Silverfin false 31/03/2023 01/04/2022 31/03/2023 G C Tremlett 08/02/2008 J D Tremlett M L Tremlett 31/03/2009 P D Tremlett P D Tremlett 13 October 2023 The principal activity of the company is that of letting of property and farming in Kent and Wiltshire. 01593961 2023-03-31 01593961 bus:Director1 2023-03-31 01593961 bus:Director3 2023-03-31 01593961 2022-03-31 01593961 core:CurrentFinancialInstruments 2023-03-31 01593961 core:CurrentFinancialInstruments 2022-03-31 01593961 core:ShareCapital 2023-03-31 01593961 core:ShareCapital 2022-03-31 01593961 core:OtherCapitalReserve 2023-03-31 01593961 core:OtherCapitalReserve 2022-03-31 01593961 core:RetainedEarningsAccumulatedLosses 2023-03-31 01593961 core:RetainedEarningsAccumulatedLosses 2022-03-31 01593961 core:LandBuildings 2022-03-31 01593961 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 01593961 core:PlantMachinery 2022-03-31 01593961 core:LandBuildings 2023-03-31 01593961 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 01593961 core:PlantMachinery 2023-03-31 01593961 core:CostValuation 2022-03-31 01593961 core:AdditionsToInvestments 2023-03-31 01593961 core:CostValuation 2023-03-31 01593961 core:ProvisionsForImpairmentInvestments 2022-03-31 01593961 core:ProvisionsForImpairmentInvestments 2023-03-31 01593961 core:ListedExchangeTraded core:WithinOneYear 2023-03-31 01593961 core:ListedExchangeTraded core:WithinOneYear 2022-03-31 01593961 2022-04-01 2023-03-31 01593961 bus:FullAccounts 2022-04-01 2023-03-31 01593961 bus:SmallEntities 2022-04-01 2023-03-31 01593961 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01593961 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01593961 bus:Director1 2022-04-01 2023-03-31 01593961 bus:Director2 2022-04-01 2023-03-31 01593961 bus:Director3 2022-04-01 2023-03-31 01593961 bus:Director4 2022-04-01 2023-03-31 01593961 bus:CompanySecretary1 2022-04-01 2023-03-31 01593961 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 01593961 core:PlantMachinery 2022-04-01 2023-03-31 01593961 2021-04-01 2022-03-31 01593961 core:LandBuildings 2022-04-01 2023-03-31 01593961 core:ConstructionInProgressAssetsUnderConstruction 2022-04-01 2023-03-31 01593961 core:Subsidiary1 2022-04-01 2023-03-31 01593961 core:Subsidiary1 1 2022-04-01 2023-03-31 01593961 core:Subsidiary1 1 2021-04-01 2022-03-31 01593961 core:Subsidiary2 2022-04-01 2023-03-31 01593961 core:Subsidiary2 1 2022-04-01 2023-03-31 01593961 core:Subsidiary2 1 2021-04-01 2022-03-31 01593961 core:Subsidiary3 2022-04-01 2023-03-31 01593961 core:Subsidiary3 1 2022-04-01 2023-03-31 01593961 core:Subsidiary3 1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure decimalUnit

Company No: 01593961 (England and Wales)

NORTH KENT FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

NORTH KENT FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

NORTH KENT FARMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
NORTH KENT FARMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS G C Tremlett
J D Tremlett
M L Tremlett
P D Tremlett
SECRETARY P D Tremlett
REGISTERED OFFICE Chicksgrove Manor Chicksgrove
Tisbury
Salisbury
SP3 6NA
United Kingdom
COMPANY NUMBER 01593961 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
NORTH KENT FARMS LIMITED

BALANCE SHEET

As at 31 March 2023
NORTH KENT FARMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 6,179,537 6,368,636
Investment property 4 23,822,280 19,294,418
Investments 5 1,263,758 1,193,345
31,265,575 26,856,399
Current assets
Stocks 1,468 1,029
Debtors 6 254,951 240,980
Investments 7 8,108,928 8,107,448
Cash at bank and in hand 4,172,146 4,243,999
12,537,493 12,593,456
Creditors: amounts falling due within one year 8 ( 287,349) ( 526,034)
Net current assets 12,250,144 12,067,422
Total assets less current liabilities 43,515,719 38,923,821
Provision for liabilities ( 4,284,755) ( 3,238,051)
Net assets 39,230,964 35,685,770
Capital and reserves
Called-up share capital 460,103 460,103
Other reserves 40,000 40,000
Profit and loss account 38,730,861 35,185,667
Total shareholders' funds 39,230,964 35,685,770

Included within the profit and loss reserves are non-distributable reserves of £17,654,131 (2022 - £14,311,029)

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of North Kent Farms Limited (registered number: 01593961) were approved and authorised for issue by the Board of Directors on 13 October 2023. They were signed on its behalf by:

J D Tremlett
Director
NORTH KENT FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
NORTH KENT FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

North Kent Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chicksgrove Manor Chicksgrove, Tisbury, Salisbury, SP3 6NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 20 years straight line
Assets under construction not depreciated
Plant and machinery 15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Government grants

Government grants, specifically agricultural and environmental scheme subsidies, are accounted for and released to the profit and loss account at the earliest of the date of completion of obligations applicable to the grant, or the end of the scheme period.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Defined contribution pension obiligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognized as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognized as prepayment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Land and buildings Assets under construc-
tion
Plant and machinery Total
£ £ £ £
Cost
At 01 April 2022 6,731,991 38,074 45,375 6,815,440
Additions 0 46,336 1,343 47,679
Disposals 0 0 ( 10,662) ( 10,662)
At 31 March 2023 6,731,991 84,410 36,056 6,852,457
Accumulated depreciation
At 01 April 2022 411,909 0 34,895 446,804
Charge for the financial year 229,366 0 1,208 230,574
Disposals 0 0 ( 4,458) ( 4,458)
At 31 March 2023 641,275 0 31,645 672,920
Net book value
At 31 March 2023 6,090,716 84,410 4,411 6,179,537
At 31 March 2022 6,320,082 38,074 10,480 6,368,636

Included within the net book value of land and buildings above is £6,090,716 (2022- £6,320,082) in respect of freehold land and buildings.

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 19,294,418
Additions 780
Fair value movement 4,527,082
As at 31 March 2023 23,822,280

Valuation

The investment properties were revalued on 31 March 2022 by Mr T French MRICS FAAV who is external to the company. This class of assets has a current value of £23,822,280 (2022: £19,294,418) and a carrying amount at historical cost of £5,576,171 (2022: £5,575,391). The depreciation on this historical cost is £0 (2022: £0).

5. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 1,246,330 1,191,330
Other investments and loans 17,428 2,015
1,263,758 1,193,345

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 1,191,330
Additions 55,000
At 31 March 2023 1,246,330
Carrying value at 31 March 2023 1,246,330
Carrying value at 31 March 2022 1,191,330
Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 2,015 2,015
Additions 15,413 15,413
At 31 March 2023 17,428 17,428
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 17,428 17,428
Carrying value at 31 March 2022 2,015 2,015

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.03.2023
Ownership
31.03.2022
David King ( Farms) Limited England and Wales Dormant company Ordinary 100.00% 100.00%
Hook Place Developments Limited England and Wales Dormant company Ordinary 100.00% 100.00%
North Kent Farms (NZ) Limited New Zealand Farming Ordinary 100.00% 100.00%

6. Debtors

2023 2022
£ £
Trade debtors 230,102 218,851
Prepayments 18,971 18,199
Other debtors 5,878 3,930
254,951 240,980

7. Current asset investments

2023 2022
£ £
Listed investments – at fair value 8,108,928 8,107,448

The fair value of listed investments, which are all traded in active markets, was determined with reference to the quoted market price at the reporting date.

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 20,486 153,284
Amounts owed to Group undertakings 10,002 10,002
Accruals 13,393 10,206
Corporation tax 71,114 168,410
Other taxation and social security 47,947 58,648
Other creditors 124,407 125,484
287,349 526,034

9. Financial commitments

Commitments

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

2023 2022
£ £
- within one year 1,475 1,475

The amount of non- cancellable operating lease payments recognised as an expense during the year was £1,475 (2022 - £1,475)

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

Creditors include aggregate interest-free loans of £10,002 (2022 - £10,002) owing from two UK subsidiary companies that are repayable on demand.