The capital redemption reserve is a non-distributable reserve created on the redemption by the company of ordinary share in a previous financial period. Investment property revaluation reserve The investment property revaluation reserve represents the cumulative value of revaluations of the company's investment properties to fair value. Profit & loss account The profit and loss account includes all current and prior period retained profits and losses.
13. | Related party transactions
| At the year end the balance on the directors' loan accounts was £262,983 (2024 - £207,520). These amounts are included within other creditors amounts falling due after more than 1 year in note 9 to the financial statements.
Page 13