Terry Morris Agriculture Ltd 4443406 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Rental and general building work Digita Accounts Production Advanced 6.30.9574.0 true 4443406 2023-04-01 2024-03-31 4443406 2024-03-31 4443406 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2024-03-31 4443406 core:CurrentFinancialInstruments 2024-03-31 4443406 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 4443406 core:FurnitureFittingsToolsEquipment 2024-03-31 4443406 core:LandBuildings 2024-03-31 4443406 core:MotorVehicles 2024-03-31 4443406 bus:SmallEntities 2023-04-01 2024-03-31 4443406 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 4443406 bus:FilletedAccounts 2023-04-01 2024-03-31 4443406 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 4443406 bus:RegisteredOffice 2023-04-01 2024-03-31 4443406 bus:CompanySecretaryDirector2 2023-04-01 2024-03-31 4443406 bus:Director1 2023-04-01 2024-03-31 4443406 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2023-04-01 2024-03-31 4443406 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 4443406 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 4443406 core:LandBuildings 2023-04-01 2024-03-31 4443406 core:MotorVehicles 2023-04-01 2024-03-31 4443406 countries:England 2023-04-01 2024-03-31 4443406 2023-03-31 4443406 core:FurnitureFittingsToolsEquipment 2023-03-31 4443406 core:LandBuildings 2023-03-31 4443406 core:MotorVehicles 2023-03-31 4443406 2022-04-01 2023-03-31 4443406 2023-03-31 4443406 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2023-03-31 4443406 core:CurrentFinancialInstruments 2023-03-31 4443406 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 4443406 core:FurnitureFittingsToolsEquipment 2023-03-31 4443406 core:LandBuildings 2023-03-31 4443406 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 4443406

Terry Morris Agriculture Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Terry Morris Agriculture Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Terry Morris Agriculture Ltd

Company Information

Directors

Mr Terence Leslie Morris

Ms Susan Kellow

Company secretary

Ms Susan Kellow

Registered office

11 Alverton Terrace
PENZANCE
Cornwall
TR18 4JH

Accountants

Crane & Johnston C&J Ltd
Chartered Certified Accountants
11 Alverton Terrace
PENZANCE
Cornwall
TR18 4JH

 

Terry Morris Agriculture Ltd

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Terence Leslie Morris

Ms Susan Kellow - Company secretary and director

Principal activity

The principal activity of the company is Rental and general building work

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 19 July 2024 and signed on its behalf by:


Ms Susan Kellow
Company secretary and director

 

Terry Morris Agriculture Ltd

(Registration number: 4443406)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

99,501

106,658

Investment property

5

1,000,000

1,000,000

 

1,099,501

1,106,658

Current assets

 

Stocks

6

8,412

8,162

Debtors

7

884

1,854

Cash at bank and in hand

 

403,947

280,692

 

413,243

290,708

Creditors: Amounts falling due within one year

8

(508,023)

(483,542)

Net current liabilities

 

(94,780)

(192,834)

Total assets less current liabilities

 

1,004,721

913,824

Provisions for liabilities

(166,747)

(127,837)

Net assets

 

837,974

785,987

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

520,478

520,478

Retained earnings

317,396

265,409

Shareholders' funds

 

837,974

785,987

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Terry Morris Agriculture Ltd

(Registration number: 4443406)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 July 2024 and signed on its behalf by:
 







Mr Terence Leslie Morris
Director

 

Terry Morris Agriculture Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
11 Alverton Terrace
PENZANCE
Cornwall
TR18 4JH
England

These financial statements were authorised for issue by the Board on 19 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Terry Morris Agriculture Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Straight line - 4%

Plant and machinery

Reducing balance - 20%

Motor vehicles

Reducing balance - 25%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Terry Morris Agriculture Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Terry Morris Agriculture Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

83,015

240,350

6,167

329,532

Additions

-

633

-

633

At 31 March 2024

83,015

240,983

6,167

330,165

Depreciation

At 1 April 2023

8,302

209,727

4,845

222,874

Charge for the year

1,186

6,274

330

7,790

At 31 March 2024

9,488

216,001

5,175

230,664

Carrying amount

At 31 March 2024

73,527

24,982

992

99,501

At 31 March 2023

74,713

30,623

1,322

106,658

Included within the net book value of land and buildings above is £73,527 (2023 - £74,713) in respect of freehold land and buildings.
 

 

Terry Morris Agriculture Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Investment properties

2024
£

At 1 April

1,000,000

At 31 March

1,000,000

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Work in progress

8,312

7,712

Other inventories

100

450

8,412

8,162

7

Debtors

Current

2024
£

2023
£

Trade debtors

412

1,015

Prepayments

472

839

 

884

1,854

 

Terry Morris Agriculture Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

12,594

8,733

Taxation and social security

37,250

7,963

Accruals and deferred income

2,706

2,520

Other creditors

455,473

464,326

508,023

483,542

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share class 1 of £1 each

100

100

100

100