Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-31No description of principal activity2023-08-01false129truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02319036 2023-08-01 2024-07-31 02319036 2022-08-01 2023-07-31 02319036 2024-07-31 02319036 2023-07-31 02319036 c:Director1 2023-08-01 2024-07-31 02319036 c:Director2 2023-08-01 2024-07-31 02319036 d:Buildings 2023-08-01 2024-07-31 02319036 d:Buildings 2024-07-31 02319036 d:Buildings 2023-07-31 02319036 d:Buildings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02319036 d:Buildings d:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 02319036 d:PlantMachinery 2023-08-01 2024-07-31 02319036 d:PlantMachinery 2024-07-31 02319036 d:PlantMachinery 2023-07-31 02319036 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02319036 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 02319036 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02319036 d:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 02319036 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-07-31 02319036 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-07-31 02319036 d:OtherResidualIntangibleAssets 2023-08-01 2024-07-31 02319036 d:CurrentFinancialInstruments 2024-07-31 02319036 d:CurrentFinancialInstruments 2023-07-31 02319036 d:Non-currentFinancialInstruments 2024-07-31 02319036 d:Non-currentFinancialInstruments 2023-07-31 02319036 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 02319036 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 02319036 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 02319036 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 02319036 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-07-31 02319036 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 02319036 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-07-31 02319036 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-07-31 02319036 d:ShareCapital 2024-07-31 02319036 d:ShareCapital 2023-07-31 02319036 d:SharePremium 2024-07-31 02319036 d:SharePremium 2023-07-31 02319036 d:RetainedEarningsAccumulatedLosses 2024-07-31 02319036 d:RetainedEarningsAccumulatedLosses 2023-07-31 02319036 c:OrdinaryShareClass1 2023-08-01 2024-07-31 02319036 c:OrdinaryShareClass1 2024-07-31 02319036 c:OrdinaryShareClass1 2023-07-31 02319036 c:OrdinaryShareClass2 2023-08-01 2024-07-31 02319036 c:OrdinaryShareClass2 2024-07-31 02319036 c:OrdinaryShareClass2 2023-07-31 02319036 c:FRS102 2023-08-01 2024-07-31 02319036 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 02319036 c:FullAccounts 2023-08-01 2024-07-31 02319036 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 02319036 d:HirePurchaseContracts d:WithinOneYear 2024-07-31 02319036 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 02319036 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-07-31 02319036 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 02319036 2 2023-08-01 2024-07-31 02319036 6 2023-08-01 2024-07-31 02319036 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-07-31 02319036 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-31 02319036 d:LeasedAssetsHeldAsLessee 2024-07-31 02319036 d:LeasedAssetsHeldAsLessee 2023-07-31 02319036 e:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02319036










TECS FARMING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
TECS FARMING LIMITED
REGISTERED NUMBER: 02319036

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,605,874
1,647,108

Investments
 6 
4,408
4,408

  
1,610,282
1,651,516

Current assets
  

Stocks
  
20
20

Debtors: amounts falling due after more than one year
 7 
1,276,221
1,437,292

Debtors: amounts falling due within one year
 7 
548,566
397,179

Cash at bank and in hand
  
64,186
106,229

  
1,888,993
1,940,720

Creditors: amounts falling due within one year
 8 
(268,199)
(341,757)

Net current assets
  
 
 
1,620,794
 
 
1,598,963

Total assets less current liabilities
  
3,231,076
3,250,479

Creditors: amounts falling due after more than one year
 9 
(805,739)
(856,232)

Provisions for liabilities
  

Deferred tax
  
(128,321)
(122,490)

  
 
 
(128,321)
 
 
(122,490)

Net assets
  
2,297,016
2,271,757


Capital and reserves
  

Called up share capital 
 12 
200
200

Share premium account
  
312,046
312,046

Profit and loss account
  
1,984,770
1,959,511

  
2,297,016
2,271,757


Page 1

 
TECS FARMING LIMITED
REGISTERED NUMBER: 02319036
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

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 A W J Bambridge
................................................
Mr R J Crane
Director
Director


Date: 10 April 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

TECS Farming Limited is a private company limited by shares and incorporated in England and Wales, registration number 02319036. The registered office is Summerhill House, 1 Sculthorpe Road, Fakenham, Norfolk, NR21 9HA.

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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
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:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 profit or loss 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.

Page 4

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

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.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

BPS entitlements
-
5
years

 
2.11

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.

Page 5

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Freehold property
-
10 - 25 years straight line
Plant & machinery
-
10 - 25% reducing balance or, where applicable, over the finance lease term

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

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 on a first in, first out basis. 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 profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

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.

Page 6

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 9).


4.


Intangible assets




BPS Entitlements

£



Cost


At 1 August 2023
23,539



At 31 July 2024

23,539



Amortisation


At 1 August 2023
23,539



At 31 July 2024

23,539



Net book value



At 31 July 2024
-



At 31 July 2023
-



Page 7

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 August 2023
1,976,687
1,994,328
3,971,015


Additions
-
70,763
70,763



At 31 July 2024

1,976,687
2,065,091
4,041,778



Depreciation


At 1 August 2023
1,033,135
1,290,770
2,323,905


Charge for the year on owned assets
758
100,978
101,736


Charge for the year on financed assets
-
10,263
10,263



At 31 July 2024

1,033,893
1,402,011
2,435,904



Net book value



At 31 July 2024
942,794
663,080
1,605,874



At 31 July 2023
943,551
703,558
1,647,109

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
83,704
240,827

83,704
240,827

Page 8

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Loans to associates
Total

£
£
£
£



Cost or valuation


At 1 August 2023
2,000
50
2,358
4,408



At 31 July 2024
2,000
50
2,358
4,408





7.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
1,266,863
1,428,862

Other debtors
9,358
8,430

1,276,221
1,437,292


There are non-contractual repayment terms of £13,500 per month and no interest is being charged on the amounts owed by group undertakings. 

2024
2023
£
£

Due within one year

Trade debtors
21,952
24,538

Amounts owed by group undertakings
501,161
349,689

Prepayments and accrued income
25,453
22,952

548,566
397,179


Page 9

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
99,003
94,836

Trade creditors
50,667
110,564

Other taxation and social security
46,586
63,935

Obligations under finance lease and hire purchase contracts
19,207
29,196

Accruals and deferred income
52,736
43,226

268,199
341,757


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
755,227
856,232

Net obligations under finance leases and hire purchase contracts
50,512
-

805,739
856,232


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.

Page 10

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
99,003
94,836

Amounts falling due 1-2 years

Bank loans
280,300
274,498


Amounts falling due after more than 5 years

Bank loans
474,927
581,733

854,230
951,067


Bank loans and overdrafts are secured by a debenture of fixed and floating charges over all assets of the Company and cross guarantee with B & C Farming Limited.


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
19,207
29,196

More than one year
50,512
-

69,719
29,196

Obligation under finance lease and hire purchase contracts are secured against the assets to which they relate.


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) 'A' Ordinary shares of £1.00 each
100
100
100 (2023 - 100) 'B' Ordinary shares of £1.00 each
100
100

200

200


Page 11

 
TECS FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £14,411 (2023 - £10,713). Contributions totalling £nil (2023 - £474) were payable to the fund at the reporting date and are included in creditors.


14.


Related party transactions

At the year end there were balances owed to TECS Farming Limited by B & C Farming Limited worth £1,768,023 (2023 - £1,778,551). There are non-contractual repayment terms of £13,500 per month and no interest is being charged.

 
Page 12