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COMPANY REGISTRATION NUMBER: 00586567
Thrift Farm Limited
Filleted Unaudited Financial Statements
31 March 2024
Thrift Farm Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
500,258
500,754
Current assets
Debtors
6
907
10,424
Cash at bank and in hand
7,901
905,084
-------
---------
8,808
915,508
Creditors: amounts falling due within one year
7
1,735
190,385
-------
---------
Net current assets
7,073
725,123
---------
------------
Total assets less current liabilities
507,331
1,225,877
---------
------------
Net assets
507,331
1,225,877
---------
------------
Capital and reserves
Called up share capital
8
200
200
Revaluation reserve
489,167
489,167
Profit and loss account
17,964
736,510
---------
------------
Shareholders funds
507,331
1,225,877
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31st 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Thrift Farm Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 8 November 2024 , and are signed on behalf of the board by:
P.J.A. Reeves
M. Orrin
Director
Director
Company registration number: 00586567
Thrift Farm Limited
Notes to the Financial Statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1st April 2023 and 31st March 2024
500,000
11,740
511,740
---------
--------
---------
Depreciation
At 1st April 2023
10,986
10,986
Charge for the year
496
496
---------
--------
---------
At 31st March 2024
11,482
11,482
---------
--------
---------
Carrying amount
At 31st March 2024
500,000
258
500,258
---------
--------
---------
At 31st March 2023
500,000
754
500,754
---------
--------
---------
Tangible assets held at valuation
Freehold land was revalued at 31 March 2024 using market-based evidence on farm land in the local area at that date. The valuation was carried out by the directors. The directors internally revalued the property to £500,000 as at 31 March 2024. The historical cost of the freehold land is £10,833.
6. Debtors
2024
2023
£
£
Prepayments and accrued income
907
5,645
Other debtors
4,779
----
--------
907
10,424
----
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,500
2,000
Corporation tax
187,983
Social security and other taxes
235
Director loan accounts
402
-------
---------
1,735
190,385
-------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P.J.A. Reeves
( 402)
402
----
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P.J.A. Reeves
( 404)
2
( 402)
----
----
----