Thomasson Farms Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03675700 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Thomasson Farms Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J Thomasson

SECRETARY:

Mrs M C Thomasson

REGISTERED OFFICE:

Aston Lower Hall Farm

Worleston

Nantwich

Cheshire

CW5 6DS

REGISTERED NUMBER:

03675700 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

6,034,819

5,668,254

Investments

6

1,750

1,750

6,036,569

5,670,004

CURRENT ASSETS

Stocks

7

722,672

610,586

Debtors

8

1,079,070

922,909

Cash at bank

1,585,091

186,697

3,386,833

1,720,192

CREDITORS

Amounts falling due within one year

9

769,402

838,097

NET CURRENT ASSETS

2,617,431

882,095

TOTAL ASSETS LESS CURRENT LIABILITIES

8,654,000

6,552,099

CREDITORS

Amounts falling due after more than one year

10

(2,947,395

)

(3,081,997

)

PROVISIONS FOR LIABILITIES

(276,104

)

(211,837

)

NET ASSETS

5,430,501

3,258,265

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

5,430,499

3,258,263

5,430,501

3,258,265

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 December 2023 and were signed by:

M J Thomasson - Director

1.	STATUTORY INFORMATION

Thomasson Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Milk Quota are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

15% 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.

Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

1) The entity has control over the asset as a result of past events;

2) It is probable that future economic benefits associated with the asset will flow to the entity; and

3) The fair value or cost of the asset can be measure reliably.

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either the lower of cost and estimated selling price less costs to complete and sell; or fair value less costs to sell with any gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell being include in the profit or loss.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument in 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 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2022

and 31 March 2023

288,039

AMORTISATION

At 1 April 2022

and 31 March 2023

288,039

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2022

2,664,098

4,327,968

6,992,066

Additions

-

906,053

906,053

Disposals

-

(434,682

)

(434,682

)

At 31 March 2023

2,664,098

4,799,339

7,463,437

DEPRECIATION

At 1 April 2022

-

1,323,812

1,323,812

Charge for year

-

399,468

399,468

Eliminated on disposal

-

(294,662

)

(294,662

)

At 31 March 2023

-

1,428,618

1,428,618

NET BOOK VALUE

At 31 March 2023

2,664,098

3,370,721

6,034,819

At 31 March 2022

2,664,098

3,004,156

5,668,254

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2022

and 31 March 2023

1,750

NET BOOK VALUE

At 31 March 2023

1,750

At 31 March 2022

1,750

7.

STOCKS

31/3/23

31/3/22

£

£

Dairy herd

513,927

418,167

Stocks

208,745

192,419

722,672

610,586

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Trade debtors

1,008,790

890,954

Other debtors

70,280

31,955

1,079,070

922,909

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans and overdrafts

101,614

136,700

Hire purchase contracts

425,654

412,415

Trade creditors

74,199

251,058

Taxation and social security

161,930

32,992

Other creditors

6,005

4,932

769,402

838,097

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans

1,687,446

1,753,975

Hire purchase contracts

1,236,631

1,300,298

Other creditors

23,318

27,724

2,947,395

3,081,997

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,200,989

1,207,175

11.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/23

31/3/22

£

£

Bank loans

1,789,060

1,890,675

Hire purchase contracts

1,662,285

1,712,713

3,451,345

3,603,388

National Westminster Bank PLC have a fixed charge on farmland and buildings owned by the company.

Hire Purchase assets are secured against the asset.