Park Farm Syndicate (Fairford) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00319584 (England and Wales)

Park Farm Syndicate (Fairford) Limited

Financial Statements

for the Year Ended 30th September 2023

Page

Balance Sheet

1

to

2

Notes to the Financial Statements

3

to

7

FIXED ASSETS

Tangible assets

4

590,770

582,294

CURRENT ASSETS

Stocks

575,864

580,920

Debtors

5

462,676

251,476

Investments

6

107

107

Cash at bank

24,688

-

1,063,335

832,503

CREDITORS

Amounts falling due within one year

7

571,837

396,526

NET CURRENT ASSETS

491,498

435,977

TOTAL ASSETS LESS CURRENT LIABILITIES

1,082,268

1,018,271

CREDITORS

Amounts falling due after more than one year

8

(58,891

)

(35,836

)

PROVISIONS FOR LIABILITIES

(114,724

)

(97,847

)

NET ASSETS

908,653

884,588

CAPITAL AND RESERVES

Called up share capital

1,005

1,005

Retained earnings

907,648

883,583

SHAREHOLDERS' FUNDS

908,653

884,588

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 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.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th June 2024 and were signed on its behalf by:

J A Iles - Director

1.	STATUTORY INFORMATION

Park Farm Syndicate (Fairford) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

00319584

Registered office:

Leafield Farm

Quenington

Cirencester

Gloucestershire

GL7 5DG

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Improvements to property

-

10% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on cost and 10% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Biomass

to

Plant and

unit

property

machinery

£

£

£

COST

At 1st October 2022

561,312

332,298

465,157

Additions

-

-

82,348

Disposals

-

-

-

At 30th September 2023

561,312

332,298

547,505

DEPRECIATION

At 1st October 2022

245,567

306,039

372,921

Charge for year

28,066

2,626

29,170

Eliminated on disposal

-

-

-

At 30th September 2023

273,633

308,665

402,091

NET BOOK VALUE

At 30th September 2023

287,679

23,633

145,414

At 30th September 2022

315,745

26,259

92,236

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st October 2022

582,544

47,872

1,989,183

Additions

3,550

-

85,898

Disposals

-

(5,000

)

(5,000

)

At 30th September 2023

586,094

42,872

2,070,081

DEPRECIATION

At 1st October 2022

446,379

35,983

1,406,889

Charge for year

12,698

2,763

75,323

Eliminated on disposal

-

(2,901

)

(2,901

)

At 30th September 2023

459,077

35,845

1,479,311

NET BOOK VALUE

At 30th September 2023

127,017

7,027

590,770

At 30th September 2022

136,165

11,889

582,294

The leasehold of the farm is held in the name of J A Iles Esq., a director of the company. The company pays an annual licence fee to J A Iles Esq. equivalent to the amount payable by him to the landlord. The buildings referred to above are on the land held under licence.

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

Plant and

machinery

£

COST

At 1st October 2022

109,935

Additions

63,250

At 30th September 2023

173,185

DEPRECIATION

At 1st October 2022

57,250

Charge for year

15,806

At 30th September 2023

73,056

NET BOOK VALUE

At 30th September 2023

100,129

At 30th September 2022

52,685

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

112,797

110,665

Social security and other taxes

3,664

-

Prepayments and accrued income

811

811

Loan - J J Power Limited

130,000

140,000

Loan - BHI Farming Limited

215,404

-

462,676

251,476

6.	CURRENT ASSET INVESTMENTS

2023

2022

£

£

Unlisted investments

107

107

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

10,000

27,319

Hire purchase contracts

20,793

28,904

Trade creditors

257,468

174,464

Social security and other taxes

-

37,944

Other creditors

231,611

70,000

Directors' current accounts

16,596

25,945

Accrued expenses

35,369

31,950

571,837

396,526

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

17,500

27,500

Preference shares

4,000

4,000

Hire purchase contracts

37,391

4,336

58,891

35,836

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

4,000

4,000