TOMKINSON FARMS LIMITED
Company registration number 05737815 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TOMKINSON FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TOMKINSON FARMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,132,549
2,794,875
Biological assets
4
922,722
841,682
4,055,271
3,636,557
Current assets
Stocks
210,301
199,338
Debtors
5
349,987
203,837
Cash at bank and in hand
418,631
978,919
403,175
Creditors: amounts falling due within one year
6
(929,244)
(685,963)
Net current assets/(liabilities)
49,675
(282,788)
Total assets less current liabilities
4,104,946
3,353,769
Creditors: amounts falling due after more than one year
7
(437,537)
(503,025)
Provisions for liabilities
(230,058)
(193,201)
Net assets
3,437,351
2,657,543
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
3,436,351
2,656,543
Total equity
3,437,351
2,657,543
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TOMKINSON FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr F Tomkinson
Director
Company Registration No. 05737815
TOMKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Tomkinson Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Coton End Farm, Gnosall, Stafford, Staffordshire, ST20 0EA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
0% - 25% reducing balance
Plant and machinery
15% - 25% reducing balance
Motor vehicles
25% reducing balance
No depreciation is provided in respect of freehold land. Freehold buildings are not depreciated as in the opinion of the directors the expected residual value is sufficiently high and the expected useful economic life of the asset is very long, and as such the resulting depreciation charge would be immaterial. Only certain assets within the category relating to cattle cubicles are depreciated.
The dairy herd is valued at the lower of cost and NRV and is accounted for on a FIFO basis, movements on own rearings are transferred to the profit and loss account.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
TOMKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.
In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either;
lower of cost and estimated selling price less costs to complete and sell; or
fair value less costs to sell with any gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell being included in profit or loss.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Dairy herd
Not depreciated
Cattle
Not depreciated
Poultry
Not depreciated
Crops
Not depreciated
The directors consider that the cost value of livestock and growing crops are not materially different to its residual value and therefore is not depreciated.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.6
Cash at bank and in hand
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 current liabilities.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TOMKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
18
16
TOMKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
1,987,563
3,366,666
5,354,229
Additions
205,006
392,843
597,849
Disposals
(151,385)
(151,385)
At 31 March 2023
2,192,569
3,608,124
5,800,693
Depreciation and impairment
At 1 April 2022
39,141
2,520,212
2,559,353
Depreciation charged in the year
1,501
229,682
231,183
Eliminated in respect of disposals
(122,392)
(122,392)
At 31 March 2023
40,642
2,627,502
2,668,144
Carrying amount
At 31 March 2023
2,151,927
980,622
3,132,549
At 31 March 2022
1,948,422
846,453
3,636,557
4
Biological assets
Dairy herd
Cattle
Poultry
Crops
Total
£
£
£
£
£
Cost
At 1 April 2022
416,492
321,580
20,800
82,810
841,682
Additions - procreation or planting
145,530
61,500
79,360
83,940
370,330
Additions - purchases
6,000
-
-
-
6,000
Revaluation
-
43,080
(73,600)
-
(30,520)
Disposals
(97,680)
(84,280)
-
-
(181,960)
Harvest
(82,810)
(82,810)
At 31 March 2023
470,342
341,880
26,560
83,940
922,722
Depreciation and impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023
470,342
341,880
26,560
83,940
922,722
At 31 March 2022
416,492
321,580
20,800
82,810
841,682
TOMKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
275,814
188,700
Other debtors
74,173
15,137
349,987
203,837
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
114,731
286,228
Trade creditors
365,162
117,293
Taxation and social security
145,226
76,134
Other creditors
304,125
206,308
929,244
685,963
Bank borrowings are secured by a charge over the land at Cash Lane.
Finance lease contracts are secured on the assets concerned.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
362,880
477,576
Other creditors
74,657
25,449
437,537
503,025
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
81,307
142,242