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REGISTERED NUMBER: 00451744 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 May 2024

for

George Thompson (Farms) Limited

George Thompson (Farms) Limited (Registered number: 00451744)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 9


George Thompson (Farms) Limited

Company Information
for the Year Ended 31 May 2024







Directors: R C Thompson
Mrs C E Thompson
Mrs J E Thompson





Secretary: Mrs C E Thompson





Registered office: The Grove
Holbeach Hurn
Spalding
Lincolnshire
PE12 8JJ





Registered number: 00451744 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
George Thompson (Farms) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of George Thompson (Farms) Limited for the year ended 31 May 2024 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of George Thompson (Farms) Limited, as a body, in accordance with the terms of our engagement letter dated 23 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of George Thompson (Farms) Limited and state those matters that we have agreed to state to the Board of Directors of George Thompson (Farms) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Thompson (Farms) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that George Thompson (Farms) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of George Thompson (Farms) Limited. You consider that George Thompson (Farms) 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 financial statements of George Thompson (Farms) 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 financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


29 January 2025

George Thompson (Farms) Limited (Registered number: 00451744)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 6,883,226 4,729,868
Investments 6 140,135 130,170
7,023,361 4,860,038

Current assets
Stocks 1,964,579 1,883,802
Debtors 7 1,321,092 1,523,211
Cash at bank and in hand 651,880 584,693
3,937,551 3,991,706
Creditors
Amounts falling due within one year 8 907,067 1,229,171
Net current assets 3,030,484 2,762,535
Total assets less current liabilities 10,053,845 7,622,573

Creditors
Amounts falling due after more than one
year

9

(1,299,446

)

(472,484

)

Provisions for liabilities (1,164,807 ) (809,923 )
Net assets 7,589,592 6,340,166

Capital and reserves
Called up share capital 10 259,476 41,000
Share premium 19,050 19,050
Retained earnings 7,311,066 6,280,116
Shareholders' funds 7,589,592 6,340,166

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

George Thompson (Farms) Limited (Registered number: 00451744)

Statement of Financial Position - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:




R C Thompson - Director



Mrs C E Thompson - Director


George Thompson (Farms) Limited (Registered number: 00451744)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. Statutory information

George Thompson (Farms) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Agricultural buildings - 10% on original cost
Implements, machinery & equipment - 20%/25% on written down value
General office equipment - 20% on written down value
Motor Vehicles - 25% on written down value
Boxes - 25% on cost
Tractors - 25% on written down value
Computer equipment - 33.3% on cost

Depreciation is not provided on freehold property where, in the opinion of the directors, the residual value of that property is such that any depreciation charge would be immaterial.

Unlisted investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


George Thompson (Farms) Limited (Registered number: 00451744)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Farm support income
De-linked farm support income accrues evenly up to 31 December in each claim year in the financial statements.

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4. Employees and directors

The average number of employees during the year was 20 (2023 - 21 ) .

George Thompson (Farms) Limited (Registered number: 00451744)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


5. Tangible fixed assets
Assets
Freehold under Plant and
property construction machinery
£    £    £   
Cost
At 1 June 2023 6,054,493 - 4,308,630
Additions - 2,291,012 373,077
Disposals (1,500 ) - (122,870 )
At 31 May 2024 6,052,993 2,291,012 4,558,837
Depreciation
At 1 June 2023 3,211,668 - 3,200,676
Charge for year 223,660 - 250,040
Eliminated on disposal - - (88,030 )
At 31 May 2024 3,435,328 - 3,362,686
Net book value
At 31 May 2024 2,617,665 2,291,012 1,196,151
At 31 May 2023 2,842,825 - 1,107,954

Motor Computer
Boxes vehicles equipment Totals
£    £    £    £   
Cost
At 1 June 2023 203,049 2,092,548 7,147 12,665,867
Additions - 269,998 - 2,934,087
Disposals - (187,276 ) (4,422 ) (316,068 )
At 31 May 2024 203,049 2,175,270 2,725 15,283,886
Depreciation
At 1 June 2023 108,641 1,407,981 7,033 7,935,999
Charge for year 36,046 206,586 114 716,446
Eliminated on disposal - (159,333 ) (4,422 ) (251,785 )
At 31 May 2024 144,687 1,455,234 2,725 8,400,660
Net book value
At 31 May 2024 58,362 720,036 - 6,883,226
At 31 May 2023 94,408 684,567 114 4,729,868

Included within the above figure of £2,617,665 for freehold land and buildings is an amount of £2,270,693 (2023 - £2,272,193) in respect of freehold land and buildings upon which no depreciation is charged.

George Thompson (Farms) Limited (Registered number: 00451744)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


6. Fixed asset investments
Unlisted
investments
£   
Cost
At 1 June 2023 130,170
Additions 9,997
Disposals (32 )
At 31 May 2024 140,135
Net book value
At 31 May 2024 140,135
At 31 May 2023 130,170

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 1,074,337 1,157,982
VAT 141,059 96,103
Prepayments and accrued income 105,696 269,126
1,321,092 1,523,211

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 50,000 50,000
Trade creditors 533,735 865,493
Corporation tax 52,360 3,139
Social security and other taxes 32,563 26,172
Other creditors 60,000 -
Hire purchase liabilities 129,528 127,168
Accruals and deferred income 46,824 155,142
Deferred government grants 2,057 2,057
907,067 1,229,171

The bank loan is secured by a legal charge over certain freehold land owned by the company and obligations under hire purchase contracts are secured by the asset it is financing.

9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 750,000 350,000
Preference shares 436,524 -
Hire purchase liabilities 112,922 120,427
Deferred government grants - 2,057
1,299,446 472,484

The bank loan is secured by a legal charge over certain freehold land owned by the company and obligations under hire purchase contracts are secured by the asset it is financing.

George Thompson (Farms) Limited (Registered number: 00451744)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary A £1 10,000 10,000
31,000 Ordinary B £1 31,000 31,000
655,000 1% Cumulative redeemable
preference share £1 218,476 -
259,476 41,000

The A and B ordinary shares rank pari passu in all respects save that in a vote the A shares carry ten votes per share and the B shares carry one vote per share.

During the year the company increased its authorised share capital and issued £655,000 of 1% cumulative redeemable preference shares. The shares rank pari passu with the B ordinary shares and are redeemable at the discretion of the company. The liability element of the share issue is shown within creditors falling due after more than one year at its net present value of future cashflows.