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Company No: 01010052 (England and Wales)

TREGASSOW FARMING OPERATIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

TREGASSOW FARMING OPERATIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

TREGASSOW FARMING OPERATIONS LIMITED

BALANCE SHEET

As at 31 March 2025
TREGASSOW FARMING OPERATIONS LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 4 345,580 364,008
345,580 364,008
Current assets
Stocks 10,414 5,561
Debtors 5 715,339 679,875
Investments 6 310 410
Cash at bank and in hand 790 1,284
726,853 687,130
Creditors: amounts falling due within one year 7 ( 39,276) ( 34,801)
Net current assets 687,577 652,329
Total assets less current liabilities 1,033,157 1,016,337
Creditors: amounts falling due after more than one year 8 ( 878,583) ( 888,548)
Net assets 154,574 127,789
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 153,574 126,789
Total shareholders' funds 154,574 127,789

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Tregassow Farming Operations Limited (registered number: 01010052) were approved and authorised for issue by the Board of Directors on 01 September 2025. They were signed on its behalf by:

Mr J D Keeler
Director
TREGASSOW FARMING OPERATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
TREGASSOW FARMING OPERATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tregassow Farming Operations Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is:
Tregassow Manor
St. Erme
Truro
Cornwall
TR4 9BL
United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 20 - 50 years straight line
Plant and machinery 6.67 years straight line
Fixtures and fittings 6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 April 2024 19,941 19,941
At 31 March 2025 19,941 19,941
Accumulated amortisation
At 01 April 2024 19,941 19,941
At 31 March 2025 19,941 19,941
Net book value
At 31 March 2025 0 0
At 31 March 2024 0 0

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2024 429,606 171,698 4,005 605,309
Disposals ( 5,080) 0 0 ( 5,080)
At 31 March 2025 424,526 171,698 4,005 600,229
Accumulated depreciation
At 01 April 2024 79,241 158,055 4,005 241,301
Charge for the financial year 8,596 4,752 0 13,348
At 31 March 2025 87,837 162,807 4,005 254,649
Net book value
At 31 March 2025 336,689 8,891 0 345,580
At 31 March 2024 350,365 13,643 0 364,008

Included within the net book value of land and buildings above is £336,689 (2024 - £350,366) in respect of freehold land and buildings.

5. Debtors

2025 2024
£ £
Trade debtors 1,300 1,541
Amounts owed by directors 35,303 0
Prepayments 3,205 3,391
VAT recoverable 6,102 5,514
Other debtors 669,429 669,429
715,339 679,875

6. Current asset investments

2025 2024
£ £
Other investments – at cost less impairment 410 410

7. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 9,825 7,889
Trade creditors 8,388 8,268
Amounts owed to directors 8,042 13,000
Accruals 3,250 3,975
Taxation and social security 9,771 1,669
39,276 34,801

8. Creditors: amounts falling due after more than one year

2025 2024
£ £
Bank loans 778,601 788,566
Other loans 99,982 99,982
878,583 888,548

The bankers hold a fixed and floating charge over the assets of the company.

9. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

10. Financial commitments

Commitments

Capital commitments are as follows:

2025 2024
£ £
Contracted for but not provided for:
Finance leases entered into 5,630 0