Tortworth Estate Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00275988 (England and Wales)

Tortworth Estate Limited

Financial Statements

for the Year Ended 31st March 2026

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

11

DIRECTORS:

The Hon. R M Moreton

A R Jackson

B R A Knight

R K Brown

REGISTERED OFFICE:

Tortworth Estate Office

Tortworth

Wotton-Under-Edge

Gloucestershire

GL12 8HF

REGISTERED NUMBER:

00275988 (England and Wales)

ACCOUNTANTS:

Martin and Company

38 Dollar Street

Cirencester

Gloucestershire

GL7 2AN

FIXED ASSETS

Intangible assets

4

-

3,499

Tangible assets

5

35,955,528

29,225,847

Investments

6

1,472

Investment property

7

20,956,501

26,516,898

56,913,501

55,747,716

CURRENT ASSETS

Stocks

588,212

526,270

Debtors

8

680,192

718,334

Cash at bank

5,617,013

1,411,489

6,885,417

2,656,093

CREDITORS

Amounts falling due within one year

9

3,387,695

1,184,530

NET CURRENT ASSETS

3,497,722

1,471,563

TOTAL ASSETS LESS CURRENT
LIABILITIES

60,411,223

57,219,279

CREDITORS

Amounts falling due after more than one
year

10

(4,187,163

)

(1,371,257

)

PROVISIONS FOR LIABILITIES

(9,066,883

)

(11,965,506

)

NET ASSETS

47,157,177

43,882,516

CAPITAL AND RESERVES

Called up share capital

58,940

Share premium

11

Capital redemption reserve

30,236

Retained earnings

47,067,990

43,793,329

SHAREHOLDERS' FUNDS

47,157,177

43,882,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2026 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2026 and were signed on its behalf by:

The Hon. R M Moreton - Director

1.	STATUTORY INFORMATION

Tortworth Estate Limited is a private company , 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

The turnover shown in the profit and loss account represents income from all sources of revenue earned during the year (principally from trading activities) , excluding VAT.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements is being amortised evenly over its estimated useful life of ten years.

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.

In-hand land and buildings

-

not provided

Milking parlour

-

5% on cost

Holiday let furnishings and equipment

-

20% on cost

Computer equipment

-

20% on cost

Plant and machinery

-

10% on cost

Farm plant and machinery

-

10% on cost

Motor vehicles

-

20% on cost

Farm vehicles

-

25% on cost

No depreciation is provided on in-hand land and buildings which are included at open market value. The directors believe that the assets have very long useful lives and very high residual values which make the depreciation charge immaterial. The directors review this annually. Any deficits below initial cost are charged to the profit and loss account.

Investment property

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Where appropriate, the value of home-bred livestock, crops in store and other produce is determined on a deemed cost basis in accordance with Business Economic Notes (BEN) 19, HMRC's helpsheet no. 232, the Central Association of Agricultural Valuers guidance note no. 196 and in accordance with Statements of Standard Accounting Practice Numbers 2 and 9. The cost of purchased livestock, fertilisers, sprays, feed, fuel and oil and stores is based on purchase price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet. 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 the shorter.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for its employees and a money purchase pension scheme for its directors. Contributions payable for the year are charged in the profit and loss account.

Government grants

Grants toward capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

The company also received Government support by way of business rates relief and a bounce back loan.

Investments

Fixed asset investments are stated at cost less provision for permanent diminution in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2025 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Entitlements

£

COST

At 1st April 2025

and 31st March 2026

16,216

AMORTISATION

At 1st April 2025

12,717

Amortisation for year

3,499

At 31st March 2026

16,216

NET BOOK VALUE

At 31st March 2026

-

At 31st March 2025

3,499

5.	TANGIBLE FIXED ASSETS

Holiday

let

In-hand

furnishings

land and

Milking

and

Computer

buildings

parlour

equipment

£

COST OR VALUATION

At 1st April 2025

28,797,136

247,376

56,319

10,513

Additions

13,647

-

3,538

762

Disposals

-

(250

)

Revaluations

7,480,658

-

Transfer to/(from) Investment

Property

(800,441

)

-

At 31st March 2026

35,491,000

247,376

59,857

11,025

DEPRECIATION

At 1st April 2025

-

70,779

23,305

9,217

Charge for year

-

9,949

8,655

762

Eliminated on disposal

-

(250

)

At 31st March 2026

-

80,728

31,960

9,729

NET BOOK VALUE

At 31st March 2026

35,491,000

166,648

27,897

1,296

At 31st March 2025

28,797,136

176,597

33,014

1,296

Farm

Plant and

plant and

Motor

Farm

machinery

vehicles

Totals

£

COST OR VALUATION

At 1st April 2025

522,720

380,157

83,089

142,640

30,239,950

Additions

4,400

74,725

48,000

-

145,072

Disposals

(5,899

)

-

(29,750

)

-

(35,899

)

Revaluations

-

7,480,658

Transfer to/(from) Investment

Property

-

(800,441

)

At 31st March 2026

521,221

454,882

101,339

142,640

37,029,340

DEPRECIATION

At 1st April 2025

422,150

318,309

73,121

97,222

1,014,103

Charge for year

14,858

20,765

14,059

24,285

93,333

Eliminated on disposal

(3,624

)

-

(29,750

)

-

(33,624

)

At 31st March 2026

433,384

339,074

57,430

121,507

1,073,812

NET BOOK VALUE

At 31st March 2026

87,837

115,808

43,909

21,133

35,955,528

At 31st March 2025

100,570

61,848

9,968

45,418

29,225,847

Cost or valuation at 31st March 2026 is represented by:

Holiday

let

In-hand

furnishings

land and

Milking

and

Computer

buildings

parlour

equipment

£

Valuation in 2010

5,447,992

-

Valuation in 2013

1,394,282

-

Valuation in 2015

1,173,189

-

Valuation in 2016

(97,629

)

-

Valuation in 2017

(261,535

)

-

Valuation in 2020

1,663,045

-

Valuation in 2021

1,913,575

-

Valuation in 2022

14,970,188

-

Valuation in 2026

7,480,657

-

Cost

1,807,236

247,376

59,857

11,025

35,491,000

247,376

59,857

11,025

Farm

Plant and

plant and

Motor

Farm

machinery

vehicles

Totals

£

Valuation in 2010

-

5,447,992

Valuation in 2013

-

1,394,282

Valuation in 2015

-

1,173,189

Valuation in 2016

-

(97,629

)

Valuation in 2017

-

(261,535

)

Valuation in 2020

-

1,663,045

Valuation in 2021

-

1,913,575

Valuation in 2022

-

14,970,188

Valuation in 2026

-

7,480,657

Cost

521,221

454,882

101,339

142,640

3,345,576

521,221

454,882

101,339

142,640

37,029,340

If in-hand land and buildings had not been revalued they would have been included at the following historical cost:

2026

2025

£

Cost

1,807,236

2,391,029

In-hand land and buildings were valued on an open market basis on 31st March 2026 by Messrs Carter Jonas, Chartered Surveyors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Farm

vehicles

£

COST OR VALUATION

At 1st April 2025

and 31st March 2026

97,140

DEPRECIATION

At 1st April 2025

51,723

Charge for year

24,285

At 31st March 2026

76,008

NET BOOK VALUE

At 31st March 2026

21,132

At 31st March 2025

45,417

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st April 2025

and 31st March 2026

1,472

NET BOOK VALUE

At 31st March 2026

1,472

At 31st March 2025

1,472

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2025

26,516,898

Additions

28,553

Disposals

(330,470

)

Revaluations

(6,058,921

)

Transfer to/(from) Investment

Property

800,441

At 31st March 2026

20,956,501

NET BOOK VALUE

At 31st March 2026

20,956,501

At 31st March 2025

26,516,898

Fair value at 31st March 2026 is represented by:

£

Valuation in 2008

5,462,419

Valuation in 2010

7,986,517

Valuation in 2013

2,416,492

Valuation in 2014

2,531,624

Valuation in 2015

3,594,126

Valuation in 2016

33,057

Valuation in 2017

1,530,000

Valuation in 2021

71,721

Valuation in 2022

1,267,630

Valuation in 2026

(6,058,921

)

Cost

2,121,836

20,956,501

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

2026

2025

£

Cost

2,121,835

1,349,842

Investment property was valued on an open market basis on 31st March 2026 by Messrs Carter Jonas, Chartered Surveyors .

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade debtors

362,479

333,031

Other debtors

317,713

385,303

680,192

718,334

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Bank loans and overdrafts

185,385

165,771

Hire purchase contracts

18,313

17,131

Trade creditors

337,633

537,524

Taxation and social security

602,826

217,378

Other creditors

2,243,538

246,726

3,387,695

1,184,530

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2026

2025

£

Bank loans

4,176,365

1,342,147

Hire purchase contracts

10,798

29,110

4,187,163

1,371,257

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,176,365

749,773

11.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

Bank overdrafts

81,225

6,284

Bank loans

4,280,525

1,501,634

4,361,750

1,507,918

A legal charge over 327 acres of land at Elmtree Farm, Tortworth was created on 5th November 2014 for securing all monies due to the National Westminster Bank Plc. NatWest have subsequently established the loan charge was wrongly described. Therefore, this charge has been corrected by a deed of variation dated 30th March 2026 to update the legal charge to over approximately 270 acres of land at Elmtree Farm, Tortworth.

The above legal charge has been superseded by the creation of two new loans with National Westminster Bank Plc of £3.47 million, which has already been drawn down on and £761,000 which has yet to be drawn down on. A new legal charge has been created for securing all monies now owed to the National Westminster Bank Plc including these two new loans of 270 acres of land at Elm Tree Farm, plus a further 61 acres of land at Elm Tree Farm, approximately 190 acres of land at Woodend Farm and approximately 138 acres of land at Whitfield Farm.

A legal charge over 212.27 acres of land and buildings in Tortworth was created on 13th March 2015 for securing all monies due to Agricultural Mortgage Corporation Plc. This loan was repaid in full during the year, therefore this security has been removed at the year end date.

12.	ULTIMATE CONTROLLING PARTY

The Company's immediate and ultimate parent is Tortworth Holdings Limited, a company incorporated in England and Wales. The registered office of Tortworth Holdings Limited is Tortworth Estate Office, Tortworth, Wotton-Under-Edge, Gloucestershire, GL12 8HF.

During the financial year, the company entered into transactions with its parent undertaking, Tortworth Holdings Limited, as detailed below:

At the balance sheet date, the company owed £1,998,560 (2025: £27,500 to Tortworth Holdings Limited.