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REGISTERED NUMBER: 01325964 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

T.R. HOLMES (FARMS) LIMITED

T.R. HOLMES (FARMS) LIMITED (REGISTERED NUMBER: 01325964)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


T.R. HOLMES (FARMS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: A R Holmes
T R Holmes
A N Holmes





REGISTERED OFFICE: 4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR





REGISTERED NUMBER: 01325964 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

T.R. HOLMES (FARMS) LIMITED (REGISTERED NUMBER: 01325964)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 3,598,804 1,483,411
Investment property 5 3,135,000 544,885
6,733,804 2,028,296

CURRENT ASSETS
Stocks 2,813,761 2,726,648
Debtors 6 461,995 491,754
Cash at bank 248,700 323,726
3,524,456 3,542,128
CREDITORS
Amounts falling due within one year 7 1,404,368 856,009
NET CURRENT ASSETS 2,120,088 2,686,119
TOTAL ASSETS LESS CURRENT LIABILITIES 8,853,892 4,714,415

CREDITORS
Amounts falling due after more than one year 8 (1,431,285 ) (28,531 )

PROVISIONS FOR LIABILITIES (921,182 ) (387,840 )
NET ASSETS 6,501,425 4,298,044

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 1,625,317 120,664
Retained earnings 4,876,008 4,177,280
SHAREHOLDERS' FUNDS 6,501,425 4,298,044

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

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

T.R. HOLMES (FARMS) LIMITED (REGISTERED NUMBER: 01325964)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 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 Income Statement has not been delivered.

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





A N Holmes - Director


T.R. HOLMES (FARMS) LIMITED (REGISTERED NUMBER: 01325964)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

T.R. Holmes (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 as modified by the revaluation of certain assets.

Turnover
Turnover comprises revenue recognised by the company in respect of sales of cattle, property, machinery, arable crops, straw, contracting services supplied and monies received from the single farm payment during the year, exclusive of value added tax and trade discounts. The polices adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of cattle, machinery and crops is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by the degree of completion of building work.

When the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 4% on cost and Land - Not depreciated
Plant and machinery etc - 33% on cost, 25% on reducing balance, 15% on reducing balance and 10% on cost

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

Stocks
Stocks are stated at the lower of cost and fair value less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 statement of financial position date.


T.R. HOLMES (FARMS) LIMITED (REGISTERED NUMBER: 01325964)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position. 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 shorter.

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

Rentals paid under operating leases are charged to income statement on a straight line basis over the period of the lease.

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 the income statement in the period to which they relate.

Single farm payment
Single farm payment income is recognised in the income statement once the criteria for entitlement has been met and the company has reached the end of the basis period. At this date, the single farm payment for the calendar year is accrued and the proportion to date is recognised in the income statement. The remainder is taken to deferred income to be released to the income statement over the remaining months of the calendar year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2023 412,932 2,276,177 2,689,109
Additions 1,998,110 642,777 2,640,887
Disposals - (431,943 ) (431,943 )
At 31 August 2024 2,411,042 2,487,011 4,898,053
DEPRECIATION
At 1 September 2023 319,995 885,703 1,205,698
Charge for year 9,883 279,672 289,555
Eliminated on disposal - (196,004 ) (196,004 )
At 31 August 2024 329,878 969,371 1,299,249
NET BOOK VALUE
At 31 August 2024 2,081,164 1,517,640 3,598,804
At 31 August 2023 92,937 1,390,474 1,483,411

Included in cost of land and buildings is freehold land of £ 2,065,110 (2023 - £ 67,000 ) which is not depreciated.

The fixed assets are held at cost less depreciation.

T.R. HOLMES (FARMS) LIMITED (REGISTERED NUMBER: 01325964)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

4. TANGIBLE FIXED ASSETS - continued


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 544,885
Additions - transfer from
stock at market value 507,059
Revaluations 2,083,056
At 31 August 2024 3,135,000
NET BOOK VALUE
At 31 August 2024 3,135,000
At 31 August 2023 544,885

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2003 47,151
Valuation in 2007 30,000
Valuation in 2010 (10,000 )
Valuation in 2017 44,200
Valuation in 2023 49,535
Valuation in 2024 2,590,115
Cost 383,999
3,135,000

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

2024 2023
£    £   
Cost 383,999 383,999

Investment property was valued on an open market basis on 31 August 2023 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 318,733 340,207
Other debtors 143,262 151,547
461,995 491,754

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 29,925 13,178
Hire purchase contracts 37,808 50,882
Trade creditors 288,912 368,061
Taxation and social security 202,992 93,940
Other creditors 844,731 329,948
1,404,368 856,009

T.R. HOLMES (FARMS) LIMITED (REGISTERED NUMBER: 01325964)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 957,964 6,889
Hire purchase contracts 23,321 21,642
Other creditors 450,000 -
1,431,285 28,531

Amounts falling due in more than five years:

Repayable by instalments
Bank loan more than 5 years by
instalment 869,964 -
869,964 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 987,889 20,067
Hire purchase contracts 61,129 72,524
1,049,018 92,591

Amounts due on finance leases and hire purchase contracts are secured on the assets concerned.

10. CALLED UP SHARE CAPITAL

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

450,000 £1 redeemable preference shares were issued during the year to 31 August 2024. These are classified as a liability and included in other creditors.

11. RESERVES
Revaluation
reserve
£   
At 1 September 2023 120,664
Deferred tax on revaluation (501,552 )
Revaluation in year 2,006,205

At 31 August 2024 1,625,317

12. CONTINGENT LIABILITIES

At 31 August 2024, the company's bankers hold guarantees in favour of Lincolnshire County Council to the value of £411,207 (2023: £411,207) on behalf of the company.