Silverfin false false 30/06/2024 01/07/2023 30/06/2024 T Brooke 30/06/2020 28 December 2024 The principal activity of the Company during the financial year was agricultural contracting. 12708725 2024-06-30 12708725 bus:Director1 2024-06-30 12708725 2023-06-30 12708725 core:CurrentFinancialInstruments 2024-06-30 12708725 core:CurrentFinancialInstruments 2023-06-30 12708725 core:Non-currentFinancialInstruments 2024-06-30 12708725 core:Non-currentFinancialInstruments 2023-06-30 12708725 core:ShareCapital 2024-06-30 12708725 core:ShareCapital 2023-06-30 12708725 core:RetainedEarningsAccumulatedLosses 2024-06-30 12708725 core:RetainedEarningsAccumulatedLosses 2023-06-30 12708725 core:PlantMachinery 2023-06-30 12708725 core:PlantMachinery 2024-06-30 12708725 2023-07-01 2024-06-30 12708725 bus:FilletedAccounts 2023-07-01 2024-06-30 12708725 bus:SmallEntities 2023-07-01 2024-06-30 12708725 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 12708725 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12708725 bus:Director1 2023-07-01 2024-06-30 12708725 core:PlantMachinery 2023-07-01 2024-06-30 12708725 2022-07-01 2023-06-30 12708725 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 12708725 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 12708725 (England and Wales)

TBC (DEVON) LTD

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

TBC (DEVON) LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

TBC (DEVON) LTD

BALANCE SHEET

As at 30 June 2024
TBC (DEVON) LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 672,790 723,759
672,790 723,759
Current assets
Stocks 4 46,098 0
Debtors 5 111,166 119,351
157,264 119,351
Creditors: amounts falling due within one year 6 ( 475,355) ( 448,375)
Net current liabilities (318,091) (329,024)
Total assets less current liabilities 354,699 394,735
Creditors: amounts falling due after more than one year 7 ( 206,616) ( 296,134)
Net assets 148,083 98,601
Capital and reserves
Called-up share capital 100 100
Profit and loss account 147,983 98,501
Total shareholder's funds 148,083 98,601

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.

Director's responsibilities:

The financial statements of TBC (Devon) Ltd (registered number: 12708725) were approved and authorised for issue by the Director on 28 December 2024. They were signed on its behalf by:

T Brooke
Director
TBC (DEVON) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
TBC (DEVON) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

TBC (Devon) Ltd (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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for agricultural services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery 10 - 20 % reducing balance

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.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Profit and Loss Account 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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 July 2023 862,149 862,149
Additions 81,350 81,350
Disposals ( 44,250) ( 44,250)
At 30 June 2024 899,249 899,249
Accumulated depreciation
At 01 July 2023 138,390 138,390
Charge for the financial year 101,668 101,668
Disposals ( 13,599) ( 13,599)
At 30 June 2024 226,459 226,459
Net book value
At 30 June 2024 672,790 672,790
At 30 June 2023 723,759 723,759

4. Stocks

2024 2023
£ £
Stocks 46,098 0

5. Debtors

2024 2023
£ £
Trade debtors 91,001 72,454
Deferred tax asset 17,627 34,407
Other debtors 2,538 12,490
111,166 119,351

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 14,522 16,119
Trade creditors 74,579 30,936
Other taxation and social security 19,062 1,453
Obligations under finance leases and hire purchase contracts (secured) 118,344 107,293
Other creditors 248,848 292,574
475,355 448,375

Finance leases and hire purchase contracts are secured against the assets to which they relate.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 206,616 296,134

Finance leases and hire purchase contracts are secured against the assets to which they relate.

8. Off Balance Sheet arrangements

The total amount of financial commitments not included in the balance sheet is £21,600 (2023 - £33,600). These relate to leases of agricultural land for agricultural purposes. £14,400 (2023 - £14,400) is due in one year and the remainder of £7,200 (2023 - £19,200) is due within two to five years.