REGISTERED NUMBER: |
The Thorpe & Asgarby Estate Limited |
Financial Statements for the Year Ended 29th February 2024 |
REGISTERED NUMBER: |
The Thorpe & Asgarby Estate Limited |
Financial Statements for the Year Ended 29th February 2024 |
The Thorpe & Asgarby Estate Limited (Registered number: 04056473) |
Contents of the Financial Statements |
for the Year Ended 29th February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Thorpe & Asgarby Estate Limited |
Company Information |
for the Year Ended 29th February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 Oriel Court |
Omega Park |
Alton |
Hampshire |
GU34 2YT |
The Thorpe & Asgarby Estate Limited (Registered number: 04056473) |
Balance Sheet |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
The Thorpe & Asgarby Estate Limited (Registered number: 04056473) |
Balance Sheet - continued |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Fair value reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps 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 Sections 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 were approved by the Board of Directors and authorised for issue on |
The Thorpe & Asgarby Estate Limited (Registered number: 04056473) |
Notes to the Financial Statements |
for the Year Ended 29th February 2024 |
1. | STATUTORY INFORMATION |
The Thorpe & Asgarby Estate Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Covid-19 has had a limited impact on the company overall during the financial year. |
Turnover |
Turnover represents net invoiced sales of goods together with sales of development land and property, excluding value added tax. |
Tangible fixed assets |
Freehold property | - |
Estate office | - |
Improvements to property | - |
Plant and machinery | - |
Computer equipment | - |
The freehold property consists of land and agricultural buildings. The majority of the agricultural buildings are let as part of a farm tenancy on full repairing and insuring terms and have not been depreciated. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
The Thorpe & Asgarby Estate Limited (Registered number: 04056473) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Contract farming |
The company has entered into a contract farming arrangement for the 2024 season. This contract will be brought into the company's results for the year ending 28 February 2025. |
At 29th February 2024 the expenditure on this 2024 farming contract, less receipts on account, has been carried forward as it is too early to estimate the likely result for the farming year. |
Government grants |
Payments from the Rural Payments Agency including single farm payments are included in turnover in the year of receipt. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The Thorpe & Asgarby Estate Limited (Registered number: 04056473) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvem |
Freehold | Estate | to |
property | office | property |
£ | £ | £ |
COST |
At 1st March 2023 |
Additions |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1st March 2023 |
Additions |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
Included in cost of land and buildings is freehold land of £ 2,928,285 (2023 - £ 2,928,285 ) which is not depreciated. |
The Thorpe & Asgarby Estate Limited (Registered number: 04056473) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st March 2023 |
Revaluations | 609,000 |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
Fair value at 29th February 2024 is represented by: |
£ |
Valuation in 2022 | 6,106,156 |
Valuation in 2023 | 609,000 |
Cost | 1,385,844 |
8,101,000 |
Investment property was valued on an open market value basis on 30th June 2023 by Strutt and Parker . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
The Thorpe & Asgarby Estate Limited (Registered number: 04056473) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
The bank loan and overdraft are secured by a fixed and floating charge over the company's assets. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 1,465,023 | 1,312,773 |
1,593,437 | 1,403,215 |
Deferred |
tax |
£ |
Balance at 1st March 2023 |
Provided during year |
Balance at 29th February 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Share capital | £1 | 2,002 | 2,002 |
The Thorpe & Asgarby Estate Limited (Registered number: 04056473) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
12. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1st March 2023 | 3,027,575 | 5,108,449 | 8,136,024 |
Profit for the year | 485,666 | 485,666 |
Dividends | (121,000 | ) | (121,000 | ) |
Transfer | (141,684 | ) | 141,684 | - |
At 29th February 2024 | 3,250,557 | 5,250,133 | 8,500,690 |
13. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |