Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-3042023-07-01falsetimber trading, farming operations and property development4falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00982666 2023-07-01 2024-06-30 00982666 2022-07-01 2023-06-30 00982666 2024-06-30 00982666 2023-06-30 00982666 c:Director1 2023-07-01 2024-06-30 00982666 d:Buildings 2023-07-01 2024-06-30 00982666 d:Buildings 2024-06-30 00982666 d:Buildings 2023-06-30 00982666 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 00982666 d:PlantMachinery 2023-07-01 2024-06-30 00982666 d:PlantMachinery 2024-06-30 00982666 d:PlantMachinery 2023-06-30 00982666 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 00982666 d:FurnitureFittings 2023-07-01 2024-06-30 00982666 d:FurnitureFittings 2024-06-30 00982666 d:FurnitureFittings 2023-06-30 00982666 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 00982666 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 00982666 d:FreeholdInvestmentProperty 2023-07-01 2024-06-30 00982666 d:FreeholdInvestmentProperty 2024-06-30 00982666 d:FreeholdInvestmentProperty 2023-06-30 00982666 d:CurrentFinancialInstruments 2024-06-30 00982666 d:CurrentFinancialInstruments 2023-06-30 00982666 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 00982666 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 00982666 d:ShareCapital 2024-06-30 00982666 d:ShareCapital 2023-06-30 00982666 d:RetainedEarningsAccumulatedLosses 2024-06-30 00982666 d:RetainedEarningsAccumulatedLosses 2023-06-30 00982666 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 00982666 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 00982666 d:RetirementBenefitObligationsDeferredTax 2024-06-30 00982666 d:RetirementBenefitObligationsDeferredTax 2023-06-30 00982666 d:OtherDeferredTax 2024-06-30 00982666 d:OtherDeferredTax 2023-06-30 00982666 c:FRS102 2023-07-01 2024-06-30 00982666 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 00982666 c:FullAccounts 2023-07-01 2024-06-30 00982666 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00982666 d:WithinOneYear 2024-06-30 00982666 d:WithinOneYear 2023-06-30 00982666 d:BetweenOneFiveYears 2024-06-30 00982666 d:BetweenOneFiveYears 2023-06-30 00982666 d:MoreThanFiveYears 2024-06-30 00982666 d:MoreThanFiveYears 2023-06-30 00982666 2 2023-07-01 2024-06-30 00982666 6 2023-07-01 2024-06-30 00982666 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 00982666


 
 
 
 
 
 
 
 
 
 
 
GEORGE TUFTS & SON (WATTON) LIMITED
 
 
 
 
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
 
FOR THE YEAR ENDED 30 JUNE 2024

 
GEORGE TUFTS & SON (WATTON) LIMITED
REGISTERED NUMBER:00982666

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
295,733
293,524

Investments
 5 
2,333,289
1,887,416

Investment property
 6 
2,499,340
2,324,223

  
5,128,362
4,505,163

Current assets
  

Stocks
  
371,564
242,268

Debtors: amounts falling due within one year
 7 
92,374
123,960

Current asset investments
 8 
2,010,111
2,031,542

Bank and cash balances
  
59,374
539,867

  
2,533,423
2,937,637

Creditors: amounts falling due within one year
 9 
(102,605)
(119,125)

Net current assets
  
 
 
2,430,818
 
 
2,818,512

Total assets less current liabilities
  
7,559,180
7,323,675

Provisions for liabilities
  

Deferred tax
 10 
(157,231)
(109,953)

  
 
 
(157,231)
 
 
(109,953)

Net assets
  
7,401,949
7,213,722

Page 1

 
GEORGE TUFTS & SON (WATTON) LIMITED
REGISTERED NUMBER:00982666
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
7,400,949
7,212,722

  
7,401,949
7,213,722


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr MJ Tufts
Director

Date: 24 March 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GEORGE TUFTS & SON (WATTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

George Tufts & Son (Watton) Limited is a private company limited by shares and incorporated in England and Wales, registration number 00982666. The registered office is The Willows, School Road, Bradenham, Thetford, Norfolk, IP25 7QU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling, which is the functional currency of the Company, and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

The Company will have adequate resources to continue in operational existence for the foreseeable future and at least twelve months from the date of signing these financial statements. Therefore the directors have adopted the going concern basis of accounting in preparing these financial statements.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods - timber and farm sales

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income and dividends received are accounted for on a receivable basis.

 
2.4

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

Page 3

 
GEORGE TUFTS & SON (WATTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
GEORGE TUFTS & SON (WATTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold land
-
No depreciation on freehold land
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

 
2.9

Valuation of investments

Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 5

 
GEORGE TUFTS & SON (WATTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents 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 insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
GEORGE TUFTS & SON (WATTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Freehold land
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 July 2023
293,200
3,498
4,161
300,859


Additions
-
2,525
266
2,791



At 30 June 2024

293,200
6,023
4,427
303,650



Depreciation


At 1 July 2023
-
3,355
3,980
7,335


Charge for the year
-
509
73
582



At 30 June 2024

-
3,864
4,053
7,917



Net book value



At 30 June 2024
293,200
2,159
374
295,733



At 30 June 2023
293,200
143
181
293,524


5.


Fixed asset investments





Listed investments

£



Valuation


At 1 July 2023
1,887,416


Additions
344,134


Disposals
(11,200)


Revaluations
112,939



At 30 June 2024
2,333,289




The original cost of the listed investments held at 30 June 2023 was £1,672,061 (2023 - £1,348,797).

Page 7

 
GEORGE TUFTS & SON (WATTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
2,324,223


Additions at cost
175,117



At 30 June 2024
2,499,340

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,165,665
1,990,548

Accumulated depreciation and impairments
(325,980)
(293,127)

1,839,685
1,697,421

Page 8

 
GEORGE TUFTS & SON (WATTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Debtors

2024
2023
£
£


Trade debtors
360
69,462

Other debtors
27,603
24,830

Prepayments and accrued income
64,411
29,668

92,374
123,960



8.


Current asset investments

2024
2023
£
£

Cash deposits
2,010,111
2,031,542



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
34,904
53,320

Corporation tax
19,496
16,009

Other taxation and social security
950
2,026

Other creditors
40,080
40,080

Accruals and deferred income
7,175
7,690

102,605
119,125


Page 9

 
GEORGE TUFTS & SON (WATTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Deferred taxation




2024


£






At beginning of year
109,953


Charged to profit or loss
47,278



At end of year
157,231

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
633
81

Capital gains on investment properties
43,565
43,565

Capital gains on listed investments
113,033
66,307

157,231
109,953


11.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
25,296
25,296

Later than 1 year and not later than 5 years
101,184
101,184

Later than 5 years
149,668
174,964

276,148
301,444


12.


Controlling party

The directors consider there to be no overall controlling party.

 
Page 10