Company Registration No. 06207622 (England and Wales)
Pigdon Farm Limited
Unaudited accounts
for the year ended 31 March 2020
Pigdon Farm Limited
Unaudited accounts
Contents
Pigdon Farm Limited
Company Information
for the year ended 31 March 2020
Directors
Michael Charles Clippingdale
Tanya Agnes McPartland
Secretary
Andrew William Morgan
Company Number
06207622 (England and Wales)
Registered Office
c/o Nicholson & Morgan, Solicitors
14 Bell Villas
Ponteland
Newcastle upon Tyne
NE20 9BE
Accountants
Camilliam Accountants
48 Willow Way
Ponteland
Newcastle upon Tyne
NE20 9RF
Pigdon Farm Limited
Statement of financial position
as at 31 March 2020
Tangible assets
2,626,586
1,796,796
Inventories
510,969
645,503
Cash at bank and in hand
113,354
207,596
Creditors: amounts falling due within one year
(1,563,805)
(1,320,996)
Net current liabilities
(624,354)
(375,347)
Total assets less current liabilities
2,002,332
1,421,449
Creditors: amounts falling due after more than one year
(1,437,363)
(1,171,434)
Provisions for liabilities
Net assets
495,969
250,015
Called up share capital
2
2
Profit and loss account
495,967
250,013
Shareholders' funds
495,969
250,015
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2020 and were signed on its behalf by
Michael Charles Clippingdale
Director
Company Registration No. 06207622
Pigdon Farm Limited
Notes to the Accounts
for the year ended 31 March 2020
Pigdon Farm Limited is a private company, limited by shares, registered in England and Wales, registration number 06207622. The registered office is c/o Nicholson & Morgan, Solicitors, 14 Bell Villas, Ponteland, Newcastle upon Tyne, NE20 9BE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts on the basis that the group of which this is the parent qualifies as a small group. The accounts present information about the company as an individual entity and not about its group.
The accounts are presented in £ sterling.
In respect of farming, farm management and farming equipment hire, turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
In respect of property development, which is the speculative construction of residential properties for sale, turnover is recognised at legal completion in respect of the total proceeds of building and development. Turnover is measured at the fair value of consideration received or receivable for the property, net of discounts and VAT.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Over 15 years straight line
Motor vehicles
25% reducing balance
Computer equipment
33% straight line
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of work in progress comprises direct materials, direct and sub-contract labour and those direct overheads that have been incurred in bringing the inventories to their present location and condition.
Land held for development, including land in the course of development, is recorded at cost.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price, less estimated costs to complete and sell, is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss.
Pigdon Farm Limited
Notes to the Accounts
for the year ended 31 March 2020
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial; statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2019
1,688,546
98,063
25,193
1,565
1,813,367
Additions
13,860
916,115
14,643
-
944,618
Disposals
-
(63,000)
-
-
(63,000)
At 31 March 2020
1,702,406
951,178
39,836
1,565
2,694,985
At 1 April 2019
-
15,742
525
304
16,571
Charge for the year
-
51,572
8,434
522
60,528
On disposals
-
(8,700)
-
-
(8,700)
At 31 March 2020
-
58,614
8,959
826
68,399
At 31 March 2020
1,702,406
892,564
30,877
739
2,626,586
At 31 March 2019
1,688,546
82,321
24,668
1,261
1,796,796
Pigdon Farm Limited
Notes to the Accounts
for the year ended 31 March 2020
5
Investments
Subsidiary undertakings
Valuation at 1 April 2019
-
Valuation at 31 March 2020
100
This represents the whole of the issued share capital of Chardale Country Homes Limited.
Work in progress
510,969
645,503
Trade debtors
50,720
61,487
Amounts due from group undertakings etc.
186,135
-
Accrued income and prepayments
74,486
1,833
Other debtors
3,787
29,230
8
Creditors: amounts falling due within one year
2020
2019
Obligations under finance leases and hire purchase contracts
209,081
16,041
Trade creditors
212,980
101,578
Taxes and social security
84
121
Other creditors
294,093
204,094
Loans from directors
801,462
995,842
9
Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
318,133
52,204
Other creditors
1,119,230
1,119,230
10
Deferred taxation
2020
2019
Accelerated capital allowances
175,700
-
Tax losses carried forward
(106,700)
-
Pigdon Farm Limited
Notes to the Accounts
for the year ended 31 March 2020
Charged to the profit and loss account
69,000
-
Provision at end of year
69,000
-
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
12
Transactions with related parties
Included within other creditors falling due within one year are loans totalling £294,094 (2019: £204,094) from companies in which a member of key management personnel is a director and 50% shareholder. These loans are interest-free.
Included within other creditors falling due after one year is a loan of £1,119,230 (2019: £1,119,230) from a company in which a member of key management personnel is a director and in which 50% of the shares are held by a Trust for the benefit of that member of key management personnel. This loan is interest-free.
During the year the company acquired plant for £5,000 from a partnership in which members of key management personnel are partners. The plant was subsequently sold to an unconnected third party for £27,000.
13
Average number of employees
During the year the average number of employees was 5 (2019: 4).
