Company No: 14157319 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTOR

D Vercoe

REGISTERED OFFICE	Unit 3a Grants Hill Way
	Woodford Halse
	Daventry
	NN11 3UB
	United Kingdom

COMPANY NUMBER

14157319 (England and Wales)

ACCOUNTANT	Shaw Gibbs Limited
	Wey Court West
	Union Road
	Farnham
	Surrey
	GU9 7PT

	Note	2025		2024
		£		£
Current assets
Stocks	3	4,018,952		3,748,858
Debtors	4	41,813		41,184
Cash at bank and in hand	5	6,920		189
		4,067,685		3,790,231
Creditors: amounts falling due within one year	6	( 709,996)		( 769,835)
Net current assets		3,357,689		3,020,396
Total assets less current liabilities		3,357,689		3,020,396
Creditors: amounts falling due after more than one year	7	( 4,044,765)		( 3,324,016)
Net liabilities		( 687,076)		( 303,620)
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		( 687,176 )		( 303,720 )
Total shareholders' deficit		( 687,076)		( 303,620)

For the financial year ending 30 June 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 TH Spa Farm Limited (registered number: 14157319) were approved and authorised for issue by the Director on 28 October 2026. They were signed on its behalf by:

D Vercoe 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

TH Spa Farm 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 Unit 3a Grants Hill Way, Woodford Halse, Daventry, NN11 3UB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has 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.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting 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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Stocks

	2025		2024
	£		£
Work in progress	4,018,952		3,748,858

4. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	0		123
Amounts owed by related parties	443		32,379
Prepayments	0		1,350
VAT recoverable	0		7,312
Other debtors	41,370		20
	41,813		41,184

5. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	6,920		189

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	2,871		3,182
Amounts owed to Group undertakings	31,552		91,653
Deferred income	675,000		675,000
Other creditors	573		0
	709,996		769,835

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

	2025		2024
	£		£
Bank loans (secured)	4,044,765		3,324,016

On 22nd February 2023 Hampshire Trust Bank Plc provided a loan to the company to facilitate the completion of the development. Hampshire Trust Bank Plc registered a fixed legal charge over the land known as Spa Farm, Bishopton Lane, Bishopton, Stratford-Upon-Avon.

During the year, the loan was refinanced to Shawbrook Bank Limited. Shawbrook Bank Limited has registered a fixed legal charge over the land known as Spa Farm, Bishopton Lane, Bishopton, Stratford-Upon-Avon.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Ultimate controlling party

Parent Company:

Talbot Homes Limited