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Registration number: 01395167

R. J. Tory - Turnworth Farm Limited

Annual Report and Unaudited Financial Statements Year Ended 31 October 2024

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Chartered Accountants

 

R. J. Tory - Turnworth Farm Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

R. J. Tory - Turnworth Farm Limited

Company Information

Directors

Mr J R M Tory

Mr J D R Tory

Company secretary

Mr J D R Tory

Registered office

Turnworth Farm
Turnworth
BLANDFORD FORUM
Dorset
DT11 0EE

Accountants

Edwards & Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
R. J. Tory - Turnworth Farm Limitedfor the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R. J. Tory - Turnworth Farm Limited for the year ended 31 October 2024 as set out on pages 3 to 10 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of R. J. Tory - Turnworth Farm Limited, as a body, in accordance with the terms of our engagement letter dated 30 April 2025. Our work has been undertaken solely to prepare for your approval the accounts of R. J. Tory - Turnworth Farm Limited and state those matters that we have agreed to state to the Board of Directors of R. J. Tory - Turnworth Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R. J. Tory - Turnworth Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that R. J. Tory - Turnworth Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of R. J. Tory - Turnworth Farm Limited. You consider that R. J. Tory - Turnworth 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 accounts of R. J. Tory - Turnworth 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 accounts.






Edwards & Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

3 June 2025

 

R. J. Tory - Turnworth Farm Limited

(Registration number: 01395167)
Balance Sheet as at 31 October 2024

Note

2024
 

2023
 

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

1,459,983

 

655,461

Current assets

   

 

Stocks

5

217,977

 

264,019

 

Debtors

6

76,364

 

77,910

 

Cash at bank and in hand

 

223,475

 

370,457

 

 

517,816

 

712,386

 

Creditors: Amounts falling due within one year

7

(317,724)

 

(96,891)

 

Net current assets

   

200,092

 

615,495

Total assets less current liabilities

   

1,660,075

 

1,270,956

Creditors: Amounts falling due after more than one year

7

 

(3,308)

 

(220,000)

Provisions for liabilities

8

 

(72,848)

 

(76,552)

Net assets

   

1,583,919

 

974,404

Capital and reserves

   

 

Called up share capital

125

 

100

 

Share premium reserve

623,277

 

-

 

Profit and loss account

960,517

 

974,304

 

Total equity

   

1,583,919

 

974,404

For the financial year ending 31 October 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Profit and Loss Account.

 

R. J. Tory - Turnworth Farm Limited

(Registration number: 01395167)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 2 June 2025 and signed on its behalf by:
 



Mr J D R Tory
Company secretary and director

 

R. J. Tory - Turnworth Farm Limited

Notes to the Financial Statements
for the Year Ended 31 October 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:
Turnworth Farm
Turnworth
BLANDFORD FORUM
Dorset
DT11 0EE

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.

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 sales/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.

 

R. J. Tory - Turnworth Farm Limited

Notes to the Financial Statements
for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Tenant's improvements

10% per annum reducing balance

Combine and teleram

20% per annum reducing balance

Tractors

20% per annum reducing balance

Plant and machinery (including computer equipment)

20% per annum reducing balance

Motor vehicles

25% per annum reducing balance/25% per annum on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

R. J. Tory - Turnworth Farm Limited

Notes to the Financial Statements
for the Year Ended 31 October 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 balance sheet as a finance lease obligation.

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

R. J. Tory - Turnworth Farm Limited

Notes to the Financial Statements
for the Year Ended 31 October 2024

4

Tangible assets

Property
£

Tenant's improvements
£

Combine
 £

Tractors
£

Motor vehicles
 £

Plant and machinery (including computer equipment)
£

Total
£

Cost or valuation

At 1 November 2023

220,000

217,449

230,168

424,635

97,780

518,074

1,708,106

Additions

669,600

-

270,000

95,644

29,490

13,618

1,078,352

Disposals

-

-

(187,900)

(42,000)

(25,004)

(7,500)

(262,404)

At 31 October 2024

889,600

217,449

312,268

478,279

102,266

524,192

2,524,054

Depreciation

At 1 November 2023

-

181,552

148,108

266,869

73,789

382,327

1,052,645

Charge for the year

-

3,676

55,019

42,282

10,734

27,806

139,517

Eliminated on disposal

-

-

(110,936)

-

(14,455)

(2,700)

(128,091)

At 31 October 2024

-

185,228

92,191

309,151

70,068

407,433

1,064,071

Carrying amount

At 31 October 2024

889,600

32,221

220,077

169,128

32,198

116,759

1,459,983

At 31 October 2023

220,000

35,897

82,060

157,766

23,991

135,747

655,461

Property is represented by £220,000 No 12 Turnworth 31.03.23, £334,800 No 14 Turnworth 29.10.24 and £334,800 No 15 Turnworth 29.10.24.

.
 

 

R. J. Tory - Turnworth Farm Limited

Notes to the Financial Statements
for the Year Ended 31 October 2024

5

Stocks

2024
£

2023
£

Farming stock (including tillages)

217,977

264,019

6

Debtors

2024
£

2023
£

Trade debtors

49,683

55,024

Other debtors

26,681

22,886

76,364

77,910

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

19,851

22,218

Trade creditors

 

95,275

35,140

Taxation and social security

 

747

3,568

Other creditors

 

201,851

35,965

 

317,724

96,891

Due after one year

 

Loans and borrowings

9

3,308

220,000

8

Provisions for liabilities

2024
£

2023
£

Deferred tax

Provision at 1 November 2023

76,552

77,923

Utilised during year

(3,704)

(1,371)

Provision at 31 October 2024

72,848

76,552

 

R. J. Tory - Turnworth Farm Limited

Notes to the Financial Statements
for the Year Ended 31 October 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

3,308

-

Loan account- James Tory

-

220,000

3,308

220,000

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

19,851

22,218