Registration number:
Terry Morris Agriculture Limited
for the Year Ended 31 March 2026
Terry Morris Agriculture Limited
Contents
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Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Terry Morris Agriculture Limited
Company Information
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Directors |
Mark Antony Morris Stuart Alan Morris |
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Company secretary |
Jessica Mary Morris |
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Registered office |
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Accountants |
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Terry Morris Agriculture Limited
Directors' Report for the Year Ended 31 March 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Commercial property rental.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
Director
Director
Terry Morris Agriculture Limited
(Registration number: 4443406)
Balance Sheet as at 31 March 2026
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Note |
2026 |
2025 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
181,058 |
481,924 |
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Retained earnings |
475,557 |
412,281 |
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Shareholders' funds |
656,715 |
894,305 |
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:
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• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Terry Morris Agriculture Limited
(Registration number: 4443406)
Balance Sheet as at 31 March 2026
Approved and authorised by the
Director
Director
Terry Morris Agriculture Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
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.
Terry Morris Agriculture Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026
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2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and 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:
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Asset class |
Depreciation method and rate |
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Land and buildings |
Straight line - 4% |
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Plant and machinery |
Reducing balance - 20% |
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Motor vehicles |
Reducing balance - 25% |
Investment property
Terry Morris Agriculture Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026
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2 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold 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
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Terry Morris Agriculture Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026
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2 |
Accounting policies (continued) |
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Terry Morris Agriculture Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026
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Tangible assets |
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Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2025 |
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Disposals |
( |
( |
( |
( |
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At 31 March 2026 |
- |
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- |
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Depreciation |
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At 1 April 2025 |
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Charge for the year |
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- |
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Eliminated on disposal |
( |
( |
( |
( |
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At 31 March 2026 |
- |
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- |
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Carrying amount |
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At 31 March 2026 |
- |
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- |
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At 31 March 2025 |
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Included within the net book value of land and buildings above is £Nil (2025 - £72,341) in respect of freehold land and buildings.
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Investment properties |
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2026 |
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At 1 April |
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Additions |
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Fair value adjustments |
( |
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At 31 March |
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Terry Morris Agriculture Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026
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5 |
Investment properties (continued) |
The company land and buildings were valued in 2025, and the directors have taken the opportunity to reflect those valuations within these financial statements. At the same time, it was decided that the land and buildings held in tangible fixed assets should be transferred to investment properties.
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Stocks |
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2026 |
2025 |
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Work in progress |
- |
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Other inventories |
- |
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- |
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Debtors |
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Current |
2026 |
2025 |
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Trade debtors |
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Prepayments |
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- |
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Other debtors |
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- |
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Terry Morris Agriculture Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026
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Creditors |
Creditors: amounts falling due within one year
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2026 |
2025 |
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Due within one year |
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Trade creditors |
- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2026 |
2025 |
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No. |
£ |
No. |
£ |
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100 |
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100 |