| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| T.R. HOLMES (FARMS) LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Revaluation reserve | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Land and buildings | - |
| Plant and machinery etc | - |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 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 |
| Additions - transfer from |
| stock at market value |
| Revaluations | 2,083,056 |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 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 |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 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 |
| Hire purchase contracts |
| Other creditors |
| 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 |
| Hire purchase contracts | 61,129 | 72,524 |
| 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: | £ | £ |
| 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 |
| Deferred tax on revaluation | (501,552 | ) |
| Revaluation in year | 2,006,205 |
| At 31 August 2024 |
| 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. |