Company No: 09229380 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	1,468,293		1,467,688
		1,468,293		1,467,688
Current assets
Debtors	5	26,239		30,462
Cash at bank and in hand		15,845		8,375
		42,084		38,837
Creditors: amounts falling due within one year	6	( 1,651,441)		( 1,654,896)
Net current liabilities		(1,609,357)		(1,616,059)
Total assets less current liabilities		(141,064)		(148,371)
Net liabilities		( 141,064)		( 148,371)
Capital and reserves
Called-up share capital		4		4
Profit and loss account		( 141,068 )		( 148,375 )
Total shareholders' deficit		( 141,064)		( 148,371)

For the financial 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.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Thornhill Farming Limited (registered number: 09229380) were approved and authorised for issue by the Board of Directors on 18 September 2025. They were signed on its behalf by:

R C G MacLeod Director

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

Thornhill Farming 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 Thornhill Park, Stalbridge, Sturminster Newton, Dorset, DT10 2SH.

The statutory accounts have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Going concern

At the year end, the Company had net liabilities. The company is reliant upon the support of its shareholders to enable it to meet its financial obligations as they arise. As the shareholders will continue to financially support the company for the foreseeable future, the directors consider it appropriate to prepare the statutory accounts on the going concern basis.

Turnover

Turnover comprises subsidy receipts which are recognised on a receipts basis.

Taxation

Current tax
The tax expense for the year comprises current tax. Tax is recognised in the Statement of income and retained earnings.

The current tax charge is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the statement of income and retained earnings because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Intangible assets

Basic Payment entitlements are stated at market value, less impairment. The change in market value between each balance sheet date is recognised in the statement of income and retained earnings.

Other intangible assets

not amortised

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

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 bases:

Land and buildings	not depreciated
Plant and machinery etc.	5 years straight line

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 income and retained earnings.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at transaction price. A provision is established when there is objective evidence that the company
will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2024	7,288		7,288
Disposals	( 7,288)		( 7,288)
At 31 December 2024	0		0
Accumulated amortisation
At 01 January 2024	7,288		7,288
Disposals	( 7,288)		( 7,288)
At 31 December 2024	0		0
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	1,467,688		40,250		1,507,938
Additions	0		660		660
At 31 December 2024	1,467,688		40,910		1,508,598
Accumulated depreciation
At 01 January 2024	0		40,250		40,250
Charge for the financial year	0		55		55
At 31 December 2024	0		40,305		40,305
Net book value
At 31 December 2024	1,467,688		605		1,468,293
At 31 December 2023	1,467,688		0		1,467,688

5. Debtors

	2024		2023
	£		£
Accrued income	4,712		14,031
Other debtors	21,527		16,431
	26,239		30,462

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	450		3,115
Amounts owed to related parties	1,645,097		1,648,352
Other creditors	5,894		3,429
	1,651,441		1,654,896

7. Related party transactions

Transactions with the entity's directors

Included within creditors is £1,496,784 (2023: £1,496,784) due to the children of R C G MacLeod and £38,920 (2023: £132,175) due to R C G MacLeod. These are interest free and repayable on demand.

Other related party transactions

Included within creditors is £109,393 (2023: £19,393) due to Thornhill Property Investments Limited, a company of which R C G MacLeod and P F Blackwell are both directors. This is interest free and repayable on demand.