IRIS Accounts Production v25.1.3.33 04056473 Board of Directors 1.3.24 28.2.25 28.2.25 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh040564732024-02-29040564732025-02-28040564732024-03-012025-02-28040564732023-02-28040564732023-03-012024-02-29040564732024-02-2904056473ns15:EnglandWales2024-03-012025-02-2804056473ns14:PoundSterling2024-03-012025-02-2804056473ns10:Director12024-03-012025-02-2804056473ns10:PrivateLimitedCompanyLtd2024-03-012025-02-2804056473ns10:SmallEntities2024-03-012025-02-2804056473ns10:AuditExempt-NoAccountantsReport2024-03-012025-02-2804056473ns10:SmallCompaniesRegimeForDirectorsReport2024-03-012025-02-2804056473ns10:SmallCompaniesRegimeForAccounts2024-03-012025-02-2804056473ns10:FullAccounts2024-03-012025-02-2804056473ns10:OrdinaryShareClass12024-03-012025-02-2804056473ns10:Director22024-03-012025-02-2804056473ns10:CompanySecretary12024-03-012025-02-2804056473ns10:RegisteredOffice2024-03-012025-02-2804056473ns5:CurrentFinancialInstruments2025-02-2804056473ns5:CurrentFinancialInstruments2024-02-2904056473ns5:Non-currentFinancialInstruments2025-02-2804056473ns5:Non-currentFinancialInstruments2024-02-2904056473ns5:ShareCapital2025-02-2804056473ns5:ShareCapital2024-02-2904056473ns5:RevaluationReserve2025-02-2804056473ns5:RevaluationReserve2024-02-2904056473ns5:RetainedEarningsAccumulatedLosses2025-02-2804056473ns5:RetainedEarningsAccumulatedLosses2024-02-2904056473ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-03-012025-02-2804056473ns5:LandBuildingsns5:ShortLeaseholdAssets2024-03-012025-02-2804056473ns5:LeaseholdImprovements2024-03-012025-02-2804056473ns5:PlantMachinery2024-03-012025-02-2804056473ns5:ComputerEquipment2024-03-012025-02-2804056473ns5:LandBuildings2024-02-2904056473ns5:LandBuildingsns5:ShortLeaseholdAssets2024-02-2904056473ns5:LeaseholdImprovements2024-02-2904056473ns5:LandBuildings2024-03-012025-02-2804056473ns5:LandBuildings2025-02-2804056473ns5:LandBuildingsns5:ShortLeaseholdAssets2025-02-2804056473ns5:LeaseholdImprovements2025-02-2804056473ns5:LandBuildings2024-02-2904056473ns5:LandBuildingsns5:ShortLeaseholdAssets2024-02-2904056473ns5:LeaseholdImprovements2024-02-2904056473ns5:PlantMachinery2024-02-2904056473ns5:ComputerEquipment2024-02-2904056473ns5:PlantMachinery2025-02-2804056473ns5:ComputerEquipment2025-02-2804056473ns5:PlantMachinery2024-02-2904056473ns5:ComputerEquipment2024-02-2904056473ns5:WithinOneYearns5:CurrentFinancialInstruments2025-02-2804056473ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-2904056473ns5:Secured2025-02-2804056473ns5:Secured2024-02-2904056473ns5:AcceleratedTaxDepreciationDeferredTax2025-02-2804056473ns5:AcceleratedTaxDepreciationDeferredTax2024-02-2904056473ns5:DeferredTaxation2024-02-2904056473ns5:DeferredTaxation2024-03-012025-02-2804056473ns5:DeferredTaxation2025-02-2804056473ns10:OrdinaryShareClass12025-02-2804056473ns5:RetainedEarningsAccumulatedLosses2024-02-2904056473ns5:RevaluationReserve2024-02-2904056473ns5:RetainedEarningsAccumulatedLosses2024-03-012025-02-28
REGISTERED NUMBER: 04056473 (England and Wales)















The Thorpe & Asgarby Estate Limited

Unaudited Financial Statements for the Year Ended 28th February 2025






The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Contents of the Financial Statements
for the Year Ended 28th February 2025










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Thorpe & Asgarby Estate Limited

Company Information
for the Year Ended 28th February 2025







DIRECTORS: B R Mellstrom LLB
S C Mellstrom MRICS





SECRETARY: W Munday





REGISTERED OFFICE: Glen House
Glen Road
Grayshott
Hindhead
Surrey
GU26 6NF





REGISTERED NUMBER: 04056473 (England and Wales)





ACCOUNTANTS: Sheen Stickland
Chartered Accountants
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Balance Sheet
28th February 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 3,838,348 3,980,092
Investment property 5 8,409,000 8,101,000
12,247,348 12,081,092

CURRENT ASSETS
Stocks 440,743 527,082
Debtors 6 292,400 356,096
Cash at bank 711,287 339,261
1,444,430 1,222,439
CREDITORS
Amounts falling due within one year 7 606,244 877,402
NET CURRENT ASSETS 838,186 345,037
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,085,534

12,426,129

CREDITORS
Amounts falling due after more than
one year

8

(2,330,000

)

(2,330,000

)

PROVISIONS FOR LIABILITIES 10 (1,722,704 ) (1,593,437 )
NET ASSETS 9,032,830 8,502,692

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Balance Sheet - continued
28th February 2025

2025 2024
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 2,002 2,002
Fair value reserve 12 5,481,133 5,250,133
Retained earnings 12 3,549,695 3,250,557
SHAREHOLDERS' FUNDS 9,032,830 8,502,692

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2025 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th June 2025 and were signed on its behalf by:





B R Mellstrom LLB - Director


The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements
for the Year Ended 28th February 2025


1. STATUTORY INFORMATION

The Thorpe & Asgarby Estate 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 as modified by the revaluation of certain assets.

Covid-19 has had a limited impact on the company overall during the financial year.

Turnover
Turnover represents net invoiced sales of goods together with sales of development land and property, excluding value added tax.

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
Estate office - 2% on cost
Improvements to property - at varying rates on cost
Plant and machinery - at varying rates on cost
Computer equipment - 20% on cost

The freehold property consists of land and agricultural buildings. The majority of the agricultural buildings are let as part of a farm tenancy on full repairing and insuring terms and have not been depreciated.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2025


2. ACCOUNTING POLICIES - continued
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.

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.

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.

Contract farming
The company has entered into a contract farming arrangement for the 2025 season. This contract will be brought into the company's results for the year ending 28 February 2025.

At 28th February 2025 the expenditure on this 2025 farming contract, less receipts on account, has been carried forward as it is too early to estimate the likely result for the farming year.

Government grants
Payments from the Rural Payments Agency including single farm payments are included in turnover in the year of receipt.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2025


4. TANGIBLE FIXED ASSETS
Improvements
Freehold Estate to
property office property
£    £    £   
COST
At 1st March 2024 2,929,657 44,904 1,036,400
Additions - - 1,535
Disposals (64,840 ) - -
At 28th February 2025 2,864,817 44,904 1,037,935
DEPRECIATION
At 1st March 2024 - 19,219 766,797
Charge for year - 988 28,031
At 28th February 2025 - 20,207 794,828
NET BOOK VALUE
At 28th February 2025 2,864,817 24,697 243,107
At 29th February 2024 2,929,657 25,685 269,603

Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1st March 2024 1,026,644 2,115 5,039,720
Additions 8,181 - 9,716
Disposals - - (64,840 )
At 28th February 2025 1,034,825 2,115 4,984,596
DEPRECIATION
At 1st March 2024 271,497 2,115 1,059,628
Charge for year 57,601 - 86,620
At 28th February 2025 329,098 2,115 1,146,248
NET BOOK VALUE
At 28th February 2025 705,727 - 3,838,348
At 29th February 2024 755,147 - 3,980,092

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2025


4. TANGIBLE FIXED ASSETS - continued

Included in cost of land and buildings is freehold land of £ 2,929,657 (2024 - £ 2,928,285 ) which is not depreciated.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st March 2024 8,101,000
Revaluations 308,000
At 28th February 2025 8,409,000
NET BOOK VALUE
At 28th February 2025 8,409,000
At 29th February 2024 8,101,000

Fair value at 28th February 2025 is represented by:
£   
Valuation in 2022 6,106,156
Valuation in 2023 609,000
Valuation in 2024 308,000
Cost 1,385,844
8,409,000

If investment property had not been revalued it would have been included at the following historical cost:

2025 2024
£    £   
Cost 1,385,844 -

Investment property was valued on an open market value basis on 18th December 2024 by Strutt and Parker .

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2025


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 227,462 272,274
Other debtors 64,938 83,822
292,400 356,096

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 230,735 667,814
Trade creditors 92,306 54,503
Taxation and social security 81,107 -
Other creditors 202,096 155,085
606,244 877,402

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Bank loans 2,330,000 2,330,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank overdrafts 230,735 667,814
Bank loans 2,330,000 2,330,000
2,560,735 2,997,814

The bank loan and overdraft are secured by a fixed and floating charge over the company's assets.

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2025


10. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax
Accelerated capital allowances 180,681 128,414
Other timing differences 1,542,023 1,465,023
1,722,704 1,593,437

Deferred
tax
£   
Balance at 1st March 2024 1,593,437
Provided during year 129,267
Balance at 28th February 2025 1,722,704

11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2025 2024
value: £    £   
2,002 Share capital £1 2,002 2,002

12. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1st March 2024 3,250,557 5,250,133 8,500,690
Profit for the year 662,138 662,138
Dividends (132,000 ) (132,000 )
Transfer (231,000 ) 231,000 -
At 28th February 2025 3,549,695 5,481,133 9,030,828