Company No: 00417626 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	232,844		230,297
		232,844		230,297
Current assets
Stocks		499,748		480,242
Debtors	5	4,448		3,865
Cash at bank and in hand		246,685		248,799
		750,881		732,906
Creditors: amounts falling due within one year	6	( 154,284)		( 171,145)
Net current assets		596,597		561,761
Total assets less current liabilities		829,441		792,058
Provision for liabilities		( 25,000)		( 23,000)
Net assets		804,441		769,058
Capital and reserves
Called-up share capital	7	9,500		9,500
Profit and loss account		794,941		759,558
Total shareholders' funds		804,441		769,058

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of G. Phillips & Sons (The Farmers Friend) Limited (registered number: 00417626) were approved and authorised for issue by the Board of Directors on 27 April 2026. They were signed on its behalf by:

Mr N Phillips Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

G. Philips & Sons (The Farmers Friend) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 17 & 18 Cowick Street, Exeter, EX4 1AL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover comprises the fair value of the consideration received or receivable goods and provision of services in the ordinary course of the company's activities.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs

3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on both a straight-line, and reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	13 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	10 % reducing balance
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		6

3. Intangible assets

	Website costs		Total
	£		£
Cost
At 01 January 2025	7,110		7,110
At 31 December 2025	7,110		7,110
Accumulated amortisation
At 01 January 2025	7,110		7,110
At 31 December 2025	7,110		7,110
Net book value
At 31 December 2025	0		0
At 31 December 2024	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2025	194,427		8,300		148,073		57,480		3,561		411,841
Additions	0		0		42,077		0		0		42,077
Disposals	0		( 7,868)		( 58,395)		( 4,858)		0		( 71,121)
At 31 December 2025	194,427		432		131,755		52,622		3,561		382,797
Accumulated depreciation
At 01 January 2025	56,499		7,874		67,182		47,011		2,978		181,544
Charge for the financial year	3,808		40		20,291		1,034		352		25,525
Disposals	0		( 7,741)		( 44,647)		( 4,728)		0		( 57,116)
At 31 December 2025	60,307		173		42,826		43,317		3,330		149,953
Net book value
At 31 December 2025	134,120		259		88,929		9,305		231		232,844
At 31 December 2024	137,928		426		80,891		10,469		583		230,297

Land and Buildings represents Freehold Property

5. Debtors

	2025		2024
	£		£
Prepayments	3,823		3,408
Other debtors	625		457
	4,448		3,865

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	4,853		24,635
Accruals	6,700		5,239
Taxation and social security	47,731		45,886
Other creditors	95,000		95,385
	154,284		171,145

Included in Other Creditors due within one year are 'B' preference shares with a carrying amount of £95,000 (2024 - £95,000).

The 'B' preference shares of £1 each are redeemable. They are redeemable at £1 per share and carry no voting rights.

The 'B' preference shares have a dividend rate of 6% per annum or, if greater, 0.5% of annual profit before tax.

The terms of the 'B' preference shares are such that six months notice must be served by either the company or the shareholder.

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,500 Ordinary shares of £ 1.00 each	1,500		1,500
8,000 Preference A shares of £ 1.00 each	8,000		8,000
95,000 Redeemable 'B' preference shares of £ 1.00 each	95,000		95,000
	103,000		103,000
	104,500		104,500