Company registration number 06932638 (England and Wales)
THOMPSON'S WALLS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THOMPSON'S WALLS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
THOMPSON'S WALLS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
27,060
34,891
Tangible assets
4
3,242,635
3,260,156
Investments
5
100,000
100,000
3,369,695
3,395,047
Current assets
Stocks
107,668
119,046
Debtors
6
62,892
60,240
Investments
7
1
1
Cash at bank and in hand
133,638
189,329
304,199
368,616
Creditors: amounts falling due within one year
8
(1,604,502)
(1,611,769)
Net current liabilities
(1,300,303)
(1,243,153)
Total assets less current liabilities
2,069,392
2,151,894
Creditors: amounts falling due after more than one year
9
(30,976)
(36,336)
Provisions for liabilities
-
0
(208)
Government grants
10
(8,802)
(9,032)
Net assets
2,029,614
2,106,318
Capital and reserves
Called up share capital
2,212,071
2,212,071
Profit and loss reserves
(182,457)
(105,753)
Total equity
2,029,614
2,106,318

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 13 November 2024
Mr J R A Waugh
Director
Company Registration No. 06932638
THOMPSON'S WALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Thompson's Walls Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thompson's Walls Farm, Kilham, Mindrum, Northumberland, United Kingdom, TD12 4QT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The parent company, Oshan Investments Limited have confirmed that the inter-company loan will not be required to be repaid before 31 March 2026 and they have also provided a written statement that they will be willing to financially support the company if required. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes, and represents amounts invoiced during the period for livestock, forage and animal bye-product sales. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of stock is recognised when the significant risks and rewards of ownership of the stock have passed to the buyer (usually on dispatch of the stock), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets

Land entitlements

The land entitlements are stated at cost less accumulated amortisation and any impairment losses, which are subject to an annual impairment review. In order to determine whether the land entitlements are impaired, the cost less previously accumulated amortisation is compared to the current value of the land entitlements based on the delinked scheme (formerly Basic Payment Scheme), which is calculated based on the number of entitlements (hectares of land) eligible for payment from the Rural Payments Agency.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

THOMPSON'S WALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land
not depreciated
Freehold buildings
50 years straight-line
Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

THOMPSON'S WALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Stocks

Stocks are valued at the lower of cost and market value. Cost of livestock is valued at purchase cost for mature livestock or 'deemed' cost plus 'upkeep' costs for births, animals purchased at an immature stage, or those that are homebred. If the deemed cost is higher than the market value, then market value is used. The company calculates the approximate market value for each stage in the life of the animal as follows:

 

Sheep

Based on the value of buying a gimmer (female sheep in her second year, but before having her first lamb) and the sale value for a cull or 4-crop ewe (no longer fit for breeding and sold for meat), noting a gimmer price during the year of £180 (2023 - £130).

 

Rams

Based on reducing the purchase price by £100 per annum down to a minimum price of £120.

 

Cattle

Based on reducing the purchase price by £100 per annum down to a minimum price of £650, which approximates cull price.

 

Bulls

Based on reducing the purchase price down by £500 per annum down to a minimum price of £1k, which approximates cull price, noting that there is no write-down or adjustment in the year of purchase.

Livestock valuations incorporate the following elements:

 

(a) Upkeep costs are attributed to all homebred livestock, or livestock that were purchased when they had not yet reached maturity, in order to reflect a fair stock value.

 

(b) Homebred lambs kept for breeding are included in stock at £nil initially and then adjusted at the year end to include an element of upkeep costs for the first year.

 

(c) Homebred calves and calves bought in for breeding are recorded at a value equal to the upkeep costs for the first year.

 

(d) A deemed cost is attributed to all lambs born on the farm in order to reflect the fact that births will reduce the value of the mother. This also reflects the fact that lambs do have a nominal value.

 

(e) If an ewe is purchased 'in lamb', the purchase price will be reduced to just reflect the cost of the ewe.

 

(f) If a heifer is purchased 'in calf', the purchase price will be reduced to just reflect the cost of the heifer.

 

(g) Sheep sales and deaths are removed on a first in first out basis.

 

(h) Calves at foot are included in the stock valuations only at the year end.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

THOMPSON'S WALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THOMPSON'S WALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
THOMPSON'S WALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Intangible fixed assets
Land entitlements
£
Cost
At 1 April 2023 and 31 March 2024
100,000
Amortisation and impairment
At 1 April 2023
65,109
Impairment losses
7,831
At 31 March 2024
72,940
Carrying amount
At 31 March 2024
27,060
At 31 March 2023
34,891
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
3,326,882
192,313
84,232
81,235
3,684,662
Additions
20,162
22,333
7,474
16,500
66,469
Disposals
(208,553)
(17,299)
-
0
-
0
(225,852)
At 31 March 2024
3,138,491
197,347
91,706
97,735
3,525,279
Depreciation and impairment
At 1 April 2023
235,539
137,484
30,143
21,340
424,506
Depreciation charged in the year
26,320
15,056
14,979
15,787
72,142
Eliminated in respect of disposals
(208,553)
(5,451)
-
0
-
0
(214,004)
At 31 March 2024
53,306
147,089
45,122
37,127
282,644
Carrying amount
At 31 March 2024
3,085,185
50,258
46,584
60,608
3,242,635
At 31 March 2023
3,091,343
54,829
54,089
59,895
3,260,156
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100,000
100,000
THOMPSON'S WALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,368
799
Amounts owed by undertakings in which the company has a participating interest
49,905
49,905
Other debtors
2,824
4,343
Prepayments and accrued income
8,795
5,193
62,892
60,240
7
Current asset investments
2024
2023
£
£
Other investments
1
1
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,363
5,231
Trade creditors
13,904
18,263
Amounts owed to group undertakings
1,573,083
1,573,083
Taxation and social security
1,904
2,006
Other creditors
271
1,128
Accruals and deferred income
9,977
12,058
1,604,502
1,611,769
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
30,976
36,336
Amounts included above which fall due after five years are as follows:
Payable by instalments
8,132
14,055
THOMPSON'S WALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
10
Government grants

Deferred income is included in the financial statements as follows:

2024
2023
£
£
Deferred income arising from government grants
8,802
9,032
8,802
9,032
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Joanne Regan FCA
Statutory Auditor:
Azets Audit Services
12
Related party transactions
Transactions with related parties
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,573,083
1,573,083

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
49,905
49,905
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