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Unaudited Financial Statements |
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for the Year Ended 31 May 2022 |
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for |
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George Thompson (Farms) Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2022 |
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for |
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George Thompson (Farms) Limited |
George Thompson (Farms) Limited (Registered number: 00451744) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2022 |
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Company information | 1 |
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Chartered accountants' report | 2 |
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Statement of financial position | 3 | to | 4 |
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Notes to the financial statements | 5 | to | 9 |
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George Thompson (Farms) Limited |
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Company Information |
for the Year Ended 31 May 2022 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Accountants: |
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Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
George Thompson (Farms) Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of George Thompson (Farms) Limited for the year ended 31 May 2022 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of George Thompson (Farms) Limited, as a body, in accordance with the terms of our engagement letter dated 23 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of George Thompson (Farms) Limited and state those matters that we have agreed to state to the Board of Directors of George Thompson (Farms) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Thompson (Farms) Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that George Thompson (Farms) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of George Thompson (Farms) Limited. You consider that George Thompson (Farms) Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of George Thompson (Farms) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
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George Thompson (Farms) Limited (Registered number: 00451744) |
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Statement of Financial Position |
31 May 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
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Investments | 6 |
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Current assets |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 8 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 11 |
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Share premium |
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Retained earnings |
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Shareholders' funds |
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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. |
George Thompson (Farms) Limited (Registered number: 00451744) |
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Statement of Financial Position - continued |
31 May 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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George Thompson (Farms) Limited (Registered number: 00451744) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2022 |
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1. | Statutory information |
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George Thompson (Farms) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Statement of compliance |
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3. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Agricultural buildings - 10% on original cost |
Implements, machinery & equipment - 20%/25% on written down value |
General office equipment - 20% on written down value |
Motor Vehicles - 25% on written down value |
Boxes - 25% on cost |
Tractors - 25% on written down value |
Computer equipment - 33.3% on cost |
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Depreciation is not provided on freehold property where, in the opinion of the directors, the residual value of that property is such that any depreciation charge would be immaterial. |
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Unlisted investments |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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George Thompson (Farms) Limited (Registered number: 00451744) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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3. | Accounting policies - continued |
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. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Farm support income |
Farm support income accrues evenly up to 31 December in each claim year in the financial statements. In the event that the conditions for the receipt of the Basic Payment have not been met, income recognition is deferred until such time as those conditions can be assumed to have been met, and there is reasonable assurance that the payment will be received. |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. |
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Government grants are recognised using the accrual model and the performance model. |
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Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
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Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. |
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Under the performance model, where the grant does not impose specified future performance related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. |
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4. | Employees and directors |
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The average number of employees during the year was
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George Thompson (Farms) Limited (Registered number: 00451744) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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5. | Tangible fixed assets |
Freehold | Plant and |
property | machinery | Boxes |
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Cost |
At 1 June 2021 |
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Additions |
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Disposals |
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At 31 May 2022 |
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Depreciation |
At 1 June 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2022 |
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Net book value |
At 31 May 2022 |
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At 31 May 2021 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 June 2021 |
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Additions |
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Disposals | ( |
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At 31 May 2022 |
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Depreciation |
At 1 June 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2022 |
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Net book value |
At 31 May 2022 |
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At 31 May 2021 |
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Included within the above figure of £3,091,108 for freehold land and buildings is an amount of £2,272,193 (2021 - £2,272,193) in respect of freehold land and buildings upon which no depreciation is charged. |
George Thompson (Farms) Limited (Registered number: 00451744) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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6. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
At 1 June 2021 |
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Additions |
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Disposals | ( |
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At 31 May 2022 |
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Net book value |
At 31 May 2022 |
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At 31 May 2021 |
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7. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
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Corporation tax |
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VAT |
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Prepayments and accrued income |
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8. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Hire purchase liabilities | 36,933 | 85,108 |
Accruals and deferred income |
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Deferred government grants |
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The bank loan is secured by a legal charge over certain freehold land owned by the company and obligations under hire purchase contracts are secured by the asset it is financing. |
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9. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Bank loans | 550,000 | 150,000 |
Hire purchase liabilities | 38,307 | - |
Deferred government grants |
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The bank loan is secured by a legal charge over certain freehold land owned by the company and obligations under hire purchase contracts are secured by the asset it is financing. |
George Thompson (Farms) Limited (Registered number: 00451744) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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10. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
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11. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary A | £1 | 10,000 | 10,000 |
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Ordinary B | £1 | 31,000 | 31,000 |
41,000 | 41,000 |
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The A and B ordinary shares rank pari passu in all respects save that in a vote the A shares carry ten votes per share and the B shares carry one vote per share. |