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Registration number: 00821341

Tottingworth Farms Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Tottingworth Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Tottingworth Farms Limited

Company Information

Directors

S J Wareham

M J U Unsworth White

V R Unsworth White

Company secretary

S J Wareham

Registered office

Little Tottingworth Farm
Broad Oak
Heathfield
East Sussex
TN21 8TH

Accountants

Manningtons
39 High Street
Battle
East Sussex
TN33 0EE

 

Tottingworth Farms Limited

(Registration number: 00821341)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

355,339

420,938

Investments

5

394

394

 

355,733

421,332

Current assets

 

Stocks

6

192,221

142,411

Debtors

7

62,983

58,835

Cash at bank and in hand

 

392,780

539,799

 

647,984

741,045

Creditors: Amounts falling due within one year

8

(191,370)

(241,350)

Net current assets

 

456,614

499,695

Total assets less current liabilities

 

812,347

921,027

Creditors: Amounts falling due after more than one year

8

(4,710)

(9,424)

Provisions for liabilities

(46,990)

(71,863)

Net assets

 

760,647

839,740

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

750,647

829,740

Shareholders' funds

 

760,647

839,740

For the financial year ending 31 March 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

 

Tottingworth Farms Limited

(Registration number: 00821341)
Balance Sheet as at 31 March 2024

.........................................
S J Wareham
Company secretary and director

 

Tottingworth Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Little Tottingworth Farm
Broad Oak
Heathfield
East Sussex
TN21 8TH

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 that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue as follows:
Wholesale and slaughter house - treated as earned once a customer order has been completed and dispatched.
Farm livestock and meat sales - treated as earned once the animal or meat has been dispatched or collected by the customer.
Shop and cafe sales - treated as earned at the point of sale,
Revenue in respect of the Single Farm Payment scheme - treated as earned evenly over the calendar year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

Tottingworth Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Tangible assets

Tangible assets are stated in the balance sheet 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 land

not depreciated

Long-term leasehold property

10 year straight line

Plant and machinery / UK Power Network Substation

20% reducing balance / 30 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Tottingworth Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 at the transaction price, less provision for impairment. 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 receivables.

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Tottingworth Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

Tottingworth Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

1,010,558

1,001,561

2,012,119

Additions

-

18,684

18,684

At 31 March 2024

1,010,558

1,020,245

2,030,803

Depreciation

At 1 April 2023

875,190

715,991

1,591,181

Charge for the year

27,346

56,937

84,283

At 31 March 2024

902,536

772,928

1,675,464

Carrying amount

At 31 March 2024

108,022

247,317

355,339

At 31 March 2023

135,368

285,570

420,938

Included within the net book value of land and buildings above is £50,000 (2023 - £50,000) in respect of freehold land and buildings and £58,022 (2023 - £85,368) in respect of long leasehold land and buildings.
 

5

Investments

2024
£

2023
£

Other investments

394

394

6

Stocks

2024
£

2023
£

Raw materials and consumables

147,800

131,100

Finished goods and goods for resale

44,421

11,311

192,221

142,411

7

Debtors

 

Tottingworth Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Trade debtors

36,363

14,938

Taxation and social security

9,062

-

Prepayments

17,558

43,897

62,983

58,835

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

24,452

25,000

Trade creditors

 

83,357

120,607

Taxation and social security

 

3,559

20,519

Accruals and deferred income

 

20,760

20,233

Other creditors

 

16,691

11,750

Director loan account

 

42,551

43,241

 

191,370

241,350

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Deferred income

4,710

9,424

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

24,452

25,000