REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2023 |
FOR |
TIMBERLEY FARM INVESTMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2023 |
FOR |
TIMBERLEY FARM INVESTMENTS LIMITED |
TIMBERLEY FARM INVESTMENTS LIMITED (REGISTERED NUMBER: 04477074) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TIMBERLEY FARM INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 5 APRIL 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Windover House |
St. Ann Street |
Salisbury |
SP1 2DR |
TIMBERLEY FARM INVESTMENTS LIMITED (REGISTERED NUMBER: 04477074) |
BALANCE SHEET |
5 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Fair value reserve - Investment property | 10 |
Fair value reserve - Investments | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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. |
TIMBERLEY FARM INVESTMENTS LIMITED (REGISTERED NUMBER: 04477074) |
BALANCE SHEET - continued |
5 APRIL 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
TIMBERLEY FARM INVESTMENTS LIMITED (REGISTERED NUMBER: 04477074) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2023 |
1. | STATUTORY INFORMATION |
Timberley Farm Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
Revaluation of investment property |
The company carries its investment property at fair value. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable fair value reserve. The method and significant assumptions used to determine the fair value of investment property are further explained in Note 5. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property represents the company's portfolio of freehold property. It is initially recognised at cost, which includes purchase cost and any directly attributable expenditure. |
Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable fair value reserve. Any loss arising from revaluation is also recognised in the fair value reserve unless it represents a loss below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in profit or loss for the year. |
TIMBERLEY FARM INVESTMENTS LIMITED (REGISTERED NUMBER: 04477074) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Debtors |
Debtors are measured at their recoverable amount. |
Creditors and provisions |
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 6 April 2022 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 5 April 2023 |
NET BOOK VALUE |
At 5 April 2023 |
At 5 April 2022 |
TIMBERLEY FARM INVESTMENTS LIMITED (REGISTERED NUMBER: 04477074) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 5 April 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2023 | 1,076,158 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 6 April 2022 |
and 5 April 2023 |
NET BOOK VALUE |
At 5 April 2023 |
At 5 April 2022 |
Investment property represents the company's portfolio of freehold property. The fair value (open market basis) of investment property was assessed by the directors and in their opinion this remains unchanged at 5 April 2023. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
8. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 2,280 | 2,400 |
TIMBERLEY FARM INVESTMENTS LIMITED (REGISTERED NUMBER: 04477074) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2023 |
8. | PROVISIONS FOR LIABILITIES - continued |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 6 April 2022 |
Provided during year | ( |
) |
Balance at 5 April 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A | £1 | 150 | 150 |
B | £1 | 150 | 150 |
C | £1 | 15 | 15 |
D | £1 | 15 | 15 |
330 | 330 |
10. | RESERVES |
Fair |
value | Fair |
reserve | value |
Retained | - Investment | reserve |
earnings | property | - Investments | Totals |
£ | £ | £ | £ |
At 6 April 2022 | 1,975,233 |
Deficit for the year | ( |
) | - | - | ( |
) |
Dividends | ( |
) | - | - | ( |
) |
Transfers | 77,328 | - | (77,328 | ) | - |
At 5 April 2023 | 1,890,876 |
Fair value reserve: Investments |
This is used to record unrealised gains in the value of investments and losses to the extent that such a loss relates to a previous gain on the same asset. |
Fair value reserve: Investment property |
This reserve is used to record gains in the fair value of investment properties and losses to the extent that such a loss relates to a previous gain on the same asset. It is also used to record the corresponding deferred tax (charge)/credit on fair value changes in investment property. |
TIMBERLEY FARM INVESTMENTS LIMITED (REGISTERED NUMBER: 04477074) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2023 |
11. | RELATED PARTY DISCLOSURES |
Creditors due within one year include £126,801 (2022 - £83,091) which is owed to a director of the |
company. |