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Company No: 01518065 (England and Wales)

TEY FARM SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

TEY FARM SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

TEY FARM SYSTEMS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
TEY FARM SYSTEMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 945 1,495
Tangible assets 4 150,592 135,027
Investment property 5 295,917 254,084
447,454 390,606
Current assets
Stocks 6 255,488 219,773
Debtors 7 570,597 598,669
Cash at bank and in hand 278,799 360,549
1,104,884 1,178,991
Creditors: amounts falling due within one year 8 ( 380,127) ( 532,041)
Net current assets 724,757 646,950
Total assets less current liabilities 1,172,211 1,037,556
Creditors: amounts falling due after more than one year 9 ( 19,566) ( 13,283)
Provision for liabilities 10 ( 42,522) ( 29,822)
Net assets 1,110,123 994,451
Capital and reserves
Called-up share capital 2,000 2,000
Revaluation reserve 39,779 0
Profit and loss account 1,068,344 992,451
Total shareholders' funds 1,110,123 994,451

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Tey Farm Systems Limited (registered number: 01518065) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R Fairs
Director

16 May 2025

TEY FARM SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
TEY FARM SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tey Farm Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Claydon Business Park, Great Blakenham, Ipswich, IP6 0NL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 10 years straight line
Vehicles 25 % reducing balance
Office equipment 10 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 15

3. Intangible assets

Website costs Total
£ £
Cost
At 01 January 2024 2,200 2,200
At 31 December 2024 2,200 2,200
Accumulated amortisation
At 01 January 2024 705 705
Charge for the financial year 550 550
At 31 December 2024 1,255 1,255
Net book value
At 31 December 2024 945 945
At 31 December 2023 1,495 1,495

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2024 27,928 227,475 165,168 33,765 24,983 479,319
Additions 2,648 5,917 53,297 2,165 583 64,610
Disposals 0 0 ( 49,687) ( 713) ( 2,510) ( 52,910)
At 31 December 2024 30,576 233,392 168,616 34,504 23,056 490,144
Accumulated depreciation
At 01 January 2024 26,738 168,926 102,564 32,605 13,459 344,292
Charge for the financial year 245 12,449 17,363 734 3,881 34,672
Disposals 0 0 ( 35,953) ( 713) ( 2,510) ( 39,176)
At 31 December 2024 26,983 181,354 83,973 31,916 15,326 339,552
Net book value
At 31 December 2024 3,593 52,038 84,643 2,588 7,730 150,592
At 31 December 2023 1,190 58,549 62,604 1,160 11,524 135,027

5. Investment property

Investment property
£
Valuation
As at 01 January 2024 254,084
Fair value movement 20,916
As at 31 December 2024 295,917

Valuation

The 2024 valuations were made by the directors, on an open market value for existing use basis.

6. Stocks

2024 2023
£ £
Work in progress 23,544 7,487
Finished goods 231,944 212,286
255,488 219,773

7. Debtors

2024 2023
£ £
Trade debtors 313,888 314,516
Amounts owed by directors 74,258 1,919
Prepayments and accrued income 30,263 82,134
Other debtors 152,188 200,100
570,597 598,669

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 111,639 164,151
Accruals and deferred income 96,409 155,789
Corporation tax 88,563 68,249
CIS withheld 4,516 3,430
Other taxation and social security 53,219 115,858
Obligations under finance leases and hire purchase contracts 23,491 21,264
Other creditors 2,290 3,300
380,127 532,041

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 19,566 13,283

There are no amounts included above in respect of which any security has been given by the small entity.

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 29,822) ( 35,428)
(Charged)/credited to the Income Statement ( 12,700) 5,606
At the end of financial year ( 42,522) ( 29,822)

11. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 71,631 87,933

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 24,054 24,054
between one and five years 47,577 63,879
71,631 87,933

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director's loan account 74,056 1,919

Interest has been charged on this loan at the official rate of interest.