Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mrs T P Thomas 29/04/2010 Mrs R M Thomas 29/04/2010 Mr R Thomas 29/04/2010 Mr W J Thomas 29/04/2010 01 November 2024 The principal activity of the company is the growing and dealing in potatoes. 07239534 2024-04-30 07239534 bus:Director1 2024-04-30 07239534 bus:Director2 2024-04-30 07239534 bus:Director3 2024-04-30 07239534 bus:Director4 2024-04-30 07239534 2023-04-30 07239534 core:CurrentFinancialInstruments 2024-04-30 07239534 core:CurrentFinancialInstruments 2023-04-30 07239534 core:Non-currentFinancialInstruments 2024-04-30 07239534 core:Non-currentFinancialInstruments 2023-04-30 07239534 core:ShareCapital 2024-04-30 07239534 core:ShareCapital 2023-04-30 07239534 core:RetainedEarningsAccumulatedLosses 2024-04-30 07239534 core:RetainedEarningsAccumulatedLosses 2023-04-30 07239534 core:Goodwill 2023-04-30 07239534 core:Goodwill 2024-04-30 07239534 core:LandBuildings 2023-04-30 07239534 core:PlantMachinery 2023-04-30 07239534 core:LandBuildings 2024-04-30 07239534 core:PlantMachinery 2024-04-30 07239534 core:CostValuation 2023-04-30 07239534 core:CostValuation 2024-04-30 07239534 bus:OrdinaryShareClass1 2024-04-30 07239534 bus:OrdinaryShareClass2 2024-04-30 07239534 2023-05-01 2024-04-30 07239534 bus:FilletedAccounts 2023-05-01 2024-04-30 07239534 bus:SmallEntities 2023-05-01 2024-04-30 07239534 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 07239534 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 07239534 bus:Director1 2023-05-01 2024-04-30 07239534 bus:Director2 2023-05-01 2024-04-30 07239534 bus:Director3 2023-05-01 2024-04-30 07239534 bus:Director4 2023-05-01 2024-04-30 07239534 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 07239534 core:LandBuildings core:TopRangeValue 2023-05-01 2024-04-30 07239534 core:PlantMachinery core:BottomRangeValue 2023-05-01 2024-04-30 07239534 core:PlantMachinery core:TopRangeValue 2023-05-01 2024-04-30 07239534 2022-05-01 2023-04-30 07239534 core:LandBuildings 2023-05-01 2024-04-30 07239534 core:PlantMachinery 2023-05-01 2024-04-30 07239534 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 07239534 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 07239534 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 07239534 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07239534 (England and Wales)

TREVEAR FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

TREVEAR FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

TREVEAR FARMS LIMITED

BALANCE SHEET

As at 30 April 2024
TREVEAR FARMS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 363,000 431,696
Investments 5 100 100
363,100 431,796
Current assets
Stocks 6 185,456 162,211
Debtors 7 31,763 124,065
Cash at bank and in hand 242,392 153,102
459,611 439,378
Creditors: amounts falling due within one year 8 ( 133,801) ( 108,311)
Net current assets 325,810 331,067
Total assets less current liabilities 688,910 762,863
Creditors: amounts falling due after more than one year 9 ( 5,389) ( 10,778)
Provision for liabilities ( 85,596) ( 100,603)
Net assets 597,925 651,482
Capital and reserves
Called-up share capital 10 200 200
Profit and loss account 597,725 651,282
Total shareholders' funds 597,925 651,482

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Trevear Farms Limited (registered number: 07239534) were approved and authorised for issue by the Board of Directors on 01 November 2024. They were signed on its behalf by:

Mr R Thomas
Director
TREVEAR FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
TREVEAR FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Trevear Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is:
Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom.

The principal place of business is:
Trevear Farm
Sennen
Penzance
Cornwall
TR19 7BH

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 6 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 15 years straight line
Plant and machinery 10 - 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

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 the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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 period.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 162,734 162,734
At 30 April 2024 162,734 162,734
Accumulated amortisation
At 01 May 2023 162,734 162,734
At 30 April 2024 162,734 162,734
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 May 2023 233,834 1,703,227 1,937,061
Additions 0 16,150 16,150
At 30 April 2024 233,834 1,719,377 1,953,211
Accumulated depreciation
At 01 May 2023 184,584 1,320,781 1,505,365
Charge for the financial year 15,321 69,525 84,846
At 30 April 2024 199,905 1,390,306 1,590,211
Net book value
At 30 April 2024 33,929 329,071 363,000
At 30 April 2023 49,250 382,446 431,696

Included within the net book value of land and buildings above is £33,929 (2023 - £49,250) in respect of leasehold land and buildings.

Included within the net book value of tangible assets is £nil (2023 - £nil) in respect of assets held under finance lease and similar hire purchase contract. Depreciation for the year on these assets was £nil (2023 - £nil).

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 100 100
At 30 April 2024 100 100
Carrying value at 30 April 2024 100 100
Carrying value at 30 April 2023 100 100

6. Stocks

2024 2023
£ £
Stocks 185,456 162,211

7. Debtors

2024 2023
£ £
Trade debtors 0 101,146
Corporation tax 0 8,985
Other debtors 31,763 13,934
31,763 124,065

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 78,724 57,244
Amounts owed to directors 30,777 32,860
Accruals and deferred income 13,270 18,207
Taxation and social security 11,030 0
133,801 108,311

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Deferred income 5,389 10,778

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 A Ordinary shares of £ 1.00 each 100 100
100 B Ordinary shares of £ 1.00 each 100 100
200 200