Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-312022-08-01false10No description of principal activity9truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02319036 2022-08-01 2023-07-31 02319036 2021-08-01 2022-07-31 02319036 2023-07-31 02319036 2022-07-31 02319036 c:Director1 2022-08-01 2023-07-31 02319036 c:Director2 2022-08-01 2023-07-31 02319036 d:Buildings 2022-08-01 2023-07-31 02319036 d:Buildings 2023-07-31 02319036 d:Buildings 2022-07-31 02319036 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02319036 d:Buildings d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02319036 d:PlantMachinery 2022-08-01 2023-07-31 02319036 d:PlantMachinery 2023-07-31 02319036 d:PlantMachinery 2022-07-31 02319036 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02319036 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02319036 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02319036 d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02319036 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-07-31 02319036 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-07-31 02319036 d:OtherResidualIntangibleAssets 2022-08-01 2023-07-31 02319036 d:CurrentFinancialInstruments 2023-07-31 02319036 d:CurrentFinancialInstruments 2022-07-31 02319036 d:Non-currentFinancialInstruments 2023-07-31 02319036 d:Non-currentFinancialInstruments 2022-07-31 02319036 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 02319036 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 02319036 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 02319036 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 02319036 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 02319036 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 02319036 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-07-31 02319036 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-07-31 02319036 d:ShareCapital 2023-07-31 02319036 d:ShareCapital 2022-07-31 02319036 d:SharePremium 2023-07-31 02319036 d:SharePremium 2022-07-31 02319036 d:RetainedEarningsAccumulatedLosses 2023-07-31 02319036 d:RetainedEarningsAccumulatedLosses 2022-07-31 02319036 c:OrdinaryShareClass1 2022-08-01 2023-07-31 02319036 c:OrdinaryShareClass1 2023-07-31 02319036 c:OrdinaryShareClass1 2022-07-31 02319036 c:OrdinaryShareClass2 2022-08-01 2023-07-31 02319036 c:OrdinaryShareClass2 2023-07-31 02319036 c:OrdinaryShareClass2 2022-07-31 02319036 c:FRS102 2022-08-01 2023-07-31 02319036 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 02319036 c:FullAccounts 2022-08-01 2023-07-31 02319036 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 02319036 d:Subsidiary1 2022-08-01 2023-07-31 02319036 d:Subsidiary1 1 2022-08-01 2023-07-31 02319036 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 02319036 d:HirePurchaseContracts d:WithinOneYear 2022-07-31 02319036 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 02319036 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-07-31 02319036 2 2022-08-01 2023-07-31 02319036 6 2022-08-01 2023-07-31 02319036 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-31 02319036 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-07-31 02319036 d:LeasedAssetsHeldAsLessee 2023-07-31 02319036 d:LeasedAssetsHeldAsLessee 2022-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02319036










TECS FARMING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
TECS FARMING LIMITED
REGISTERED NUMBER: 02319036

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,647,108
1,896,160

Investments
 6 
4,408
4,408

  
1,651,516
1,900,568

Current assets
  

Stocks
  
20
20

Debtors: amounts falling due after more than one year
 7 
1,437,292
1,496,457

Debtors: amounts falling due within one year
 7 
397,179
406,498

Cash at bank and in hand
  
106,229
75

  
1,940,720
1,903,050

Creditors: amounts falling due within one year
 8 
(341,757)
(485,108)

Net current assets
  
 
 
1,598,963
 
 
1,417,942

Total assets less current liabilities
  
3,250,479
3,318,510

Creditors: amounts falling due after more than one year
 9 
(856,232)
(987,260)

Provisions for liabilities
  

Deferred tax
  
(122,490)
(99,001)

  
 
 
(122,490)
 
 
(99,001)

Net assets
  
2,271,757
2,232,249


Capital and reserves
  

Called up share capital 
 12 
200
200

Share premium account
  
312,046
312,046

Profit and loss account
  
1,959,511
1,920,003

  
2,271,757
2,232,249


Page 1

 
TECS FARMING LIMITED
REGISTERED NUMBER: 02319036
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

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 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 income and retained earnings 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 A W J Bambridge
................................................
Mr R J Crane
Director
Director


Date: 9 February 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

TECS Farming Limited is a private company limited by shares and incorporated in England and Wales, registration number 02319036. The registered office is Summerhill House, 1 Sculthorpe Road, Fakenham, Norfolk, NR21 9HA.

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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Page 3

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.9

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 reporting 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 reporting 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 reporting date.

 
2.10

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.

 The estimated useful lives range as follows:

BPS entitlements
-
5
years

 
2.11

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.

Page 5

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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, as follows:.

Depreciation is provided on the following basis:

Freehold property
-
10 - 25 years straight line
Plant & machinery
-
10 - 25% reducing balance or, where applicable, over the finance lease term

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.14

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.

 
2.15

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.

Page 6

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.16

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 reporting 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 Statement of financial position.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 7

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the
Page 8

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.18

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 - 10).


4.


Intangible assets




BPS Entitlements

£



Cost


At 1 August 2022
23,539



At 31 July 2023

23,539



Amortisation


At 1 August 2022
23,539



At 31 July 2023

23,539



Net book value



At 31 July 2023
-



At 31 July 2022
-



Page 9

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 August 2022
1,985,012
2,377,420
4,362,432


Additions
-
145,771
145,771


Disposals
(8,326)
(533,774)
(542,100)



At 31 July 2023

1,976,686
1,989,417
3,966,103



Depreciation


At 1 August 2022
1,032,237
1,434,035
2,466,272


Charge for the year on owned assets
3,492
95,175
98,667


Charge for the year on financed assets
-
26,759
26,759


Disposals
(2,594)
(270,109)
(272,703)



At 31 July 2023

1,033,135
1,285,860
2,318,995



Net book value



At 31 July 2023
943,551
703,557
1,647,108



At 31 July 2022
952,775
943,385
1,896,160

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
240,827
566,057

240,827
566,057

Page 10

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Loans to associates
Total

£
£
£
£



Cost or valuation


At 1 August 2022
2,000
50
2,358
4,408



At 31 July 2023
2,000
50
2,358
4,408




Page 11

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
1,428,862
1,488,862

Other debtors
8,430
7,595

1,437,292
1,496,457


There are non-contractual repayment terms of £13,500 per month starting in August 2023 and no interest is being charged on the amounts owed by group undertakings.

2023
2022
£
£

Due within one year

Trade debtors
24,538
31,260

Amounts owed by group undertakings
349,689
331,710

Other debtors
-
146

Prepayments and accrued income
22,952
43,382

397,179
406,498



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
29,190

Bank loans
94,836
91,045

Trade creditors
110,564
120,939

Other taxation and social security
63,935
46,607

Obligations under finance lease and hire purchase contracts
29,196
145,636

Other creditors
-
5,200

Accruals and deferred income
43,226
46,491

341,757
485,108


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.

Page 12

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
856,232
958,064

Net obligations under finance leases and hire purchase contracts
-
29,196

856,232
987,260


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
94,836
91,045

Amounts falling due 1-2 years

Bank loans
274,498
345,777


Amounts falling due after more than 5 years

Bank loans
581,733
612,286

951,067
1,049,108


Bank loans and overdrafts are secured by a debenture of fixed and floating charges over all assets of the Company and cross guarantee with B & C Farming Limited.


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
29,196
145,636

Between 1-5 years
-
29,196

29,196
174,832

Obligation under finance lease and hire purchase contracts are secured against the assets to which they relate.

Page 13

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) 'A' Ordinary shares of £1.00 each
100
100
100 (2022 - 100) 'B' Ordinary shares of £1.00 each
100
100

200

200



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £10,713 (2022 - £16,717). Contributions totalling £474 (2022 - £1,026) were payable to the fund at the reporting date and are included in creditors.


14.


Related party transactions

At the year end there were balances owed to TECS Farming Limited by B & C Farming Limited worth £1,778,551 (2022 - £1,820,572). There are non-contractual repayment terms of £13,500 per month starting in August 2023 and no interest is being charged.


15.



Subsidiary undertaking



Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

B & C Farming Limited
Summerhill House, 1 Sculthorpe Road, Fakenham, NR21 9HA
Ordinary
74.07%

 
Page 14