Tudor Farm Estates Limited |
Registered Number:05907092 |
For the year ended 31 August 2023
England and Wales
Unaudited Financial Statements
For the year ended 31 August 2023
Tudor Farm Estates Limited
Contents Page
1
Statement of Financial Position
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Notes to the Financial Statements
Tudor Farm Estates Limited
Statement of Financial Position
2022
2023
Property, plant and equipment |
704
903
2
3
786,500
780,000
787,204
780,903
Trade and other receivables |
454
114
4
4,887
Cash and cash equivalents |
1,143
1,257
5,341
Trade and other payables: amounts falling due within one |
year |
(4,437)
(12,685)
5
904
(11,428)
Net current liabilities
Total assets less current liabilities |
775,776
781,807
Trade and other payables: amounts falling due after more |
than one year |
(439,651)
(438,374)
6
(38,834)
(38,795)
Provisions for liabilities |
298,568
Net assets
303,361
152,002
152,002
289,347
284,082
(142,781)
(132,723)
298,568
303,361
Shareholders' funds
For the year ended 31 August 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006 |
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of |
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section |
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial |
statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
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For the year ended 31 August 2023
Tudor Farm Estates Limited
Statement of Financial Position Continued
These financial statements were approved and authorised for issue by the Board on 22 April 2024 and were signed by: |
The notes form part of these financial statements |
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For the year ended 31 August 2023
Tudor Farm Estates Limited
Notes to the Financial Statements
Statutory Information
Tudor Farm Estates Limited is a private limited company, limited by shares, domiciled in England and Wales, |
registration number 05907092. |
Tudor Heights, Tudor Farm
Stoke Road, Upper Stoke
Rochester
Kent
ME3 9SF
The presentation currency is £ sterling. |
The financial statements relate to trading activities of Tudor Farm Estates Limited only.
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention as |
modified by the revaluation of certain assets. |
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Plant and machinery
Computer equipment
Investment property
Investment properties are included in the balance sheet at their fair value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to a fair value reserve. Depreciation is not provided for on the investment properties. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors non compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified. |
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For the year ended 31 August 2023
Tudor Farm Estates Limited
Notes to the Financial Statements Continued
Deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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 balance sheet 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 Balance sheet 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 balance sheet date. |
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For the year ended 31 August 2023
Tudor Farm Estates Limited
Notes to the Financial Statements Continued
Financial Instruments
The company enters into financial instruments transactions that result in the recognition of financial assets and |
liabilities like trade and other accounts receivable and payable. Loans from banks and other third parties, loans to or |
from related parties. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the |
future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are |
payable or receivable within one year, typically trade payables and receivables, are measured, initially and |
subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
However if the payment of a short-term instrument constitutes a financing transaction, like the payment of a trade |
debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in cash of an |
outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at |
the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in |
the profit and loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective |
interest rate. If a financial asset has variable interest rate, the discount rate for measuring any impairment loss is the |
current effective interest rate determined under the contact. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would |
receive for the asset if it were to be sold at the reporting date. |
Financial assets measured at fair value are assessed at the end of each reporting period for objective evidence of |
impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when |
there is an 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. |
If the company enters into other financial instruments. These are initially recognised and measured at fair value |
including transaction costs except in the initial measurement of financial assets and liabilities, which are measured at |
fair value through the profit and loss. If payment is deferred beyond normal business terms or is at a rate of interest |
that is not at market rate, the company initially measures the asset at its present value of future payments |
discounted at the market rate of interest for a similar debt instrument. |
At year-end the financial instruments and financial assets are revalued at fair value with any recognised changes in |
the fair value being show in the profit and loss statement, other comprehensive statement or fair value reserve on |
the balance sheet. |
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For the year ended 31 August 2023
Tudor Farm Estates Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment |
1,045
791
254
144
144
-
254
935
1,189
Provision for depreciation and impairment |
142
110
32
Charge for year
343
280
63
485
390
95
159
545
704
222
681
903
780,000
6,500
786,500
786,500
780,000
Fixed asset investments were valued by Mrs Hudson director, on 31 August 2023 at fair value. Fair value was ascertained by the director taking into account the current market value as provided by an online valuation source and consideration for the location, desirability and current climate to give a fair value of the property portfolio. The historic cost of the properties before revaluation was £429,282 (2022: £429,282). |
4. Trade and other receivables |
2022
2023
114
454
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For the year ended 31 August 2023
Tudor Farm Estates Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year |
2022
2023
1,200
1,200
1,393
1,393
10,092
1,844
12,685
4,437
6. Trade and other payables: amounts falling due after more than one year |
2022
2023
2,100
3,300
Bank loans and overdraft (secured) |
436,274
436,351
438,374
439,651
Analysis of creditors falling due after more than five years: |
436,274
436,351
7. Directors advances and guarantees |
Loaned
Repaid
T A Hudson
Joiint directors loan balances greater than £10,000 at month end incur interest each month. |
(4,398)
154
3,411
7,963
(4,398)
154
3,411
7,963
S J Hudson
Joiint directors loan balances greater than £10,000 at month end incur interest each month. |
(4,399)
153
3,411
7,963
(4,399)
153
3,411
7,963
8. Average number of persons employed |
During the year the average number of employees was 2 (2022 : 2) including director's.
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