Company registration number 00452161 (England and Wales)
GEORGE THOMPSON (GREAT OAKLEY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
31 December 2021
PAGES FOR FILING WITH REGISTRAR
GEORGE THOMPSON (GREAT OAKLEY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
GEORGE THOMPSON (GREAT OAKLEY) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,794,705
2,539,610
Investments
4
525
500
2,795,230
2,540,110
Current assets
Stocks
315,235
233,741
Debtors
5
235,663
269,904
Cash at bank and in hand
108
737,982
551,006
1,241,627
Creditors: amounts falling due within one year
6
(224,179)
(385,717)
Net current assets
326,827
855,910
Total assets less current liabilities
3,122,057
3,396,020
Creditors: amounts falling due after more than one year
7
(107,917)
(41,239)
Provisions for liabilities
(134,742)
(158,589)
Net assets
2,879,398
3,196,192
Capital and reserves
Called up share capital
2,960
2,960
Share premium account
173,226
173,226
Other reserves
475
475
Profit and loss reserves
2,702,737
3,019,531
Total equity
2,879,398
3,196,192
GEORGE THOMPSON (GREAT OAKLEY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -

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 December 2021 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.

The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
Mr P J  Thompson
Director
Company Registration No. 00452161
GEORGE THOMPSON (GREAT OAKLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

George Thompson (Great Oakley) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brook Farm, Gt Oakley, Harwich, Essex, CO12 5BN.

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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been drawn up on a going concern basis.true There continues to be uncertainty in the world economy as a result of the the ongoing COVID-19 crisis. The directors have considered the impact due to the economic uncertainty. They have used government incentives where needed and feel they have take appropriate action and measures to allow the company to continue to trade and meet its liabilities as they fall due. Uncertainty remains through the wider economy and it is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and broader economy.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
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.

GEORGE THOMPSON (GREAT OAKLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -

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:

Freehold land and property
2% straight line
Farm equipment and vehicles
25% reducing balance
Reservoir
10% straight line
Orchard
10% straight line

Freehold land is not depreciated.

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.

1.6
Fixed asset investments

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

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.

1.9
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.

GEORGE THOMPSON (GREAT OAKLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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 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.

1.10
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.

1.11
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.

GEORGE THOMPSON (GREAT OAKLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
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.

1.12
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.

1.13
Retirement benefits

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

1.14
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.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

GEORGE THOMPSON (GREAT OAKLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2021
2020
Number
Number
Total
36
45
3
Tangible fixed assets
Freehold land and property
Farm equipment and vehicles
Reservoir
Orchard
Total
£
£
£
£
£
Cost
At 1 January 2021
2,367,024
2,088,221
63,783
86,952
4,605,980
Additions
255,613
289,260
-
0
-
0
544,873
Disposals
-
0
(104,618)
-
0
-
0
(104,618)
At 31 December 2021
2,622,637
2,272,863
63,783
86,952
5,046,235
Depreciation and impairment
At 1 January 2021
352,596
1,594,808
51,026
67,940
2,066,370
Depreciation charged in the year
38,735
176,883
6,378
19,012
241,008
Eliminated in respect of disposals
-
0
(55,848)
-
0
-
0
(55,848)
At 31 December 2021
391,331
1,715,843
57,404
86,952
2,251,530
Carrying amount
At 31 December 2021
2,231,306
557,020
6,379
-
0
2,794,705
At 31 December 2020
2,014,428
493,413
12,757
19,012
2,539,610
GEORGE THOMPSON (GREAT OAKLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
4
Fixed asset investments
2021
2020
£
£
Other investments other than loans
525
500
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2021
500
Additions
25
At 31 December 2021
525
Carrying amount
At 31 December 2021
525
At 31 December 2020
500
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
87,911
153,248
Corporation tax recoverable
2,779
-
0
Other debtors
89,372
58,256
180,062
211,504
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
55,601
58,400
Total debtors
235,663
269,904
GEORGE THOMPSON (GREAT OAKLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
31,015
-
0
Trade creditors
82,252
137,244
Corporation tax
-
0
7,801
Other taxation and social security
18,432
30,364
Other creditors
92,480
210,308
224,179
385,717
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
107,917
41,239
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
47,352
31,870
2021-12-312021-01-01false12 September 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityMr P J ThompsonMrs J L ThompsonMrs S A ThompsonP.R. Wooding,Mr W A SibleyMrs J L Thompson004521612021-01-012021-12-31004521612021-12-31004521612020-12-3100452161core:LandBuildings2021-12-3100452161core:OtherPropertyPlantEquipment2021-12-3100452161core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-3100452161core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2021-12-3100452161core:LandBuildings2020-12-3100452161core:OtherPropertyPlantEquipment2020-12-3100452161core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2020-12-3100452161core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2020-12-3100452161core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3100452161core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3100452161core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3100452161core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3100452161core:CurrentFinancialInstruments2021-12-3100452161core:CurrentFinancialInstruments2020-12-3100452161core:ShareCapital2021-12-3100452161core:ShareCapital2020-12-3100452161core:SharePremium2021-12-3100452161core:SharePremium2020-12-3100452161core:OtherMiscellaneousReserve2021-12-3100452161core:OtherMiscellaneousReserve2020-12-3100452161core:RetainedEarningsAccumulatedLosses2021-12-3100452161core:RetainedEarningsAccumulatedLosses2020-12-3100452161bus:Director12021-01-012021-12-3100452161core:LandBuildingscore:OwnedOrFreeholdAssets2021-01-012021-12-3100452161core:PlantMachinery2021-01-012021-12-3100452161core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-01-012021-12-3100452161core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2021-01-012021-12-31004521612020-01-012020-12-3100452161core:LandBuildings2020-12-3100452161core:OtherPropertyPlantEquipment2020-12-3100452161core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2020-12-3100452161core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2020-12-31004521612020-12-3100452161core:LandBuildings2021-01-012021-12-3100452161core:OtherPropertyPlantEquipment2021-01-012021-12-3100452161core:WithinOneYear2021-12-3100452161core:WithinOneYear2020-12-3100452161core:AfterOneYear2021-12-3100452161core:AfterOneYear2020-12-3100452161core:Non-currentFinancialInstruments2021-12-3100452161core:Non-currentFinancialInstruments2020-12-3100452161bus:PrivateLimitedCompanyLtd2021-01-012021-12-3100452161bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3100452161bus:FRS1022021-01-012021-12-3100452161bus:AuditExemptWithAccountantsReport2021-01-012021-12-3100452161bus:Director22021-01-012021-12-3100452161bus:Director32021-01-012021-12-3100452161bus:Director42021-01-012021-12-3100452161bus:Director52021-01-012021-12-3100452161bus:CompanySecretary12021-01-012021-12-3100452161bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP