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Registered number: 08742332
N & P ALLPRESS LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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N & P ALLPRESS LIMITED
REGISTERED NUMBER: 08742332
BALANCE SHEET
AS AT 30 JUNE 2022
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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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N & P ALLPRESS LIMITED
REGISTERED NUMBER: 08742332
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2022
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:
................................................
N L Allpress
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The notes on pages 3 to 13 form part of these financial statements.
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N & P ALLPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
N & P Allpress Ltd is a company incorporated in England and Wales, registration number 08742332.
The registered office is Hollyhouse Farm, Horseway, Chatteris, Cambridgeshire, England, PE16 6XQ.
The company's principal activity is that of land and property rental to the farming sector.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors acknowledge the challenging trading conditions experienced by fellow subsidiary
companies within the group, who owe the company significant sums at the balance sheet date and
post year end.
The Directors have approached their bankers HSBC for an extension to the current overdraft facility.
HSBC have not confirmed their decision at the time of writing, however the Directors feel confident
that HSBC will continue to support the business to the level required.
For 2024 the Directors are confident the group will return to a profitable and sustainable position as a
result of :-
• The business has secured retail contracts reflecting the recent inflationary increases.
• The business has continued to invest in new technologies to improve crop yields, mitigating recent
weather extremes.
• The business has also invested in processing facilities to improve efficiencies to mitigate rising
labour costs.
• The Directors have recently carried out a restructure resulting in a more streamlined and focussed
processing operation.
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N & P ALLPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
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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N & P ALLPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
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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 balance sheet 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 balance sheet 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 balance sheet 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.
Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.
Depreciation is provided on the following basis:
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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N & P ALLPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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N & P ALLPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Preparation of the financial statements requires management to make significant judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other relevant factors. In some cases, actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
There are no estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
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The average monthly number of employees, including directors, during the year was 2 (2021 - 2).
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N & P ALLPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Freehold land and buildings
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Charge for the year on owned assets
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The net book value of land and buildings may be further analysed as follows:
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The carrying amount of investment property, which the Company rents to another group entity when it has chosen to account for such properties using the cost model was £2,310,101 (2021: £2,316,768).
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N & P ALLPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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N & P ALLPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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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 following liabilities were secured:
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Details of security provided:
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The bank loan is secured by fixed and floating charges over the company's assets.
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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The bank loan is secured by fixed and floating charges over the company's assets.
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N & P ALLPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Interest is charged at 2.25% per annum over the base rate.
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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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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
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N & P ALLPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Operating leases - lessor
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At 30 June 2022 the Company had future minimum lease payments due under non-cancellable operating leases due to them from fellow subsidiary companies as follows:
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Later than 1 year and not later than 5 years
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Tax losses carried forward
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N & P ALLPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Related party transactions
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Group Companies
The company made the following transactions with Allpress Farms Limited, a fellow subsidiary of Horseway Holdings Limited during the year;
Sales invoiced to Allpress Farms Limited - £146,311, £71,167 of which is recognised as deferred income within these accounts (2021: £16,611).
Amounts owing from Allpress Farms Limited - £146,311 (2021: £Nil)
Expenses paid on behalf of the company by Allpress Farms Limited - £94,750 (2021: £320,000)
Amounts owed to Allpress Farms Limited - £414,750 (2021: £320,000)
The company made the following transactions with Horseway Energy Limited, a fellow subsidiary of Horseway Holdings Limited during the year;
Expenses paid on behalf of the company by Horseway Energy Limited - £21,000 (2021: £41,100)
Amounts owed to Horseway Energy Limited - £62,100 (2021: £41,100)
The company made the following transactions with the parent comapny, Horseway Holdings Limited, during the year;
Expenses paid on behalf of the company by Horseway Holdings Limited - £Nil (2021: £20,601)
Amounts owed to Horseway Holdings Limited - £20,601 (2021: £20,601)
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The company is a wholly owned subsidiary of Horseway Holdings Limited, a company incorporated in the
United Kingdom and regarded by the Directors as the Ultimate Parent Undertaking. Copies of the
consolidated accounts can be obtained from the company's registered office.
The ultimate controlling parties are N L Allpress and P W Allpress, who own the entire share capital of
Horseway Holdings Limited equally.
The auditors' report on the financial statements for the year ended 30 June 2022 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which makes reference to the disappointing trading performance of the group and that the group are reliant on an overdraft facility with its bank. The directors are in the process of seeking an extension to the facility. The bank's decision to extend the facility falls after the date of approval of these financial statements. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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The audit report was signed on 29 June 2023 by Ben Beech ACA (Senior statutory auditor) on behalf of Whitings LLP.
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