2023-08-012024-07-312024-07-31false01168631THOMAS FARMS 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THOMAS FARMS LIMITED

Registered Number
01168631
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

THOMAS FARMS LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

Mr FS Thomas
Mr M I Thomas

Company Secretary

Mrs G S Thomas

Registered Address

Barlings Hall
Barlings
Langworth
LN3 5DG

Registered Number

01168631 (England and Wales)
THOMAS FARMS LIMITED
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3486,481495,504
486,481495,504
Current assets
Stocks4161,874209,653
Debtors513,94514,605
175,819224,258
Creditors amounts falling due within one year6(441,934)(472,025)
Net current assets (liabilities)(266,115)(247,767)
Total assets less current liabilities220,366247,737
Creditors amounts falling due after one year7(97,689)(108,374)
Net assets122,677139,363
Capital and reserves
Called up share capital10,00010,000
Profit and loss account112,677129,363
Shareholders' funds122,677139,363
The financial statements were approved and authorised for issue by the Board of Directors on 28 April 2025, and are signed on its behalf by:
Mr M I Thomas
Director
Registered Company No. 01168631
THOMAS FARMS LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Borrowing costs
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Tangible fixed assets and depreciation
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset. Asset class and Depreciation method and rate: Land and buildings Not depreciated Office equipment 15% reducing balance Motor vehicles 25% reducing balance Tenants fixtures 10% straight line and straight line over 40 years Farm implements, machinery and tractors 15% & 25% reducing balance
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 August 23415,131459,12517,410156,6231,3921,049,681
Additions-13,329---13,329
Disposals-(21,250)---(21,250)
At 31 July 24415,131451,20417,410156,6231,3921,041,760
Depreciation and impairment
At 01 August 2313,087366,43517,119156,623913554,177
Charge for year10,4698,52773-7219,141
On disposals-(18,039)---(18,039)
At 31 July 2423,556356,92317,192156,623985555,279
Net book value
At 31 July 24391,57594,281218-407486,481
At 31 July 23402,04492,690291-479495,504
Included within the net book value of land and buildings above is £391,575 (2023 - £402,044) in respect of freehold land and buildings.
4.Stocks

2024

2023

££
Raw materials and consumables120,400114,333
Work in progress40,20493,482
Finished goods1,2701,838
Total161,874209,653
5.Debtors: amounts due within one year

2024

2023

££
Other debtors4,3554,749
Prepayments and accrued income9,5909,856
Total13,94514,605
Included within debtors balance for 2024 is prepayments £9,590 and VAT £3,848
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables9,02629,113
Bank borrowings and overdrafts101,007182,866
Taxation and social security8421,453
Other creditors331,059258,593
Total441,934472,025
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts97,689108,374
Total97,689108,374
The bank loan is denominated in £ with a market rate of interest. The carrying amount at year end is £107,844 (2023 - £117,999). The bank loan is secured on land and other assets in the company. The final instalment on the bank loan is due on 8 January 2033.
8.Creditors: amounts due after 5 years
Due after more than five years by instalments the amount due is £53,615 (2023 £64,828) Bank loans and overdrafts after five years The creditors falling due after more than five years relate to one (2023 - one) bank loan.