Registration number: 06885485

J & G Thornley Limited

Contents

Accountants' Report	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J & G Thornley Limited
for the Year Ended 30 April 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J & G Thornley Limited for the year ended 30 April 2026 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of J & G Thornley Limited, as a body, in accordance with the terms of our engagement letter dated 11 May 2026. Our work has been undertaken solely to prepare for your approval the accounts of J & G Thornley Limited and state those matters that we have agreed to state to the Board of Directors of J & G Thornley Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & G Thornley Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J & G Thornley Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J & G Thornley Limited. You consider that J & G Thornley Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of J & G Thornley Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

11 August 2026

J & G Thornley Limited

(Registration number: 06885485)
Balance Sheet as at 30 April 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	5	435,637	365,537
Current assets
Stocks		393,911	339,594
Debtors	6	93,408	140,738
		487,319	480,332
Creditors: Amounts falling due within one year	7	(489,960)	(503,278)
Net current liabilities		(2,641)	(22,946)
Total assets less current liabilities		432,996	342,591
Creditors: Amounts falling due after more than one year	7	(112,025)	(90,641)
Provisions for liabilities		(70,237)	(55,474)
Net assets		250,734	196,476
Capital and reserves
Allotted, called up and fully paid share capital		100	100
Profit and loss account		250,634	196,376
Total equity		250,734	196,476

J & G Thornley Limited

(Registration number: 06885485)
Balance Sheet as at 30 April 2026 (continued)

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 August 2026 and signed on its behalf by:
 

.........................................

J Thornley

Director

.........................................

G Thornley

Company secretary and director

J & G Thornley Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Derby Lodge Farm
Roseacre Road
Roseacre
PRESTON
PR4 3UE

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 30 April 2026 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

J & G Thornley Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026 (continued)

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met..

Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	4% straight line
Plant and equipment	20% reducing balance
Motor vehicles	25% reducing balance
Office equipment	33% reducing balance

Land and buildings relate to tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 4% straight line over their useful economic life, and not the duration of the lease.

J & G Thornley Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Herd stock is included in the balance sheet at the original cost of the herd adjusted annually for additions to, or disposals from the herd.

Additions to the herd are included at cost except where there is a reinstatement of disposals to the herd from the prior year. In this case they are reinstated at the prior year disposal value.

Disposals to the herd are disposed of at an average cost except where there have been additions to the herd in the prior year. In this case they are disposed of on a last in first out basis.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

J & G Thornley Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026 (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2025 - 4).

J & G Thornley Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026 (continued)

4	Intangible assets

	Basic payment scheme  £	Total £
Cost or valuation
At 1 May 2025	673	673
At 30 April 2026	673	673
Amortisation
At 1 May 2025	673	673
At 30 April 2026	673	673
Carrying amount
At 30 April 2026	-	-
At 30 April 2025	-	-

5	Tangible assets

	Land and buildings £	Plant and equipment  £	Motor vehicles  £	Office equipment £	Total £
Cost or valuation
At 1 May 2025	180,807	828,162	18,815	7,155	1,034,939
Additions	-	139,300	-	-	139,300
Disposals	-	-	-	(3,404)	(3,404)
At 30 April 2026	180,807	967,462	18,815	3,751	1,170,835
Depreciation
At 1 May 2025	84,677	572,439	6,096	6,190	669,402
Charge for the year	7,232	58,470	3,180	318	69,200
Eliminated on disposal	-	-	-	(3,404)	(3,404)
At 30 April 2026	91,909	630,909	9,276	3,104	735,198
Carrying amount
At 30 April 2026	88,898	336,553	9,539	647	435,637
At 30 April 2025	96,130	255,723	12,719	965	365,537

J & G Thornley Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026 (continued)

6

Debtors

	2026 £	2025 £
Trade debtors	76,541	113,558
Other debtors	16,867	27,180
	93,408	140,738

7

Creditors

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	8	389,657	358,733
Trade creditors		95,117	119,999
Corporation tax liability		-	6,021
Other creditors		5,186	18,525
		489,960	503,278
Due after one year
Loans and borrowings	8	107,922	85,734
Other creditors		4,103	4,907
		112,025	90,641

J & G Thornley Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026 (continued)

8	Loans and borrowings

	2026 £	2025 £
Current loans and borrowings
Bank borrowings	38,547	31,386
Bank overdrafts	137,469	96,655
Finance lease liabilities	56,940	35,006
Other borrowings	156,701	195,686
	389,657	358,733

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

	2026 £	2025 £
Bank borrowings	38,547	31,386
Bank overdrafts	137,469	96,655
Finance lease liabilities	56,940	35,006
	232,956	163,047

Bank borrowings and overdrafts are secured by a fixed and floating charge over all assets.

Finance lease liabilities are secured on the assets to which they relate.