Towns Green Farm Limited Filleted Accounts Cover
Towns Green Farm Limited
Company No. 11626525
Information for Filing with The Registrar
31 December 2023
Towns Green Farm Limited Directors Report Registrar
The Directors present their report and the accounts for the year ended 31 December 2023.
Principal activities
The principal activity of the company during the year under review was ownership of property held for rental income and capital appreciaition.
Directors
The Directors who served at any time during the year were as follows:
J.L. Ackerley
(Resigned 21 September 2023)
P.L. Ackerley
D. Allison
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
P.L. Ackerley
Director
29 August 2024
Towns Green Farm Limited Balance Sheet Registrar
at
31 December 2023
Company No.
11626525
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
19,984457
Investment property
5
1,700,0001,800,000
1,719,9841,800,457
Current assets
Debtors
6
6,76156,708
Cash at bank and in hand
31,96842,254
38,72998,962
Creditors: Amount falling due within one year
7
(43,275)
(245,743)
Net current liabilities
(4,546)
(146,781)
Total assets less current liabilities
1,715,4381,653,676
Creditors: Amounts falling due after more than one year
8
(1,220,134)
(1,013,818)
Provisions for liabilities
Deferred taxation
(75,533)
(95,598)
Net assets
419,771544,260
Capital and reserves
Called up share capital
22
Revaluation reserve
9
305,804466,365
Profit and loss account
9
113,96577,893
Total equity
419,771544,260
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 29 August 2024 and signed on its behalf by:
P.L. Ackerley
Director
29 August 2024
Towns Green Farm Limited Notes to the Accounts Registrar
for the year ended 31 December 2023
1
General information
Towns Green Farm Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 11626525
Its registered office is:
Five Firs
The Street
East Bergholt
CO7 6TD
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
As at 31 December 2023 the company had net current liabilities of £4,546 (2022: net current liabilities of £146,781). The financial statements have been prepared on a going concern basis as the directors believe that the company can continue to trade for the forseeable future.
2
Accounting policies
Turnover
Turnover represents amounts receivable in respect of rental income.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
25% straight line
Furniture, fittings and equipment
25% straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment property, which is held to earn rentals and/or capital appreciation is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment properties is revalued to its fair value at each reporting date and any surplus or deficit on revaluation is recognised in the profit and loss account. The fair value adjustments have been transferred to a separate reserve on the balance sheet for the purpose of ring-fencing non-distributable reserves.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
No depreciation is provided in respect of investment properties.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
23
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost or revaluation
At 1 January 2023
1,065-1,065
Additions
25,89044526,335
At 31 December 2023
26,95544527,400
Depreciation
At 1 January 2023
608-608
Charge for the year
6,6971116,808
At 31 December 2023
7,3051117,416
Net book values
At 31 December 2023
19,65033419,984
At 31 December 2022
457
-
457
5
Investment property
Freehold Investment Property
£
Valuation
At 1 January 2023
1,800,000
Additions
84,350
Revaluation
(184,350)
At 31 December 2023
1,700,000
The property was revalued at 31 December 2023 by the directors.
6
Debtors
2023
2022
£
£
Trade debtors
6,40014,560
Corporation tax recoverable
-826
VAT recoverable
-37,587
Other debtors
-630
Prepayments and accrued income
3613,105
6,76156,708
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,4002,000
Trade creditors
-230,772
Taxes and social security
21,704
-
Other creditors
13,1485,780
Accruals and deferred income
6,0237,191
43,275245,743
8
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Loans from directors
691,734607,578
Bank loans and overdrafts
3,4006,240
Other loans
525,000400,000
1,220,1341,013,818
Liabilities repayable in more than five years after the balance sheet date
Amount repayable otherwise than by instalments
954,236
807,578
954,236807,578
The company accrues interest at 5% over the bank base rate on the amounts owed to the directors and at 7% on the other loan. The other loans are secured by way of registered charges against the property of the company.
9
Reserves
Non-distributable Reserve
Total other reserves
£
£
At 1 January 2022
269,543
269,543
Movement on revaluation reserve
237,135
237,135
Deferred taxation
(40,313)
(40,313)
At 31 December 2022 and 1 January 2023
466,365
466,365
Movement on revaluation reserve
(160,561)
(160,561)
At 31 December 2023
305,804305,804
Non-distributable reserve - reflects the revaluation of the investment properties.
Profit and loss account - includes all current and prior period retained profits and losses.
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