| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 |
| FOR |
| THISTLETON FARMS LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 |
| FOR |
| THISTLETON FARMS LIMITED |
| THISTLETON FARMS LIMITED (REGISTERED NUMBER: 04563496) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| THISTLETON FARMS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Tax Consultants |
| 27-29 Old Market |
| Wisbech |
| Cambridgeshire |
| PE13 1NE |
| THISTLETON FARMS LIMITED (REGISTERED NUMBER: 04563496) |
| BALANCE SHEET |
| 31 JANUARY 2025 |
| 31.1.25 | 31.1.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 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 |
| Retained earnings |
| The director acknowledges his 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. |
| THISTLETON FARMS LIMITED (REGISTERED NUMBER: 04563496) |
| BALANCE SHEET - continued |
| 31 JANUARY 2025 |
| The financial statements were approved by the director and authorised for issue on |
| THISTLETON FARMS LIMITED (REGISTERED NUMBER: 04563496) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 1. | STATUTORY INFORMATION |
| Thistleton Farms Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The director believes that the company is well placed to manage its financial risks successfully and has reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
| 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 fixed assets |
| The Sugar Beet Quota and Single Farm Payment Entitlements have been amortised through the profit and loss account in equal annual instalments, over 3 years. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Plant and machinery | - | 20% on reducing balance |
| Motor vehicles | - | 25% on reducing balance |
| Improvements to property | - | straight-line over 15 or 25 year life |
| 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 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. |
| THISTLETON FARMS LIMITED (REGISTERED NUMBER: 04563496) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Quotas | Entitlements | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2024 |
| and 31 January 2025 |
| AMORTISATION |
| At 1 February 2024 |
| Amortisation for year |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and | Motor |
| property | property | machinery | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 February 2024 |
| Additions |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| THISTLETON FARMS LIMITED (REGISTERED NUMBER: 04563496) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans due in more than |
| five years by installments | 297,074 | 407,926 |
| 297,074 | 407,926 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans | 350,956 | 609,671 |
| The bank loan is secured by a fixed charge over the freehold land and farm building owned by the company at Gooses Lane, Walpole St Andrew. |
| 10. | RELATED PARTY DISCLOSURES |
| During the year, charges were raised by Farmserve, a business operated by D J Thistleton, the directors son, amounting to £28,687 (2024 - £24,244). |
| THISTLETON FARMS LIMITED (REGISTERED NUMBER: 04563496) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 11. | PREFERENCE SHARES |
| Details of shares shown as liabilities are as follows: |
| Allotted, issued and fully paid | 31.01.25 | 31.01.24 |
| £ | £ |
| 250,000 4% redeemable cumulative preference shares of £1 each | 135,714 | 141,892 |
| As at 31 January 2025 | 135,714 | 141,892 |
| The 4% redeemable cumulative preference shares are classified as compound financial instruments, which have the characteristics of both debt and equity and may be redeemed at the option of the company at par. |
| The debt element is the net present value of the liability relating to the future dividend stream and has been calculated using an equivalent rate of 8.75%, being the directors estimate of the cost of capital. |
| Debt | Equity |
| Element | Element | Total |
| 4% redeemable cumulative preference shares | 114,286 | 135,714 | 250,000 |
| As at 31 January 2025 | 114,286 | 135,714 | 250,000 |