Company No: 01010052 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	4	332,445		345,580
		332,445		345,580
Current assets
Stocks		2,463		10,414
Debtors	5	689,613		715,339
Investments	6	310		310
Cash at bank and in hand		0		790
		692,386		726,853
Creditors: amounts falling due within one year	7	( 799,810)		( 39,276)
Net current (liabilities)/assets		(107,424)		687,577
Total assets less current liabilities		225,021		1,033,157
Creditors: amounts falling due after more than one year	8	( 99,982)		( 878,583)
Net assets		125,039		154,574
Capital and reserves
Called-up share capital	9	1,000		1,000
Profit and loss account		124,039		153,574
Total shareholders' funds		125,039		154,574

For the financial year ending 31 March 2026 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 Tregassow Farming Operations Limited (registered number: 01010052) were approved and authorised for issue by the Board of Directors on 03 July 2026. They were signed on its behalf by:

Mr J D Keeler 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

Tregassow Farming Operations 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:
Tregassow Manor
St. Erme
Truro
Cornwall
TR4 9BL
United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of 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 directors have 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements

5 years straight line

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 basis over its expected useful life, as follows:

Land and buildings	20 - 50 years straight line
Plant and machinery	6.67 years straight line
Fixtures and fittings	6.67 years straight line

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.

Leases

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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. 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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Intangible assets

	Entitlements		Total
	£		£
Cost
At 01 April 2025	19,941		19,941
At 31 March 2026	19,941		19,941
Accumulated amortisation
At 01 April 2025	19,941		19,941
At 31 March 2026	19,941		19,941
Net book value
At 31 March 2026	0		0
At 31 March 2025	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2025	424,526		171,698		4,005		600,229
At 31 March 2026	424,526		171,698		4,005		600,229
Accumulated depreciation
At 01 April 2025	87,837		162,807		4,005		254,649
Charge for the financial year	8,576		4,559		0		13,135
At 31 March 2026	96,413		167,366		4,005		267,784
Net book value
At 31 March 2026	328,113		4,332		0		332,445
At 31 March 2025	336,689		8,891		0		345,580

Included within the net book value of land and buildings above is £328,113 (2025 - £336,689 ) in respect of freehold land and buildings.

5. Debtors

	2026		2025
	£		£
Trade debtors	950		1,300
Amounts owed by directors	10,401		35,303
Prepayments	5,537		3,205
VAT recoverable	3,296		6,102
Other debtors	669,429		669,429
	689,613		715,339

6. Current asset investments

	2026		2025
	£		£
Other investments – at cost less impairment	310		310

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans and overdrafts	782,613		9,825
Trade creditors	8,349		8,388
Amounts owed to directors	36		8,042
Accruals	3,450		3,250
Taxation and social security	5,362		9,771
	799,810		39,276

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

	2026		2025
	£		£
Bank loans	0		778,601
Other loans	99,982		99,982
	99,982		878,583

The bankers hold a fixed and floating charge over the assets of the company.

9. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

10. Financial commitments

Commitments

Capital commitments are as follows:

	2026		2025
	£		£
Contracted for but not provided for:
Finance leases entered into	1,770		5,630

11. Related party transactions

Transactions with the entity's directors

	2026		2025
	£		£
Mr C R D Keeler	10,401		35,303
Mr & Mrs J Keeler	(36)		(8,042)

Sums of £10,098 were advanced to Mr C R D Keller and £35,000 repaid in the year.
Sums of £6 were advanced to Mr and Mrs J Keeler and £8,000 repaid in the year.