Pridgeon Farms Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03075689 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2019

for

Pridgeon Farms Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

P W Pridgeon - Chairman

Mary Pridgeon

D J Pridgeon - Managing Director

J E Pridgeon

SECRETARY:

Mary Pridgeon

REGISTERED OFFICE:

The Old Rectory

Church Lane

Willoughby

Alford

Lincolnshire

LN13 9SU

REGISTERED NUMBER:

03075689 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Pridgeon Farms Limited for the year ended 31 October 2019 which comprise the Income Statement, Balance Sheet

and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pridgeon Farms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pridgeon Farms Limited and state those matters that we have agreed to state to the Board of Directors of Pridgeon Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pridgeon Farms Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pridgeon Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pridgeon Farms Limited. You consider that Pridgeon Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pridgeon Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

Date: .............................................

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,740,276

2,485,350

Investments

6

75

75

Investment property

7

85,248

85,248

2,825,599

2,570,673

CURRENT ASSETS

Stocks

580,705

533,204

Debtors

8

122,751

158,369

Cash at bank

3,021

1,570

706,477

693,143

CREDITORS

Amounts falling due within one year

9

664,151

758,008

NET CURRENT ASSETS/(LIABILITIES)

42,326

(64,865

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,867,925

2,505,808

CREDITORS

Amounts falling due after more than one year

10

(1,357,827

)

(1,219,307

)

PROVISIONS FOR LIABILITIES

(212,002

)

(163,467

)

NET ASSETS

1,298,096

1,123,034

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

1,297,996

1,122,934

SHAREHOLDERS' FUNDS

1,298,096

1,123,034

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 February 2020 and were signed on its behalf by:

D J Pridgeon - Managing Director - Director

1.	STATUTORY INFORMATION

Pridgeon Farms Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Single farm payment entitlement are being amortised evenly over their estimated useful life of one years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

25% on reducing balance, 20% on reducing balance and nil - 10% on cost

Improvements to property

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance, 20% on reducing balance, 18% on reducing balance, 15% on reducing balance, 10% on cost and Straight line over 20 years

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance and 20% on reducing balance

Computer equipment

-

25% on reducing balance and 20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value

is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of

transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 November 2018

and 31 October 2019

1,628

AMORTISATION

At 1 November 2018

and 31 October 2019

1,628

NET BOOK VALUE

At 31 October 2019

-

At 31 October 2018

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 November 2018

1,611,203

132,544

1,737,409

Additions

-

8,046

429,788

Disposals

-

-

(2,000

)

At 31 October 2019

1,611,203

140,590

2,165,197

DEPRECIATION

At 1 November 2018

23,246

104,321

875,317

Charge for year

509

111

180,758

Eliminated on disposal

-

-

(1,839

)

At 31 October 2019

23,755

104,432

1,054,236

NET BOOK VALUE

At 31 October 2019

1,587,448

36,158

1,110,961

At 31 October 2018

1,587,957

28,223

862,092

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 November 2018

1,341

23,514

10,133

3,516,144

Additions

-

-

-

437,834

Disposals

-

-

-

(2,000

)

At 31 October 2019

1,341

23,514

10,133

3,951,978

DEPRECIATION

At 1 November 2018

1,341

18,983

7,586

1,030,794

Charge for year

-

906

463

182,747

Eliminated on disposal

-

-

-

(1,839

)

At 31 October 2019

1,341

19,889

8,049

1,211,702

NET BOOK VALUE

At 31 October 2019

-

3,625

2,084

2,740,276

At 31 October 2018

-

4,531

2,547

2,485,350

Included in cost of land and buildings is freehold land of £ 1,585,451 (2018 - £ 1,585,451 ) which is not depreciated.

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 November 2018

and 31 October 2019

75

NET BOOK VALUE

At 31 October 2019

75

At 31 October 2018

75

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2018

and 31 October 2019

85,248

NET BOOK VALUE

At 31 October 2019

85,248

At 31 October 2018

85,248

The Directors have considered the valuation of the Investment property and are satisfied that it represents market value at

31 October 2019.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

29,471

98,385

Other debtors

93,280

59,984

122,751

158,369

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

342,925

272,714

Hire purchase contracts

57,138

71,644

Trade creditors

132,654

208,247

Taxation and social security

5,758

58,097

Other creditors

125,676

147,306

664,151

758,008

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

1,271,734

1,076,077

Hire purchase contracts

86,093

143,230

1,357,827

1,219,307

2019

2018

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

979,011

896,225

11.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

272,130

227,751

Bank loans

1,342,529

1,121,040

Hire purchase contracts

143,231

214,874

1,757,890

1,563,665

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100