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REGISTERED NUMBER: 06554055 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TAVERNOR FARMING LIMITED

TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TAVERNOR FARMING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R J Tavernor
Mrs M J Tavernor





SECRETARY: R J Tavernor





REGISTERED OFFICE: Mount Farm
Norton in Hales
Market Drayton
Shropshire
TF9 4AZ





REGISTERED NUMBER: 06554055 (England and Wales)





ACCOUNTANTS: Deans
Chartered Accountants
Gibson House
Hurricane Court
Hurricane Close
Stafford
ST16 1GZ

TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 12,791 15,988
Tangible assets 5 6,319,750 6,292,240
Investments 6 134,743 134,743
6,467,284 6,442,971

CURRENT ASSETS
Stocks 699,535 709,474
Debtors 7 47,896 381,725
Cash at bank 446,074 227,281
1,193,505 1,318,480
CREDITORS
Amounts falling due within one year 8 (170,176 ) (334,656 )
NET CURRENT ASSETS 1,023,329 983,824
TOTAL ASSETS LESS CURRENT LIABILITIES 7,490,613 7,426,795

CREDITORS
Amounts falling due after more than one
year

9

(2,312,129

)

(2,469,192

)

PROVISIONS FOR LIABILITIES (527,045 ) (502,063 )
NET ASSETS 4,651,439 4,455,540

CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 12 2,437,886 2,437,886
Transition reserve (312,130 ) (312,130 )
Retained earnings 2,525,583 2,329,684
SHAREHOLDERS' FUNDS 4,651,439 4,455,540

TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055)

BALANCE SHEET - continued
31 DECEMBER 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





R J Tavernor - Director


TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Tavernor 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 Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

Turnover
Sale of goods
Turnover from the sale of milk and livestock is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rental income
Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line basis over the lease term.

Interest receivable
Interest income is recognised using the effective interest method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued in accordance with Business Economic Note 19 issued by the Inland Revenue, at the lower of cost and estimated selling price less costs to complete and sell using other accepted conventions to arrive at deemed cost where actual costs are not accurately ascertainable, after making allowance for obsolete and slow moving items.


TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 4 ) .

TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Basic
payment
Goodwill scheme Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1 19,184 19,185
AMORTISATION
At 1 January 2023 - 3,197 3,197
Amortisation for year - 3,197 3,197
At 31 December 2023 - 6,394 6,394
NET BOOK VALUE
At 31 December 2023 1 12,790 12,791
At 31 December 2022 1 15,987 15,988

5. TANGIBLE FIXED ASSETS
Freehold Freehold Plant and
property Land machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 1,275,000 4,880,000 225,676
Additions - - 74,735
Disposals - - (260 )
At 31 December 2023 1,275,000 4,880,000 300,151
DEPRECIATION
At 1 January 2023 51,000 - 94,551
Charge for year 51,000 - 31,355
Eliminated on disposal - - (162 )
At 31 December 2023 102,000 - 125,744
NET BOOK VALUE
At 31 December 2023 1,173,000 4,880,000 174,407
At 31 December 2022 1,224,000 4,880,000 131,125

TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 2,298 69,501 6,452,475
Additions 199 78,250 153,184
Disposals - (24,798 ) (25,058 )
At 31 December 2023 2,497 122,953 6,580,601
DEPRECIATION
At 1 January 2023 392 14,292 160,235
Charge for year 463 22,983 105,801
Eliminated on disposal - (5,023 ) (5,185 )
At 31 December 2023 855 32,252 260,851
NET BOOK VALUE
At 31 December 2023 1,642 90,701 6,319,750
At 31 December 2022 1,906 55,209 6,292,240

Cost or valuation at 31 December 2023 is represented by:

Freehold Freehold Plant and
property Land machinery
£    £    £   
Valuation in 2022 353,376 2,560,000 -
Cost 921,624 2,320,000 300,151
1,275,000 4,880,000 300,151

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2022 - - 2,913,376
Cost 2,497 122,953 3,667,225
2,497 122,953 6,580,601

TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 31,000 - 31,000
Additions - 78,250 78,250
At 31 December 2023 31,000 78,250 109,250
DEPRECIATION
At 1 January 2023 4,650 - 4,650
Charge for year 3,953 15,650 19,603
At 31 December 2023 8,603 15,650 24,253
NET BOOK VALUE
At 31 December 2023 22,397 62,600 84,997
At 31 December 2022 26,350 - 26,350

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 134,743
NET BOOK VALUE
At 31 December 2023 134,743
At 31 December 2022 134,743

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 220,728
Other debtors 300 200
Tax - 82,978
VAT 9,097 12,513
Prepayments 38,499 65,306
47,896 381,725

TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 48,598 63,337
Hire purchase contracts 21,709 11,939
Trade creditors 39,862 66,038
Tax 42,254 149,584
Other creditors 4,962 9,449
Accrued expenses 12,791 34,309
170,176 334,656

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 51,735 60,520
Bank loans - 2-5 years 149,795 173,884
Bank loans more 5 yr by instal 225,028 224,736
Hire purchase contracts 13,750 7,959
Directors' loan accounts 1,871,821 2,002,093
2,312,129 2,469,192

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 225,028 224,736

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 35,459 19,898
Bank Loans 448,580 486,055
484,039 505,953

A loan of £448,580 (2022 - £486,055) is secured against land at Tilley Manor Farm, Wem, Shrewsbury, Shropshire and its associated assets.

Hire purchase liabilities are secured against the assets they relate to.

TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
100 Share capital 1 £1 100 100

12. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 2,437,886

13. ACQUISITION OF UNDERTAKING

On the 10 August 2022 Tavernor Farming Limited acquired the whole of the trade, assets and liabilities of Mount Farm Partnership, a business in which the directors of the company were partners.