PENTELOW_FARMS_(ROTHWELL) - Accounts


Company registration number 01474837 (England and Wales)
PENTELOW FARMS (ROTHWELL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PENTELOW FARMS (ROTHWELL) LIMITED
COMPANY INFORMATION
Directors
Mr P I Pentelow
Mr D R Pentelow
Secretary
Mrs C Partridge
Company number
01474837
Registered office
Rothwell Lodge Farm
Rothwell Road
Kettering
Northamptonshire
United Kingdom
NN16 8XF
Accountants
Azets
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
PENTELOW FARMS (ROTHWELL) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
PENTELOW FARMS (ROTHWELL) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
222,028
212,511
Current assets
Stocks
414,894
430,435
Debtors
5
36,513
23,109
451,407
453,544
Creditors: amounts falling due within one year
6
(388,113)
(414,949)
Net current assets
63,294
38,595
Total assets less current liabilities
285,322
251,106
Creditors: amounts falling due after more than one year
7
(44,318)
(52,562)
Provisions for liabilities
(38,530)
(37,219)
Net assets
202,474
161,325
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
201,474
160,325
Total equity
202,474
161,325

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

PENTELOW FARMS (ROTHWELL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 July 2023 and are signed on its behalf by:
Mr P I Pentelow
Director
Company Registration No. 01474837
PENTELOW FARMS (ROTHWELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Pentelow Farms (Rothwell) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rothwell Lodge Farm, Rothwell Road, Kettering, Northamptonshire, United Kingdom, NN16 8XF.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain assets. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of consideration received or receivable net of VAT.

 

Turnover represents farming income from sales of crops and livestock, and from contracting work, invoiced at value excluding VAT, together with associated grants and subsidies.

Turnover from crop and livestock sales is recognised when significant risks and rewards of ownership have transferred to the buyer, normally on delivery.

Turnover from the provision of services is recognised on the delivery of those services by reference to the stage of completion at the balance sheet date.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Basic payment entitlement was amortised evenly over its estimated useful life and has now been fully written off.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
4% on cost
Plant and machinery
10% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
Combine harvesters
15% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PENTELOW FARMS (ROTHWELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are valued in accordance with the principles laid down by HM Revenue and Customs.

Cultivations are biological assets and are included at cost calculated by reference to seeds, fertilisers and machinery and labour attributable to the stage of production reached.

Livestock and deadstock are valued by reference to quantities held at the year end at the lower of cost (or deemed cost) and net realisable value.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PENTELOW FARMS (ROTHWELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Loans from or to the director are measured at transaction value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PENTELOW FARMS (ROTHWELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
3
PENTELOW FARMS (ROTHWELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Intangible fixed assets
Basic Payment Entitlement
£
Cost
At 1 April 2022 and 31 March 2023
28,543
Amortisation and impairment
At 1 April 2022 and 31 March 2023
28,543
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
4
Tangible fixed assets
Improvements to property
Plant and machinery
Computer equipment
Motor vehicles
Combine harvesters
Total
£
£
£
£
£
£
Cost
At 1 April 2022
53,057
349,965
4,863
307,927
102,500
818,312
Additions
3,298
21,478
1,200
25,000
-
0
50,976
Disposals
-
0
-
0
-
0
(36,124)
-
0
(36,124)
At 31 March 2023
56,355
371,443
6,063
296,803
102,500
833,164
Depreciation and impairment
At 1 April 2022
23,509
277,838
4,863
217,270
82,321
605,801
Depreciation charged in the year
1,319
7,450
167
24,202
3,027
36,165
Eliminated in respect of disposals
-
0
-
0
-
0
(30,830)
-
0
(30,830)
At 31 March 2023
24,828
285,288
5,030
210,642
85,348
611,136
Carrying amount
At 31 March 2023
31,527
86,155
1,033
86,161
17,152
222,028
At 31 March 2022
29,548
72,127
-
0
90,657
20,179
212,511
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
6,198
Other debtors
36,513
16,911
36,513
23,109
PENTELOW FARMS (ROTHWELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
288,522
280,834
Trade creditors
37,428
63,709
Corporation tax
10,371
12,870
Other taxation and social security
692
-
0
Other creditors
51,100
57,536
388,113
414,949

Other creditors due within one year includes hire purchase liabilities of £22,912 (2022: £15,891) which are secured under normal terms.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,463
39,977
Other creditors
9,855
12,585
44,318
52,562

Other creditors due after one year includes hire purchase liabilities of £9,855 (2022: £12,585) which are secured under normal terms.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class 'A' shares of £1 each
800
800
800
800
Class 'B' shares of £1 each
200
200
200
200
1,000
1,000
1,000
1,000
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Directors
8,773
1,947

These loans are interest free and repayable on demand.

PENTELOW FARMS (ROTHWELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
10
Directors' transactions

The following advances and credits to directors subsisted during the year ended 31 March 2023:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Advance
-
396
82,759
(53,330)
29,825
396
82,759
(53,330)
29,825

The advances/loans are interest-free and repayable on demand.

2023-03-312022-04-01false26 July 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr P I PentelowMr D R PentelowMrs C Partridge014748372022-04-012023-03-3101474837bus:Director12022-04-012023-03-3101474837bus:Director22022-04-012023-03-3101474837bus:CompanySecretary12022-04-012023-03-3101474837bus:RegisteredOffice2022-04-012023-03-31014748372023-03-31014748372022-03-3101474837core:LeaseholdImprovements2023-03-3101474837core:PlantMachinery2023-03-3101474837core:ComputerEquipment2023-03-3101474837core:MotorVehicles2023-03-3101474837core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3101474837core:LeaseholdImprovements2022-03-3101474837core:PlantMachinery2022-03-3101474837core:ComputerEquipment2022-03-3101474837core:MotorVehicles2022-03-3101474837core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-3101474837core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101474837core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3101474837core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3101474837core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3101474837core:CurrentFinancialInstruments2023-03-3101474837core:CurrentFinancialInstruments2022-03-3101474837core:Non-currentFinancialInstruments2023-03-3101474837core:Non-currentFinancialInstruments2022-03-3101474837core:ShareCapital2023-03-3101474837core:ShareCapital2022-03-3101474837core:RetainedEarningsAccumulatedLosses2023-03-3101474837core:RetainedEarningsAccumulatedLosses2022-03-3101474837core:ShareCapitalOrdinaryShares2023-03-3101474837core:ShareCapitalOrdinaryShares2022-03-3101474837core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3101474837core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3101474837core:PlantMachinery2022-04-012023-03-3101474837core:ComputerEquipment2022-04-012023-03-3101474837core:MotorVehicles2022-04-012023-03-31014748372021-04-012022-03-3101474837core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3101474837core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3101474837core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3101474837core:LeaseholdImprovements2022-03-3101474837core:PlantMachinery2022-03-3101474837core:ComputerEquipment2022-03-3101474837core:MotorVehicles2022-03-3101474837core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-31014748372022-03-3101474837core:LeaseholdImprovements2022-04-012023-03-3101474837core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-04-012023-03-3101474837core:WithinOneYear2023-03-3101474837core:WithinOneYear2022-03-3101474837bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101474837bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3101474837bus:FRS1022022-04-012023-03-3101474837bus:AuditExemptWithAccountantsReport2022-04-012023-03-3101474837bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP