Silverfin false 31/03/2023 01/04/2022 31/03/2023 J R Stainer 11/11/2014 T P J Stainer 11/11/2014 08 November 2023 The principal activities of the Company during the financial year were farming and the rental of storage units. 04048029 2023-03-31 04048029 bus:Director1 2023-03-31 04048029 bus:Director2 2023-03-31 04048029 2022-03-31 04048029 core:CurrentFinancialInstruments 2023-03-31 04048029 core:CurrentFinancialInstruments 2022-03-31 04048029 core:Non-currentFinancialInstruments 2023-03-31 04048029 core:Non-currentFinancialInstruments 2022-03-31 04048029 core:ShareCapital 2023-03-31 04048029 core:ShareCapital 2022-03-31 04048029 core:RetainedEarningsAccumulatedLosses 2023-03-31 04048029 core:RetainedEarningsAccumulatedLosses 2022-03-31 04048029 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2022-03-31 04048029 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 04048029 core:LandBuildings 2022-03-31 04048029 core:PlantMachinery 2022-03-31 04048029 core:Vehicles 2022-03-31 04048029 core:LandBuildings 2023-03-31 04048029 core:PlantMachinery 2023-03-31 04048029 core:Vehicles 2023-03-31 04048029 core:CostValuation 2022-03-31 04048029 core:DisposalsRepaymentsInvestments 2023-03-31 04048029 core:CostValuation 2023-03-31 04048029 core:ProvisionsForImpairmentInvestments 2022-03-31 04048029 core:ProvisionsForImpairmentInvestments 2023-03-31 04048029 core:CurrentFinancialInstruments core:Secured 2023-03-31 04048029 core:MoreThanFiveYears 2023-03-31 04048029 core:MoreThanFiveYears 2022-03-31 04048029 core:DeferredTaxation 2023-03-31 04048029 core:DeferredTaxation 2022-03-31 04048029 core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 04048029 core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-03-31 04048029 2022-04-01 2023-03-31 04048029 bus:FullAccounts 2022-04-01 2023-03-31 04048029 bus:SmallEntities 2022-04-01 2023-03-31 04048029 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04048029 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04048029 bus:Director1 2022-04-01 2023-03-31 04048029 bus:Director2 2022-04-01 2023-03-31 04048029 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2022-04-01 2023-03-31 04048029 core:LandBuildings core:BottomRangeValue 2022-04-01 2023-03-31 04048029 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 04048029 core:PlantMachinery 2022-04-01 2023-03-31 04048029 core:Vehicles 2022-04-01 2023-03-31 04048029 2021-04-01 2022-03-31 04048029 core:LandBuildings 2022-04-01 2023-03-31 04048029 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 04048029 (England and Wales)

T & J STAINER LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

T & J STAINER LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

T & J STAINER LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
T & J STAINER LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS J R Stainer
T P J Stainer
SECRETARY T P J Stainer
REGISTERED OFFICE Goodwood House
Blackbrook Park Avenue
Taunton
TA1 2PX
United Kingdom
COMPANY NUMBER 04048029 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
T & J STAINER LIMITED

BALANCE SHEET

As at 31 March 2023
T & J STAINER LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 2,869,520 2,197,002
Investments 5 203,000 427,162
3,072,520 2,624,164
Current assets
Stocks 258,340 237,020
Debtors 6 255,162 78,461
513,502 315,481
Creditors: amounts falling due within one year 7 ( 991,665) ( 946,271)
Net current liabilities (478,163) (630,790)
Total assets less current liabilities 2,594,357 1,993,374
Creditors: amounts falling due after more than one year 8 ( 916,361) ( 838,544)
Provision for liabilities 9 ( 235,137) ( 172,071)
Net assets 1,442,859 982,759
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,442,759 982,659
Total shareholders' funds 1,442,859 982,759

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of T & J Stainer Limited (registered number: 04048029) were approved and authorised for issue by the Board of Directors on 08 November 2023. They were signed on its behalf by:

J R Stainer
Director
T P J Stainer
Director
T & J STAINER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
T & J STAINER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

T & J Stainer Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of crops, rental income from storage units and provision of contracting services and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 2 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 25 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment and are comprised of the investment in the director's partnership.

Stocks

Stocks comprising agricultural produce (i.e. crops in store) and deadstock such as seed, sprays, fertiliser and fuel are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e. crops in store) harvested from biological assets are measure at the point of harvest.

Trade and other debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Included within other creditors are amount owed to directors, deferred income, accrual, VAT payable and accrued expenses.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at X. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 April 2022 37,250 37,250
At 31 March 2023 37,250 37,250
Accumulated amortisation
At 01 April 2022 37,250 37,250
At 31 March 2023 37,250 37,250
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2022 1,825,053 548,613 614,697 2,988,363
Additions 405,972 17,056 1,191,001 1,614,029
Disposals 0 ( 47,544) ( 824,549) ( 872,093)
At 31 March 2023 2,231,025 518,125 981,149 3,730,299
Accumulated depreciation
At 01 April 2022 394,110 277,750 119,501 791,361
Charge for the financial year 78,056 39,944 93,721 211,721
Disposals 0 ( 17,523) ( 124,780) ( 142,303)
At 31 March 2023 472,166 300,171 88,442 860,779
Net book value
At 31 March 2023 1,758,859 217,954 892,707 2,869,520
At 31 March 2022 1,430,943 270,863 495,196 2,197,002

5. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 427,162 427,162
Disposals ( 224,162) ( 224,162)
At 31 March 2023 203,000 203,000
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 203,000 203,000
Carrying value at 31 March 2022 427,162 427,162

Included in investments in other fixed assets is the investment in Cowick Farm partnership of £203,000 (2022: £427,162). This is valued at cost less accumulated impairment.

6. Debtors

2023 2022
£ £
Trade debtors 190,974 41,183
Prepayments and accrued income 6,120 3,230
VAT recoverable 57,865 34,048
Other debtors 203 0
255,162 78,461

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 21,166 172,974
Trade creditors 62,012 194,327
Taxation and social security 30,970 9,516
Obligations under finance leases and hire purchase contracts (secured) 510,281 206,958
Other creditors 367,236 362,496
991,665 946,271

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 622,080 641,359
Obligations under finance leases and hire purchase contracts (secured) 294,281 197,185
916,361 838,544

Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate, included within plant and machinery and vehicles.

Bank borrowings are secured by a charge over the company property, included within land and buildings.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 562,806 571,595

9. Provision for liabilities

2023 2022
£ £
Deferred tax 135,137 72,071
Operational provision 100,000 100,000
235,137 172,071

The operational provision is a decommissioning charge for the battery storage site and will be payable when the contractual term of the lease ends in 2043.

10. Related party transactions

Other related party transactions

2023 2022
£ £
Cowick Farm Partnership - investment 201,703 427,162

T & J Stainer Limited is a corporate partner in Cowick Farm Partnership. Included within the above figure is a profit share received from the partnership of £nil (2022: £5,563) and a contracting charge of £150,000 (2022: £154,437).