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REGISTERED NUMBER: 07946608 (England and Wales)






















Unaudited Financial Statements for the Year Ended 31st May 2024

for

Timaru Farming Company Limited

Timaru Farming Company Limited (Registered number: 07946608)






Contents of the Financial Statements
for the year ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Timaru Farming Company Limited

Company Information
for the year ended 31st May 2024







DIRECTORS: Mrs V M Allison
R W Allison
Mrs J M Allison
C W H Allison
Mrs M M Dawson





REGISTERED OFFICE: Timaru Farm
Barton Road
Elsham
North Lincolnshire
DN20 0LS





REGISTERED NUMBER: 07946608 (England and Wales)





ACCOUNTANTS: Smailes Goldie Limited
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Timaru Farming Company Limited (Registered number: 07946608)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 16,754
Tangible assets 5 3,777,737 3,758,543
Investments 6 964 964
3,778,701 3,776,261

CURRENT ASSETS
Stocks 517,170 634,994
Debtors 7 367,860 237,225
885,030 872,219
CREDITORS
Amounts falling due within one year 8 1,536,992 1,029,294
NET CURRENT LIABILITIES (651,962 ) (157,075 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,126,739

3,619,186

CREDITORS
Amounts falling due after more than one
year

9

(1,864,752

)

(2,400,942

)

PROVISIONS FOR LIABILITIES (166,963 ) (122,936 )
NET ASSETS 1,095,024 1,095,308

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 1,094,924 1,095,208
1,095,024 1,095,308

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

Timaru Farming Company Limited (Registered number: 07946608)

Balance Sheet - continued
31st 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 10th February 2025 and were signed on its behalf by:





C W H Allison - Director


Timaru Farming Company Limited (Registered number: 07946608)

Notes to the Financial Statements
for the year ended 31st May 2024

1. STATUTORY INFORMATION

Timaru Farming Company 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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.

Entitlements
Basic Payment Scheme entitlements are initially recognised at cost. Entitlements have not previously been amortised however the scheme ceased in 2021, therefore the assets have been fully amortised this year.

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

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

LandNil
Buildings4% on cost
Plant and machinery20% reducing balance
Motor vehicles35% reducing balance
Computer equipment20% on cost

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 balance sheet date.


Timaru Farming Company Limited (Registered number: 07946608)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st June 2023
and 31st May 2024 16,754
AMORTISATION
Eliminated on disposal 16,754
At 31st May 2024 16,754
NET BOOK VALUE
At 31st May 2024 -
At 31st May 2023 16,754

Timaru Farming Company Limited (Registered number: 07946608)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st June 2023 3,153,034 2,169,537 36,504 411 5,359,486
Additions - 208,954 - - 208,954
Disposals - (104,000 ) - - (104,000 )
At 31st May 2024 3,153,034 2,274,491 36,504 411 5,464,440
DEPRECIATION
At 1st June 2023 39,205 1,528,730 32,984 24 1,600,943
Charge for year 4,528 157,007 880 82 162,497
Eliminated on disposal - (76,737 ) - - (76,737 )
At 31st May 2024 43,733 1,609,000 33,864 106 1,686,703
NET BOOK VALUE
At 31st May 2024 3,109,301 665,491 2,640 305 3,777,737
At 31st May 2023 3,113,829 640,807 3,520 387 3,758,543

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st June 2023
and 31st May 2024 964
NET BOOK VALUE
At 31st May 2024 964
At 31st May 2023 964

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 342,267 220,936
Other debtors 25,593 16,289
367,860 237,225

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,209,599 619,410
Hire purchase contracts 63,297 52,083
Trade creditors 144,592 138,810
Taxation and social security 35,463 112,175
Other creditors 84,041 106,816
1,536,992 1,029,294

Timaru Farming Company Limited (Registered number: 07946608)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

In 2020 the company obtained finance through the government's Bounce-back Loan Scheme. The scheme provides a government-backed guarantee and therefore none of the company's assets are held as security by the provider of the loan.

Within creditors is £103,223 (2023: £61,971) which relates to a hire purchase which is secured over the asset held under the agreement.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,750,000 2,318,092
Hire purchase contracts 103,223 61,971
Other creditors 11,529 20,879
1,864,752 2,400,942

In 2020 the company obtained finance through the government's Bounce-back Loan Scheme. The scheme provides a government-backed guarantee and therefore none of the company's assets are held as security by the provider of the loan.

Hire purchase contracts relates to a hire purchase contract which is secured over the asset held under the agreement.

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 641,507 590,151
Bank loans 2,318,092 2,347,351
Hire purchase contracts 166,520 114,054
3,126,119 3,051,556

Fixed and floating charge secured against all current and future assets that the company holds.

11. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:
Number: Class: Nominal value: 2024 2023
30 A 1 £30 £30
15 B 1 £15 £15
45 C 1 £45 £45
5 D 1 £5 £5
5 E 1 £5 £5