Registered number:
09229380
THORNHILL FARMING LIMITED
UNAUDITED
STATUTORY ACCOUNTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2019
|
THORNHILL FARMING LIMITED
REGISTERED NUMBER:
09229380
BALANCE SHEET
AS AT
31 DECEMBER 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of statutory accounts.
The
statutory accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The statutory accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
|
THORNHILL FARMING LIMITED
REGISTERED NUMBER:
09229380
BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2019
The statutory accounts were approved and authorised for issue by the board and were signed on its behalf by
:
................................................
R C G MacLeod
|
|
|
|
The notes on pages 3 to 7 form part of these statutory accounts.
|
THORNHILL FARMING LIMITED
NOTES TO THE STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Thornhill Farming Limited is a private company, limited by shares, incorporated in England and Wales with registered number 09229380. The address of the registered office is Thornhill Park, Stalbridge, Sturminster Newton, Dorset, DT10 2SH.
2.
Accounting policies
|
|
Basis of preparation of statutory accounts
|
The statutory accounts have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
At the year end, the Company had net liabilities of £146,744. The company is reliant upon the support of its shareholders to enable it to meet its financial obligations as they arise. As the shareholders will continue to financially support the company for the foreseeable future, the directors consider it appropriate to prepare the statutory accounts on the going concern basis.
Turnover comprises Basic Payment Scheme receipts which are recognised on a receipts basis.
The tax expense for the year comprises current tax. Tax is recognised in the Statement of income and retained earnings.
The current tax charge is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the statement of income and retained earnings 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 balance sheet date.
Basic Payment entitlements are stated at market value. The change in market value between each balance sheet date is recognised in the statement of income and retained earnings which is offset by an opposite adjustment to deferred income.
|
THORNHILL FARMING LIMITED
NOTES TO THE STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
|
|
|
|
Freehold land and property
|
|
|
|
|
|
|
Farm machinery and equipment
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.
|
The average monthly number of employees, including directors, during the year was
3
(2018 -
3
)
.
|
|
THORNHILL FARMING LIMITED
NOTES TO THE STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2019
|
|
Basic Payment Entitlements
|
|
|
|
|
|
|
|
At 1 January 2019 (as restated)
|
|
|
|
|
|
|
|
|
|
|
|
A prior year adjustment has been made to recognise owned Basic Payment Entitlements at their market value. The restatement to intangible assets above of £8,457 has been offset by a corresponding restatement to deferred income within creditors. As such, there is no impact upon either the company's net liabilities or its profit and loss account reserve.
|
|
THORNHILL FARMING LIMITED
NOTES TO THE STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2019
|
|
Freehold land and property
|
Farm machinery and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THORNHILL FARMING LIMITED
NOTES TO THE STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2019
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with directors
|
|
Included within creditors is £1,496,784 (2018: £1,496,784) due to
the children of R C G MacLeod
and £145,092 (2018: £145,228) due to R C G MacLeod.
|
|