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Company No: 03308531 (England and Wales)

TRENGWAINTON FARMS LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

TRENGWAINTON FARMS LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

TRENGWAINTON FARMS LTD

COMPANY INFORMATION

For the financial year ended 31 March 2024
TRENGWAINTON FARMS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Mrs A L M Bolitho
Colonel E T Bolitho OBE
SECRETARY Colonel E T Bolitho OBE
REGISTERED OFFICE The Chyandour Office
Chyandour
Penzance
TR18 3LW
United Kingdom
COMPANY NUMBER 03308531 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
TRENGWAINTON FARMS LTD

BALANCE SHEET

As at 31 March 2024
TRENGWAINTON FARMS LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 15,758 19,344
Investment property 4 3,570,145 2,770,624
3,585,903 2,789,968
Current assets
Debtors 5 19,603 18,519
Investments 6 14,746 315,378
Cash at bank and in hand 7 74,615 242,813
108,964 576,710
Creditors: amounts falling due within one year 8 ( 24,661) ( 26,147)
Net current assets 84,303 550,563
Total assets less current liabilities 3,670,206 3,340,531
Creditors: amounts falling due after more than one year 9 ( 350,000) 0
Provision for liabilities ( 291,098) ( 302,914)
Net assets 3,029,108 3,037,617
Capital and reserves
Called-up share capital 10 1,047,995 1,047,995
Revaluation reserve 1,607,501 1,661,093
Profit and loss account 373,612 328,529
Total shareholders' funds 3,029,108 3,037,617

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 financial statements of Trengwainton Farms Ltd (registered number: 03308531) were approved and authorised for issue by the Board of Directors on 27 July 2024. They were signed on its behalf by:

Colonel E T Bolitho OBE
Director
TRENGWAINTON FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
TRENGWAINTON FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Trengwainton Farms 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 The Chyandour Office, Chyandour, Penzance, TR18 3LW, United Kingdom.

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 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of service in the
ordinary course of the company's activities. Turnover is net of value added tax, returns, rebates and discounts.
Revenue comprises of the following:
Sales represents income received from land development activities.
Rental income is generated from investment properties owned by company, to include land rental, commercial
properties and farming land.
Other revenue comprises income received from wayleaves.

Taxation

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 25 % 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.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 5,000 25,500 30,500
At 31 March 2024 5,000 25,500 30,500
Accumulated depreciation
At 01 April 2023 0 11,156 11,156
Charge for the financial year 0 3,586 3,586
At 31 March 2024 0 14,742 14,742
Net book value
At 31 March 2024 5,000 10,758 15,758
At 31 March 2023 5,000 14,344 19,344

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,770,624
Additions 864,404
Fair value movement (64,883)
As at 31 March 2024 3,570,145

The fair value to the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the Estate Office. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

2024 2023
£ £
Trade debtors 17,150 12,700
Other debtors 2,453 5,819
19,603 18,519

6. Current asset investments

2024 2023
£ £
Other investments – at cost less impairment 14,746 315,378

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 74,615 242,813

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,606 5,802
Taxation and social security 8,323 9,587
Other creditors 14,732 10,758
24,661 26,147

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

2024 2023
£ £
Other creditors 350,000 0

The other creditors due after more than one year include loans from the Edward Thomas Bolitho Children's Settlement for an amount of £50,000 and a loan from Mrs A L M Bolitho for £300,000 for the purchase of Land at Higher Leah.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,047,995 ordinary shares of £ 1.00 each 1,047,995 1,047,995

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Opening balance 0 2,008
Interest charged 0 0
Repayment 0 (2,008)
Closing balance 0 0