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Registered number: 01568207
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FOR THE YEAR ENDED
30 JUNE 2026
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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COMPANY INFORMATION
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North Lodge Slaugham Park
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Chartered Accountants & Statutory Auditor
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
REGISTERED NUMBER:01568207
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STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2026
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
REGISTERED NUMBER:01568207
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2026
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 statement of comprehensive income 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 by:
The notes on pages 4 to 14 form part of these financial statements.
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2026
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Comprehensive income for the year
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Currency translation differences
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Surplus on revaluation of freehold land
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Deferred tax on revaluation of freehold land
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Total comprehensive income for the year
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Comprehensive income for the year
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Currency translation differences
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Total comprehensive income for the year
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The notes on pages 4 to 14 form part of these financial statements.
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
Giles W. Pritchard-Gordon (Farming) Limited is a private company, limited by shares, registered in England & Wales. The address of its registered office is disclosed on the Company information page.
The principal activity of the company in the year under review was that of diversified farming enterprises. The company operates a farm in the United Kingdom and a cattle ranch in Wyoming, USA.
2.Accounting policies
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Basis of preparation of financial statements
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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 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:
The financial statements are prepared on the going concern basis, assuming the Company will continue to operate for a foreseeable future. As at 30 June 2026, the Company had net liabilities amounting to £5,472,166 (2025: £5,064,109) and amounts due to the Parent Company of £27,920,342 (2025: £26,287,990). The company has historically received, and continues to receive, financial support from its Parent Company. The Parent Company has also provided a formal letter of support confirming that it will not seek repayment of amounts due until the resources of the Company permit and that it will continue to provide financial support to the company, if required. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company has determined that the US Dollar ($) is its functional currency, as this is the currency of the economic environment in which the Company predominantly operates (in particular the branch in Wyoming in the United States of America). This differs from the presentational currency which is GBP.
The Company has a branch in Wyoming in the United States of America which contributed 96% (2025: 94%) of total turnover.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
The results of overseas operations are maintained in their own local currency which is the country the trade takes place and are translated into Sterling at the average yearly rate. All monetary assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the net assets and the results of overseas operations are recognised in other comprehensive income.
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
2.Accounting policies (continued)
Revenue comprises income from the sale of livestock and farm produce together with rental income arising from surface use agreements. Revenue from the sale of livestock and farm produce is recognised when the sale is completed and the significant risks and rewards of ownership have transferred to the purchaser. Rental income arising from surface use agreements is recognised over the period to which the agreement relates.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Freehold land and buildings are stated at fair value less any subsequent accumulated depreciation.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Farm buildings & improvements
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Farm equipment & vehicles
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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.
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Revaluation of tangible fixed assets
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Freehold land and buildings are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Livestock and other biological assets are measured at fair value less costs to sell at each reporting date, with movements in fair value recognised in profit or loss. Fair value is determined by the directors by reference to market prices for cattle of a comparable class, age and weight, adjusted where appropriate for the condition and other characteristics of the livestock held at the reporting date.
Horses are stated at the lower of cost and net realisable value.
The pedigree herd is stated at original cost where the directors consider that fair value is not materially different from cost.
Inventories of gravel are stated at the lower of cost of excavation and net realisable value.
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
2.Accounting policies (continued)
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Provisions for liabilities
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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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company uses an interest rate swap to manage its exposure to interest rates on its bank loans. These derivatives are measured at fair value at each reporting date.
Derivative financial instruments are initially recognised at fair value at the date a derivative contract is entered into and remeasured to their fair value at each reporting date. Changes in the fair value of derivative financial instruments are recognised as income or expense in profit or loss as they arise.
The fair value of interest rate swap contracts is determined by calculating the present value of the estimated future cash flows based on observable yield curves.
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgment are inherent in the formation of estimates, together with past experience and expectations of future events that have been believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
In the process of applying the Company's accounting policies, the directors have been made the following accounting judgments and estimates which have the most significant effect on the amounts recognised in the financial statements.
Valuation of freehold land and buildings
Freehold land and buildings are stated at valuation, with the carrying values reviewed by the directors at each reporting date. In assessing the carrying values, management considers the most recent independent valuations together with other relevant market information.
The freehold land and buildings in Wyoming were last independently valued on 28 February 2025 by Luther Appraisal Services, Inc., a qualified independent valuer and State of Wyoming Certified General Appraiser. The freehold land and buildings in the UK were last independently valued on 30 June 2022 by Marcus Grimes, a qualified independent valuer.
Management has considered the carrying values at 30 June 2026 and believes that there has been no material change in value since the respective most recent independent valuations.
Valuation of derivative financial instruments
Derivative financial instruments are valued using the market valuation provided by the relevant bank counterparty at the reporting date. Accordingly, management does not apply a separate valuation technique or make significant assumptions in determining the fair value.
Valuation of livestock
Livestock is measured at fair value less costs to sell. In determining fair value, the directors consider market prices for cattle by class, age and weight bracket, adjusted where appropriate for the condition and other relevant characteristics of the livestock held at the reporting date. The valuation therefore requires judgement in determining the appropriate market price to apply to each category of livestock.
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The average monthly number of employees, including directors, during the year was 6 (2025 -5).
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
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Farm Buildings & Improvements
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Farm Equipments & Vehicles
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Charge for the year on owned assets
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The freehold land and buildings in Wyoming were revalued on 28 February 2025 on an open market basis by Luther Appraisal Services, Inc., a qualified independent valuer and State of Wyoming Certified General Appraiser.
The freehold land and buildings in the UK were revalued on 30 June 2022 on an open market basis by Marcus Grimes, a qualified independent valuer.
No further independent valuations were undertaken during the year ended 30 June 2026. The Directors have considered the carrying values of the freehold land and buildings at the reporting date and are satisfied that these do not differ materially from their fair values.
If the freehold land and buildings had not been revalued, they would have been stated at historical cost of £2,477,531 (2025: £2,477,531), with accumulated depreciation on freehold buildings of £185,008 (2025: £171,071). No depreciation is charged on freehold land.
Included within the Company's freehold land and buildings with a net book value of £17,876,015, is land and buildings with a net book value of £16,500,466 (2025: £16,560,045) which are pledged as security in connection with the Company’s banking facilities.
The land and buildings are subject to security in respect of the Company’s existing loan facility and the $3,000,000 revolving credit facility entered into during the year. Further details of the facilities are set out in Note 10 – Loans.
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
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Livestock is measured at fair value less costs to sell at each reporting date, with movements in fair value recognised in profit or loss. Fair value is determined by the Directors by reference to market prices for cattle of a comparable class, age and weight, adjusted where appropriate for the condition and other characteristics of the livestock held at the reporting date.
The gain arising from changes in the fair value of livestock recognised in profit or loss during the year was £1,244,491 (2025: £792,079).
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Due after more than one year
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Financial instruments (after 1 yr)
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Amounts owed by group undertakings
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Prepayments and accrued income
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
7.Debtors (continued)
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The amounts owed by group undertakings are unsecured, interest free and repayable on demand.
The prior year comparatives have been restated to correct a transposition error in the presentation of a financial derivative between amounts falling due within one year and amounts falling due after more than one year. As a result, amounts falling due within one year were previously overstated by £188,975, with amounts falling due after more than one year correspondingly understated by £188,975.
The restatement represents a reclassification only and has no impact on total debtors, profit for the year or net liabilities.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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The amounts owed to group undertakings are unsecured, interest free and repayable on demand. The Parent Company has committed not to seek repayment of its amounts due until the resources of the company permit.
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Creditors: Amounts falling due after more than one year
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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A bank loan amounting to £3,401,642 (2025: £3,601,138) is repayable in quarterly instalments over twenty years and carries interest at SOFR plus 2.05% per annum. The original principal amount of the loan was US$8,400,000.
On 20 October 2025, the Company, together with another Group company, entered into a $3,000,000 revolving credit facility. As at 30 June 2026, no amounts had been drawn down under the facility and the amount outstanding was $nil. Accordingly, no borrowing liability has been recognised at the year end.
Both facilities are secured over certain freehold land and buildings owned by the Company, and Giles W Pritchard-Gordon & Co. Limited acts as guarantor in respect of both facilities. Details of the carrying value of the property pledged as security are disclosed in Note 12 – Tangible fixed assets.
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Revaluation of freehold land and buildings
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The comparative figures have been restated to correct a prior year classification error relating to a financial derivative included within debtors.
In the prior year financial statements, £188,975 was incorrectly classified as falling due within one year rather than falling due after more than one year. The comparative figures have therefore been restated accordingly, with the impact of the reclassification presented within Note 7 – Debtors.
This restatement represents a classification adjustment only and has no impact on total debtors, profit for the financial year, net liabilities or total equity.
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Commitments under operating leases
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At 30 June 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
Giles W. Pritchard-Gordon & Co. Limited, a company incorporated in the United Kingdom, is the parent company of the smallest group for which consolidated accounts are drawn up of which the company is a member. Their registered office is North Lodge, Slaugham Park, Handcross, Haywards Heath, RH17 6BG.
No individual shareholder owns a controlling interest in the ultimate holding company.
The auditor's report on the financial statements for the year ended 30 June 2026 was unqualified.
The audit report was signed on 5 November 2026 by Sophie Said FCA (Senior statutory auditor) on behalf of Menzies LLP.
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