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REGISTERED NUMBER: 13328856 (England and Wales)






















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Towthorpe Farming Limited

Towthorpe Farming Limited (Registered number: 13328856)






Contents of the Financial Statements
for the year ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Towthorpe Farming Limited

Company Information
for the year ended 30 June 2024







DIRECTOR: R J Leeson





REGISTERED OFFICE: Towthorpe Wold
Duggleby Road
Sledmere
Driffield
YO25 3XF





REGISTERED NUMBER: 13328856 (England and Wales)





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

Towthorpe Farming Limited (Registered number: 13328856)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 596,976 626,234
Investments 5 7,100 7,100
604,076 633,334

CURRENT ASSETS
Stocks 284,613 268,661
Debtors 6 41,276 51,165
325,889 319,826
CREDITORS
Amounts falling due within one year 7 525,290 481,757
NET CURRENT LIABILITIES (199,401 ) (161,931 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

404,675

471,403

CREDITORS
Amounts falling due after more than one
year

8

(306,070

)

(334,488

)

PROVISIONS FOR LIABILITIES (6,657 ) (14,172 )
NET ASSETS 91,948 122,743

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 91,947 122,742
91,948 122,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Towthorpe Farming Limited (Registered number: 13328856)

Balance Sheet - continued
30 June 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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 March 2025 and were signed by:





R J Leeson - Director


Towthorpe Farming Limited (Registered number: 13328856)

Notes to the Financial Statements
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Towthorpe Farming 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.

Tangible fixed assets
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:


Plant and machinery20% straight line
Motor vehicles25% straight line
Fixtures and fittings15% straight line
Tractors15% straight line

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 Profit and loss account, 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.

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.

Towthorpe Farming Limited (Registered number: 13328856)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures Tractors
Plant and and Motor and
machinery fittings vehicles combine Totals
£    £    £    £    £   
COST
At 1 July 2023 215,414 7,328 26,495 462,895 712,132
Additions 85,479 685 - - 86,164
Disposals (10,900 ) - - - (10,900 )
At 30 June 2024 289,993 8,013 26,495 462,895 787,396
DEPRECIATION
At 1 July 2023 25,575 1,215 6,269 52,839 85,898
Charge for year 43,770 1,113 5,374 55,007 105,264
Eliminated on disposal (742 ) - - - (742 )
At 30 June 2024 68,603 2,328 11,643 107,846 190,420
NET BOOK VALUE
At 30 June 2024 221,390 5,685 14,852 355,049 596,976
At 30 June 2023 189,839 6,113 20,226 410,056 626,234

The company farms 829 acres of land. 400 of this is rented and 429 is owned by the director and shareholder.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2023
and 30 June 2024 7,100
NET BOOK VALUE
At 30 June 2024 7,100
At 30 June 2023 7,100

Towthorpe Farming Limited (Registered number: 13328856)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 13,929 31,203
Other debtors 27,347 19,962
41,276 51,165

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 249,614 223,991
Hire purchase contracts 94,350 94,270
Trade creditors 138,620 67,779
Taxation and social security 148 -
Other creditors 42,558 95,717
525,290 481,757

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 181,070 209,488
Other creditors 125,000 125,000
306,070 334,488

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 249,614 223,991

HSBC UK Bank PLC hold a floating and fixed charge over all assets for the bank overdraft of Towthorpe Farming limited. Including the 429 acres of land owned bye the director.