Towhill Farm Limited 05646112 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is Farming Digita Accounts Production Advanced 6.30.9574.0 true 05646112 2023-07-01 2024-06-30 05646112 2024-06-30 05646112 bus:OrdinaryShareClass1 2024-06-30 05646112 bus:OrdinaryShareClass2 2024-06-30 05646112 bus:OrdinaryShareClass3 2024-06-30 05646112 bus:OrdinaryShareClass4 2024-06-30 05646112 bus:OrdinaryShareClass5 2024-06-30 05646112 core:RetainedEarningsAccumulatedLosses 2024-06-30 05646112 core:ShareCapital 2024-06-30 05646112 core:CurrentFinancialInstruments 2024-06-30 05646112 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 05646112 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 05646112 core:Goodwill 2024-06-30 05646112 core:FurnitureFittingsToolsEquipment 2024-06-30 05646112 core:LandBuildings 2024-06-30 05646112 core:MotorVehicles 2024-06-30 05646112 core:OtherPropertyPlantEquipment 2024-06-30 05646112 bus:SmallEntities 2023-07-01 2024-06-30 05646112 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05646112 bus:FullAccounts 2023-07-01 2024-06-30 05646112 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 05646112 bus:RegisteredOffice 2023-07-01 2024-06-30 05646112 bus:CompanySecretary1 2023-07-01 2024-06-30 05646112 bus:Director2 2023-07-01 2024-06-30 05646112 bus:Director3 2023-07-01 2024-06-30 05646112 bus:Director4 2023-07-01 2024-06-30 05646112 bus:Director5 2023-07-01 2024-06-30 05646112 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 05646112 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 05646112 bus:OrdinaryShareClass3 2023-07-01 2024-06-30 05646112 bus:OrdinaryShareClass4 2023-07-01 2024-06-30 05646112 bus:OrdinaryShareClass5 2023-07-01 2024-06-30 05646112 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05646112 bus:Agent1 2023-07-01 2024-06-30 05646112 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 05646112 core:ShareCapital 2023-07-01 2024-06-30 05646112 core:Goodwill 2023-07-01 2024-06-30 05646112 core:FurnitureFittings 2023-07-01 2024-06-30 05646112 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 05646112 core:LandBuildings 2023-07-01 2024-06-30 05646112 core:MotorVehicles 2023-07-01 2024-06-30 05646112 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 05646112 core:PlantMachinery 2023-07-01 2024-06-30 05646112 countries:England 2023-07-01 2024-06-30 05646112 2023-06-30 05646112 core:RetainedEarningsAccumulatedLosses 2023-06-30 05646112 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2023-06-30 05646112 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2023-06-30 05646112 core:ShareCapital 2023-06-30 05646112 core:ShareCapital core:PriorPeriodIncreaseDecrease 2023-06-30 05646112 core:ShareCapital core:RestatedAmount 2023-06-30 05646112 core:Goodwill 2023-06-30 05646112 core:FurnitureFittingsToolsEquipment 2023-06-30 05646112 core:LandBuildings 2023-06-30 05646112 core:MotorVehicles 2023-06-30 05646112 core:OtherPropertyPlantEquipment 2023-06-30 05646112 core:PriorPeriodIncreaseDecrease 2023-06-30 05646112 core:RestatedAmount 2023-06-30 05646112 2022-07-01 2023-06-30 05646112 2023-06-30 05646112 bus:OrdinaryShareClass1 2023-06-30 05646112 bus:OrdinaryShareClass2 2023-06-30 05646112 bus:OrdinaryShareClass3 2023-06-30 05646112 bus:OrdinaryShareClass4 2023-06-30 05646112 bus:OrdinaryShareClass5 2023-06-30 05646112 core:RetainedEarningsAccumulatedLosses 2023-06-30 05646112 core:ShareCapital 2023-06-30 05646112 core:CurrentFinancialInstruments 2023-06-30 05646112 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 05646112 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 05646112 core:Goodwill 2023-06-30 05646112 core:FurnitureFittingsToolsEquipment 2023-06-30 05646112 core:LandBuildings 2023-06-30 05646112 core:MotorVehicles 2023-06-30 05646112 core:OtherPropertyPlantEquipment 2023-06-30 05646112 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 05646112 core:ShareCapital 2022-07-01 2023-06-30 05646112 2022-06-30 05646112 core:RetainedEarningsAccumulatedLosses 2022-06-30 05646112 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2022-06-30 05646112 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2022-06-30 05646112 core:ShareCapital 2022-06-30 05646112 core:ShareCapital core:PriorPeriodIncreaseDecrease 2022-06-30 05646112 core:ShareCapital core:RestatedAmount 2022-06-30 05646112 core:PriorPeriodIncreaseDecrease 2022-06-30 05646112 core:RestatedAmount 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05646112

Towhill Farm Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Towhill Farm Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 11

 

Towhill Farm Limited

Company Information

Directors

Mr Marcus Kenneth Pratt

Mrs Sylvia Myrtle Pratt

Mrs Cheryl Patricia Barton

Mr Richard James Barton

Company secretary

Mrs Heather Jane Pratt

Registered office

1 Wares Cottages Westwood
Broadclyst
Exeter
EX5 3DJ

Accountants

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

 

Towhill Farm Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Marcus Kenneth Pratt

Mrs Sylvia Myrtle Pratt

Mrs Cheryl Patricia Barton

Mr Richard James Barton

Principal activity

The principal activity of the company is Farming

Small companies provision statement

This report has 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.

Approved by the Board on 27 November 2024 and signed on its behalf by:

.........................................
Mr Marcus Kenneth Pratt
Director

.........................................
Mr Richard James Barton
Director

.........................................
Mrs Sylvia Myrtle Pratt
Director

.........................................
Mrs Cheryl Patricia Barton
Director

     
 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Towhill Farm Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Towhill Farm Limited for the year ended 30 June 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Towhill Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Towhill Farm Limited. You consider that Towhill Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Towhill Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

Date:.............................

 

Towhill Farm Limited

(Registration number: 05646112)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

317,665

296,665

Tangible assets

5

1,901,592

1,669,567

 

2,219,257

1,966,232

Current assets

 

Debtors

455,788

321,204

Cash at bank and in hand

 

4,484

3,757

 

460,272

324,961

Creditors: Amounts falling due within one year

(381,498)

(300,802)

Net current assets

 

78,774

24,159

Total assets less current liabilities

 

2,298,031

1,990,391

Creditors: Amounts falling due after more than one year

(1,858,127)

(1,460,356)

Provisions for liabilities

(50,344)

(64,640)

Net assets

 

389,560

465,395

Capital and reserves

 

Called up share capital

6

25,001

25,001

Retained earnings

364,559

440,394

Shareholders' funds

 

389,560

465,395

For the financial year ending 30 June 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.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

 

Towhill Farm Limited

(Registration number: 05646112)
Balance Sheet as at 30 June 2024

.........................................
Mr Marcus Kenneth Pratt
Director

.........................................
Mr Richard James Barton
Director

.........................................
Mrs Sylvia Myrtle Pratt
Director

.........................................
Mrs Cheryl Patricia Barton
Director

     
 

Towhill Farm Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2023

25,001

440,394

465,395

Equity contribution FRS 102

-

40,561

40,561

At 1 July 2023 (As restated)

25,001

480,955

505,956

Loss for the year

-

(116,395)

(116,395)

Total comprehensive income

-

(116,395)

(116,395)

At 30 June 2024

25,001

364,560

389,561

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2022

25,001

313,460

338,461

Equity contribution FRS 102

-

1,332

1,332

At 1 July 2022 (As restated)

25,001

314,792

339,793

Profit for the year

-

125,602

125,602

Total comprehensive income

-

125,602

125,602

At 30 June 2023

25,001

440,394

465,395

 

Towhill Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
1 Wares Cottages Westwood
Broadclyst
Exeter
EX5 3DJ
England

The principal place of business is:
Towhill Farm
Westwood
Broadclyst
Exeter
EX5 3DJ

These financial statements were authorised for issue by the Board on 27 November 2024.

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.

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 when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

 

Towhill Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Land and buildings

n/a

Motor vehicles

25% reducing balance

Equipment, fixtures and fittings

25% reducing balance

Plant and machinery

25% reducing balance

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.

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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

The directors have chosen the fair value model basis for the valuation of biological assets under FRS 102

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Towhill Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 5).

4

Intangible assets

Herd Basis
£

Total
£

Cost or valuation

At 1 July 2023

296,665

296,665

Additions acquired separately

21,000

21,000

At 30 June 2024

317,665

317,665

Amortisation

Carrying amount

At 30 June 2024

317,665

317,665

At 30 June 2023

296,665

296,665

 

Towhill Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 July 2023

1,371,288

77,027

41,369

689,015

2,178,699

Additions

265,333

-

-

32,935

298,268

At 30 June 2024

1,636,621

77,027

41,369

721,950

2,476,967

Depreciation

At 1 July 2023

-

67,305

32,999

408,828

509,132

Charge for the year

-

1,945

1,674

62,624

66,243

At 30 June 2024

-

69,250

34,673

471,452

575,375

Carrying amount

At 30 June 2024

1,636,621

7,777

6,696

250,498

1,901,592

At 30 June 2023

1,371,288

9,722

8,370

280,187

1,669,567

Included within the net book value of land and buildings above is £1,636,621 (2023 - £1,371,288) in respect of freehold land and buildings.
 

 

Towhill Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares A of £1 each

1

1

1

1

Ordinary shares B of £1 each

6,600

6,600

6,600

6,600

Ordinary shares C of £1 each

12,150

12,150

12,150

12,150

Ordinary shares of £1 each

5,000

5,000

5,000

5,000

Ordinary shares D of £1 each

1,250

1,250

1,250

1,250

 

25,001

25,001

25,001

25,001