Silverfin false false 30/06/2023 01/07/2022 30/06/2023 T Brooke 30/06/2020 03 March 2024 The principal activity of the Company during the financial year was agricultural contracting. 12708725 2023-06-30 12708725 bus:Director1 2023-06-30 12708725 2022-06-30 12708725 core:CurrentFinancialInstruments 2023-06-30 12708725 core:CurrentFinancialInstruments 2022-06-30 12708725 core:Non-currentFinancialInstruments 2023-06-30 12708725 core:Non-currentFinancialInstruments 2022-06-30 12708725 core:ShareCapital 2023-06-30 12708725 core:ShareCapital 2022-06-30 12708725 core:RetainedEarningsAccumulatedLosses 2023-06-30 12708725 core:RetainedEarningsAccumulatedLosses 2022-06-30 12708725 core:PlantMachinery 2022-06-30 12708725 core:PlantMachinery 2023-06-30 12708725 2022-07-01 2023-06-30 12708725 bus:FilletedAccounts 2022-07-01 2023-06-30 12708725 bus:SmallEntities 2022-07-01 2023-06-30 12708725 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 12708725 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 12708725 bus:Director1 2022-07-01 2023-06-30 12708725 core:PlantMachinery 2022-07-01 2023-06-30 12708725 2021-07-01 2022-06-30 12708725 core:CurrentFinancialInstruments 2022-07-01 2023-06-30 12708725 core:Non-currentFinancialInstruments 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Company No: 12708725 (England and Wales)

TBC (DEVON) LTD

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

TBC (DEVON) LTD

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

TBC (DEVON) LTD

COMPANY INFORMATION

For the financial year ended 30 June 2023
TBC (DEVON) LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2023
DIRECTOR T Brooke
REGISTERED OFFICE Goodwood House
Blackbrook Park Avenue
Taunton
TA1 2PX
United Kingdom
COMPANY NUMBER 12708725 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
TBC (DEVON) LTD

BALANCE SHEET

As at 30 June 2023
TBC (DEVON) LTD

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 723,759 364,700
723,759 364,700
Current assets
Debtors 4 84,944 42,050
Cash at bank and in hand 0 8,076
84,944 50,126
Creditors: amounts falling due within one year 5 ( 448,375) ( 321,677)
Net current liabilities (363,431) (271,551)
Total assets less current liabilities 360,328 93,149
Creditors: amounts falling due after more than one year 6 ( 296,134) ( 152,220)
Provision for liabilities 34,407 30,234
Net assets/(liabilities) 98,601 ( 28,837)
Capital and reserves
Called-up share capital 100 100
Profit and loss account 98,501 ( 28,937 )
Total shareholder's funds/(deficit) 98,601 ( 28,837)

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of TBC (Devon) Ltd (registered number: 12708725) were approved and authorised for issue by the Director on 03 March 2024. They were signed on its behalf by:

T Brooke
Director
TBC (DEVON) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
TBC (DEVON) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

TBC (Devon) Ltd (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 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 agricultural services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

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:

Plant and machinery 10 - 20 % 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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

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.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

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.

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 the director 3 1

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 July 2022 455,875 455,875
Additions 572,378 572,378
Disposals ( 166,104) ( 166,104)
At 30 June 2023 862,149 862,149
Accumulated depreciation
At 01 July 2022 91,175 91,175
Charge for the financial year 74,405 74,405
Disposals ( 27,190) ( 27,190)
At 30 June 2023 138,390 138,390
Net book value
At 30 June 2023 723,759 723,759
At 30 June 2022 364,700 364,700

4. Debtors

2023 2022
£ £
Trade debtors 72,454 0
Other debtors 12,490 42,050
84,944 42,050

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 16,119 0
Trade creditors 30,936 16,225
Amounts owed to director 9,200 0
Accruals 2,725 0
Other taxation and social security 1,453 0
Obligations under finance leases and hire purchase contracts 107,293 48,069
Other creditors 280,649 257,383
448,375 321,677

Finance leases and hire purchase contracts are secured against the assets to which they relate.

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 296,134 152,220

Finance leases and hire purchase contracts are secured against the assets to which they relate.