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Registration number: 01199318

Thames Valley Cambac Limited
Filleted Financial Statements
for the Year Ended 31 December 2024

Thames Valley Cambac Limited

Contents

Company Information | 1
Balance Sheet | 2
Statement of Changes in Equity | 3
Notes to the Financial Statements | 4 to 10

Thames Valley Cambac Limited

Company Information

Directors | R W Lister S A Stockings G W Allen C R Down R Beckett I R Mcfarlane R U Thompson

Registered office | First Floor Pipe House Lupton Road Wallingford Oxfordshire OX10 9BS

Auditors | Vale & West Accountancy Services Limited Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG

Thames Valley Cambac Limited

(Registration number: 01199318)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 5 | 67,511 | 122,808
Current assets |  |  |
Debtors | 6 | 14,133,456 | 21,495,627
Cash at bank and in hand |  | 5,402,034 | 609
|  | 19,535,490 | 21,496,236
Creditors: Amounts falling due within one year | 7 | (13,324,137) | (14,981,783)
Net current assets |  | 6,211,353 | 6,514,453
Net assets |  | 6,278,864 | 6,637,261
Capital and reserves |  |  |
Called up share capital | 8 | 100 | 108
Retained earnings |  | 6,278,764 | 6,637,153
Shareholders' funds |  | 6,278,864 | 6,637,261

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 April 2025 and signed on its behalf by:

R Beckett Director

Thames Valley Cambac Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 108 | 6,637,153 | 6,637,261
Loss for the year | - | (204,691) | (204,691)
Other comprehensive income | - | (67,033) | (67,033)
Total comprehensive income | - | (271,724) | (271,724)
Dividends | - | (86,665) | (86,665)
Purchase of own share capital | (8) | - | (8)
At 31 December 2024 | 100 | 6,278,764 | 6,278,864

| Share capital £ | Retained earnings £ | Total £
At 1 January 2023 | 108 | 6,191,055 | 6,191,163
Profit for the year | - | 519,038 | 519,038
Other comprehensive income | - | (4,589) | (4,589)
Total comprehensive income | - | 514,449 | 514,449
Dividends | - | (68,351) | (68,351)
At 31 December 2023 | 108 | 6,637,153 | 6,637,261

Thames Valley Cambac Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The address of its registered office is:
First Floor Pipe House
Lupton Road
Wallingford
Oxfordshire
OX10 9BS

The principal activity of the company is that of a farmer controlled business, marketing livestock produced by its members and non-members.
The financial statements are presented in Pound Sterling (£), which is also the functional currency of the company.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The Directors have considered the impact on the Company's projections and after taking into account reasonably possible changes in forecasts have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. The Directors therefore continue to adopt the going concern basis in preparing the financial statements.
In reaching this conclusion the Directors have considered the following factors:
- The business does not hold stock as it only facilitates the sale and purchase of pigs between producers and processors, therefore it is protected somewhat from fluctuations in price;
- The business has credit insurance against defaults from customers; and
- The business has additional banking facilities in place that are not forecasted to be required however could be used if needed.

Thames Valley Cambac Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 9 April 2025 was Lee Gardner FCA, who signed for and on behalf of Vale & West Accountancy Services Limited.

.........................................

Revenue recognition

Turnover represents commissions and levies charged net of member rebates, based on livestock movements, excluding value added tax.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Thames Valley Cambac Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Depreciation

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
Motor vehicles - 25% straight line

Goodwill

Goodwill represents the amount paid less the net assets acquired, in connection with the acquisition of two separate businesses in 2010 and 2008.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Goodwill - 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
The Company records a provision for the expected level of member rebates to be paid in connection with the trading activities of the Company for the year. The rebate provision is included within accruals.

Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease

Thames Valley Cambac Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 14).

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 January 2024 | 833,702 | 833,702
At 31 December 2024 | 833,702 | 833,702
Amortisation
At 1 January 2024 | 833,702 | 833,702
At 31 December 2024 | 833,702 | 833,702
Carrying amount
At 31 December 2024 | - | -

Thames Valley Cambac Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

5 | Tangible assets

| Motor vehicles £ | Total £
Cost or valuation
Additions | 259,014 | 259,014
Disposals | (35,650) | (35,650)
At 31 December 2024 | 223,364 | 223,364
Depreciation
At 1 January 2024 | 136,206 | 136,206
Charge for the year | 48,050 | 48,050
Eliminated on disposal | (28,403) | (28,403)
At 31 December 2024 | 155,853 | 155,853
Carrying amount
At 31 December 2024 | 67,511 | 67,511
At 31 December 2023 | 122,808 | 122,808

6 | Debtors

Current | 2024 £ | 2023 £
Trade debtors | 13,995,293 | 21,338,602
Other debtors | 138,163 | 157,025
| 14,133,456 | 21,495,627

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 9 | - | 595,070
Trade creditors |  | 12,959,078 | 13,516,149
Taxation and social security |  | 128,646 | 162,920
Accruals and deferred income |  | 236,413 | 707,644
|  | 13,324,137 | 14,981,783

Thames Valley Cambac Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

8 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary share of £1 each | 100 | 100 | 108 | 108

9 | Loans and borrowings

Current loans and borrowings

| 2024 £ | 2023 £
Bank overdrafts | - | 595,070

10 | Dividends

|  | 2024 |  | 2023
|  | £ |  | £
Ordinary shares of £1 each |  | 86,665 |  | 68,351

A final dividend of £Nil (2023 - £1,111.08) per qualifying share was declared and paid in respect of the previous financial year.

11 | Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

| Note | 2024 £ | 2023 £
Within one year |  | 32,557 | 32,557
Between one and five years |  | 9,446 | 40,114
|  | 42,003 | 72,671

12 | Controlling party

Each member holds one share each in the business and as such, the Directors believe there to be no ultimate controlling party.

Thames Valley Cambac Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13 | Subsequent Events

On 28 Feb 2025, the Company (TVC) signed a merger agreement with Scotlean Pigs Limited and Scottish Pig Producers Ltd (as Sellers). According to the agreement, TVC will acquire the assets excluding any liabilities of the Sellers, in exchange for newly issue 101 shares of £1 each to 101 members of the Sellers. TVC will change its name from Thames Valley Cambac Limited to United Pig Co-operative Ltd. after the completion. No adjustments are considered necessary in respect of this matter.