Company Registration No. 06207622 (England and Wales)
Pigdon Farm Limited
Unaudited accounts
for the year ended 31 March 2023
Pigdon Farm Limited
Unaudited accounts
Contents
Pigdon Farm Limited
Statement of financial position
as at 31 March 2023
Intangible assets
17,750
18,750
Tangible assets
4,230,408
4,047,488
Investment property
240,000
-
Investments
1,597,832
612,217
Cash at bank and in hand
4,615,115
4,374,527
Creditors: amounts falling due within one year
(2,926,531)
(4,740,753)
Net current assets
1,837,942
2,336,782
Total assets less current liabilities
7,923,932
7,015,237
Creditors: amounts falling due after more than one year
(1,715,800)
(1,711,811)
Provisions for liabilities
Deferred tax
(153,500)
(89,500)
Net assets
6,054,632
5,213,926
Called up share capital
2
2
Fair value reserve
1,596,757
-
Profit and loss account
4,457,873
5,213,924
Shareholders' funds
6,054,632
5,213,926
For the year ending 31 March 2023 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 12 July 2023 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 2023
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 and farm management, 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 the provision of management services to its wholly owned subsidiary, turnover represents the fair value of services provided, excluding value added tax.
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
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.
Pigdon Farm Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
Intangible fixed assets are included at cost less accumulated amortisation.
4
Intangible fixed assets
Other
This relates to the purchase of entitlements to the Rural Payments Agency "Basic Payment Scheme" and will be amortised over 20 years.
Pigdon Farm Limited
Notes to the Accounts
for the year ended 31 March 2023
5
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 2022
3,757,971
327,547
54,193
2,397
4,142,108
Additions
138,438
111,648
-
1,782
251,868
Disposals
-
(44,950)
-
-
(44,950)
At 31 March 2023
3,896,409
394,245
54,193
4,179
4,349,026
At 1 April 2022
-
65,993
26,670
1,957
94,620
Charge for the year
3,257
20,832
6,881
727
31,697
On disposals
-
(7,699)
-
-
(7,699)
At 31 March 2023
3,257
79,126
33,551
2,684
118,618
At 31 March 2023
3,893,152
315,119
20,642
1,495
4,230,408
At 31 March 2022
3,757,971
261,554
27,523
440
4,047,488
This represents the acquisition of affordable residential properties for rent.
7
Investments
Subsidiary undertakings
Valuation at 1 April 2022
612,217
Fair value adjustments
984,640
Valuation at 31 March 2023
1,597,832
This represents 100% of the issued share capital and reserves of Chardale Country Homes Limited and 97.5% of the issued share capital of Northumberland Luxury Parks Limited. The total gain of £1,596,757 on revaluation of the investment in Chardale Country Homes Limited has been transferred to a non-distributable fair value reserve.
Amounts falling due within one year
Trade debtors
42,280
393,395
Amounts due from group undertakings etc.
-
2,302,753
Accrued income and prepayments
86,750
6,860
Pigdon Farm Limited
Notes to the Accounts
for the year ended 31 March 2023
9
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
24,511
16,985
Trade creditors
14,126
292,071
Amounts owed to group undertakings and other participating interests
1,950,963
-
Taxes and social security
1,551
703,187
Other creditors
923,223
1,831,324
Loans from directors
3,153
1,839,728
10
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,696,800
1,696,800
Obligations under finance leases and hire purchase contracts
19,000
15,011
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 £209,494 (2022: £163,594) from companies in which a member of key management personnel owns 50% of the issued share capital. These loans are interest-free and repayable on demand.
Included within other creditors falling due within one year are loans totalling £713,730 (2022: £1,367,730) from companies in which members of key management personnel and close family own directly or indirectly 50% of the issued share capital. These loans are interest-free and repayable on demand.
Included within other creditors falling due within one year are loans totalling £1,950,963 (2022: £0) from group companies. These loans are interest-free and repayable on demand.
Included within other creditors falling due within one year are loans from directors totalling £3,153 (2022: £1,839,728). These loans are interest-free and repayable on demand.
A loan of £2,302,753 made to a group company in the year ended 31 March 2022 was repaid during the year.
During the year, the company provided services to a group company totalling £78,000.
13
Average number of employees
During the year the average number of employees was 5 (2022: 5).
