Company Registration No. 07063593 (England and Wales)
Thurlow Estate Farms Limited
Unaudited financial statements
for the year ended 5 April 2024
Pages for filing with the registrar
Thurlow Estate Farms Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Thurlow Estate Farms Limited
Balance sheet
As at 5 April 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,407
Tangible assets
4
6,421,454
6,232,838
6,421,454
6,237,245
Current assets
Stocks
3,572,462
4,099,712
Debtors
5
2,132,220
2,630,223
Cash at bank and in hand
1,128,142
505,422
6,832,824
7,235,357
Creditors: amounts falling due within one year
6
(1,633,932)
(1,519,916)
Net current assets
5,198,892
5,715,441
Total assets less current liabilities
11,620,346
11,952,686
Creditors: amounts falling due after more than one year
7
(6,277,708)
(6,160,000)
Provisions for liabilities
(158,169)
(158,169)
Net assets
5,184,469
5,634,517
Capital and reserves
Called up share capital
8
4
4
Profit and loss reserves
5,184,465
5,634,513
Total equity
5,184,469
5,634,517
Thurlow Estate Farms Limited
Balance sheet (continued)
As at 5 April 2024
2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
Timothy Vestey
Director
Company Registration No. 07063593
Thurlow Estate Farms Limited
Notes to the financial statements
For the year ended 5 April 2024
3
1
Accounting policies
Company information
Thurlow Estate Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Great Thurlow, Haverhill, Suffolk, CB9 7LQ.
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
Turnover
Turnover represents sales to customers and subsidies receivable in respect of crops and is stated net of value added tax.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Basic Payment Scheme entitlements
to 31 December 2027
From 15 May 2023, Basic Payment Scheme entitlements have no value and are no longer tradeable therefore the cost and amortisation have been removed from the balance sheet. The loss resulting from the disposal is recognised in the farm trading account.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Buildings
Over 35 years straight line
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15-20% reducing balance
Motor vehicles
25% reducing balance
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.
Thurlow Estate Farms Limited
Notes to the financial statements (continued)
For the year ended 5 April 2024
1
Accounting policies (continued)
4
1.5
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.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value. Crops in store is valued at a deemed cost of 75% of the net realisable value.
1.7
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.
1.8
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, 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.
Thurlow Estate Farms Limited
Notes to the financial statements (continued)
For the year ended 5 April 2024
1
Accounting policies (continued)
5
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.
1.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
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.
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.
Thurlow Estate Farms Limited
Notes to the financial statements (continued)
For the year ended 5 April 2024
1
Accounting policies (continued)
6
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.15
Revenue recognition - Basic Payment Scheme
In any Scheme Year, the right to the Basic Payment Scheme entitlement is recognised if there is a reasonable certainty over the existence of the right to the Basic Payment Scheme for that Scheme Year and once all conditions attached to the BPS have been met.
1.16
Financial Instruments
The company uses crop based derivative instruments such as futures contracts to manage some of the risks arising from fluctuations in crop prices. Only realised gains and losses are recognised in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
27
26
Thurlow Estate Farms Limited
Notes to the financial statements (continued)
For the year ended 5 April 2024
7
3
Intangible fixed assets
Basic Payment Scheme entitlements
£
Cost
At 6 April 2023
1,011,721
Disposals
(1,011,721)
At 5 April 2024
Amortisation and impairment
At 6 April 2023
1,007,314
Amortisation charged for the year
1,763
Disposals
(1,009,077)
At 5 April 2024
Carrying amount
At 5 April 2024
At 5 April 2023
4,407
From 15 May 2023, Basic Payment Scheme entitlements have no value and are no longer tradeable therefore the cost and amortisation have been removed from the balance sheet. The loss resulting from the disposal is recognised in the farm trading account.
Thurlow Estate Farms Limited
Notes to the financial statements (continued)
For the year ended 5 April 2024
8
4
Tangible fixed assets
Buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 6 April 2023
5,326,201
2,330,386
3,634,857
213,723
11,505,167
Additions
82,641
80,000
828,520
30,930
1,022,091
Disposals
(21,446)
(53,290)
(528,000)
(12,000)
(614,736)
At 5 April 2024
5,387,396
2,357,096
3,935,377
232,653
11,912,522
Depreciation and impairment
At 6 April 2023
1,849,103
973,439
2,330,068
119,719
5,272,329
Depreciation charged in the year
175,480
267,596
194,994
26,761
664,831
Eliminated in respect of disposals
(31,126)
(405,784)
(9,182)
(446,092)
At 5 April 2024
2,024,583
1,209,909
2,119,278
137,298
5,491,068
Carrying amount
At 5 April 2024
3,362,813
1,147,187
1,816,099
95,355
6,421,454
At 5 April 2023
3,477,098
1,356,947
1,304,789
94,004
6,232,838
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
1,188,452
849,212
1,188,452
849,212
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,247,297
1,833,841
Corporation tax recoverable
122,738
Other debtors
762,185
796,382
2,132,220
2,630,223
Thurlow Estate Farms Limited
Notes to the financial statements (continued)
For the year ended 5 April 2024
9
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,056,707
864,860
Corporation tax
120,803
Other taxation and social security
15,196
229
Other creditors
562,029
534,024
1,633,932
1,519,916
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
6,277,708
6,160,000
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
4
4
4
4
Thurlow Estate Farms Limited
Notes to the financial statements (continued)
For the year ended 5 April 2024
10
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
1,513,892
836,109
1,443,168
1,159,147
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
2,607,585
2,607,585
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
14,439
(70,458)
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