Company registration number 00683407 (England and Wales)
TROSTON FARMS LIMITED
Unaudited Financial Statements
For The Year Ended 30 September 2023
Pages For Filing With Registrar
Troston Farms Limited
TROSTON FARMS LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
Troston Farms Limited
TROSTON FARMS LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Troston Farms Limited For The Year Ended 30 September 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Troston Farms Limited for the year ended 30 September 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Troston Farms Limited, as a body, in accordance with the terms of our engagement letter dated 8 December 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Troston Farms Limited and state those matters that we have agreed to state to the board of directors of Troston Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Troston Farms Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Troston Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Troston Farms Limited. You consider that Troston Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Troston Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
18 April 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Troston Farms Limited
TROSTON FARMS LIMITED
Balance Sheet
As At 30 September 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
36,430
43,717
Tangible assets
4
33,428,894
32,412,830
Investments
5
4,952
4,952
33,470,276
32,461,499
Current assets
Stocks
6
1,498,758
1,578,971
Debtors
7
791,164
446,760
Cash at bank and in hand
1,506,040
1,937,378
3,795,962
3,963,109
Creditors: amounts falling due within one year
8
(4,759,482)
(4,608,691)
Net current liabilities
(963,520)
(645,582)
Total assets less current liabilities
32,506,756
31,815,917
Creditors: amounts falling due after more than one year
9
(77,127)
(107,925)
Provisions for liabilities
(293,994)
(273,888)
Net assets
32,135,635
31,434,104
Capital and reserves
Called up share capital
370,550
370,550
Share premium account
25,948,650
25,948,650
Profit and loss reserves
5,816,435
5,114,904
Total equity
32,135,635
31,434,104

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 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.

Troston Farms Limited
TROSTON FARMS LIMITED
Balance Sheet (Continued)
As At 30 September 2023
30 September 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 8 February 2024 and are signed on its behalf by:
Mr CE Last
Director
Company Registration No. 00683407
Troston Farms Limited
TROSTON FARMS LIMITED
Notes To The Financial Statements
For The Year Ended 30 September 2023
- 4 -
1
Accounting policies
Company information

Troston Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Troston Farms Ltd, Park Farm Drive, Stanton, Bury St Edmunds, Suffolk, IP31 2DL.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Storage rights
6.66% straight line
Troston Farms Limited
TROSTON FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
0% - 20% reducing balance, 0% - 10% straight line
Plant and equipment
15% - 25% reducing balance

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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 profit and loss account 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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 profit and loss account, 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.

Troston Farms Limited
TROSTON FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
1
Accounting policies
(Continued)
- 6 -
1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
8
3
Intangible fixed assets
Storage rights
£
Cost
At 1 October 2022 and 30 September 2023
109,300
Amortisation and impairment
At 1 October 2022
65,583
Amortisation charged for the year
7,287
At 30 September 2023
72,870
Carrying amount
At 30 September 2023
36,430
At 30 September 2022
43,717
Troston Farms Limited
TROSTON FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 October 2022
33,472,504
2,372,303
35,844,807
Additions
1,279,732
374,873
1,654,605
Disposals
(177,138)
(153,139)
(330,277)
At 30 September 2023
34,575,098
2,594,037
37,169,135
Depreciation and impairment
At 1 October 2022
2,190,426
1,241,551
3,431,977
Depreciation charged in the year
153,852
284,317
438,169
Eliminated in respect of disposals
(9,800)
(120,105)
(129,905)
At 30 September 2023
2,334,478
1,405,763
3,740,241
Carrying amount
At 30 September 2023
32,240,620
1,188,274
33,428,894
At 30 September 2022
31,282,078
1,130,752
32,412,830
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
4,952
4,952
Troston Farms Limited
TROSTON FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
- 8 -
6
Stocks
2023
2022
£
£
Growing crop
160,523
213,786
Crop in store
976,904
978,462
Consumables
361,331
386,723
1,498,758
1,578,971
Biological assets included within stock are as follows:
Biological assets - growing crop
2023
2022
£
£
As at 1 October
213,786
103,081
Net movement on cultivations
(53,263)
110,705
As at 30 September
160,523
213,786
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
458,277
254,269
Other debtors
32,922
-
0
Prepayments and accrued income
299,965
192,491
791,164
446,760
8
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
183,378
215,085
Trade creditors
250,042
128,995
Corporation tax
181,937
116,321
Other taxation and social security
-
0
15,564
Other creditors
4,016,585
4,015,321
Accruals and deferred income
127,540
117,405
4,759,482
4,608,691
Troston Farms Limited
TROSTON FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
- 9 -
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
77,127
107,925
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
293,994
273,888
2023
Movements in the year:
£
Liability at 1 October 2022
273,888
Charge to profit or loss
20,106
Liability at 30 September 2023
293,994
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