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REGISTERED NUMBER: 03934610 (England and Wales)















TOM GILMAN FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






TOM GILMAN FARMS LIMITED (REGISTERED NUMBER: 03934610)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


TOM GILMAN FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: T P Gilman
T W P Gilman
Mrs J H Gilman





SECRETARY: T P Gilman





REGISTERED OFFICE: Coppice Farm
Wing Road
Glaston
Oakham
Rutland
LE15 9BY





REGISTERED NUMBER: 03934610 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

TOM GILMAN FARMS LIMITED (REGISTERED NUMBER: 03934610)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,232,577 2,281,708
Investments 6 20 20
2,232,597 2,281,728

CURRENT ASSETS
Stocks 804,319 856,637
Debtors 7 105,140 112,424
Investments 8 - 1,699
Cash at bank 268,963 190,105
1,178,422 1,160,865
CREDITORS
Amounts falling due within one year 9 664,271 682,580
NET CURRENT ASSETS 514,151 478,285
TOTAL ASSETS LESS CURRENT LIABILITIES 2,746,748 2,760,013

CREDITORS
Amounts falling due after more than one year 10 (1,403,980 ) (1,430,000 )

PROVISIONS FOR LIABILITIES (121,699 ) (133,084 )
NET ASSETS 1,221,069 1,196,929

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 1,220,969 1,196,829
SHAREHOLDERS' FUNDS 1,221,069 1,196,929

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

TOM GILMAN FARMS LIMITED (REGISTERED NUMBER: 03934610)

BALANCE SHEET - continued
30 SEPTEMBER 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 Profit and Loss Account has not been delivered.

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





T W P Gilman - Director


TOM GILMAN FARMS LIMITED (REGISTERED NUMBER: 03934610)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Tom Gilman Farms 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Intangible assets include entitlements to the basic payment. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019 when the scheme ends.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 10% on reducing balance
Harvest equipment - 20% on reducing balance
General equipment - 15% on reducing balance
Cultivating equipment - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Tractors - 20% on reducing balance

Tangible fixed assets are held at cost less accumulated depreciation.

Stocks
Stocks are stated at the lower of cost and fair value less costs to complete and sell after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

TOM GILMAN FARMS LIMITED (REGISTERED NUMBER: 03934610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Investments
Fixed asset investments represent long term investments and are stated at cost less impairment.

Current asset investments are shown at a year end valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Basic farm payment
The Basic Farm Payment is recognised in the financial statements in accordance with current H.M.Revenue & Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 1 October 2023
and 30 September 2024 101,320
AMORTISATION
At 1 October 2023
and 30 September 2024 101,320
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

TOM GILMAN FARMS LIMITED (REGISTERED NUMBER: 03934610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Harvest General
property property equipment equipment
£    £    £    £   
COST
At 1 October 2023 1,721,959 156,225 214,250 311,172
Additions - - - -
At 30 September 2024 1,721,959 156,225 214,250 311,172
DEPRECIATION
At 1 October 2023 - 134,271 142,862 227,999
Charge for year - 2,195 14,278 12,476
At 30 September 2024 - 136,466 157,140 240,475
NET BOOK VALUE
At 30 September 2024 1,721,959 19,759 57,110 70,697
At 30 September 2023 1,721,959 21,954 71,388 83,173

Cultivating Motor
equipment vehicles Tractors Totals
£    £    £    £   
COST
At 1 October 2023 99,305 131,857 625,255 3,260,023
Additions 22,500 12,500 22,370 57,370
At 30 September 2024 121,805 144,357 647,625 3,317,393
DEPRECIATION
At 1 October 2023 86,407 98,059 288,717 978,315
Charge for year 2,672 6,814 68,066 106,501
At 30 September 2024 89,079 104,873 356,783 1,084,816
NET BOOK VALUE
At 30 September 2024 32,726 39,484 290,842 2,232,577
At 30 September 2023 12,898 33,798 336,538 2,281,708


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2023
and 30 September 2024 20
NET BOOK VALUE
At 30 September 2024 20
At 30 September 2023 20

TOM GILMAN FARMS LIMITED (REGISTERED NUMBER: 03934610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 69,335 75,839
Other debtors 35,805 36,585
105,140 112,424

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments - 1,699

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 33,980 66,913
Trade creditors 247,765 236,223
Taxation and social security 44,942 45,290
Other creditors 337,584 334,154
664,271 682,580

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,400,000 1,400,000
Hire purchase contracts 3,980 30,000
1,403,980 1,430,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 1,000,000 1,000,000

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,400,000 1,400,000
Hire purchase contracts 37,960 96,913
1,437,960 1,496,913

The bank loans and overdraft are secured on a fixed and floating charge over the assets of the company, land owned by a director and his wife, land owned by the parents of a director's wife and a personal guarantee given by a director.The hire purchase liabilities are secured on the assets to which they relate.

TOM GILMAN FARMS LIMITED (REGISTERED NUMBER: 03934610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

13. OTHER FINANCIAL COMMITMENTS

At 30 September 2024 the company had operating lease commitments over the remaining life of those leases totalling £184,957 (2023: £184,957).

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
T W P Gilman and Mrs J H Gilman
Balance outstanding at start of year 13,707 45,747
Amounts advanced 103,625 67,501
Amounts repaid (116,205 ) (99,541 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,127 13,707

Loans to directors are charged to interest at 2.25% (2023: 2.125%) per annum and are repayable on demand.