Tillers Turf Company Limited Filleted accounts for Companies House (small and micro)

TILLERS TURF COMPANY LIMITED - Company Information

32 28 September 2023 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 704,027 159,217 17,973 845,271 557,307 25,043 14,790 567,560 277,711 146,720 xbrli:pure xbrli:shares iso4217:GBP 02336318 2022-01-01 2022-12-31 02336318 2022-12-31 02336318 2021-12-31 02336318 2021-01-01 2021-12-31 02336318 2021-12-31 02336318 bus:Director2 2022-01-01 2022-12-31 02336318 core:PlantMachinery 2021-12-31 02336318 core:PlantMachinery 2022-12-31 02336318 core:PlantMachinery 2022-01-01 2022-12-31 02336318 core:WithinOneYear 2022-12-31 02336318 core:WithinOneYear 2021-12-31 02336318 core:ShareCapital 2022-12-31 02336318 core:ShareCapital 2021-12-31 02336318 core:SharePremium 2022-12-31 02336318 core:SharePremium 2021-12-31 02336318 core:CapitalRedemptionReserve 2022-12-31 02336318 core:CapitalRedemptionReserve 2021-12-31 02336318 core:RetainedEarningsAccumulatedLosses 2022-12-31 02336318 core:RetainedEarningsAccumulatedLosses 2021-12-31 02336318 core:BetweenOneFiveYears 2022-12-31 02336318 core:BetweenOneFiveYears 2021-12-31 02336318 core:PlantMachinery 2021-12-31 02336318 bus:SmallEntities 2022-01-01 2022-12-31 02336318 bus:Audited 2022-01-01 2022-12-31 02336318 bus:FullAccounts 2022-01-01 2022-12-31 02336318 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 02336318 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31

COMPANY REGISTRATION NUMBER: 02336318

Tillers Turf Company Limited

Filleted Financial Statements

For the year ended

31 December 2022

Tillers Turf Company Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		277,711	146,720

Current assets

Stocks		3,066,603	2,356,606
Debtors	6	1,068,108	1,034,675
Cash at bank and in hand		191,828	225,361
		------------	------------
		4,326,539	3,616,642

Creditors: amounts falling due within one year	7	2,356,058		879,800
		------------		------------
Net current assets			1,970,481	2,736,842
			------------	------------
Total assets less current liabilities			2,248,192	2,883,562

Provisions

Taxation including deferred tax	33,068	18,535
	------------	------------
Net assets	2,215,124	2,865,027
	------------	------------

Tillers Turf Company Limited

Statement of Financial Position (continued)

31 December 2022

	2022		2021
Note	£	£	£

Capital and reserves

Called up share capital	144,883	144,883
Share premium account	80,461	80,461
Capital redemption reserve	70,742	70,742
Profit and loss account	1,919,038	2,568,941
	------------	------------
Shareholder funds	2,215,124	2,865,027
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 27 September 2023 , and are signed on behalf of the board by:

S Hutton
Director

Company registration number: 02336318

Tillers Turf Company Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT. The company's principal trading address is Springwood Farm, Drinsey Nook Lane, Thorney, Newark NG23 7DR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) are those that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Stocks and work in progress Stock and work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.

Revenue recognition

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on completion of work done, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant & Machinery	-	15% - 25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

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. Government grants are recognised using the accrual model. 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 it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Research and development

Research expenditure is written off in the period in which it is incurred.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 32 (2021: 32 ).

5. Tangible assets

	Plant and machinery
	£
Cost
At 1 January 2022	704,027
Additions	159,217
Disposals	( 17,973)
	---------
At 31 December 2022	845,271
	---------
Depreciation
At 1 January 2022	557,307
Charge for the year	25,043
Disposals	( 14,790)
	---------
At 31 December 2022	567,560
	---------
Carrying amount
At 31 December 2022	277,711
	---------
At 31 December 2021	146,720
	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	1,015,248	931,144
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	78,936
Other debtors	52,860	24,595
	------------	------------
	1,068,108	1,034,675
	------------	------------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	282,399	263,246
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,688,390	114,301
Social security and other taxes	291,764	341,131
Other creditors	93,505	161,122
	------------	---------
	2,356,058	879,800
	------------	---------

The bank holds a fixed charge over all assets of the company.

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	357,392	261,685
Later than 1 year and not later than 5 years	162,626	115,905
	---------	---------
	520,018	377,590
	---------	---------

9. Contingencies

The company has provided a composite company unlimited guarantee in respect of group facilities to the company's bankers.

10. Summary audit opinion

The auditor's report for the year dated 28 September 2023 was unqualified .

The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .

11. Related party transactions

The company has taken advantage of the exemptions available under FRS102 relating to the disclosure of related party transactions with other members of the S & F Hutton (Holdings) Limited group.

12. Controlling party

The company is a wholly owned subsidiary of S & F Hutton (Holdings) Limited, a company registered in England and Wales. S & F Hutton (Holdings) Limited prepare group accounts. The address of the registered office is The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT.