F.K.Coe & Son Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

F.K.Coe & Son Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00517689 . The registered office is Manor Farm, Gayton Road, Grimston, Norfolk, PE32 1BG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover comprises revenue recognised by the company in respect of work done, crop sales and rents and arable subsidies received, exclusive of Value Added Tax.

Revenue is recognised in the following manner :

-Work done - on performance of the service for the customer,

-Crops and livestock sold - on physical delivery to the customer,

-Rent receivable - amounts receivable in the year,

-Subsidy income - in the year when the qualifying conditions entitling payment are met.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Sugar beet quota is stated at cost less amortisation and has been fully amortised over its estimated useful life of 3 years.

Entitlements to receive the single farm payment have not been amortised since their useful economic life is uncertain and the directors consider the residual value of these to exceed cost.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold buildings are maintained to a high standard by the company, the costs of which are charged to the profit and loss account. Consequently, the directors believe that the lives of the buildings are so long, and their residual values are so great when compared with the original cost at which the buildings are included in the accounts, that the annual depreciation charge would be immaterial.

Freehold	4% straight line
Implements & machinery	20% reducing balance
Motor Vehicles	25% reducing balance
Tractors and harvesters	15% reducing balance
Office Equipment	25% reducing balance

2.5. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value.

Costs have been determined from cost of production calculations as calculated by the company's management, whilst 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 IR232 and BIM55410.

Consumable stocks are valued at cost.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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F.K.Coe & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.10. Herd

The herd is stated at cost and additions to the herd are dealt with in accordance with the guidance within H M Revenue & Customs help sheet BIM5530.

Replacements and permanent disposals are accounted for in accordance with BIM55535 and BIM55540 respectively. Where the specific animal(s) cannot be identified, they are removed from the herd on a first in first out basis in accordance with the guidance detailed within BIM55555.

3. Average Number of Employees

Average number of employees, including directors, during the year was:

	2025	2024
Office and administration	6	6
Manufacturing	3	3

	9	9

4. Intangible Assets

	Goodwill	Single farm payment entitlements	Total
	£	£	£
Cost
As at 1 April 2024	11,208	5,415	16,623

As at 31 March 2025	11,208	5,415	16,623

Amortisation
As at 1 April 2024	11,208	-	11,208

As at 31 March 2025	11,208	-	11,208

...CONTINUED

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F.K.Coe & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Net Book Value
As at 31 March 2025	-	5,415	5,415

As at 1 April 2024	-	5,415	5,415

5. Tangible Assets

	Land & Property
	Freehold	Implements & machinery	Motor Vehicles	Tractors and harvesters
	£	£	£	£
Cost
As at 1 April 2024	4,982,430	978,485	44,049	1,021,370
Additions	8,276	10,695	-	14,250
Disposals	(195,797 )	(39,261 )	-	(8,000 )

As at 31 March 2025	4,794,909	949,919	44,049	1,027,620

Depreciation
As at 1 April 2024	334,332	697,419	35,814	473,038
Provided during the period	20,669	34,758	2,058	82,702
Disposals	-	(29,140 )	-	(6,147 )

As at 31 March 2025	355,001	703,037	37,872	549,593

Net Book Value
As at 31 March 2025	4,439,908	246,882	6,177	478,027

As at 1 April 2024	4,648,098	281,066	8,235	548,332


	Office Equipment	Total
	£	£
Cost
As at 1 April 2024	83,021	7,109,355
Additions	8,954	42,175
Disposals	(1,986 )	(245,044 )

As at 31 March 2025	89,989	6,906,486

Depreciation
As at 1 April 2024	51,672	1,592,275
Provided during the period	9,865	150,052
Disposals	(1,881 )	(37,168 )

As at 31 March 2025	59,656	1,705,159

Net Book Value
As at 31 March 2025	30,333	5,201,327

As at 1 April 2024	31,349	5,517,080

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F.K.Coe & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Tractors and harvesters	430,768	506,785

6. Investments

	Unlisted
	£
Cost or Valuation
As at 1 April 2024	3,687

As at 31 March 2025	3,687

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	3,687

As at 1 April 2024	3,687

7. Stocks

	2025	2024
	£	£
Stock - cultivations	150,285	144,093
Stock - crops in store	10,423	5,736
Stock - consumables	9,508	10,351

	170,216	160,180

8. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	152,279	150,027
Prepayments and accrued income	4,402	5,198
Other debtors	1,700	16,700

	158,381	171,925

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F.K.Coe & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	78,256	75,633
Trade creditors	93,866	94,377
Bank loans and overdrafts	131,209	623,243
Corporation tax	1,039	32
Other taxes and social security	9,070	7,592
VAT	77,884	68,042
Pension fund loan (2) (Current liabilities - creditors < 1 year)	(5,253 )	(4,308 )
Other creditors	195,763	138,580
Accruals and deferred income	95,294	86,095
Directors' loan accounts	154,870	167,890

	831,998	1,257,176

The bank loans and overdraft are secured by fixed charges over the company's freehold land and buildings. The other loan is unsecured.

Obligations under finance leases and hire purchase contracts are secured on the assets financed.

10. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	155,130	252,287
Bank loans	2,081,636	1,875,153

	2,236,766	2,127,440

The bank loans are secured by fixed charges over the compnay's freehold land & buildings.

Obligations under finance leases and hire purchase contracts are secured on the assets financed.

11. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	78,256	75,633
Later than one year and not later than five years	155,130	231,725
Later than five years	-	20,562

	233,386	327,920

	233,386	327,920

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	10,000	10,000

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F.K.Coe & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

13. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held sepoerately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £240 (2024 - £240)

14. Directors Advances, Credits and Guarantees

Dividends paid to directors

	2025	2024
	£	£
Mrs Katy Coe	-	5,000

15. Reserves

	Revaluation reserve	Profit and Loss Account
	£	£
As at 1 April 2024	2,223,360	355,240
Profit for the year and total comprehensive income	-	111,946

Dividends paid	-	(15,500)

As at 31 March 2025	2,223,360	451,686

16. Related Party Transactions

The company pays an annual rent of £8,800 to the Coe Pension Scheme in respect of the use of various farm buildings owned by the pension scheme. At the balance sheet date the company were owed £5,253 (2024 £4,308) from/to the pension scheme. This balance is included on other debtors.

As at 31 March 2025, the following balances were owed by the company :

Each of the balances below is included in creditors due within one year in note 11 to the financial statements.

R F Coe - director £41,816 (2024 - £44,732)

Mrs C A Coe - director £108,038 (2024 - £118,188)

Mrs L J C Woollam - director £4,970 (2024 - £4,970)

Miss K C V Coe - director £46 (2024 - £0)

17. Controlling Party

The company's controlling party is R F Coe by virtue of his ownership of 80% of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		5,415		5,415
Tangible Assets	5		5,201,327		5,517,080
Investments	6		3,687		3,687

			5,210,429		5,526,182
CURRENT ASSETS
Stocks	7	170,216		160,180
Debtors	8	158,381		171,925
Cash at bank and in hand		214,784		114,929

		543,381		447,034
Creditors: Amounts Falling Due Within One Year	9	(831,998 )		(1,257,176 )

NET CURRENT ASSETS (LIABILITIES)			(288,617 )		(810,142 )

TOTAL ASSETS LESS CURRENT LIABILITIES			4,921,812		4,716,040

Creditors: Amounts Falling Due After More Than One Year	10		(2,236,766 )		(2,127,440 )

NET ASSETS			2,685,046		2,588,600

CAPITAL AND RESERVES
Called up share capital	12		10,000		10,000
Revaluation reserve	15		2,223,360		2,223,360
Profit and Loss Account			451,686		355,240

SHAREHOLDERS' FUNDS			2,685,046		2,588,600