Company No:
Contents
Note | 28.02.2025 | 31.03.2024 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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0 | 642,542 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand | 6 |
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941,874 | 397,144 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 894,664 | 205,860 | ||
Total assets less current liabilities | 894,664 | 848,402 | ||
Provision for liabilities | 8, 9 |
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Turin Home Farm Limited (registered number:
John Steel
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Turin Home Farm Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O JOHNSTON CARMICHAEL, 227 West George Street, Glasgow, G2 2ND, United Kingdom. The principal place of business is 131 Dunnichen Avenue, Forfar, DD8 2EJ.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
In February 2025 the directors made the decision that the Company would cease trading. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.
The financial statements cover the 11 months to 28 February 2025. The comparative financial statements cover a 12 month period from 6 April 2023 to 5 April 2024 and as such, the comparatives are not directly comparable.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Plant and machinery |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Period from 01.04.2024 to 28.02.2025 |
Year ended 31.03.2024 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Plant and machinery | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2024 |
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Disposals | (
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At 28 February 2025 |
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Accumulated depreciation | |||
At 01 April 2024 |
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Charge for the financial period |
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Disposals | (
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At 28 February 2025 |
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Net book value | |||
At 28 February 2025 |
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At 31 March 2024 |
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Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 April 2024 |
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Disposals | (
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At 28 February 2025 |
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Carrying value at 28 February 2025 |
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Carrying value at 31 March 2024 |
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The unlisted investment represents the company's interest in the farming partnership of Messrs A & J Steel.
28.02.2025 | 31.03.2024 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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28.02.2025 | 31.03.2024 | ||
£ | £ | ||
Cash at bank and in hand |
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28.02.2025 | 31.03.2024 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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28.02.2025 | 31.03.2024 | ||
£ | £ | ||
Deferred tax |
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28.02.2025 | 31.03.2024 | ||
£ | £ | ||
At the beginning of financial period/year | (
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Credited to the Statement of Income and Retained Earnings |
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At the end of financial period/year |
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28.02.2025 | 31.03.2024 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |