Padfield (Hayleys) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 00636545 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Padfield (Hayleys) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P G Padfield

Mr S Parrish

Mr J W Padfield

REGISTERED OFFICE:

The Estate Office

Hayleys Manor

Upland Road

Epping Upland

Essex

CM16 6PQ

REGISTERED NUMBER:

00636545 (England and Wales)

ACCOUNTANTS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Tangible assets

4

12,941,905

13,088,206

Investments

5

1,128,154

749,679

14,070,059

13,837,885

CURRENT ASSETS

Stocks

193,634

113,014

Debtors

457,451

519,367

Cash at bank and in hand

850,865

1,236,288

1,501,950

1,868,669

CREDITORS

Amounts falling due within one year

581,813

767,011

NET CURRENT ASSETS

920,137

1,101,658

TOTAL ASSETS LESS CURRENT LIABILITIES

14,990,196

14,939,543

CREDITORS

Amounts falling due after more than one year

(1,551,052

)

(1,673,170

)

PROVISIONS FOR LIABILITIES

(676,834

)

(710,292

)

NET ASSETS

12,762,310

12,556,081

CAPITAL AND RESERVES

Called up share capital

7

5,000

5,000

Undistributable reserve

9,789,121

9,789,121

Retained earnings

2,968,189

2,761,960

SHAREHOLDERS' FUNDS

12,762,310

12,556,081

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 30 January 2023 and were signed on its behalf by:

Mr J W Padfield - Director

Mr S Parrish - Director

1.	STATUTORY INFORMATION

Padfield (Hayleys) 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced contracting services provided and net invoiced arable sales, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

Straight line over 20 years and not provided

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 10% on reducing balance

Freehold property is not depreciated as the directors consider that it is not material having regard to the high estimated residual value of the property.

Investment properties are revalued annually and included in the balance sheet at their fair value. Gains are recognised through the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. This treatment is consistent with the fair value provisions of the Companies Act 2006. The properties were valued by a professional valuer in 2017 and it is the directors opinion that their value has not significantly changed since this date.

Biological assets

Biological assets is the valuation of growing and harvested crops. These are valued at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete or 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Associated undertaking

The company has entered into a partnership agreement with two other individuals. This comprises an associated undertaking in accordance with FRS 9. The company takes advantage of the small companies exemption not to prepare group accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 April 2021

14,327,472

Additions

52,650

Disposals

(15,000

)

At 31 March 2022

14,365,122

DEPRECIATION

At 1 April 2021

1,239,266

Charge for year

193,512

Eliminated on disposal

(9,561

)

At 31 March 2022

1,423,217

NET BOOK VALUE

At 31 March 2022

12,941,905

At 31 March 2021

13,088,206

Cost or valuation at 31 March 2022 is represented by:

Totals

£

Valuation in 2012

477,409

Valuation in 2017

5,474,799

Cost

8,412,914

14,365,122

The revaluation of the investment properties and all freehold property was undertaken by Land Partners at £1,397,500 and £10,506,330 respectively on 23rd February 2017. The valuation was carried out on the basis of market value in accordance with the RICS Appraisal and Valuation Standards. The directors have concluded that the market value has not materially changed between the date of valuation and the balance sheet date.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST OR VALUATION

At 1 April 2021

715,109

Transfer to ownership

(254,114

)

At 31 March 2022

460,995

DEPRECIATION

At 1 April 2021

225,761

Charge for year

57,901

Transfer to ownership

(54,267

)

At 31 March 2022

229,395

NET BOOK VALUE

At 31 March 2022

231,600

At 31 March 2021

489,348

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2021

749,679

Additions

483,756

Disposals

(105,281

)

At 31 March 2022

1,128,154

NET BOOK VALUE

At 31 March 2022

1,128,154

At 31 March 2021

749,679

The market value of the unlisted investments is not materially different from their cost.

The partnership investment relates to an interest held in Padfield Hayleys Partnership. Additions and disposals in the year are net transactions between the partnership and Padfield (Hayleys) Limited including the profit share received.

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.22

31.3.21

£

£

Bank loans

1,374,562

1,433,242

The bank overdraft and bank loans are all secured on farmland and buildings owned either by the company or personally by the directors.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

2,510

Ordinary A

£1

2,510

2,510

2,490

Ordinary B

£1

2,490

2,490

5,000

5,000