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Registered number: 08865656
PLESSEY CHECKS FARMING LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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PLESSEY CHECKS FARMING LIMITED
REGISTERED NUMBER: 08865656
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
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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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PLESSEY CHECKS FARMING LIMITED
REGISTERED NUMBER: 08865656
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 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 income and retained earnings 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 on 21 April 2021.
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PLESSEY CHECKS FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Plessey Checks Farming Limited is a private company limited by shares incorporated in England and Wales (Co number: 08865656). The registered office is Blagdon Estate Office, Seaton Burn, Newcastle upon Tyne, NE13 6DE.
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 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 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 following principal accounting policies have been applied:
During the year, the company reported a profit, however at 30 September 2020 it had net current liabilities of £548,005. The beneficiary of the company's ultimate controlling party, the Fifth Viscount Ridley's 1995 Settlement, has agreed to provide financial support to the company to enable it to continue in operational existence for a period of no less than 12 months from the date of signing these financial statements. As such the financial statements have been prepared on a going concern basis.
In drawing this conclusion the directors have given due consideration to the impact of the Coronavirus pandemic. The directors consider that the impact of the pandemic to date of approval of these financial statements is not significant enough to create a material uncertainty that the company will continue to be a going concern.
Turnover comprises revenue recognised by the company in respect of farm produce supplied during the year, exclusive of Value Added Tax and trade discounts.
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Intangible assets and amortisation
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Intangible assets consist of farm subsidy entitlements which are issued by the Department for Environment, Food and Rural Affairs. Intangible assets acquired are initially recognised at cost at the date of acquisition. Following recognition under the costs model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Farm subsidy entitlements - 20% per annum straight line
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PLESSEY CHECKS FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.Accounting policies (continued)
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Tangible fixed assets and depreciation
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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.
Land and standing timber are not depreciated.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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Cash and cash equivalents
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Cash at bank and in hand are basic financial assets and include cash in hand.
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 and loans to related parties.
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.
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PLESSEY CHECKS FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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PLESSEY CHECKS FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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At 30 September 2020 the above loan was interest free and repayable on demand.
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Related party transactions
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At 30 September 2020, £830,000 (2019: £760,000) was due to the Fifth Viscount Ridley 1995 Settlement, a connected company of M W Ridley, a director of the company. The loan is interest free and repayable on demand.
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