Thompson's Walls Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06932638

Thompson's Walls Limited

Filleted Unaudited Financial Statements

31 March 2025

Thompson's Walls Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	5	7,200	27,060
Tangible assets	6	3,219,698	3,242,635
Investments	7	100,000	100,000
		------------	------------
		3,326,898	3,369,695

Current assets

Stocks		118,902	107,668
Debtors	8	77,544	62,892
Investments	9	1	1
Cash at bank and in hand		218,664	133,638
		---------	---------
		415,111	304,199

Creditors: amounts falling due within one year	10	1,598,359	1,604,502
		------------	------------
Net current liabilities		1,183,248	1,300,303
		------------	------------
Total assets less current liabilities		2,143,650	2,069,392

Creditors: amounts falling due after more than one year	11	34,067	39,778

Provisions	22,822	–
	------------	------------
Net assets	2,086,761	2,029,614
	------------	------------

Capital and reserves

Called up share capital	2,212,071	2,212,071
Profit and loss account	( 125,310)	( 182,457)
	------------	------------
Shareholder funds	2,086,761	2,029,614
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Thompson's Walls Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 21 July 2025 , and are signed on behalf of the board by:

Mr J R A Waugh
Director

Thompson's Walls Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Thompson's Walls Farm, Kilham, Mindrum, Northumberland, TD12 4QT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Intangible assets

Land Entitlements The land entitlements are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses which are subject to an annual review. In order to determine whether the land entitlements are impaired, the cost less previously accumulated amortisation is compared to the current value of the land entitlements based on the delinked payments scheme (formerly Basic Payment Scheme), which is calculated based on the number of entitlements (hectares of land) eligible for payment from the Rural Payment Agency.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Freehold land is not depreciated.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are valued at the lower of cost and market value. Cost of livestock is valued at purchase cost for mature livestock or 'deemed' cost plus 'upkeep' costs for homebred animals. If the 'deemed' cost plus 'upkeep' costs is higher than the market value, then the market value is used. The company calculates the approximate market value for each stage in the life of the animal as follows: Sheep Based on the value of buying a gimmer (female sheep in her second year, but before having her first lamb) and the sales value for a cull ewe (no longer fit for breeding and sold for meat). Rams Based on reducing the purchase price by £100 per annum down to a minimum price of £100, which approximates to cull price. Cattle Based on reducing the purchase price by £100 per annum down to a minimum price of £650, which approximates to cull price. Bulls Based on reducing the purchase price by £500 per annum down to a minimum price of £1,000, which approximates to cull price. There is no write down in the year of purchase. Livestock valuations incorporate the following elements: (i) Upkeep costs are attributed to all homebred livestock over the first three years of their life. (ii) A deemed cost is attributed to all homebred lambs to reflect the fact that the births will reduce the value of the mother and also reflect the fact that the lambs have a nominal value. (iii) Sheep sales and deaths are removed on a first in first out basis.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments, both assets and liabilities, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts/payments discounted at a market rate of interest. Financial assets/liabilities classified as receivable/payable within one year are not amortised. Debt instruments are subsequently measured at amortised cost using the effective interest rate method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).

5. Intangible assets

	Land entitlements
	£
Cost
At 1 April 2024 and 31 March 2025	100,000
	---------
Amortisation
At 1 April 2024	72,940
Charge for the year	19,860
	---------
At 31 March 2025	92,800
	---------
Carrying amount
At 31 March 2025	7,200
	---------
At 31 March 2024	27,060
	---------

6. Tangible assets

	Freehold land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2024	3,138,491	197,347	91,706	97,735	3,525,279
Additions	41,292	1,871	1,083	–	44,246
Disposals	–	–	–	( 3,500)	( 3,500)
	------------	---------	--------	--------	------------
At 31 March 2025	3,179,783	199,218	92,789	94,235	3,566,025
	------------	---------	--------	--------	------------
Depreciation
At 1 April 2024	53,306	147,089	45,122	37,127	282,644
Charge for the year	26,894	12,655	11,872	15,084	66,505
Disposals	–	–	–	( 2,822)	( 2,822)
	------------	---------	--------	--------	------------
At 31 March 2025	80,200	159,744	56,994	49,389	346,327
	------------	---------	--------	--------	------------
Carrying amount
At 31 March 2025	3,099,583	39,474	35,795	44,846	3,219,698
	------------	---------	--------	--------	------------
At 31 March 2024	3,085,185	50,258	46,584	60,608	3,242,635
	------------	---------	--------	--------	------------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	100,000
	---------
Impairment
At 1 April 2024 and 31 March 2025	–
	---------

Carrying amount
At 31 March 2025	100,000
	---------
At 31 March 2024	100,000
	---------

8. Debtors

	2025	2024
	£	£
Trade debtors	7,720	1,368
Amounts owed by undertakings in which the company has a participating interest	51,204	49,905
Other debtors	18,620	11,619
	--------	--------
	77,544	62,892
	--------	--------

9. Investments

	2025	2024
	£	£
Other investments	1	1
	----	----

10. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	5,499	5,363
Trade creditors	11,379	13,904
Amounts owed to group undertakings	1,573,083	1,573,083
Corporation tax	568	–
Social security and other taxes	1,904	1,904
Other creditors	5,926	10,248
	------------	------------
	1,598,359	1,604,502
	------------	------------

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

	2025	2024
	£	£
Bank loans and overdrafts	25,478	30,976
Other creditors	8,589	8,802
	--------	--------
	34,067	39,778
	--------	--------

12. Related party transactions

Included in debtors is a loan of £51,204 (2024: £49,905) and a trade debtor of £2,995 (2024: £377) owing from a company in which this company has a participating interest. Included in trade creditors is £nil (2024: £2,218) owing to a company in which this company has a participating interest. Included in creditors is £1,573,083 owing to the ultimate parent company (2024: £1,573,083).