REGISTERED NUMBER: 01325964 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

T.R. HOLMES (FARMS) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A R Holmes

T R Holmes, Deceased

A N Holmes

REGISTERED OFFICE:

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

REGISTERED NUMBER:

01325964 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

FIXED ASSETS

Tangible assets

4

3,955,179

3,598,804

Investment property

5

3,135,000

3,135,000

7,090,179

6,733,804

CURRENT ASSETS

Stocks

3,204,703

2,813,761

Debtors

6

240,204

461,995

Cash at bank

557,685

248,700

4,002,592

3,524,456

CREDITORS

Amounts falling due within one year

7

1,632,558

1,404,368

NET CURRENT ASSETS

2,370,034

2,120,088

TOTAL ASSETS LESS CURRENT LIABILITIES

9,460,213

8,853,892

CREDITORS

Amounts falling due after more than one year

8

(944,354

)

(1,431,285

)

PROVISIONS FOR LIABILITIES

(977,172

)

(921,182

)

NET ASSETS

7,538,687

6,501,425

CAPITAL AND RESERVES

Called up share capital

10

100

100

Revaluation reserve

11

1,625,317

1,625,317

Retained earnings

5,913,270

4,876,008

SHAREHOLDERS' FUNDS

7,538,687

6,501,425

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2026 and were signed on its behalf by:

A N Holmes - Director

1.	STATUTORY INFORMATION

T.R. Holmes (Farms) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover comprises revenue recognised by the company in respect of sales of cattle, property, machinery, arable crops, straw, contracting services supplied and monies received from the Rural Payment Agency during the year, exclusive of value added tax and trade discounts. The polices adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of cattle, machinery and crops is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the statement of financial position date. Stage of completion is measured by the degree of completion of building work.

When the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

4% on cost and Land - Not depreciated

Plant and machinery etc

-

33% on cost, 25% on reducing balance, 15% on reducing balance and 10% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Stocks

Stocks are stated at the lower of cost and fair value less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Single farm payment

Single farm payment income is recognised in the income statement once the criteria for entitlement has been met and the company has reached the end of the basis period. At this date, the single farm payment for the calendar year is accrued and the proportion to date is recognised in the income statement. The remainder is taken to deferred income to be released to the income statement over the remaining months of the calendar year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2024 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2024

2,411,042

2,487,011

4,898,053

Additions

112,908

743,260

856,168

Disposals

-

(322,797

)

(322,797

)

At 31 August 2025

2,523,950

2,907,474

5,431,424

DEPRECIATION

At 1 September 2024

329,878

969,371

1,299,249

Charge for year

10,059

321,225

331,284

Eliminated on disposal

-

(154,288

)

(154,288

)

At 31 August 2025

339,937

1,136,308

1,476,245

NET BOOK VALUE

At 31 August 2025

2,184,013

1,771,166

3,955,179

At 31 August 2024

2,081,164

1,517,640

3,598,804

Included in cost of land and buildings is freehold land of £ 2,065,110 (2024 - £ 2,065,110 ) which is not depreciated.

The fixed assets are held at cost less depreciation.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2024

and 31 August 2025

3,135,000

NET BOOK VALUE

At 31 August 2025

3,135,000

At 31 August 2024

3,135,000

Fair value at 31 August 2025 is represented by:

£

Valuation in 2010

(10,000

)

Valuation in 2017

44,500

Valuation in 2023

49,535

Valuation in 2024

2,083,056

Cost

967,909

3,135,000

If investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

967,909

967,909

Investment property was valued on an open market basis on 31 August 2024 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

140,239

318,733

Other debtors

99,965

143,262

240,204

461,995

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

43,500

29,925

Hire purchase contracts

52,627

37,808

Trade creditors

360,954

288,912

Taxation and social security

314,679

202,992

Other creditors

860,798

844,731

1,632,558

1,404,368

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

426,865

957,964

Hire purchase contracts

67,489

23,321

Other creditors

450,000

450,000

944,354

1,431,285

Amounts falling due in more than five years:

Repayable by instalments

Bank loan more than 5 years by

instalment

252,865

869,964

252,865

869,964

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

470,365

987,889

Hire purchase contracts

120,116

61,129

590,481

1,049,018

Amounts due on finance leases and hire purchase contracts are secured on the assets concerned.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

450,000 £1 redeemable preference shares were issued during the year to 31 August 2024. These are classified as a liability and included in other creditors.

11.

RESERVES

Revaluation

reserve

£

At 1 September 2024

and 31 August 2025

1,625,317

12.	CONTINGENT LIABILITIES

At 31 August 2025, the company's bankers hold guarantees in favour of Lincolnshire County Council to the value of £411,207 (2024: £411,207) on behalf of the company.