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Company registration number: 01568207
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FOR THE YEAR ENDED
30 JUNE 2025
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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
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CONTENTS
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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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 2025
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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 2025
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 13 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 2025
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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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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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The notes on pages 4 to 13 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 2025
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 30th June 2025, the company had net liabilities amounting to £5,064,109 (2024: £8,820,977) and was funded by a working capital balance provided by its parent company of £26,287,990 (2024: £27,120,106). However the parent company has provided a letter of support confirming that they will not seek repayment of the balance until the resources of the company permit and have agreed to provide on-going financial support if required.
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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 94% (2024: 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 2025
2.Accounting policies (continued)
Revenue comprises the sale of livestock together with the total income receivable in respect of sales of farm produce, rent and government grants received. Revenue for livestock and farm produce is recognised when the contract to sell the livestock or farm produce is exchanged. Government grants are recognised as an income when grant proceeds are received based on the performance model.
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 2025
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.
All livestock, immature cattle, non-pedigree herd and tenant rights are shown in the Statement of Financial Position at Directors' valuation based on an estimate of open market values.
Horses are stated at the lower of cost and net realisable value.
The pedigree herd is stated at original cost. In the opinion of the directors the fair value is not materially different to the 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 2025
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 with the exception of the financial derivatives.
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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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 is stated at valuation, which is reviewed by the directors at each reporting date. In order to assess valuation, management uses valuations from independent valuers in its assessment. The last valuation was carried out on 28 February 2025.
Valuation of derivative financial instruments
The Directors use their judgment in selecting a suitable valuation technique for derivative financial instruments. All derivative financial instruments are valued at market rate provided by the counterparty.
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The average monthly number of employees, including directors, during the year was 5 (2024 - 7).
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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 2025
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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 was revalued at 28 February 2025 on an open market basis by Luther Appraisal Services, Inc, a State of Wyoming Certified General Appraiser qualified independent valuer.
The freehold land and buildings in the UK was revalued at 30 June 2022 on an open market basis by Marcus Grimes, a qualified independent valuer.
No independent valuation was carried out at 30 June 2024 & 30 June 2025 as management believe the value of the freehold land has not materially changed since 30 June 2022.
If the freehold land and buildings had not been revalued it would have been stated at a cost of £2,477,531 (2024: £2,477,531) with accumulated depreciation charged on freehold buildings of £171,071 (2024: £157,134). No depreciation is charged on freehold land.
Included within the company's freehold land and buildings net book value of £17,949,686 is £16,560,045 (2024: £13,136,983) pledged as security against the bank loan.
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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 2025
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Investments in subsidiary companies
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Giles W. Pritchard-Gordon (Australia) Pty Limited entered into liquidation on 28 August 2024 which is the point management lost control of the entity.
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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 2025
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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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The amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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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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GILES W. PRITCHARD-GORDON (FARMING) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Creditors: Amounts falling due after more than one year
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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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On 1st January 2017, the company entered into a loan agreement with the principal amounting to US$8,400,000. The loan is repayable in quarterly instalments over twenty years and carries interest of SOFR plus 2.05% per annum.
The loan is secured by a charge over freehold land and buildings owned by the company, with a net book value of £16,560,045 (2024: £13,136,983) as at 30th June 2025.
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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 2025
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Charged to profit or loss
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Charged to other comprehensive income
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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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Commitments under operating leases
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At 30 June 2025 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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Post balance sheet events
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On 20 October 2025, the Company signed a credit facility agreement with First Northern Bank of Wyoming for $3,000,000. The facility provides additional liquidity to support the Company’s and wider Group’s operations. The Company’s parent entity, Giles W Pritchard-Gordon & Co Limited has acted as guarantor for this facility. This event occurred after the reporting date and does not affect the amounts recognised in the financial statements as at year-end.
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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 2025
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 auditors' report on the financial statements for the year ended 30 June 2025 was unqualified.
The audit report was signed on 24 November 2025 by Sophie Said FCA (Senior statutory auditor) on behalf of Menzies LLP.
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