Year Ended
Registration number:
F G Pryor and Son Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
F G Pryor and Son Limited
Company Information
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Directors |
Mr P W Pryor Mrs D A Pryor |
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Registered office |
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Auditors |
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F G Pryor and Son Limited
Strategic Report
Year Ended 30 November 2025
The directors present their strategic report for the year ended 30 November 2025.
Principal activity
The principal activity of the group is mixed farming.
Fair review of the business
The directors are determined to continue with the progress made in recent years; cost controls and significant investment during the year will assist in improving efficiencies and ensure sustainable group profitability.
In the period, Colwyn Contracting Limited was incorporated as the subsidiary of F G Pryor and Son Limited. The company is responsible for the growing of the potatoes with assets and trade relevant to this being transferred on 30 September 2025.
The group's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2025 |
2024 |
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Turnover |
£ |
12,042,904 |
13,896,248 |
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Gross profit margin |
£ |
7,566,568 |
10,218,703 |
The directors also consider maximising customer satisfaction whilst minimising environmental impact as paramount to the extending the goodwill the group has obtained.
Principal risks and uncertainties
The principal business risks faced by the group are market competition, agronomy challenges, weather challenges and rising costs.
The Group manages these risks by continuous improvement in staff training and investment in technology to drive greater efficiency within the business.
Approved and authorised by the
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F G Pryor and Son Limited
Directors' Report
Year Ended 30 November 2025
The directors present their report and the for the year ended 30 November 2025.
Directors of the group
The directors who held office during the year were as follows:
Dividends
Ordinary interim dividends amounting to £80,000 (2024: £80,000) were paid out to directors in the accounting period. The directors do not recommend payment of a final dividend.
Financial instruments
Objectives and policies
The company's activities expose it to a number of. financial risks including credit risk, cashflow risk and liquidity risk. The use, and nature, of financial instruments are determined by the directors, in the context of trading terms made available to the company by the customers and suppliers, with the objective of securing the liquidity and profitability of the company.
Price risk, credit risk, liquidity risk and cash flow risk
The company has a normal level of exposure to price, liquidity and cash flow risks arising from trading activities.
Trade debtors are managed in respect of credit and cash flow risk policies concerning the credit offered to customers, and the regular monitoring of amounts outstanding for both time and limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Trade creditors are paid in line with agreed credit terms and conditions, subject to correct invoicing.
Future developments
The directors remain optimistic about the future prospects of the Group and will continue to focus on sustainable growth, operational efficiency and delivering value to stakeholders. Planned developments include further investment in technology, process improvements and the enhancement of products to meet evolving customer needs. The Group will continue to monitor market conditions and emerging opportunities, while maintaining a disciplined approach to cost management and risk oversight. Although economic conditions remain uncertain, the directors believe that the Group is well positioned to capitalise on future opportunities and achieve its strategic objectives in the medium to long term.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
F G Pryor and Son Limited
Directors' Report
Year Ended 30 November 2025
Approved and authorised by the
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F G Pryor and Son Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
F G Pryor and Son Limited
Independent Auditor's Report to the Members of F G Pryor and Son Limited
Qualified opinion
We have audited the financial statements of F G Pryor and Son Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2025 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion on financial statements
Our opinion on the financial statements for the year ended 30 November 2025 is also modified, only because of the possible effect of this matter on the comparability of opening stock and cost of sales for the year ended 30 November 2024.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
F G Pryor and Son Limited
Independent Auditor's Report to the Members of F G Pryor and Son Limited
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £3,786,913 held at 30 November 2023. We have concluded that where the other information refers to the comparative stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Opinion on other matter prescribed by the Companies Act 2006
There was no appointed auditor of the group for the year ended 30 November 2023 year and thus we did not observe the counting of physical stock at the end of that year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 30 November 2023, which are included in the balance sheet at £3,786,913, by using other audit procedures.
Consequently the previous auditors were unable to determine whether any adjustment to this amount was necessary. As a result of this, were any adjustment to be required, the strategic report would also need to be amended due to the comparability of opening stock and cost of sales.
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
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we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
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we were unable to determine whether adequate accounting records have been kept. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
F G Pryor and Son Limited
Independent Auditor's Report to the Members of F G Pryor and Son Limited
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returns adequate for our audit have not been received from branches not visited by us; or |
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the financial statements are not in agreement with the accounting records and returns; or |
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certain disclosures of directors' remuneration specified by law are not made; or |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
F G Pryor and Son Limited
Independent Auditor's Report to the Members of F G Pryor and Son Limited
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we identified the principal risks of non-compliance with laws and regulations as relating to breaches around health and safety regulations, the General Data Protection Regulations ("GDPR") and potato farming regulations. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as The Companies Act 2006, and relevant tax legislation.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to the understatement of profit, either through understating revenue, overstating expenditure or management bias in accounting estimates.
Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:
● Enquiries to members of senior management regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of material fraud, of which there were none;
● Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
● Review of any health and safety incidents which have been reported under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”) during the period;
● Review of the company's procedures in relation to GDPR and enquiries to management as to the occurrence and outcome of any reportable breaches;
● Review of potato farming compliance reports and enquiries of management in relation to any ongoing reviews and communications;
● Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
● Challenging assumptions and judgements made by management in its significant accounting estimates;
● Reviewing the appropriateness and adequacy of management’s stock valuation.
● Testing, on a sample basis, the recognition of revenue and costs, in particular around the year end date; and
● Examining draft tax computations and involving the use of our specialists as required.
F G Pryor and Son Limited
Independent Auditor's Report to the Members of F G Pryor and Son Limited
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
First Floor
Blackbrook Gate 1
Blackbrook Business Park
Somerset
TA1 2PX
F G Pryor and Son Limited
Consolidated Profit and Loss Account
Year Ended 30 November 2025
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Note |
2025 |
(As restated) |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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285,320 |
138,508 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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The group has no recognised gains or losses for the year other than the results above.
F G Pryor and Son Limited
Consolidated Balance Sheet
30 November 2025
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Note |
2025 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Other financial assets |
1,429,926 |
903,957 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Equity attributable to owners of the company |
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Shareholders' funds |
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Approved and authorised by the
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Company Registration Number: 07064734
F G Pryor and Son Limited
Balance Sheet
30 November 2025
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Note |
2025 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Investments |
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- |
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Other financial assets |
1,403,722 |
903,957 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £3,056,111 (2024 - profit of £4,348,927).
F G Pryor and Son Limited
Balance Sheet
30 November 2025
Approved and authorised by the
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Company Registration Number: 07064734
F G Pryor and Son Limited
Consolidated Statement of Changes in Equity
Year Ended 30 November 2025
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Share capital |
Profit and loss account |
Total equity |
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At 1 December 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 30 November 2025 |
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Share capital |
Profit and loss account |
Total equity |
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At 1 December 2023 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 30 November 2024 |
100 |
18,341,351 |
18,341,451 |
F G Pryor and Son Limited
Statement of Changes in Equity
Year Ended 30 November 2025
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Share capital |
Profit and loss account |
Total |
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At 1 December 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 30 November 2025 |
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Share capital |
Profit and loss account |
Total |
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At 1 December 2023 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 30 November 2024 |
100 |
18,341,351 |
18,341,451 |
F G Pryor and Son Limited
Consolidated Statement of Cash Flows
Year Ended 30 November 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Profit on disposal of tangible assets |
( |
( |
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Investment income |
( |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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Decrease/(increase) in stocks |
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( |
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Increase in trade debtors |
( |
( |
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(Decrease)/increase in trade creditors |
( |
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Decrease in deferred income, including government grants |
( |
( |
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Cash generated from operations |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Acquisition of intangible assets |
- |
( |
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Dividend income |
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( |
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Other income received from investments |
- |
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Acquisitions of investments |
( |
- |
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Proceeds from sale of investments |
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( |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Repayment of bank borrowing |
- |
( |
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Payments to finance lease creditors |
( |
( |
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
( |
( |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at 1 December |
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F G Pryor and Son Limited
Consolidated Statement of Cash Flows
Year Ended 30 November 2025
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Note |
2025 |
2024 |
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Cash and cash equivalents at 30 November |
4,654,607 |
3,241,806 |
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Colwyn Farm
Perranwell Station
Truro
Cornwall
TR3 7NA
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The valuation of potato stock requires management to make significant estimates regarding the recoverable value of stock at the reporting date. Potatoes are stated at the lower of cost and net realisable value ("NRV"). In determining NRV, management considers expected selling prices, storage and transport costs, product quality, grading outcomes, customer specifications, and anticipated losses arising from shrinkage, spoilage, disease, and handling. In determining costs, management used an industry standard of 75% of the assessed market value at that point.
Estimates are also made regarding the proportion of stock that will meet different market grades and the timing of sale, particularly for long-term stored potatoes where quality can deteriorate over time. Changes in market conditions, crop quality assessments, customer demand, or actual storage losses may result in material adjustments to the carrying value of inventory in future periods.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency is considered to be pounds sterling because that is the currency of the primary economic environment in which the company and group operates in.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2025.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Going concern
At the time of approving the financial statements, the directors have considered the group's financial position, including its net assets and cash resources at 30 November 2025.
The group reported net assets of £20,507,966 and held cash and cash equivalents of £4,654,607 as at 30 November 2025. As at 30 November 2024, the group reported net assets of £18,341,451 and cash and cash equivalents of £3,241,806
The directors have assessed the group's expected cash flows, liquidity requirements, and access to financial resources for at least 12 months from the date of approval of these financial statements. Based on these forecasts, together with the company’s strong net asset position and available cash, the directors have a reasonable expectation that the groups has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Prior period errors
During the year, the directors reviewed the accounting treatment of amounts due from the company's joint venture. Following this review, it was determined that a balance previously included within investments did not form part of the company's investment in the joint venture and should instead have been recognised within other debtors.
The balance relates to amounts recoverable in the ordinary course of business and therefore meets the definition of an other debtor rather than an investment asset. Accordingly, the comparative figures have been restated to reflect the correct classification.
The effect of the restatement is to decrease investments and increase other debtors by £211,636 as at 30 November 2024.
The income from the joint venture has also been re-allocated from other income to turnover, by a figure of £206,661.
The adjustment affects classification only and has no impact on profit for the year, net assets, shareholders' funds, or cash flows.
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold land and buildings |
Nil |
|
Long leasehold buildings |
4% Straight line |
|
Property improvements |
2% Straight line |
|
Plant and machinery |
20% Reducing balance |
|
Computer equipment |
33% Straight line |
|
Motor vehicles |
25% Reducing balance |
Investment property
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website 3 years straight line
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
(As restated) |
|
|
Sale of goods |
|
|
|
Grants received |
|
|
|
Other revenue |
|
|
|
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2025 |
(As restated) |
|
|
UK |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Government grants |
|
|
|
Sub lease rental income |
|
|
|
Miscellaneous other operating income |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Average employees |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
145,140 |
145,140 |
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
20,000 |
17,500 |
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other interest income |
|
|
|
Income from other fixed asset investments |
110,216 |
70,237 |
|
Dividend income |
7,563 |
12,159 |
|
Income from joint ventures |
26,204 |
- |
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
- |
( |
|
694,428 |
1,146,793 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
(As restated) |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
|
|
|
Increase from tax losses for which no deferred tax asset was recognised |
- |
|
|
Adjustments in respect of financial assets |
|
( |
|
Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period |
- |
( |
|
Tax decrease from effect of dividends from UK companies |
( |
( |
|
Effect of income not taxable for tax in determining taxable profit |
( |
( |
|
Stock movement under BIM 33190 |
- |
( |
|
Total tax charge |
|
|
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
|
Intangible assets |
Group
|
Goodwill |
Website costs |
Total |
|
|
Cost or valuation |
|||
|
At 1 December 2024 |
|
|
|
|
At 30 November 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 December 2024 |
|
|
|
|
Amortisation charge |
- |
|
|
|
At 30 November 2025 |
|
|
|
|
Carrying amount |
|||
|
At 30 November 2025 |
- |
|
|
|
At 30 November 2024 |
- |
|
|
Company
|
Goodwill |
Website costs |
Total |
|
|
Cost or valuation |
|||
|
At 1 December 2024 |
|
|
|
|
At 30 November 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 December 2024 |
|
|
|
|
Amortisation charge |
- |
|
|
|
At 30 November 2025 |
|
|
|
|
Carrying amount |
|||
|
At 30 November 2025 |
- |
|
|
|
At 30 November 2024 |
- |
|
|
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Property improvements |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||||
|
At 1 December 2024 |
|
|
|
|
|
|
|
Additions |
|
|
|
- |
|
|
|
Disposals |
- |
- |
- |
- |
( |
( |
|
At 30 November 2025 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 December 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
( |
|
At 30 November 2025 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 30 November 2025 |
|
|
|
|
|
|
|
At 30 November 2024 |
|
|
|
|
|
|
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Included within the net book value of land and buildings above is £5,009,176 (2024 - £5,002,285) in respect of freehold land and buildings, £61,556 (2024 - £64,713) in respect of long leasehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
130,500 |
687,658 |
|
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Company
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Property improvements |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||||
|
At 1 December 2024 |
|
|
|
|
|
|
|
Additions |
|
|
|
- |
|
|
|
Disposals |
- |
- |
- |
- |
( |
( |
|
At 30 November 2025 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 December 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
( |
|
At 30 November 2025 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 30 November 2025 |
|
|
|
|
|
|
|
At 30 November 2024 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is £5,009,176 (2024 - £5,002,285) in respect of freehold land and buildings and £61,556 (2024 - £64,713) in respect of long leasehold land and buildings.
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
- |
687,658 |
|
|
Investment properties |
Group
|
2025 |
|
|
At 1 December |
|
|
At 30 November |
|
Company
|
2025 |
|
|
At 1 December |
|
|
At 30 November |
|
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the company directors. The valuation was made on an open market value basis.
There has been no valuation of investment property by an independent valuer.
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
- |
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
Additions |
|
|
Provision |
|
|
Carrying amount |
|
|
At 30 November 2025 |
|
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
First Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, Somerset, United Kingdom, TA1 2PX England |
|
|
|
|
Subsidiary undertakings |
|
Cowlyn Contracting Limited The principal activity of Cowlyn Contracting Limited is |
|
Other financial assets |
Group
|
Other investments |
Shares in joint ventures |
Total |
|
|
Non-current financial assets |
|||
|
Cost or valuation |
|||
|
At 1 December 2024 |
897,287 |
6,670 |
903,957 |
|
Fair value adjustments |
3,228 |
- |
3,228 |
|
Additions |
3,106,864 |
26,204 |
3,133,068 |
|
Disposals |
(2,610,327) |
- |
(2,610,327) |
|
At 30 November 2025 |
1,397,052 |
32,874 |
1,429,926 |
|
Carrying amount |
|||
|
At 30 November 2025 |
|
|
1,429,926 |
The joint venture above refers to 50 ordinary shares of The Little Spud Company Limited held by F G Pryor and Son Limited, which equates to a 50% holding.
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Company
|
Other investments |
Shares in joint ventures |
Total |
|
|
Non-current financial assets |
|||
|
Cost or valuation |
|||
|
At 1 December 2024 as restated |
897,287 |
6,670 |
903,957 |
|
Fair value adjustments |
3,228 |
- |
3,228 |
|
Additions |
3,106,864 |
- |
3,106,864 |
|
Disposals |
(2,610,327) |
- |
(2,610,327) |
|
At 30 November 2025 |
1,397,052 |
6,670 |
1,403,722 |
|
Carrying amount |
|||
|
At 30 November 2025 |
|
|
1,403,722 |
The joint venture above refers to 50 ordinary shares of The Little Spud Company Limited held by F G Pryor and Son Limited, which equates to a 50% holding.
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Other inventories |
|
|
|
|
|
Debtors |
|
Group |
Company |
||||
|
Note |
2025 |
(As restated) |
2025 |
(As restated) |
|
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by group undertakings |
- |
- |
|
- |
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
Accrued income |
|
- |
|
- |
|
|
|
|
|
|
||
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Other creditors |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax |
241,582 |
584,714 |
229,124 |
584,714 |
|
|
Deferred income |
|
|
|
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
- |
|
- |
|
|
Deferred income |
|
|
|
|
|
|
|
|
|
|
||
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Hire purchase contracts |
|
- |
|
- |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Hire purchase contracts |
|
|
|
|
Hire purchase contracts are secured on the assets to which they relate.
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
|
Analysis of changes in net debt |
Group
|
At 1 December 2024 |
Repayments |
Cashflows |
At 30 November 2025 |
|
|
Cash and cash equivalents |
||||
|
Cash |
3,241,806 |
- |
1,412,801 |
4,654,607 |
|
Borrowings excluding overdrafts |
(543) |
543 |
- |
- |
|
3,241,263 |
543 |
1,412,801 |
4,654,607 |
|
|
Borrowings |
||||
|
Lease liabilities |
(120,465) |
56,467 |
- |
(63,998) |
|
|
||||
|
|
|
|
|
|
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 December 2024 |
|
|
|
Additional provisions |
|
|
|
At 30 November 2025 |
|
|
|
|
||
Company
|
Deferred tax |
Total |
|
|
At 1 December 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 30 November 2025 |
|
|
|
|
||
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividend of £ |
|
|
||
|
Commitments |
Company
Capital commitments
The total amount contracted for but not provided in the financial statements was £
|
Financial guarantee contracts |
Company
The company has entered into a cross guarantee to the bank in respect of assets held by the directors. At 30 November 2025 the amount owed by the directors to the bank was £Nil (2024 - £384,785),
F G Pryor and Son Limited
Notes to the Financial Statements
Year Ended 30 November 2025
|
Related party transactions |
Group
|
Transactions with directors |
At 30 November 2025, the group owed the directors £248,500 (2024: £393,823). This loan is interest free and repayable on demand.
The group has entered into a rental agreement for the use of a property owned jointly by two directors. During the year, the company paid rent totalling £80,000 (2024: £80,000), comprising of £40,000 (2024: £40,000) paid to each director. The directors also maintain the current account.
Summary of transactions with joint ventures
The Little Spud Company Limited