2 Torr Farm Ltd 08570823 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is that of farming. Digita Accounts Production Advanced 6.30.9574.0 true 08570823 2023-10-01 2024-09-30 08570823 2024-09-30 08570823 2 2024-09-30 08570823 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-09-30 08570823 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-09-30 08570823 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-09-30 08570823 core:CurrentFinancialInstruments 2024-09-30 08570823 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 08570823 core:Non-currentFinancialInstruments 2024-09-30 08570823 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 08570823 core:FurnitureFittings 2024-09-30 08570823 core:LandBuildings core:LongLeaseholdAssets 2024-09-30 08570823 core:MotorVehicles 2024-09-30 08570823 core:OfficeEquipment 2024-09-30 08570823 core:PlantMachinery 2024-09-30 08570823 bus:SmallEntities 2023-10-01 2024-09-30 08570823 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 08570823 bus:FilletedAccounts 2023-10-01 2024-09-30 08570823 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 08570823 bus:RegisteredOffice 2023-10-01 2024-09-30 08570823 bus:Director1 2023-10-01 2024-09-30 08570823 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08570823 core:FurnitureFittings 2023-10-01 2024-09-30 08570823 core:LandBuildings core:LongLeaseholdAssets 2023-10-01 2024-09-30 08570823 core:MotorVehicles 2023-10-01 2024-09-30 08570823 core:OfficeEquipment 2023-10-01 2024-09-30 08570823 core:PlantMachinery 2023-10-01 2024-09-30 08570823 countries:EnglandWales 2023-10-01 2024-09-30 08570823 2023-09-30 08570823 core:FurnitureFittings 2023-09-30 08570823 core:LandBuildings core:LongLeaseholdAssets 2023-09-30 08570823 core:MotorVehicles 2023-09-30 08570823 core:OfficeEquipment 2023-09-30 08570823 core:PlantMachinery 2023-09-30 08570823 2022-10-01 2023-09-30 08570823 2023-09-30 08570823 2 2023-09-30 08570823 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-09-30 08570823 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-09-30 08570823 core:CurrentFinancialInstruments 2023-09-30 08570823 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 08570823 core:Non-currentFinancialInstruments 2023-09-30 08570823 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 08570823 core:FurnitureFittings 2023-09-30 08570823 core:LandBuildings core:LongLeaseholdAssets 2023-09-30 08570823 core:MotorVehicles 2023-09-30 08570823 core:OfficeEquipment 2023-09-30 08570823 core:PlantMachinery 2023-09-30 xbrli:pure iso4217:GBP

Registration number: 08570823

Torr Farm Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Torr Farm Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 9

 

Torr Farm Ltd

(Registration number: 08570823)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

318,119

316,792

Other financial assets

5

275

275

 

318,394

317,067

Current assets

 

Stocks

6

319,838

285,250

Debtors

7

11,745

18,851

 

331,583

304,101

Creditors: Amounts falling due within one year

8

(267,959)

(309,247)

Net current assets/(liabilities)

 

63,624

(5,146)

Total assets less current liabilities

 

382,018

311,921

Creditors: Amounts falling due after more than one year

8

(146,624)

(127,276)

Provisions for liabilities

(72,457)

(73,773)

Net assets

 

162,937

110,872

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

162,935

110,870

Shareholders' funds

 

162,937

110,872

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 9 May 2025 and signed on its behalf by:
 


Mr C J Delbridge
Director

 

Torr Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Torr Farm House
Torr Farm
Menheniot
Liskeard
Cornwall
PL14 3PW
United Kingdom

Principal activity

The principal activity of the company is that of farming.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Torr Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Torr Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Plant and machinery

10% reducing balance

Office equipment

25% reducing balance

Motor vehicles

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

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 statement of comprehensive income 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.

 

Torr Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Torr Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Property Improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

21,698

5,448

497,619

2,006

3,000

529,771

Additions

6,590

-

26,200

-

-

32,790

At 30 September 2024

28,288

5,448

523,819

2,006

3,000

562,561

Depreciation

At 1 October 2023

-

2,645

207,915

1,093

1,326

212,979

Charge for the year

-

421

30,523

184

335

31,463

At 30 September 2024

-

3,066

238,438

1,277

1,661

244,442

Carrying amount

At 30 September 2024

28,288

2,382

285,381

729

1,339

318,119

At 30 September 2023

21,698

2,803

289,704

913

1,674

316,792

Included within the net book value of land and buildings above is £28,288 (2023 - £21,698) in respect of long leasehold land and buildings.
 

 

Torr Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

275

275

At 30 September 2024

275

275

Impairment

Carrying amount

At 30 September 2024

275

275

6

Stocks

2024
£

2023
£

Raw materials and consumables

319,838

285,250

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

8,392

15,298

Other debtors

 

1,310

936

Prepayments

 

2,043

1,650

Income tax asset

-

967

 

11,745

18,851

 

Torr Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

61,129

110,036

Trade creditors

 

15,886

21,180

Taxation and social security

 

5,136

-

Accruals and deferred income

 

7,900

7,825

Other creditors

 

177,908

170,206

 

267,959

309,247

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

146,624

127,276

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Torr Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

146,624

90,141

Hire purchase contracts

-

37,135

146,624

127,276

Current loans and borrowings

2024
£

2023
£

Bank borrowings

11,500

11,500

Bank overdrafts

12,494

60,569

Hire purchase contracts

37,135

37,967

61,129

110,036