Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31falsetrue9No description of principal activity2022-04-019trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 0531390 2022-04-01 2023-03-31 0531390 2021-04-01 2022-03-31 0531390 2023-03-31 0531390 2022-03-31 0531390 c:Director2 2022-04-01 2023-03-31 0531390 d:Buildings 2022-04-01 2023-03-31 0531390 d:Buildings 2023-03-31 0531390 d:Buildings 2022-03-31 0531390 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 0531390 d:Buildings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 0531390 d:LandBuildings 2023-03-31 0531390 d:LandBuildings 2022-03-31 0531390 d:PlantMachinery 2022-04-01 2023-03-31 0531390 d:PlantMachinery 2023-03-31 0531390 d:PlantMachinery 2022-03-31 0531390 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 0531390 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 0531390 d:MotorVehicles 2022-04-01 2023-03-31 0531390 d:FurnitureFittings 2022-04-01 2023-03-31 0531390 d:FurnitureFittings 2023-03-31 0531390 d:FurnitureFittings 2022-03-31 0531390 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 0531390 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 0531390 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 0531390 d:OtherPropertyPlantEquipment 2023-03-31 0531390 d:OtherPropertyPlantEquipment 2022-03-31 0531390 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 0531390 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 0531390 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 0531390 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 0531390 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 0531390 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 0531390 d:FreeholdInvestmentProperty 2023-03-31 0531390 d:FreeholdInvestmentProperty 2022-03-31 0531390 d:CurrentFinancialInstruments 2023-03-31 0531390 d:CurrentFinancialInstruments 2022-03-31 0531390 d:Non-currentFinancialInstruments 2023-03-31 0531390 d:Non-currentFinancialInstruments 2022-03-31 0531390 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 0531390 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 0531390 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 0531390 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 0531390 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 0531390 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 0531390 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 0531390 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 0531390 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 0531390 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 0531390 d:ShareCapital 2023-03-31 0531390 d:ShareCapital 2022-03-31 0531390 d:InvestmentPropertiesRevaluationReserve 2023-03-31 0531390 d:InvestmentPropertiesRevaluationReserve 2022-03-31 0531390 d:RetainedEarningsAccumulatedLosses 2023-03-31 0531390 d:RetainedEarningsAccumulatedLosses 2022-03-31 0531390 c:OrdinaryShareClass1 2022-04-01 2023-03-31 0531390 c:OrdinaryShareClass1 2023-03-31 0531390 c:OrdinaryShareClass1 2022-03-31 0531390 c:OrdinaryShareClass2 2022-04-01 2023-03-31 0531390 c:OrdinaryShareClass2 2023-03-31 0531390 c:OrdinaryShareClass2 2022-03-31 0531390 c:OrdinaryShareClass3 2022-04-01 2023-03-31 0531390 c:OrdinaryShareClass3 2023-03-31 0531390 c:OrdinaryShareClass3 2022-03-31 0531390 c:OrdinaryShareClass4 2022-04-01 2023-03-31 0531390 c:OrdinaryShareClass4 2023-03-31 0531390 c:OrdinaryShareClass4 2022-03-31 0531390 c:FRS102 2022-04-01 2023-03-31 0531390 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 0531390 c:FullAccounts 2022-04-01 2023-03-31 0531390 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 0531390 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 0531390 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 0531390 d:HirePurchaseContracts d:MoreThanFiveYears 2023-03-31 0531390 d:HirePurchaseContracts d:MoreThanFiveYears 2022-03-31 0531390 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 0531390 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 0531390 2 2022-04-01 2023-03-31 0531390 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 0531390 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 0531390 d:OtherDeferredTax 2023-03-31 0531390 d:OtherDeferredTax 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 0531390









H TIMMIS (FARMS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
H TIMMIS (FARMS) LIMITED
REGISTERED NUMBER: 0531390

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 5 
8,911,062
8,931,094

Investment property
 6 
2,534,000
2,534,000

  
11,445,062
11,465,094

CURRENT ASSETS
  

Stocks
 7 
684,376
562,992

Debtors
 8 
290,185
528,205

Cash at bank and in hand
  
209,513
351,054

  
1,184,074
1,442,251

Creditors: amounts falling due within one year
 9 
(1,294,355)
(1,269,592)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(110,281)
 
 
172,659

TOTAL ASSETS LESS CURRENT LIABILITIES
  
11,334,781
11,637,753

Creditors: amounts falling due after more than one year
 10 
(6,286,086)
(6,737,024)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 13 
(586,170)
(602,759)

  
 
 
(586,170)
 
 
(602,759)

NET ASSETS
  
4,462,525
4,297,970


CAPITAL AND RESERVES
  

Called up share capital 
 14 
30,000
30,000

Investment property reserve
  
1,191,811
1,191,811

Profit and loss account
  
3,240,714
3,076,159

  
4,462,525
4,297,970


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 
img0f15.png Page 1

 
H TIMMIS (FARMS) LIMITED
REGISTERED NUMBER: 0531390
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 comprehensive income 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 by: 




Mr R H Timmis
Director

Date: 13 August 2023

The notes on pages 3 to 13 form part of these financial statements.

img6cdf.png Page 2

 
H TIMMIS (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

H Timmis (Farms) Limited (Company number: 00531390), is a private limited company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Home Farm, Lilleshall, Newport, Shropshire TF10 9AP.

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 following principal accounting policies have been applied:

 
2.2

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

INTEREST INCOME

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

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H TIMMIS (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

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.

 
2.5

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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.

img0ed1.png Page 4

 
H TIMMIS (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
15% reducing balance
Poultry unit
-
15% reducing balance

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.

 
2.10

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

STOCKS

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 weighted average 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.

img5736.png Page 5

 
H TIMMIS (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

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.

 
2.17

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 9 (2022 - 9).

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H TIMMIS (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


INTANGIBLE ASSETS




Basic Payment entitlements

£



COST


At 1 April 2022
44,335



At 31 March 2023

44,335



AMORTISATION


At 1 April 2022
44,335



At 31 March 2023

44,335



NET BOOK VALUE



At 31 March 2023
-



At 31 March 2022
-



img72fd.png Page 7

 
H TIMMIS (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


TANGIBLE FIXED ASSETS





Freehold property
Plant, machinery and motor vehicles
Fixtures & fittings
Poultry unit
Total

£
£
£
£
£



COST OR VALUATION


At 1 April 2022
5,686,017
3,953,608
86,566
5,082,745
14,808,936


Additions
108,190
532,215
21,586
133,067
795,058


Disposals
-
(133,495)
(6,500)
-
(139,995)



At 31 March 2023

5,794,207
4,352,328
101,652
5,215,812
15,463,999



DEPRECIATION


At 1 April 2022
-
2,753,397
57,771
3,066,674
5,877,842


Charge for the year on owned assets
-
140,589
6,727
322,372
469,688


Charge for the year on financed assets
-
276,751
-
-
276,751


Disposals
-
(70,369)
(975)
-
(71,344)



At 31 March 2023

-
3,100,368
63,523
3,389,046
6,552,937



NET BOOK VALUE



At 31 March 2023
5,794,207
1,251,960
38,129
1,826,766
8,911,062



At 31 March 2022
5,686,017
1,200,211
28,795
2,016,071
8,931,094




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
5,794,207
5,686,017

5,794,207
5,686,017


img56da.png Page 8

 
H TIMMIS (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 April 2022
2,534,000



AT 31 MARCH 2023
2,534,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.





7.


STOCKS

2023
2022
£
£

Raw materials
114,400
85,222

Produce
172,290
257,360

Growing crops
220,409
220,410

Livestock
177,277
-

684,376
562,992


img261a.png Page 9

 
H TIMMIS (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


DEBTORS


2023
2022
£
£



Trade debtors
48,251
91,302

Other debtors
241,934
393,688

Prepayments and accrued income
-
43,215

290,185
528,205



9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2021
£
£

Bank loans
383,989
377,911

Trade creditors
44,359
104,836

Corporation tax
10,334
206,104

Other taxation and social security
10,912
-

Obligations under finance lease and hire purchase contracts
215,210
191,164

Other creditors
447,846
378,610

Accruals and deferred income
181,705
10,967

1,294,355
1,269,592


img05c6.png Page 10

 
H TIMMIS (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
6,112,584
6,471,231

Net obligations under finance leases and hire purchase contracts
173,502
265,793

6,286,086
6,737,024


The following liabilities were secured:




Details of security provided:

Loans with a value of £2,492,230 are secured on Lyneal Wood, Lyneal and Little Hales Manor, Chetwynd Aston. 
A loan with a value of £2,517,571 are secured on 90 acres of land at Childpit Farm, 53.97 acres of land at Littlehales Manor, Chetwynd Aston, and 25.55 acres of land at Church Aston.

img04ae.png Page 11

 
H TIMMIS (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
383,989
377,911


383,989
377,911

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
383,988
342,505


383,988
342,505

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
1,151,965
998,525


1,151,965
998,525

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Bank loans
4,576,631
5,130,201

4,576,631
5,130,201

6,496,573
6,849,142



12.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
215,210
191,164

Between 1-2 years
97,359
187,781

Between 2-5 years
76,143
78,012

388,712
456,957

img5b9e.png Page 12

 
H TIMMIS (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


DEFERRED TAXATION




2023


£






At beginning of year
(602,759)


Charged to profit or loss
16,589



AT END OF YEAR
(586,170)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(306,610)
(323,198)

Fair value movements on investment property
(279,560)
(279,561)

(586,170)
(602,759)


14.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



14,100 (2022 - 14,100) Ordinary A shares of £1.00 each
14,100
14,100
13,500 (2022 - 13,500) Ordinary B shares of £1.00 each
13,500
13,500
900 (2022 - 900) Ordinary C shares of £1.00 each
900
900
1,500 (2022 - 1,500) Ordinary D shares of £1.00 each
1,500
1,500

30,000

30,000




 
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