REGISTERED NUMBER: 05963936 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST OCTOBER 2024

FOR

TAYNTON COURT FARM LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

J T Griffiths

J A Griffiths

Registered office:

Network House

Thorn Office Centre

Rotherwas

Hereford

HR2 6JT

Registered number:

05963936 (England and Wales)

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

5,768,644

5,717,005

Herd basis

6

1,217,070

1,164,330

6,985,714

6,881,335

Current assets

Stocks

7

332,442

343,746

Debtors

8

478,799

367,168

Cash at bank

618

-

811,859

710,914

Creditors

Amounts falling due within one year

9

2,431,725

2,368,723

Net current liabilities

(1,619,866

)

(1,657,809

)

Total assets less current liabilities

5,365,848

5,223,526

Creditors

Amounts falling due after more than one year

10

(3,340,448

)

(3,424,301

)

Provisions for liabilities

13

(251,900

)

(281,100

)

Net assets

1,773,500

1,518,125

Capital and reserves

Called up share capital

14

2

2

Retained earnings

1,773,498

1,518,123

Shareholders' funds

1,773,500

1,518,125

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th June 2025 and were signed on its behalf by:

J A Griffiths - Director

1.	Statutory information

Taynton Court Farm 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.

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.

BPS entitlements are being amortised evenly over their estimated useful life of two years.

Tangible fixed assets

Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life:

Freehold property

0%

Plant & machinery

15% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, 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 Statement of Income and Retained Earnings, 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.

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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

3.	Employees (including officers)

The average number of employees during the year was 13 (2023 - 22 ) .

4.	Intangible fixed assets

BPS

entitlements

£

Cost

At 1st November 2023

and 31st October 2024

34,661

Amortisation

At 1st November 2023

and 31st October 2024

34,661

Net book value

At 31st October 2024

-

At 31st October 2023

-

5.	Tangible fixed assets

Freehold

Plant &

property

machinery

Totals

£

£

£

Cost

At 1st November 2023

4,566,815

1,530,311

6,097,126

Additions

172,722

60,524

233,246

At 31st October 2024

4,739,537

1,590,835

6,330,372

Depreciation

At 1st November 2023

-

380,121

380,121

Charge for year

-

181,607

181,607

At 31st October 2024

-

561,728

561,728

Net book value

At 31st October 2024

4,739,537

1,029,107

5,768,644

At 31st October 2023

4,566,815

1,150,190

5,717,005

Included in cost of land and buildings is freehold land of £ 4,739,537 (2023 - £ 4,566,815 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 74,652 (2023 - £ 226,004 ) in respect of assets held under hire purchase contracts.

6.	Herd basis

Dairy herd

basis

£

Cost

At 1st November 2023

1,164,330

Additions

52,740

At 31st October 2024

1,217,070

Net book value

At 31st October 2024

1,217,070

At 31st October 2023

1,164,330

7.

Stocks

31.10.24

31.10.23

£

£

Stocks

332,442

343,746

8.

Debtors: amounts falling due within one year

31.10.24

31.10.23

£

£

Trade debtors

366,268

245,499

Corporation tax

-

21,000

VAT

61,642

34,258

Prepayments

50,889

66,411

478,799

367,168

9.

Creditors: amounts falling due within one year

31.10.24

31.10.23

£

£

Bank loans and overdrafts (see note 11)

829,353

812,164

Hire purchase contracts

18,439

76,751

Trade creditors

282,316

290,093

Corporation tax

104,500

-

Directors' loan accounts

1,135,384

1,160,188

Accrued expenses

61,733

29,527

2,431,725

2,368,723

10.

Creditors: amounts falling due after more than one year

31.10.24

31.10.23

£

£

Bank loans (see note 11)

3,340,448

3,407,793

Hire purchase contracts

-

16,508

3,340,448

3,424,301

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than five years

1,650,041

1,780,112

11.

Loans

An analysis of the maturity of loans is given below:

31.10.24

31.10.23

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

365,714

391,436

Bank loans

463,639

420,728

829,353

812,164

Amounts falling due between two and five years:

Bank loans - two to five years

1,690,407

1,627,681

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than five years

1,650,041

1,780,112

12.	Secured debts

The following secured debts are included within creditors:

31.10.24

31.10.23

£

£

Bank loans

3,804,087

3,828,521

The bank loans of £3,804,087 are secured by a fixed and floating charge over the assets of the company.

13.	Provisions for liabilities

31.10.24

31.10.23

£

£

Deferred tax

251,900

281,100

Deferred tax

£

Balance at 1st November 2023

281,100

Accelerated capital allowances

(29,200

)

Balance at 31st October 2024

251,900

14.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.24

31.10.23

value:

£

£

200

Ordinary shares

£0.01

2

2

15.	Related party disclosures

During the year, the directors used current accounts with the company to record amounts due to them and amounts drawn by them. The balance at the year end was £1,135,384, owed by the company (2023: £1,160,188).

The loans were made interest free and were repayable on demand.

16.	Contingent liabilities

There were no contingent liabilities at 31st October 2024.