Tachbrook Farming Limited 09987775 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is raising of poultry. Digita Accounts Production Advanced 6.30.9574.0 true true 09987775 2023-01-01 2023-12-31 09987775 2023-12-31 09987775 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 09987775 core:CurrentFinancialInstruments 2023-12-31 09987775 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09987775 core:Non-currentFinancialInstruments 2023-12-31 09987775 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 09987775 core:FurnitureFittingsToolsEquipment 2023-12-31 09987775 core:LandBuildings 2023-12-31 09987775 bus:SmallEntities 2023-01-01 2023-12-31 09987775 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09987775 bus:FullAccounts 2023-01-01 2023-12-31 09987775 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09987775 bus:RegisteredOffice 2023-01-01 2023-12-31 09987775 bus:Director1 2023-01-01 2023-12-31 09987775 bus:Director2 2023-01-01 2023-12-31 09987775 bus:Director3 2023-01-01 2023-12-31 09987775 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09987775 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 09987775 core:LandBuildings 2023-01-01 2023-12-31 09987775 core:PlantMachinery 2023-01-01 2023-12-31 09987775 countries:EnglandWales 2023-01-01 2023-12-31 09987775 2022-12-31 09987775 core:FurnitureFittingsToolsEquipment 2022-12-31 09987775 core:LandBuildings 2022-12-31 09987775 2022-01-01 2022-12-31 09987775 2022-12-31 09987775 core:CurrentFinancialInstruments 2022-12-31 09987775 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09987775 core:Non-currentFinancialInstruments 2022-12-31 09987775 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 09987775 core:FurnitureFittingsToolsEquipment 2022-12-31 09987775 core:LandBuildings 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 09987775

Prepared for the registrar

Tachbrook Farming Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Tachbrook Farming Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Tachbrook Farming Limited

Company Information

Directors

Mr E D Drummond

Mr G A R Drummond

Mr M P Drummond

Registered office

The Homme
Hom Green
Ross-on-Wye
Herefordshire
HR9 7TF

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Tachbrook Farming Limited

(Registration number: 09987775)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,936,847

1,953,967

Current assets

 

Stocks

2,400

434,152

Debtors

5

602,754

618,770

Cash at bank and in hand

 

118,061

-

 

723,215

1,052,922

Creditors: Amounts falling due within one year

6

(566,747)

(1,117,443)

Net current assets/(liabilities)

 

156,468

(64,521)

Total assets less current liabilities

 

2,093,315

1,889,446

Creditors: Amounts falling due after more than one year

6

(1,032,969)

(1,140,570)

Net assets

 

1,060,346

748,876

Capital and reserves

 

Called up share capital

900

900

Profit and loss account

1,059,446

747,976

Shareholders' funds

 

1,060,346

748,876

 

Tachbrook Farming Limited

(Registration number: 09987775)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................
Mr E D Drummond
Director

.........................................
Mr G A R Drummond
Director

.........................................
Mr M P Drummond
Director

     
 

Tachbrook Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Homme
Hom Green
Ross-on-Wye
Herefordshire
HR9 7TF

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Tachbrook Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Nil / 5 years straight line

Plant and machinery

5 / 15 years straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Tachbrook Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
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 profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Tachbrook Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Hire purchases and leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

Tachbrook Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

4

Tangible assets

Freehold property
£

Plant and machinery
 £

Total
£

Cost

At 1 January 2023

1,487,701

1,028,005

2,515,706

Additions

36,258

20,065

56,323

At 31 December 2023

1,523,959

1,048,070

2,572,029

Depreciation

At 1 January 2023

3,751

557,988

561,739

Charge for the year

-

73,443

73,443

At 31 December 2023

3,751

631,431

635,182

Carrying amount

At 31 December 2023

1,520,208

416,639

1,936,847

At 31 December 2022

1,483,950

470,017

1,953,967

 

5

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

162,211

24,896

Other debtors

 

383,128

564,730

Prepayments

 

22,537

29,144

Deferred tax assets

7

34,878

-

   

602,754

618,770

 

Tachbrook Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

106,098

382,755

Trade creditors

 

44,078

37,097

Amounts due to related parties

9

254,898

254,898

Other creditors

 

2,414

-

Accrued expenses

 

88,337

406,657

Corporation tax liability

70,922

36,036

 

566,747

1,117,443

Due after one year

 

Loans and borrowings

8

1,032,969

1,140,570

 

7

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Fixed asset timing differences

34,878

34,878

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

106,098

105,170

Bank overdrafts

-

277,585

106,098

382,755

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,032,969

1,140,570

Bank borrowings

Bank borrowings are secured over the following which are owned by the company;
- Poultry unit 3, Barnwell Poultry Farm, Bishops Tachbrook
- All assets held on the balance sheet

 

9

Related party transactions

Transactions with directors
At the balance sheet date the amount due to directors was £254,898 (2022 - £254,898).

Transactions with other related companies
At the balance sheet date the amount due from other related companies was £259,464 (2022 - £550,000).

 

Tachbrook Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Now Storage Ltd, incorporated in England.