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REGISTERED NUMBER: 04056473 (England and Wales)















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: B R Mellstrom LLB
S C Mellstrom MRICS





SECRETARY: W Munday





REGISTERED OFFICE: Glen House
Glen Road
Grayshott
Hindhead
Surrey
GU26 6NF





REGISTERED NUMBER: 04056473 (England and Wales)





ACCOUNTANTS: Sheen Stickland
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 3,980,092 3,683,104
Investment property 5 8,101,000 7,492,000
12,081,092 11,175,104

CURRENT ASSETS
Stocks 527,082 583,737
Debtors 6 356,096 520,228
Cash at bank 339,261 1,009,220
1,222,439 2,113,185
CREDITORS
Amounts falling due within one year 7 877,402 997,048
NET CURRENT ASSETS 345,037 1,116,137
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,426,129

12,291,241

CREDITORS
Amounts falling due after more than
one year

8

(2,330,000

)

(2,750,000

)

PROVISIONS FOR LIABILITIES 10 (1,593,437 ) (1,403,215 )
NET ASSETS 8,502,692 8,138,026

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 2,002 2,002
Fair value reserve 12 5,250,133 5,108,449
Retained earnings 12 3,250,557 3,027,575
SHAREHOLDERS' FUNDS 8,502,692 8,138,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 12th August 2024 and were signed on its behalf by:





B R Mellstrom LLB - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Estate office - 2% on cost
Improvements to property - at varying rates on cost
Plant and machinery - at varying rates on cost
Computer equipment - 20% on cost

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 2 (2023 - 2 ) .

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 2,929,657 44,904 972,404
Additions - - 63,996
At 29th February 2024 2,929,657 44,904 1,036,400
DEPRECIATION
At 1st March 2023 - 18,231 726,338
Charge for year - 988 40,459
At 29th February 2024 - 19,219 766,797
NET BOOK VALUE
At 29th February 2024 2,929,657 25,685 269,603
At 28th February 2023 2,929,657 26,673 246,066

Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1st March 2023 699,558 2,115 4,648,638
Additions 327,086 - 391,082
At 29th February 2024 1,026,644 2,115 5,039,720
DEPRECIATION
At 1st March 2023 218,850 2,115 965,534
Charge for year 52,647 - 94,094
At 29th February 2024 271,497 2,115 1,059,628
NET BOOK VALUE
At 29th February 2024 755,147 - 3,980,092
At 28th February 2023 480,708 - 3,683,104

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 7,492,000
Revaluations 609,000
At 29th February 2024 8,101,000
NET BOOK VALUE
At 29th February 2024 8,101,000
At 28th February 2023 7,492,000

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 272,274 311,527
Other debtors 83,822 208,701
356,096 520,228

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 667,814 552,009
Trade creditors 54,503 157,530
Other creditors 155,085 287,509
877,402 997,048

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 2,330,000 2,750,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 667,814 552,009
Bank loans 2,330,000 2,750,000
2,997,814 3,302,009

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 128,414 90,442
Other timing differences 1,465,023 1,312,773
1,593,437 1,403,215

Deferred
tax
£   
Balance at 1st March 2023 1,403,215
Provided during year 190,222
Balance at 29th February 2024 1,593,437

11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
2,002 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 - 169,044