Pusey Farming Limited - Limited company accounts 20.1
Pusey Farming Limited - Limited company accounts 20.1
| REGISTERED NUMBER: |
| Report of the Director and |
| Financial Statements |
| for the Year Ended 31 March 2020 |
| for |
| Pusey Farming Limited |
| Pusey Farming Limited (Registered number: 08293476) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Report of the Director | 2 |
| Income Statement | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 |
| Pusey Farming Limited |
| Company Information |
| for the Year Ended 31 March 2020 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 201 High Street |
| Lewes |
| East Sussex |
| BN7 2NR |
| MANAGING AGENT: |
| 55 Northbrook Street |
| Newbury |
| Berkshire |
| RG14 1AN |
| Pusey Farming Limited (Registered number: 08293476) |
| Report of the Director |
| for the Year Ended 31 March 2020 |
| The director presents his report with the financial statements of the company for the year ended 31 March 2020. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of arable and livestock farming. |
| DIRECTOR |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| Pusey Farming Limited (Registered number: 08293476) |
| Income Statement |
| for the Year Ended 31 March 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| REVENUE |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Labour | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| (85,577 | ) | (11,873 | ) |
| Other operating income |
| OPERATING LOSS and |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss | ( |
) |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| Pusey Farming Limited (Registered number: 08293476) |
| Balance Sheet |
| 31 March 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 5 |
| CURRENT ASSETS |
| Inventories |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his 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 were approved by the director and authorised for issue on |
| Pusey Farming Limited (Registered number: 08293476) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Pusey Farming Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Revenue 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. |
| Land & Buildings - 0% and 5% on reducing balance |
| Plant & Machinery - 15% on reducing balance and 25% on reducing balance |
| Stocks |
| Consumables and raw materials are stated at the lower of cost and estimated selling price less costs |
| to complete and sell. |
| Biological assets comprise growing crops measured at cost. Cost includes materials, direct labour and |
| production overheads appropriate to the relevant stages of production. |
| Agricultural produce harvested from these assets are measured at the lower of cost and estimated |
| selling price less costs to complete and sell. |
| Livestock is valued at the lower of costs and net realisable value. For, animals where it is not possible to ascertain the actual cost of production, cost is 'deemed cost' which for cattle represents 60% of open market value and for sheep 75% of open market value. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | OPERATING LOSS |
| The operating loss is stated after charging/(crediting): |
| 2020 | 2019 |
| £ | £ |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) |
| Pusey Farming Limited (Registered number: 08293476) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 5. | PROPERTY, PLANT AND EQUIPMENT |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Land and buildings includes the Malte East and Malte West Cottages (£1,369,263) and Great Fields House (£665,744) developments, new Grainstore Bushy Barns (£312,618) and Grainstore renovation (£209,706). The projects have been completed during the financial year. Malte East and West are service occupancies and Great Fields House an agricultural dwelling for the farm manager. VAT on Malte East and West is exempt and on Great Field and Grainstores it is reclaimable as standard rated. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Other creditors includes the Directors current account balance of £3,146,849 which is made up of loans received to date of £5,252,851 less private expenditure of £2,096,702. |