8 false false false false false false false false false false true false false false false false false No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,350 10,350 xbrli:pure xbrli:shares iso4217:GBP 00736229 2022-10-01 2023-09-30 00736229 2023-09-30 00736229 2022-09-30 00736229 2021-10-01 2022-09-30 00736229 2022-09-30 00736229 2021-09-30 00736229 core:PlantMachinery 2022-10-01 2023-09-30 00736229 core:MotorVehicles 2022-10-01 2023-09-30 00736229 bus:Director4 2022-10-01 2023-09-30 00736229 bus:Director1 2022-10-01 2023-09-30 00736229 core:LandBuildings 2022-09-30 00736229 core:PlantMachinery 2022-09-30 00736229 core:MotorVehicles 2022-09-30 00736229 core:LandBuildings 2023-09-30 00736229 core:PlantMachinery 2023-09-30 00736229 core:MotorVehicles 2023-09-30 00736229 core:WithinOneYear 2023-09-30 00736229 core:WithinOneYear 2022-09-30 00736229 core:AfterOneYear 2023-09-30 00736229 core:AfterOneYear 2022-09-30 00736229 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 00736229 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-30 00736229 core:ShareCapital 2023-09-30 00736229 core:ShareCapital 2022-09-30 00736229 core:RevaluationReserve 2023-09-30 00736229 core:RevaluationReserve 2022-09-30 00736229 core:OtherReservesSubtotal 2023-09-30 00736229 core:OtherReservesSubtotal 2022-09-30 00736229 core:RetainedEarningsAccumulatedLosses 2023-09-30 00736229 core:RetainedEarningsAccumulatedLosses 2022-09-30 00736229 core:LandBuildings 2022-09-30 00736229 core:PlantMachinery 2022-09-30 00736229 core:MotorVehicles 2022-09-30 00736229 bus:Director1 2022-09-30 00736229 bus:Director1 2023-09-30 00736229 bus:Director1 2021-09-30 00736229 bus:Director1 2022-09-30 00736229 bus:Director4 2021-09-30 00736229 bus:Director1 2021-10-01 2022-09-30 00736229 bus:Director4 2021-10-01 2022-09-30 00736229 bus:SmallEntities 2022-10-01 2023-09-30 00736229 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 00736229 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 00736229 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 00736229 bus:FullAccounts 2022-10-01 2023-09-30 00736229 core:IntangibleAssetsOtherThanGoodwill 2022-10-01 2023-09-30 00736229 core:IntangibleAssetsOtherThanGoodwill 2023-09-30
COMPANY REGISTRATION NUMBER: 00736229
Tinsley (Branston) Farms Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2023
Tinsley (Branston) Farms Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
9,973,029
9,934,438
Current assets
Stocks
288,666
289,019
Debtors
7
305,502
276,505
Investments
8
173,548
155,566
Cash at bank and in hand
74,726
174,807
----------
----------
842,442
895,897
Creditors: amounts falling due within one year
9
653,171
415,231
----------
----------
Net current assets
189,271
480,666
--------------
--------------
Total assets less current liabilities
10,162,300
10,415,104
Creditors: amounts falling due after more than one year
10
1,134,915
1,330,723
--------------
--------------
Net assets
9,027,385
9,084,381
--------------
--------------
Tinsley (Branston) Farms Limited
Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
5,000
5,000
Revaluation reserve
6,561,766
6,561,766
Other reserves
4,981
4,981
Profit and loss account
2,455,638
2,512,634
-------------
-------------
Shareholders funds
9,027,385
9,084,381
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
G E Tinsley
Director
Company registration number: 00736229
Tinsley (Branston) Farms Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Estate Office, Ashfield, Branston, Lincoln, LN4 1NS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Entitlements
-
50% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Land is not depreciated and is carried at a value of £9,758,519 as at 30 September 2023.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
The professional valuation was undertaken by Masons. Stocks are stated at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 6 ).
5. Intangible assets
Entitlements
£
Cost
At 1 October 2022 and 30 September 2023
10,350
---------
Amortisation
At 1 October 2022 and 30 September 2023
10,350
---------
Carrying amount
At 30 September 2023
---------
At 30 September 2022
---------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
9,758,519
247,589
129,172
10,135,280
Additions
7,947
61,723
69,670
-------------
----------
----------
--------------
At 30 September 2023
9,758,519
255,536
190,895
10,204,950
-------------
----------
----------
--------------
Depreciation
At 1 October 2022
108,818
92,024
200,842
Charge for the year
21,792
9,287
31,079
-------------
----------
----------
--------------
At 30 September 2023
130,610
101,311
231,921
-------------
----------
----------
--------------
Carrying amount
At 30 September 2023
9,758,519
124,926
89,584
9,973,029
-------------
----------
----------
--------------
At 30 September 2022
9,758,519
138,771
37,148
9,934,438
-------------
----------
----------
--------------
The land and buildings have been revalued in 2021 by the directors to reflect open market value.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 September 2023
Aggregate cost
4,170,739
Aggregate depreciation
(78,355)
-------------
Carrying value
4,092,384
-------------
At 30 September 2022
Aggregate cost
4,170,739
Aggregate depreciation
(78,355)
-------------
Carrying value
4,092,384
-------------
7. Debtors
2023
2022
£
£
Trade debtors
275,350
184,048
Other debtors
30,152
92,457
----------
----------
305,502
276,505
----------
----------
8. Investments
2023
2022
£
£
Other investments
173,548
155,566
----------
----------
Investments are included at market value at the balance sheet date.
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
135,898
Trade creditors
258,981
347,711
Other creditors
258,292
67,520
----------
----------
653,171
415,231
----------
----------
The bank loan and overdraft are secured liabilities.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
954,000
1,154,000
Other creditors
180,915
176,723
-------------
-------------
1,134,915
1,330,723
-------------
-------------
The £954,000 is a bank loan and is a secured liability.
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
J M Tinsley
( 4,428)
95,228
( 216,652)
( 125,852)
G E Tinsley
18,149
( 18,149)
-------
----------
----------
----------
( 4,428)
113,377
( 234,801)
( 125,852)
-------
----------
----------
----------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
J M Tinsley
324,706
232,938
( 562,072)
( 4,428)
G E Tinsley
63,512
11,569
( 75,081)
----------
----------
----------
-------
388,218
244,507
( 637,153)
( 4,428)
----------
----------
----------
-------