Company No: 00538402 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	398,364		390,399
Investment property	4	700,000		700,000
Investments	5	30,832		32,226
		1,129,196		1,122,625
Current assets
Stocks	6	749,606		990,941
Debtors	7	1,513,547		1,950,275
		2,263,153		2,941,216
Creditors: amounts falling due within one year	8	( 2,596,977)		( 3,046,049)
Net current liabilities		(333,824)		(104,833)
Total assets less current liabilities		795,372		1,017,792
Creditors: amounts falling due after more than one year	9	( 388,415)		( 406,424)
Provision for liabilities		( 181,892)		( 239,034)
Net assets		225,065		372,334
Capital and reserves
Called-up share capital	10	2,000		2,000
Revaluation reserve		106,924		106,924
Capital redemption reserve		2,000		2,000
Profit and loss account	12	114,141		261,410
Total shareholders' funds		225,065		372,334

For the financial year ending 30 September 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 Profit and Loss Account has not been delivered.

The financial statements of T H F Johnson Limited (registered number: 00538402) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Mr A T Johnson Director		M J Johnson Director
T F Johnson 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

T H F Johnson 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 Marsh House, Coulston, Westbury, BA13 4NZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include 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 financial statements have been prepared on a going concern basis. As at 30 September 2024 the company had net current liabilities of £333,824 (2023 - £104,833). Of the current liabilities, £411,154 (2023 - £460,840) is due to the directors who have agreed not to draw down on their loans in a way that would jeopardise the liquidity of the company. The directors have also 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.

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 and reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Leasehold improvements	10 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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. Cost is calculated using the FIFO (first-in, first-out) method. 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.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£		£
Cost
At 01 October 2023	264,600		119,061		249,435		322,720		1,309		957,125
Additions	0		11,245		30,940		0		449		42,634
At 30 September 2024	264,600		130,306		280,375		322,720		1,758		999,759
Accumulated depreciation
At 01 October 2023	0		113,241		222,214		230,013		1,258		566,726
Charge for the financial year	0		761		10,665		23,176		67		34,669
At 30 September 2024	0		114,002		232,879		253,189		1,325		601,395
Net book value
At 30 September 2024	264,600		16,304		47,496		69,531		433		398,364
At 30 September 2023	264,600		5,820		27,221		92,707		51		390,399

4. Investment property

	Investment property
	£
Valuation
As at 01 October 2023	700,000
As at 30 September 2024	700,000

The fair value of the investment property has been arrived at on the basis of valuation carried out as at 30 September 2016 by an independent valuer.

The directors have reviewed the market value of properties held by the company at 30 September 2024 and confirm that there has been no material movement in the value of any properties owned.

5. Fixed asset investments

	2024		2023
	£		£
Subsidiary undertakings	100		100
Other investments and loans	30,732		32,126
	30,832		32,226

Investments in subsidiaries

	2024
	£
Cost
At 01 October 2023	100
At 30 September 2024	100
Carrying value at 30 September 2024	100
Carrying value at 30 September 2023	100

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 October 2023	32,111		15		32,126
Movement in fair value	( 1,394)		0		( 1,394)
At 30 September 2024	30,717		15		30,732
Carrying value at 30 September 2024	30,717		15		30,732
Carrying value at 30 September 2023	32,111		15		32,126

6. Stocks

	2024		2023
	£		£
Stocks	43,506		162,504
Livestock	706,100		828,437
	749,606		990,941

7. Debtors

	2024		2023
	£		£
Trade debtors	0		65,499
Amounts owed by Group undertakings	1,491,227		1,862,343
Other debtors	22,320		22,433
	1,513,547		1,950,275

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans and overdrafts	40,649		189,591
Trade creditors	345,993		519,275
Other taxation and social security	58,244		59,497
Other creditors	2,152,091		2,277,686
	2,596,977		3,046,049

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

	2024		2023
	£		£
Bank loans	388,415		406,424

The bank loans and overdrafts of £429,063 (2023: £596,016) are secured by way of a fixed and floating charges over all assets held by the company. Security extends to fixed and floating charges over all assets held by the subsidiary company

10. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
2,000 Ordinary shares shares of £ 1.00 each	2,000		2,000

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

At the year end the balance on the loan due to a partnership under common control totalled £1,404,980 (2023 - £1,434,336) which is under normal trade terms with no interest being charged. At the year end the balance on the loan due from a wholly owned subsidiary totalled £1,491,227 (2023 - £1,862,343) which is under normal trade terms with no interest being charged which the directors have agreed to extend in order to support the subsidiary.

Other related party transactions

At the year end the balance on loans from a close family member of a director totalled £155,181 (2023 - £201,158), which have been confirmed that they will not be withdrawn if it will jeopardise the future of the business.

12. Reserves

As at 30 September 2024, the profit and loss account included £516,660 (2023 - £517,705) of non-distributable reserves. This relates to the revaluation surplus on investment properties.