Acorah Software Products - Accounts Production 16.1.300 false true true 30 April 2023 1 May 2022 false 1 May 2023 30 April 2024 30 April 2024 08497132 Mr Roy Taylor Mrs Victoria Taylor iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08497132 2023-04-30 08497132 2024-04-30 08497132 2023-05-01 2024-04-30 08497132 frs-core:CurrentFinancialInstruments 2024-04-30 08497132 frs-core:Non-currentFinancialInstruments 2024-04-30 08497132 frs-core:BetweenOneFiveYears 2024-04-30 08497132 frs-core:FurnitureFittings 2024-04-30 08497132 frs-core:FurnitureFittings 2023-05-01 2024-04-30 08497132 frs-core:FurnitureFittings 2023-04-30 08497132 frs-core:MotorVehicles 2024-04-30 08497132 frs-core:MotorVehicles 2023-05-01 2024-04-30 08497132 frs-core:MotorVehicles 2023-04-30 08497132 frs-core:PlantMachinery 2024-04-30 08497132 frs-core:PlantMachinery 2023-05-01 2024-04-30 08497132 frs-core:PlantMachinery 2023-04-30 08497132 frs-core:WithinOneYear 2024-04-30 08497132 frs-core:ShareCapital 2024-04-30 08497132 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 08497132 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08497132 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 08497132 frs-bus:SmallEntities 2023-05-01 2024-04-30 08497132 frs-bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08497132 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 08497132 frs-bus:Director1 2023-05-01 2024-04-30 08497132 frs-bus:Director2 2023-05-01 2024-04-30 08497132 frs-countries:EnglandWales 2023-05-01 2024-04-30 08497132 2022-04-30 08497132 2023-04-30 08497132 2022-05-01 2023-04-30 08497132 frs-core:CurrentFinancialInstruments 2023-04-30 08497132 frs-core:Non-currentFinancialInstruments 2023-04-30 08497132 frs-core:BetweenOneFiveYears 2023-04-30 08497132 frs-core:FurnitureFittings 2022-05-01 2023-04-30 08497132 frs-core:MotorVehicles 2022-05-01 2023-04-30 08497132 frs-core:WithinOneYear 2023-04-30 08497132 frs-core:ShareCapital 2023-04-30 08497132 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: 08497132
Tove Valley Farming Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
AMEC Consultancy Limited
9 Heath Way
Burton Latimer
Kettering
Northamptonshire
NN15 5YF
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—9
Page 1
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Tove Valley Farming Ltd For The Year Ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Tove Valley Farming Ltd For The Year Ended 30 April 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Tove Valley Farming Ltd , as a body, in accordance with the terms of our engagement letter dated 14 July 2020. Our work has been undertaken solely to prepare for your approval the accounts of Tove Valley Farming Ltd and state those matters that we have agreed to state to the directors of Tove Valley Farming Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tove Valley Farming Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that Tove Valley Farming Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Tove Valley Farming Ltd . You consider that Tove Valley Farming Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Tove Valley Farming Ltd . 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 financial statements.
Signed
26th January 2025
AMEC Consultancy Limited
Chartered Accountants
9 Heath Way
Burton Latimer
Kettering
Northamptonshire
NN15 5YF
Page 1
Page 2
Balance Sheet
Registered number: 08497132
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,272,181 1,155,127
1,272,181 1,155,127
CURRENT ASSETS
Stocks 5 18,750 43,419
Debtors 6 890,086 414,833
Cash at bank and in hand 84,684 219,363
993,520 677,615
Creditors: Amounts Falling Due Within One Year 7 (490,511 ) (463,844 )
NET CURRENT ASSETS (LIABILITIES) 503,009 213,771
TOTAL ASSETS LESS CURRENT LIABILITIES 1,775,190 1,368,898
Creditors: Amounts Falling Due After More Than One Year 8 (220,390 ) (155,317 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (364,897 ) (294,897 )
NET ASSETS 1,189,903 918,684
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 1,189,803 918,584
SHAREHOLDERS' FUNDS 1,189,903 918,684
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Page 3
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Roy Taylor
Director
26th January 2025
The notes on pages 4 to 9 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Tove Valley Farming Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08497132 . The registered office is Homestead Farm, Watling Street, Potterspury, Towcester, NN12 6LH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), and the requirements of the Companies Act 2006 as applicable to companiues subject to the small companies regime. The disclosure requirements of section 1A of FRS102 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. Montary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments as fair value. The principal accounting polices adopted are set out below.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% and 20% reducing balance
Tractors, sprayers and harvesters 15% reducing balance
Motor vehicles 25% reducing balance
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Financial Instruments
The company only enters into basic financial instrument transactions that result in a the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts recieveable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are apyable or receivable within one year, typically trade debtors and creditors, are measured intially abd subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or recieved. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or finance at a market rate of interest that it is not a market rate or in the case of an out-right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt intstrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impariment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For fianncial assets measured at cost less impariment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if ti were to be sold at the balance sheet date.

Financial assets and laibilities are offset and the net amount reported in the balance sheet when there is an 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.

Debtors

Short term debtors are measured at transaction price, less impariment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more that 24 hours. Cash equivelents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignifcant risk in change of value.

Creditors
...CONTINUED
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Page 6
2.7. Financial Instruments - continued

Short term creditors are measured at the transaction price
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
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4. Tangible Assets
Plant & Machinery Tractors, sprayers and harvesters Motor vehicles Total
£ £ £ £
Cost
As at 1 May 2023 699,697 1,367,473 27,868 2,095,038
Additions 133,805 197,893 94,381 426,079
Disposals (113,085 ) - - (113,085 )
As at 30 April 2024 720,417 1,565,366 122,249 2,408,032
Depreciation
As at 1 May 2023 367,921 559,798 12,192 939,911
Provided during the period 93,116 144,438 28,821 266,375
Disposals (70,435 ) - - (70,435 )
As at 30 April 2024 390,602 704,236 41,013 1,135,851
Net Book Value
As at 30 April 2024 329,815 861,130 81,236 1,272,181
As at 1 May 2023 331,776 807,675 15,676 1,155,127
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor vehicles 49,375 -
Tractors, sprayers and harvesters 523,593 418,098
572,968 418,098
5. Stocks
2024 2023
£ £
Materials 18,750 43,419
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 636,835 269,690
Amounts owed by participating interests 213,662 98,662
Other debtors 39,589 46,481
890,086 414,833
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 98,864 91,150
Trade creditors 136,154 131,280
Amounts owed to participating interests 176,308 217,000
Other creditors 13,905 7,941
Taxation and social security 65,280 16,473
490,511 463,844
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 220,390 155,317
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 98,864 91,150
Later than one year and not later than five years 220,390 155,317
319,254 246,467
319,254 246,467
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 364,897 294,897
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 124,100 107,000
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