Caseware UK (AP4) 2021.0.152 2021.0.152 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2021-01-0143truefalse 06375785 2021-01-01 2021-12-31 06375785 2020-01-01 2020-12-31 06375785 2021-12-31 06375785 2020-12-31 06375785 c:PriorPeriodIncreaseDecrease 2021-01-01 2021-12-31 06375785 d:CompanySecretary1 2021-01-01 2021-12-31 06375785 d:Director4 2021-01-01 2021-12-31 06375785 d:Director5 2021-01-01 2021-12-31 06375785 d:RegisteredOffice 2021-01-01 2021-12-31 06375785 d:Agent1 2021-01-01 2021-12-31 06375785 d:Agent2 2021-01-01 2021-12-31 06375785 c:Buildings 2021-01-01 2021-12-31 06375785 c:Buildings 2020-12-31 06375785 c:Buildings c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06375785 c:Buildings c:PriorPeriodIncreaseDecrease 2021-01-01 2021-12-31 06375785 c:Buildings c:LongLeaseholdAssets 2021-01-01 2021-12-31 06375785 c:PlantMachinery 2021-01-01 2021-12-31 06375785 c:PlantMachinery 2020-12-31 06375785 c:PlantMachinery c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06375785 c:PlantMachinery c:PriorPeriodIncreaseDecrease 2021-01-01 2021-12-31 06375785 c:FurnitureFittings c:PriorPeriodIncreaseDecrease 2021-01-01 2021-12-31 06375785 c:FurnitureFittings 2021-01-01 2021-12-31 06375785 c:FurnitureFittings 2020-12-31 06375785 c:FurnitureFittings c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06375785 c:OfficeEquipment 2021-01-01 2021-12-31 06375785 c:OfficeEquipment 2020-12-31 06375785 c:OfficeEquipment c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06375785 c:OfficeEquipment c:PriorPeriodIncreaseDecrease 2021-01-01 2021-12-31 06375785 c:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 06375785 c:OtherPropertyPlantEquipment 2020-12-31 06375785 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06375785 c:OtherPropertyPlantEquipment c:PriorPeriodErrorIncreaseDecrease 2021-01-01 2021-12-31 06375785 c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06375785 c:CurrentFinancialInstruments 2021-12-31 06375785 c:CurrentFinancialInstruments 2020-12-31 06375785 c:Non-currentFinancialInstruments 2021-12-31 06375785 c:Non-currentFinancialInstruments 2020-12-31 06375785 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 06375785 c:CurrentFinancialInstruments c:WithinOneYear 2020-12-31 06375785 c:Non-currentFinancialInstruments c:AfterOneYear 2021-12-31 06375785 c:Non-currentFinancialInstruments c:AfterOneYear 2020-12-31 06375785 c:UKTax 2021-01-01 2021-12-31 06375785 c:UKTax 2020-01-01 2020-12-31 06375785 c:ShareCapital 2021-12-31 06375785 c:ShareCapital 2020-12-31 06375785 c:SharePremium 2021-01-01 2021-12-31 06375785 c:SharePremium 2021-12-31 06375785 c:SharePremium 2020-12-31 06375785 c:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 06375785 c:RetainedEarningsAccumulatedLosses 2021-12-31 06375785 c:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 06375785 c:RetainedEarningsAccumulatedLosses 2020-12-31 06375785 c:RetainedEarningsAccumulatedLosses 2020-01-01 06375785 d:OrdinaryShareClass1 2021-01-01 2021-12-31 06375785 d:OrdinaryShareClass1 2021-12-31 06375785 d:OrdinaryShareClass1 2020-12-31 06375785 d:FRS102 2021-01-01 2021-12-31 06375785 d:Audited 2021-01-01 2021-12-31 06375785 d:FullAccounts 2021-01-01 2021-12-31 06375785 d:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 06375785 2 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06375785










Thanet Growers One Limited










Directors' report and financial statements

For the year ended 31 December 2021



 
Thanet Growers One Limited
 

Company Information


Directors
A J Breugem 
P van Malkenhorst 




Company secretary
P van Malkenhorst



Registered number
06375785



Registered office
2 Barrow Man Road

Birchington

Kent

CT7 0AX




Independent auditor
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

37 St Margaret's Street

Canterbury

Kent

CT1 2TU




Bankers
HSBC Bank
Lakeview West

Crossways Business Park

Dartford

DA2 6QE





Coöperatieve Rabobank Westland UA

Postbus 9

2670 AA

Naaldwijk

The Netherlands




Solicitors
DAC Beachcroft LLP
25 Walbrook

London

EC4N 8AF





 
Thanet Growers One Limited
 

Contents



Page
Directors' report
 
1
Directors' responsibilities statement
 
2
Independent auditor's report
 
3 - 6
Statement of income and retained earnings
 
7
Statement of comprehensive income
 
Balance sheet
 
8
Notes to the financial statements
 
9 - 19


 
Thanet Growers One Limited
 

 
Directors' report
For the year ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Principal activity

The company's principal activity for the year under review is that of the production and sale of tomatoes.

Directors

The directors who served during the year were:

A J Breugem 
P van Malkenhorst 

  Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Under section 487(2) of the Companies Act 2006Kreston Reeves LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.


In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





A J Breugem
Director

Date: 30 August 2022

Page 1

 
Thanet Growers One Limited
 

Directors' responsibilities statement
For the year ended 31 December 2021

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in directors' reports may differ from legislation in other jurisdictions.

Page 2

 
Thanet Growers One Limited
 

 
Independent auditor's report to the members of Thanet Growers One Limited
 

Opinion


We have audited the financial statements of Thanet Growers One Limited (the 'Company') for the year ended 31 December 2021, which comprise the statement of income and retained earnings, the statement of comprehensive income, the balance sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our auditor's report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 3

 
Thanet Growers One Limited
 

 
Independent auditor's report to the members of Thanet Growers One Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

 
Thanet Growers One Limited
 

 
Independent auditor's report to the members of Thanet Growers One Limited (continued)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals to increase revenue or reduce expenditure and management bias in judgemental areas of the financial statements such as the valuation of work in progress. Audit procedures performed by the engagement team included:
• Discussions with management and assessment of known or suspected instances of non-compliance with   laws and regulations (including health and safety, DEFRA) and fraud; and
• Assessment of identified fraud risk factors; and
• Review of transactions throughout the period to identify any previously undisclosed transactions with    related parties outside the normal course of business; and
• Review of significant and unusual transactions and evaluation of the underlying financial rationale     supporting the transactions; and
• Identifying and testing journal entries, in particular any manual entries made at the year end for financial    statement preparation with the use of data analytics 
• Reviewing crop reconciliations to ensure the transactions included in the calculations reconcile to the    underlying accounting records

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Page 5

 
Thanet Growers One Limited
 

 
Independent auditor's report to the members of Thanet Growers One Limited (continued)


Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Samantha Rouse FCCA DChA (senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Chartered Accountants
Statutory Auditor
  
Canterbury

31 August 2022
Page 6

 
Thanet Growers One Limited
 

Statement of income and retained earnings
For the year ended 31 December 2021

2021
2020
Note
£
£

  

Turnover
  
6,924,654
5,836,504

Cost of sales
  
(9,131,596)
(5,828,839)

Gross (loss)/profit
  
(2,206,942)
7,665

Administrative expenses
  
(724,908)
(493,415)

Other operating income
 3 
3,171,454
768,192

Operating profit
  
239,604
282,442

Interest receivable and similar income
  
334
409

Interest payable and similar expenses
  
(125,032)
(127,834)

Profit before tax
  
114,906
155,017

Tax on profit
 5 
(146,470)
(11,708)

(Loss)/profit after tax
  
(31,564)
143,309

  

  

Retained earnings at the beginning of the year
  
1,722,690
1,579,381

  
1,722,690
1,579,381

(Loss)/profit for the year
  
(31,564)
143,309

Retained earnings at the end of the year
  
1,691,126
1,722,690
The notes on pages 9 to 19 form part of these financial statements.

Page 7

 
Thanet Growers One Limited
Registered number: 06375785

Balance sheet
As at 31 December 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 6 
5,001,719
5,558,036

Investments
 7 
100
100

  
5,001,819
5,558,136

Current assets
  

Stocks
  
1,998,396
1,577,495

Debtors
 8 
2,608,720
1,648,670

Cash at bank and in hand
  
189,301
298,835

  
4,796,417
3,525,000

Creditors: amounts falling due within one year
 9 
(6,536,451)
(4,086,537)

Net current liabilities
  
 
 
(1,740,034)
 
 
(561,537)

Total assets less current liabilities
  
3,261,785
4,996,599

Creditors: amounts falling due after more than one year
 10 
-
(1,775,908)

Provisions for liabilities
  

Deferred tax
  
(252,962)
(180,304)

  
 
 
(252,962)
 
 
(180,304)

Net assets
  
3,008,823
3,040,387


Capital and reserves
  

Called up share capital 
 11 
1,265,997
1,265,997

Share premium account
 12 
51,700
51,700

Profit and loss account
 12 
1,691,126
1,722,690

  
3,008,823
3,040,387


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 were approved and authorised for issue by the board and were signed on its behalf by: 





A J Breugem
Director

Date: 30 August 2022

The notes on pages 9 to 19 form part of these financial statements.

Page 8

 
Thanet Growers One Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

1.


General information

Thanet Growers One Limited is a limited liability company incorporated in England and Wales. The company's registered number is 06375785.  
The address of the registered office is 2 Barrow Man Road, Birchington, Kent, England, CT7 0AX.  
The principal activity of the company was the production and sale of tomatoes. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented to the nearest Pound. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company’s trade, its customers and suppliers. However, taking into consideration the UK Government’s response and the company’s planning, added to the fact the company is vital in the provision of providing fruit and vegetables to the public, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

 
2.3

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Page 9

 
Thanet Growers One Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Power sales
The company receives additional revenue through the export of surplus power to the national grid. This revenue is recognised as the surplus power is generated and is included within other operating income.

 
2.5

Tangible fixed assets

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold buildings
-
10 - 15 years
Plant & machinery
-
3 - 15 years
Fixtures & fittings
-
10 - 15 years
Office equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 10

 
Thanet Growers One Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.6

Financial instruments

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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.7

Work in progress

The company has adopted the cost model for the measurement of biological assets.

Work in progress, which represents tomatoes in the course of production, is valued at the lower of cost and net realisable value. Cost represents all expenditure incurred bringing the work in progress to its condition and location including the related overhead expenditure based on a normal level of activity.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 11

 
Thanet Growers One Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.13
Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 12

 
Thanet Growers One Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Other operating income

2021
2020
£
£

Other operating income
2,490,106
768,192

R&D expenditure credit
681,348
-

3,171,454
768,192



4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2020 - 3).

Page 13

 
Thanet Growers One Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

5.


Taxation


2021
2020
£
£

Corporation tax


Current tax on profits for the year
54,600
-

Adjustments in respect of previous periods
19,212
-


73,812
-


Total current tax
73,812
-

Deferred tax


Origination and reversal of timing differences
72,658
11,708

Total deferred tax
72,658
11,708


Taxation on profit on ordinary activities
146,470
11,708

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2020 - lower than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:

2021
2020
£
£


Profit on ordinary activities before tax
114,906
155,017


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
21,832
29,453

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,140
-

Capital allowances for year in excess of depreciation
5,630
24,810

Adjustments to tax charge in respect of prior periods
19,212
-

Short-term timing difference leading to an increase (decrease) in taxation
60,648
19,757

R&D expenditure credits
38,008
-

Group relief
-
(62,312)

Total tax charge for the year
146,470
11,708


Factors that may affect future tax charges

Page 14

 
Thanet Growers One Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021
 
5.Taxation (continued)

As part of the Finance Bill 2020, which was substantively enacted on 17 March 2020, the corporation tax main rate is to remain at 19% until 31 March 2023.
During the accounting period, the UK government announced that the main rate will increase on 1 April 2023 to 25%, for companies with taxable profits above £250,000. Companies with taxable profits below £50,000 will continue to pay at 19% and marginal relief will apply between these thresholds. This change formed part of the Finance Bill 2021.

Page 15

 


 
Thanet Growers One Limited


 

 
Notes to the financial statements
For the year ended 31 December 2021


6.


Tangible fixed assets






Freehold land and buildings
Plant & machinery
Fixtures & fittings
Office equipment
Asset under construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2021
10,198,546
7,135,423
39,714
53,614
-
17,427,297


Additions
-
-
-
-
247,348
247,348



At 31 December 2021
10,198,546
7,135,423
39,714
53,614
247,348
17,674,645



Depreciation


At 1 January 2021
6,463,000
5,326,392
28,696
51,173
-
11,869,261


Charge for the year on owned assets
387,157
411,724
3,971
813
-
803,665



At 31 December 2021
6,850,157
5,738,116
32,667
51,986
-
12,672,926



Net book value



At 31 December 2021
3,348,389
1,397,307
7,047
1,628
247,348
5,001,719



At 31 December 2020
3,735,546
1,809,031
11,018
2,441
-
5,558,036

Page 16

 
Thanet Growers One Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

7.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 January 2021
100



At 31 December 2021
100





Participating interests


The company owns 14.3% of the ordinary share capital of Thanet Energy Limited, a company incorporated in England. Thanet Energy Limited has constructed an electrical substation and related infrastructure on the Thanet Earth site and is the site-wide provider of the electrical connection to the National Grid.


8.


Debtors

2021
2020
£
£

Due after more than one year

Other debtors
436,286
-

Due within one year

Trade debtors
272,565
1,377,754

Amounts owed by group undertakings
186,186
6,600

Other debtors
418,367
138,026

Prepayments and accrued income
1,295,316
126,290

2,608,720
1,648,670


During the prior year, the company claimed R&D expenditure credits which will be offset against future corporation tax liabilities. The R&D expenditure credit has been included in other debtors. 


9.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
316,947
251,979

Amounts owed to group undertakings
2,780,423
1,461,144

Other taxation and social security
1,846
-

Other creditors
1,039,778
-

Accruals and deferred income
2,397,457
2,373,414

6,536,451
4,086,537


Page 17

 
Thanet Growers One Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

10.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Amounts owed to group undertakings
-
1,775,908

-
1,775,908



11.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



1,265,997 (2020 - 1,265,997) Ordinary shares of £1.00 each
1,265,997
1,265,997



12.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued by the company.  Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares.

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.


13.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the schemes are held seperately from those of the company in an administration fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,277. 


14.Other financial commitments

The company has provided a guarantee, together with TG1 Holding Ltd, Thanet Growers Six Limited and Thanet Growers Three Limited, secured by a debenture over the assets of each company in favour of Coöperatieve Rabobank Westland UA to support the borrowings of the group.
At 31 December 2021, the total exposure amounted to £16,125,413 (2020 - £18,699,363).
The cross guarantee is secured by way of a fixed and floating charge over the assets of Thanet Growers One Limited, Thanet Growers Six Limited and Thanet Growers Three Limited.

Page 18

 
Thanet Growers One Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

15.


Controlling party

The company is a wholly owned subsidiary of TG1 Holding Ltd, a company incorporated in England and Wales.
In the opinion of the directors there is no controlling party.
The consolidated financial statements of TG1 Holding Ltd can be obtained from the company secretary at The Packhouse, 2 Barrow Man Road, Birchington, Kent CT7 0AX.


Page 19