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REGISTERED NUMBER: 06640278 (England and Wales)











































Tillmouth Farming Limited

Unaudited Financial Statements

for the Year Ended 31st December 2023






Tillmouth Farming Limited (Registered number: 06640278)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 9


Tillmouth Farming Limited

Company Information
for the year ended 31st December 2023







Directors: C I Binnie
Mrs J A Binnie
M A Binnie





Secretary: Mrs J A Binnie





Registered office: Tillmouth Farmhouse
Tillmouth Farm
Cornhill-on-Tweed
Northumberland
TD12 4XA





Registered number: 06640278 (England and Wales)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Tillmouth Farming Limited (Registered number: 06640278)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 7,424 -
Tangible assets 5 1,087,674 1,269,354
1,095,098 1,269,354

Current assets
Stocks 909,093 886,438
Debtors 6 277,017 392,750
Investments 7 117 117
1,186,227 1,279,305
Creditors
Amounts falling due within one year 8 532,269 501,845
Net current assets 653,958 777,460
Total assets less current liabilities 1,749,056 2,046,814

Creditors
Amounts falling due after more than one
year

9

(74,808

)

(254,388

)

Provisions for liabilities (209,184 ) (204,356 )
Net assets 1,465,064 1,588,070

Capital and reserves
Called up share capital 100 100
Retained earnings 1,464,964 1,587,970
1,465,064 1,588,070

Tillmouth Farming Limited (Registered number: 06640278)

Balance Sheet - continued
31st December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th September 2024 and were signed on its behalf by:




C I Binnie - Director



Mrs J A Binnie - Director


Tillmouth Farming Limited (Registered number: 06640278)

Notes to the Financial Statements
for the year ended 31st December 2023

1. Statutory information

Tillmouth Farming 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Basic Payment Entitlements are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Property improvements - 10% on cost and 4% on cost
Plant and machinery - 15% on reducing balance
Tractors - 18% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, directors' loans, bank overdraft, bank loan, other loan and hire purchase contracts.

Bank loan and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors, accruals, other loan and bank overdraft are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Tillmouth Farming Limited (Registered number: 06640278)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. Accounting policies - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Investments
Current asset investments are stated at cost less provision for diminution in value.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern
The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and has an expectation that the company should be in a position to continue trading in current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 4 (2022 - 4 ) .

Tillmouth Farming Limited (Registered number: 06640278)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

4. Intangible fixed assets
Basic
Payment
Entitlement
£   
Cost
At 1st January 2023 42,918
Additions 9,280
At 31st December 2023 52,198
Amortisation
At 1st January 2023 42,918
Amortisation for year 1,856
At 31st December 2023 44,774
Net book value
At 31st December 2023 7,424
At 31st December 2022 -

5. Tangible fixed assets
Property Plant and
improvements machinery Tractors
£    £    £   
Cost
At 1st January 2023 257,290 928,771 596,400
Additions - 2,302 -
Disposals - (2,560 ) -
At 31st December 2023 257,290 928,513 596,400
Depreciation
At 1st January 2023 63,492 314,757 161,166
Charge for year 9,727 92,063 78,342
At 31st December 2023 73,219 406,820 239,508
Net book value
At 31st December 2023 184,071 521,693 356,892
At 31st December 2022 193,798 614,014 435,234

Tillmouth Farming Limited (Registered number: 06640278)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

5. Tangible fixed assets - continued

Motor Office
vehicles equipment Totals
£    £    £   
Cost
At 1st January 2023 49,578 13,659 1,845,698
Additions 5,250 761 8,313
Disposals - - (2,560 )
At 31st December 2023 54,828 14,420 1,851,451
Depreciation
At 1st January 2023 27,388 9,541 576,344
Charge for year 6,423 878 187,433
At 31st December 2023 33,811 10,419 763,777
Net book value
At 31st December 2023 21,017 4,001 1,087,674
At 31st December 2022 22,190 4,118 1,269,354

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 173,817 247,479
Other debtors 103,200 145,271
277,017 392,750

7. Current asset investments
2023 2022
£    £   
Unlisted investments 117 117

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 167,387 120,663
Hire purchase contracts (see note 10) 166,840 168,946
Trade creditors 147,688 178,957
Taxation and social security 42,554 12,029
Other creditors 7,800 21,250
532,269 501,845

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 14,167 24,167
Hire purchase contracts (see note 10) 60,641 230,221
74,808 254,388

Tillmouth Farming Limited (Registered number: 06640278)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

10. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 166,840 168,946
Between one and five years 60,641 230,221
227,481 399,167

Non-cancellable operating leases
2023 2022
£    £   
Within one year 240,000 80,500
Between one and five years 264,000 322,000
In more than five years 253,000 420,500
757,000 823,000

11. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 157,387 110,663
Bank loans 24,167 34,167
Hire purchase contracts 227,481 399,167
409,035 543,997

Barclays bank has a fixed and floating charge over all undertaking and all property and assets of the company.

The bank overdraft is secured by a personal guarantee from the directors.

The HP liabilities are secured against the assets to which they relate.

Tillmouth Farming Limited (Registered number: 06640278)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

12. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

20232022
££
Director 1
Balance outstanding at start of year71,23032,063
Amounts advanced53,229163,193
Amounts repaid(76,226)(124,026)
Balance outstanding at end of year48,23371,230

Director 2
Balance outstanding at start of year35,5671,106
Amounts advanced25,19651,687
Amounts repaid(41,088)(17,226)
Balance outstanding at end of year19,67535,567

This loan is unsecured and repayable on demand. Interest is charged by the company at the official rate published by HMRC.