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Registered number: 06554055
Tavernor Farming Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Deans
Gibson House Hurricane Close
Stafford
Staffordshire
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 06554055
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 9,594 12,791
Tangible Assets 5 7,626,829 6,319,750
Investments 134,743 134,743
7,771,166 6,467,284
CURRENT ASSETS
Stocks 6 1,073,965 699,535
Debtors 7 70,612 47,896
Cash at bank and in hand 18,511 446,074
1,163,088 1,193,505
Creditors: Amounts Falling Due Within One Year 8 (99,228 ) (170,176 )
NET CURRENT ASSETS (LIABILITIES) 1,063,860 1,023,329
TOTAL ASSETS LESS CURRENT LIABILITIES 8,835,026 7,490,613
Creditors: Amounts Falling Due After More Than One Year 9 (3,227,621 ) (2,312,129 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (532,781 ) (527,045 )
NET ASSETS 5,074,624 4,651,439
CAPITAL AND RESERVES
Called up share capital 12 100 100
Revaluation reserve 13 2,437,886 2,437,886
Other reserves (312,130 ) (312,130 )
Profit and Loss Account 2,948,768 2,525,583
SHAREHOLDERS' FUNDS 5,074,624 4,651,439
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R J Tavernor
Director
22 August 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tavernor Farming Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of 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.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.  The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of milk and livestock is recognised when 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.
Rental income
Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line basis over the lease term.
Interest receivable
Interest income is recognised using the effective interest method.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Basic Payment Entitlements and is amortised to profit and loss account over its estimated economic life of 6 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost or valuation less accumulated depreciation.  Cost includes costs directly attributable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Freehold 4% on cost
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% and 20% on reducing balance
Fixtures & Fittings 25% on cost and 15% on reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks are valued in accordance with Business Economic Note 19 issued by the Inland Revenue, at the lower of cost and estimated selling price less costs to complete and sell using other accepted conventions to arrive at deemed cost where actual costs are not accurately ascertainable, after making allowance for obsolete and slow moving items.
Page 3
Page 4
2.7. 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 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 assesments in periods different from those in which they aare 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.
2.8. Pensions
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.
2.9. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Intangible Assets
Goodwill Basic payment scheme Total
£ £ £
Cost
As at 1 January 2024 1 19,184 19,185
As at 31 December 2024 1 19,184 19,185
Amortisation
As at 1 January 2024 - 6,394 6,394
Provided during the period - 3,197 3,197
As at 31 December 2024 - 9,591 9,591
Net Book Value
As at 31 December 2024 1 9,593 9,594
As at 1 January 2024 1 12,790 12,791
Page 4
Page 5
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2024 6,155,000 300,151 122,953 2,497 6,580,601
Additions 1,338,709 62,427 37,085 - 1,438,221
Disposals - (1,010 ) (5,668 ) - (6,678 )
As at 31 December 2024 7,493,709 361,568 154,370 2,497 8,012,144
Depreciation
As at 1 January 2024 102,000 125,744 32,252 855 260,851
Provided during the period 64,920 35,415 26,115 334 126,784
Disposals - (280 ) (2,040 ) - (2,320 )
As at 31 December 2024 166,920 160,879 56,327 1,189 385,315
Net Book Value
As at 31 December 2024 7,326,789 200,689 98,043 1,308 7,626,829
As at 1 January 2024 6,053,000 174,407 90,701 1,642 6,319,750
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
as restated
£ £
Plant & Machinery - 22,397
Motor Vehicles 46,950 62,600
46,950 84,997
Cost or valuation as at 31 December 2024 represented by:
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
At cost 4,580,333 361,568 154,370 2,497 5,098,768
At valuation 2,913,376 - - - 2,913,376
7,493,709 361,568 154,370 2,497 8,012,144
Page 5
Page 6
6. Stocks
2024 2023
as restated
£ £
Stock - Livestock 346,790 282,750
Stock - Produce 76,775 116,085
Herd 650,400 300,700
1,073,965 699,535
7. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 16,541 -
Prepayments and accrued income 46,904 38,499
Other debtors - 300
VAT 7,167 9,097
70,612 47,896
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 13,750 21,709
Trade creditors 22,548 39,862
Bank loans and overdrafts 10,354 48,598
Corporation tax 31,883 42,254
Other taxes and social security 884 4,514
Net wages 3,443 -
Pension control 508 -
Deposits held 448 448
Accruals and deferred income 15,410 12,791
99,228 170,176
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts - 13,750
Bank loans 1,506,133 426,558
Directors loan account 1,721,488 1,871,821
3,227,621 2,312,129
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
as restated
£ £
Bank loans 1,271,739 225,028
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10. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 13,750 35,459
Bank loans and overdrafts 1,516,487 448,580
A loan of £nil (2023 - £448,580)  is secured against land at Tilley Manor Farm, Wem, Shrewsbury, Shropshire and its associated assets.
A loan of £1,500,000 (2023 - £nil)  is secured against land at Overfields Farm, Ellesmere Road and Tilley Manor Farm, Wem, Shrewsbury, Shropshire and its associated assets.
Hire purchase liabilities are secured against the assets they relate to.
11. Loans
An analysis of the maturity of loans is given below:
2024 2023
as restated
£ £
Amounts falling due within one year or on demand:
Bank loans 10,354 48,598
2024 2023
as restated
£ £
Amounts falling due between one and five years:
Bank loans 234,394 201,530
2024 2023
as restated
£ £
Amounts falling due after more than five years:
Bank loans 1,271,739 225,028
12. Share Capital
2024 2023
as restated
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each - 100
90 Ordinary A shares of £ 1.00 each 90 -
10 Ordinary B shares of £ 1.00 each 10 -
100 100
13. Reserves
Revaluation Reserve
£
As at 1 January 2024 2,437,886
As at 31 December 2024 2,437,886
14. Restatement of Comparatives
Page 7
Page 8
The comparative figures for the year ended 31 December 2024 have been restated to reflect the reclassification of the following income and expense codes: Basic payment scheme, Levies, Waste Disposal, Bank Charges and Profit on disposal of tangible fixed assets. These reclassifications were made to more appropriately present the nature of the transactions.
The restatement has no impact on the net profit reported in the profit and loss account.
Page 8