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THRIFT ACTIVITY FARM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST JULY 2024






THRIFT ACTIVITY FARM LIMITED (REGISTERED NUMBER: 12223041)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 9

THRIFT ACTIVITY FARM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2024







DIRECTORS: P R Sharp
M P Heast
Mrs S G Heast
Mrs S R Elliott





REGISTERED OFFICE: C/O Thrift Farm
Buckingham Road
Whaddon
Milton Keynes
Buckinghamshire
MK17 0EQ





REGISTERED NUMBER: 12223041 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

THRIFT ACTIVITY FARM LIMITED (REGISTERED NUMBER: 12223041)

BALANCE SHEET
31ST JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 941 1,647
Tangible assets 5 519,257 458,558
520,198 460,205

CURRENT ASSETS
Stocks 73,692 54,972
Debtors 6 164,706 102,403
Cash at bank and in hand 130,811 108,008
369,209 265,383
CREDITORS
Amounts falling due within one year 7 609,886 577,774
NET CURRENT LIABILITIES (240,677 ) (312,391 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

279,521

147,814

CREDITORS
Amounts falling due after more than one
year

8

(27,338

)

(36,782

)

PROVISIONS FOR LIABILITIES (76,085 ) (47,085 )
NET ASSETS 176,098 63,947

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 175,998 63,847
176,098 63,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

THRIFT ACTIVITY FARM LIMITED (REGISTERED NUMBER: 12223041)

BALANCE SHEET - continued
31ST JULY 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th April 2025 and were signed on its behalf by:





P R Sharp - Director


THRIFT ACTIVITY FARM LIMITED (REGISTERED NUMBER: 12223041)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024

1. STATUTORY INFORMATION

Thrift Activity Farm 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.

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.

Turnover
Turnover represents amounts derived from the operation of the activity farm facilities and provision of day care services.

Any income received in advance is deferred and included in current liabilities.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - straight line over lease term
Improvements to property - 10% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


THRIFT ACTIVITY FARM LIMITED (REGISTERED NUMBER: 12223041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

2. ACCOUNTING POLICIES - continued
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.

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 65 (2023 - 63 ) .

4. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1st August 2023
and 31st July 2024 2,117
AMORTISATION
At 1st August 2023 470
Amortisation for year 706
At 31st July 2024 1,176
NET BOOK VALUE
At 31st July 2024 941
At 31st July 2023 1,647

THRIFT ACTIVITY FARM LIMITED (REGISTERED NUMBER: 12223041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

5. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1st August 2023 25,277 392,336 20,218
Additions - 102,350 -
At 31st July 2024 25,277 494,686 20,218
DEPRECIATION
At 1st August 2023 2,670 44,026 4,838
Charge for year 1,011 42,610 2,022
At 31st July 2024 3,681 86,636 6,860
NET BOOK VALUE
At 31st July 2024 21,596 408,050 13,358
At 31st July 2023 22,607 348,310 15,380

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st August 2023 66,265 2,381 15,538 522,015
Additions 14,759 - 787 117,896
At 31st July 2024 81,024 2,381 16,325 639,911
DEPRECIATION
At 1st August 2023 5,722 149 6,052 63,457
Charge for year 7,134 558 3,862 57,197
At 31st July 2024 12,856 707 9,914 120,654
NET BOOK VALUE
At 31st July 2024 68,168 1,674 6,411 519,257
At 31st July 2023 60,543 2,232 9,486 458,558

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 86,994 81,670
Amounts owed by participating interests 180 90
Other debtors 24,940 190
Prepayments and accrued income 52,592 20,453
164,706 102,403

THRIFT ACTIVITY FARM LIMITED (REGISTERED NUMBER: 12223041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,283 10,101
Hire purchase contracts (see note 9) 12,518 6,028
LEA advances 14,500 -
Trade creditors 106,928 89,736
Amounts owed to participating interests 21,995 19,963
Amounts owed to joint ventures 247,513 250,110
Corporation tax 8,911 2,303
Social security and other taxes 18,794 13,915
VAT 19,438 22,763
Other creditors 11,144 13,823
Net wages outstanding 84,867 -
Accrued expenses 52,995 149,032
609,886 577,774

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 14,885 25,168
Hire purchase contracts (see note 9) 12,453 11,614
27,338 36,782

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 12,518 6,028
Between one and five years 12,453 11,614
24,971 17,642

Non-cancellable operating leases
2024 2023
£    £   
Within one year 31,949 62,339
Between one and five years - 31,949
31,949 94,288

THRIFT ACTIVITY FARM LIMITED (REGISTERED NUMBER: 12223041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 24,971 17,642

11. RELATED PARTY DISCLOSURES

Included within creditors falling due within one year are the following amounts due to the joint venture investors and their related parties:

2024 2023
£ £
Rollers UK Limited 134,117 134,617
Mead Open Farm Limited 113,396 115,493

These loans are currently free of interest.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THRIFT ACTIVITY FARM LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thrift Activity Farm Limited for the year ended 31st July 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Thrift Activity Farm Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Thrift Activity Farm Limited and state those matters that we have agreed to state to the Board of Directors of Thrift Activity Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thrift Activity Farm Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Thrift Activity Farm Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thrift Activity Farm Limited. You consider that Thrift Activity Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Thrift Activity Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


29th April 2025