Company registration number 09325809 (England and Wales)
TEESSIDE GROWERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
TEESSIDE GROWERS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
TEESSIDE GROWERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Non-current assets
Investment properties
3
4,496,000
4,496,000
Current assets
Trade and other receivables falling due after more than one year
5
991,131
1,002,729
Trade and other receivables falling due within one year
5
2,624,582
2,432,463
Cash and cash equivalents
1,132
30,506
3,616,845
3,465,698
Current liabilities
6
(190,850)
(2,082,183)
Net current assets
3,425,995
1,383,515
Total assets less current liabilities
7,921,995
5,879,515
Non-current liabilities
7
(2,125,590)
(347,825)
Provisions for liabilities
(1,011,000)
(1,011,000)
Net assets
4,785,405
4,520,690
Equity
Called up share capital
8
3
3
Retained earnings
4,785,402
4,520,687
Total equity
4,785,405
4,520,690
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2022 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.
TEESSIDE GROWERS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2023 and are signed on its behalf by:
A Bartho
Director
Company Registration No. 09325809
TEESSIDE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Teesside Growers Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.
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. The principal accounting policies adopted are set out below.
1.2
Prior period adjustment
Upon review of all information available as at 31 December 2021, the directors believe that there was a more appropriate figure for the fair value of the investment property at this date. Therefore, the investment property value has been restated.
This adjustment has created a movement in the deferred tax provision and therefore the deferred tax provision has also been restated.
1.3
Revenue
Revenue consists of finance charges and rental income receivable, and arises solely in the United Kingdom.
1.4
Investment properties
Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
TEESSIDE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
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 income statement 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.
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.
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 income statement, 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.
1.9
Leases
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
1.10
Assets leased to third parties are shown as current assets net of future finance charges receivable. Finance charges are allocated to accounting periods to give a constant periodic rate of return on the net cash investment in the lease in each period.
TEESSIDE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
4,496,000
The investment property represents land and has been valued by the directors based on an external valuation by third party valuers.
4
Finance lease receivables
2022
2021
£
£
Gross amounts receivable under finance leases:
Within one year
253,846
254,045
In two to five years
1,015,385
1,016,883
In over five years
2,040,323
2,291,737
3,309,554
3,562,665
Unearned finance income
(2,305,892)
(2,549,874)
Present value of minimum lease payments receivable
1,003,662
1,012,791
The present value is receivable as follows:
Within one year
12,531
10,062
In two to five years
94,484
75,870
In over five years
896,647
926,859
1,003,662
1,012,791
Analysis of finance leases
2022
2021
£
£
Current assets
12,531
10,062
Non-current assets
991,131
1,002,729
1,003,662
1,012,791
TEESSIDE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Trade and other receivables
2022
2021
£
£
Amounts falling due within one year:
Trade receivables
34,844
Finance leases receivable
12,531
10,062
Other receivables
2,587,833
2,379,662
Prepayments and accrued income
24,218
7,895
2,624,582
2,432,463
2022
2021
£
£
Amounts falling due after more than one year:
Finance leases receivable
991,131
1,002,729
Total debtors
3,615,713
3,435,192
6
Current liabilities
2022
2021
£
£
Bank loan
71,585
1,936,983
Trade payables
21,455
Corporation tax
65,100
79,700
Other payables
32,710
65,500
190,850
2,082,183
7
Non-current liabilities
2022
2021
£
£
Bank loan
1,799,504
Other payables
326,086
347,825
2,125,590
347,825
The bank loan is secured by way of fixed and floating charges over the assets of the company.
TEESSIDE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
9
Financial commitments, guarantees and contingent liabilities
Teesside Growers Limited is one of several entities to have provided a guarantee in respect of a bank loan amounting to £7.5m. The guarantee and any other liabilities due to the bank are secured against the company's assets by way of a fixed and floating charge.
10
Prior period adjustment
Upon review of all information available as at 31 December 2021, the directors believe that there was a more appropriate figure for the fair value of the investment property at this date. Therefore, the investment property value has been restated.
This adjustment has created a movement in the deferred tax provision and therefore the deferred tax provision has also been restated.
Changes to the statement of financial position
Adjustment
£
Fixed assets
Investment properties
4,045,520
Provisions for liabilities
Deferred tax
(1,011,000)
Net assets
3,034,520
Capital and reserves
Retained earnings
3,034,520