Company registration number 06472782 (England and Wales)
ST NICHOLAS COURT FARMS LIMITED
Annual Report And Financial Statements
For The Period Ended 31 March 2023
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Company Information
Directors
A R Pace
J B Pace
Secretary
A R Pace
Company number
06472782
Registered office
St Nicholas Court
Court Road
St Nicholas At Wade
Birchington
Kent
England
CT7 0NJ
Auditor
Chavereys
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group balance sheet
9
Company balance sheet
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Strategic Report
For The Period Ended 31 March 2023

The directors present the strategic report for the period ended 31 March 2023.

Principal activities

The principal activity of the group during the year was farming. The group also operates renewable energy plants on two sites in Kent.

Review of the business

The group continued to develop and evolve in the period to 31 March 2023 and beyond. The group has seen its farming activities grow and has benefitted from greater efficiencies and energy crop yields, as well as rising prices in the energy sector, that has led to a successful year.

Principal risks and uncertainties

The directors are aware that the business is subject to both operational and financial risk. In order to mitigate the risks, investment in the tangible and non-tangible assets of the business is considered necessary. In the period to 31 March 2023 there has been further significant investment made in plant and machinery.

 

The use of external finance to help us grow and develop the business remains a good option, with favourable interest rates on offer. The risks of this borrowing are monitored to a great degree and efforts are made to maintain strong relationships with lenders.

 

Health and safety of our employees and all others we encounter remains of utmost importance.

Other risks faced by the business comprise the operational functionality of the anaerobic digestion plants, the security of customers and supply chain management.

Key performance indicators

The use of management accounts throughout the year allows us to assess the group's performance. Simple indicators and financial ratios are used to do this, these being an assessment of turnover, gross profit and overheads. These are measured against budget and forecast, as well as being compared to historical performance.

Other performance indicators

As well as financial key performance indicators, we use non-financial KPIs to assess our performance. These include operational and environmental KPIs, including health and safety.

Financial instruments

The group's principal financial instruments comprise bank overdrafts, trade creditors, trade debtors, loans to related companies and finance lease agreements. The main purpose of these loans and instruments is to raise funds for the group's operations.

 

Due to the nature of the financial instruments used by the group there is reduced exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below:

 

- 1 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Strategic Report (Continued)
For The Period Ended 31 March 2023

On behalf of the board

J B Pace
Director
31 October 2023
- 2 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Directors' Report
For The Period Ended 31 March 2023

The directors present their annual report and financial statements for the period ended 31 March 2023.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

A R Pace
J B Pace
Post reporting date events

There have been no significant events affecting the Group since the year end.

Auditor

The auditors, Chavereys, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

- 3 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Directors' Report (Continued)
For The Period Ended 31 March 2023
On behalf of the board
J B Pace
Director
31 October 2023
- 4 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Independent Auditor's Report
To The Members Of St Nicholas Court Farms Limited
Opinion

We have audited the financial statements of St Nicholas Court Farms Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2023 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- 5 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Independent Auditor's Report (Continued)
To The Members Of St Nicholas Court Farms Limited
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

- 6 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Independent Auditor's Report (Continued)
To The Members Of St Nicholas Court Farms Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Iain D Morris FCA (Senior Statutory Auditor)
For and on behalf of Chavereys
31 October 2023
Chartered Accountants
Statutory Auditor
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
- 7 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Group Profit And Loss Account
For The Period Ended 31 March 2023
2023
Year
ended
ended
31 March
30 September
2023
2021
Notes
£
£
Turnover
5
35,606,726
16,636,048
Cost of sales
(18,901,990)
(9,469,601)
Gross profit
16,704,736
7,166,447
Administrative expenses
(855,964)
(699,000)
Other operating income/(expenses)
804,893
(387,793)
Operating profit
16,653,665
6,079,654
Interest receivable and similar income
779,928
319,953
Interest payable and similar expenses
8
(414,195)
(423,018)
Amounts written off investments
(246,863)
350,917
Profit before taxation
16,772,535
6,327,506
Tax on profit
9
(1,501,279)
(1,601,679)
Profit for the financial period
15,271,256
4,725,827
Profit for the financial period is all attributable to the owners of the parent company.

The notes on pages 15 to 32 form part of these financial statements.

- 8 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Group Balance Sheet
As At 31 March 2023
31 March 2023
30 September 2021
Notes
£
£
£
£
Fixed assets
Intangible assets
10
2,206
9,116
Tangible assets
11
58,160,902
55,179,802
Investments
12
529,630
503,509
58,692,738
55,692,427
Current assets
Stocks
15
4,027,079
4,915,047
Debtors falling due after more than one year
16
3,090,028
2,089,697
Debtors falling due within one year
16
28,059,588
19,524,156
Investments
17
6,848,408
3,278,868
Cash at bank and in hand
5,999,230
3,843,745
48,024,333
33,651,513
Creditors: amounts falling due within one year
18
(7,862,985)
(5,704,585)
Net current assets
40,161,348
27,946,928
Total assets less current liabilities
98,854,086
83,639,355
Creditors: amounts falling due after more than one year
19
(5,505,442)
(6,833,824)
Provisions for liabilities
Deferred tax liability
22
10,355,356
9,028,499
(10,355,356)
(9,028,499)
Net assets
82,993,288
67,777,032
Capital and reserves
Called up share capital
24
1
1
Revaluation reserve
24,597,645
24,597,645
Profit and loss reserves
58,395,642
43,179,386
Total equity
82,993,288
67,777,032

The notes on pages 15 to 32 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
31 October 2023
J B Pace
Director
Company registration number 06472782 (England and Wales)
- 9 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Company Balance Sheet
As At 31 March 2023
31 March 2023
31 March 2023
30 September 2021
Notes
£
£
£
£
Fixed assets
Intangible assets
10
2,206
9,116
Tangible assets
11
58,160,902
55,179,802
Investments
12
128,230
102,109
58,291,338
55,291,027
Current assets
Stocks
15
4,027,079
4,915,047
Debtors falling due after more than one year
16
3,090,028
2,089,697
Debtors falling due within one year
16
27,786,373
18,973,233
Investments
17
6,848,408
3,278,868
Cash at bank and in hand
5,999,226
3,812,821
47,751,114
33,069,666
Creditors: amounts falling due within one year
18
(9,056,097)
(6,275,369)
Net current assets
38,695,017
26,794,297
Total assets less current liabilities
96,986,355
82,085,324
Creditors: amounts falling due after more than one year
19
(5,505,442)
(6,833,824)
Provisions for liabilities
Deferred tax liability
22
10,355,356
9,028,499
(10,355,356)
(9,028,499)
Net assets
81,125,557
66,223,001
Capital and reserves
Called up share capital
24
1
1
Revaluation reserve
24,597,645
24,597,645
Profit and loss reserves
56,527,911
41,625,355
Total equity
81,125,557
66,223,001

The notes on pages 15 to 32 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £14,902,556 (2021 - £4,367,334 profit).

- 10 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Company Balance Sheet (Continued)
As At 31 March 2023
31 March 2023
The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
31 October 2023
J B Pace
Director
Company registration number 06472782 (England and Wales)
- 11 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Group Statement Of Changes In Equity
For The Period Ended 31 March 2023
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2020
1
24,597,645
38,503,559
63,101,205
Year ended 30 September 2021:
Profit and total comprehensive income
-
-
4,725,827
4,725,827
Dividends
-
-
(50,000)
(50,000)
Balance at 30 September 2021
1
24,597,645
43,179,386
67,777,032
Period ended 31 March 2023:
Profit and total comprehensive income
-
-
15,271,256
15,271,256
Dividends
-
-
(55,000)
(55,000)
Balance at 31 March 2023
1
24,597,645
58,395,642
82,993,288

The notes on pages 15 to 32 form part of these financial statements.

- 12 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Company Statement Of Changes In Equity
For The Period Ended 31 March 2023
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2020
1
24,597,645
37,258,021
61,855,667
Year ended 30 September 2021:
Profit and total comprehensive income for the year
-
-
4,367,334
4,367,334
Balance at 30 September 2021
1
24,597,645
41,625,355
66,223,001
Period ended 31 March 2023:
Profit and total comprehensive income
-
-
14,902,556
14,902,556
Balance at 31 March 2023
1
24,597,645
56,527,911
81,125,557

The notes on pages 15 to 32 form part of these financial statements.

- 13 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Group Statement Of Cash Flows
For The Period Ended 31 March 2023
2023
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
2
14,300,731
(131,524)
Income taxes paid
(677,756)
(383)
Net cash inflow/(outflow) from operating activities
13,622,975
(131,907)
Investing activities
Proceeds from disposal of intangibles
6,021
-
Purchase of tangible fixed assets
(6,468,483)
(911,013)
Proceeds from disposal of tangible fixed assets
130,277
189,000
Purchase of investments
(3,842,524)
(39,578)
Proceeds from disposal of investments
-
1,154,529
Interest received
427,722
176
Dividends received
352,206
319,777
Net cash (used in)/generated from investing activities
(9,394,781)
712,891
Financing activities
Proceeds from new bank loans
2,000,000
-
Repayment of bank loans
(3,434,179)
(1,981,071)
Payment of finance leases obligations
(169,335)
(11,387)
Non-operating income treated as financing activity
-
111,513
Interest paid
(414,195)
(423,018)
Dividends paid to equity shareholders
(55,000)
(50,000)
Net cash used in financing activities
(2,072,709)
(2,353,963)
Net increase/(decrease) in cash and cash equivalents
2,155,485
(1,772,979)
Cash and cash equivalents at beginning of period
3,843,745
5,616,724
Cash and cash equivalents at end of period
5,999,230
3,843,745

The notes on pages 15 to 32 form part of these financial statements.

- 14 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Group Statement Of Cash Flows (Continued)
For The Period Ended 31 March 2023
1
Analysis of changes in net debt - group
1 October 2021
Cash flows
Acquisitions and disposals
31 March 2023
£
£
£
£
Cash at bank and in hand
3,843,745
2,155,485
-
5,999,230
Borrowings excluding overdrafts
(8,678,344)
1,434,179
-
(7,244,165)
Obligations under finance leases
(228,923)
234,594
(65,259)
(59,588)
(5,063,522)
3,824,258
(65,259)
(1,304,523)
2
Cash generated from/(absorbed by) group operations
2023
2021
£
£
Profit for the period after tax
15,271,256
4,725,827
Adjustments for:
Taxation charged
1,501,279
1,601,679
Finance costs
414,195
423,018
Investment income
(779,928)
(319,953)
Non-operating income treated as financing activity
-
(111,513)
Gain on disposal of tangible fixed assets
(72,573)
(47,455)
Gain on disposal of intangible assets
(5,206)
-
Amortisation and impairment of intangible assets
6,095
7,272
Depreciation and impairment of tangible fixed assets
3,429,679
2,267,340
Other gains and losses
246,863
(350,917)
Movements in working capital:
Decrease/(increase) in stocks
887,968
(1,588,680)
Increase in debtors
(9,535,763)
(6,852,102)
Increase in creditors
2,936,866
113,960
Cash generated from/(absorbed by) operations
14,300,731
(131,524)
- 15 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements
For The Period Ended 31 March 2023
3
Accounting policies
Company information

St Nicholas Court Farms Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of St Nicholas Court Farms Limited and all of its subsidiaries.

3.1
Reporting period

The Group has prepared financial statements for an 18 month period to 31 March 2023. The comparative amounts presented in the financial statements are not entirely comparable, as the prior period was 12 months.

3.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

3.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

3.4
Basis of consolidation
- 16 -

The consolidated group financial statements consist of the financial statements of the parent company St Nicholas Court Farms Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
3
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

3.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

3.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Entitlements
7 years straight line
3.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
3
Accounting policies
(Continued)

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
0-4% straight line
Anaerobic digesters
2-20% straight line
Plant and equipment
10-25% straight line
Solar panels
4-5% straight line

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.

 

3.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

3.10
Stocks
- 18 -

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Biological assets are living plants controlled by the company from which it expects to derive future economic benefit. These are measured at the lower of cost and estimated selling price, less costs to sell.

3.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
3
Accounting policies
(Continued)
3.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

3.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

- 19 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
3
Accounting policies
(Continued)
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

3.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

3.18
Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

 

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

 

Feed-in-tariffs arising on electricity produced by solar panels are recognised in the profit and loss account based on electricity produced by the company at the tariff rate applicable for that period as set by the Government.

 

Payments received under agricultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.

 

Amounts received under the Basic Payment Scheme are recognised on 31 December in the year of claim. No provision has been made for penalties arising from the failure to comply with 'cross compliance' conditions, as defined by the RPA, except where notification has been received.

- 20 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
4
Judgements and key sources of estimation uncertainty
- 21 -

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining lives of the assets and projected disposal values.

Stocks

The value of the AD stock at the year end relies on significant assumptions. Whilst any AD stock additions and any crop fed in to the AD plant can be reliably measured, any wastage is an assumed percentage based on historical data.

5
Turnover and other revenue
2023
2021
£
£
Turnover analysed by class of business
Farming and renewables
35,010,791
16,079,130
Rent
595,935
556,918
35,606,726
16,636,048
2023
2021
£
£
Other revenue
Interest income
427,722
176
Royalty income
548,127
-
Dividends received
352,206
319,777
Grants received
-
19,030
Wayleaves
7,813
11,381
Sundry income
105,139
79,449
Fees receivable
67,416
22,790
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
6
Auditor's remuneration
2023
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,000
19,850
For other services
All other non-audit services
56,319
17,590
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2023
2021
2023
2021
Number
Number
Number
Number
26
22
26
22
Group
Company
2023
2021
2023
2021
£
£
£
£
Wages and salaries
1,784,307
1,022,581
1,644,162
933,426
Social security costs
184,409
85,131
166,321
74,045
Pension costs
63,361
49,131
28,380
17,814
2,032,077
1,156,843
1,838,863
1,025,285
8
Interest payable and similar expenses
2023
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
414,195
311,505
Other finance costs:
Other interest
-
111,513
Total finance costs
414,195
423,018
- 22 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
9
Taxation
2023
2021
£
£
Current tax
UK corporation tax on profits for the current period
331,164
644,486
Adjustments in respect of prior periods
(156,742)
23,394
Total current tax
174,422
667,880
Deferred tax
Origination and reversal of timing differences
1,326,857
933,799
Total tax charge
1,501,279
1,601,679

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2023
2021
£
£
Profit before taxation
16,772,535
6,327,506
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
3,186,782
1,202,226
Tax effect of expenses that are not deductible in determining taxable profit
3,025
2,718
Tax effect of income not taxable in determining taxable profit
(66,919)
(66,674)
Gains not taxable
104,144
-
0
Adjustments in respect of prior years
(156,742)
23,394
Group relief
(2,051,894)
(475,151)
Permanent capital allowances in excess of depreciation
(919,151)
133,034
Amortisation on assets not qualifying for tax allowances
(532)
(373)
Research and development tax credit
-
0
(158,551)
Other non-reversing timing differences
42,945
(24,733)
Other permanent differences
32,765
31,990
Deferred tax adjustments in respect of prior years
1,326,857
933,799
Taxation charge
1,501,280
1,601,679
- 23 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
10
Intangible fixed assets
Group
Entitlements
£
Cost
At 1 October 2021
60,010
Disposals
(8,534)
At 31 March 2023
51,476
Amortisation and impairment
At 1 October 2021
50,894
Amortisation charged for the period
6,095
Disposals
(7,719)
At 31 March 2023
49,270
Carrying amount
At 31 March 2023
2,206
At 30 September 2021
9,116
Company
Entitlements
£
Cost
At 1 October 2021
60,010
Disposals
(8,534)
At 31 March 2023
51,476
Amortisation and impairment
At 1 October 2021
50,894
Amortisation charged for the period
6,095
Disposals
(7,719)
At 31 March 2023
49,270
Carrying amount
At 31 March 2023
2,206
At 30 September 2021
9,116
- 24 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
11
Tangible fixed assets
Group
Freehold land and buildings
Anaerobic digesters
Assets under construction
Plant and equipment
Solar panels
Total
£
£
£
£
£
£
Cost or valuation
At 1 October 2021
13,095,015
44,995,060
-
0
4,450,173
4,773,637
67,313,885
Additions
1,052,815
176,998
88,571
5,150,099
-
6,468,483
Disposals
-
0
(1,500)
-
0
(316,164)
-
(317,664)
At 31 March 2023
14,147,830
45,170,558
88,571
9,284,108
4,773,637
73,464,704
Depreciation and impairment
At 1 October 2021
730,007
8,002,496
-
0
2,191,218
1,210,362
12,134,083
Depreciation charged in the period
105,819
2,278,759
-
0
761,509
283,592
3,429,679
Eliminated in respect of disposals
-
0
(1,407)
-
0
(258,553)
-
(259,960)
At 31 March 2023
835,826
10,279,848
-
0
2,694,174
1,493,954
15,303,802
Carrying amount
At 31 March 2023
13,312,004
34,890,710
88,571
6,589,934
3,279,683
58,160,902
At 30 September 2021
12,365,008
36,992,564
-
0
2,258,955
3,563,275
55,179,802
- 25 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
11
Tangible fixed assets
(Continued)
Company
Freehold land and buildings
Anaerobic digesters
Assets under construction
Plant and equipment
Solar panels
Total
£
£
£
£
£
£
Cost or valuation
At 1 October 2021
13,095,015
44,995,060
-
0
4,450,173
4,773,637
67,313,885
Additions
1,052,815
176,998
88,571
5,150,099
-
6,468,483
Disposals
-
0
(1,500)
-
0
(316,164)
-
(317,664)
At 31 March 2023
14,147,830
45,170,558
88,571
9,284,108
4,773,637
73,464,704
Depreciation and impairment
At 1 October 2021
730,007
8,002,496
-
0
2,191,218
1,210,362
12,134,083
Depreciation charged in the period
105,819
2,278,759
-
0
761,509
283,592
3,429,679
Eliminated in respect of disposals
-
0
(1,407)
-
0
(258,553)
-
(259,960)
At 31 March 2023
835,826
10,279,848
-
0
2,694,174
1,493,954
15,303,802
Carrying amount
At 31 March 2023
13,312,004
34,890,710
88,571
6,589,934
3,279,683
58,160,902
At 30 September 2021
12,365,008
36,992,564
-
0
2,258,955
3,563,275
55,179,802

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2021
2023
2021
£
£
£
£
Plant and equipment
129,903
547,402
129,903
547,402
12
Fixed asset investments
Group
Company
2023
2021
2023
2021
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
62,353
62,353
Investments in associates
463,753
463,753
-
0
-
0
Unlisted investments
65,877
39,756
65,877
39,756
529,630
503,509
128,230
102,109
- 26 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
12
Fixed asset investments
(Continued)
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2021
463,753
39,756
503,509
Additions
-
26,121
26,121
At 31 March 2023
463,753
65,877
529,630
Carrying amount
At 31 March 2023
463,753
65,877
529,630
At 30 September 2021
463,753
39,756
503,509
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2021
62,353
39,756
102,109
Additions
-
26,121
26,121
At 31 March 2023
62,353
65,877
128,230
Carrying amount
At 31 March 2023
62,353
65,877
128,230
At 30 September 2021
62,353
39,756
102,109
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Belle Isle Farms Limited
The Brick Barn Court Road, St. Nicholas At Wade, Birchington, Kent, CT7 0PT
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Belle Isle Farms Limited
1,868,731
368,700
- 27 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
14
Financial instruments

At the financial reporting date the group had the following financial instruments that are all measured at amortised cost.

 

Financial assets that are debt instruments measured at amortised cost:

 

 

Financial liabilities measured at amortised cost:

 

15
Stocks
Group
Company
2023
2021
2023
2021
£
£
£
£
Stocks
4,027,079
4,915,047
4,027,079
4,915,047

Biological assets included within stock are as follows:

 

 

 

 

 

 

 

 

Biological assets - growing crop

 

 

Group and company

Group and company

 

 

 

 

 

 

 

 

2023

2021

 

 

 

£

£

 

 

 

 

 

As at 1 October 2021

 

 

54,452

141,179

Net movement on cultivations

 

 

400,014

(86,727)

 

 

 

───────

───────

As at 31 March 2023

 

 

454,466

54,452

 

 

 

═══════

═══════

- 28 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
16
Debtors
Group
Company
2023
2021
2023
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,120,059
4,162,347
4,120,059
4,162,347
Other debtors
22,134,161
13,747,549
21,860,946
13,196,626
Prepayments and accrued income
1,805,368
1,614,260
1,805,368
1,614,260
28,059,588
19,524,156
27,786,373
18,973,233
Amounts falling due after more than one year:
Other debtors
3,090,028
2,089,697
3,090,028
2,089,697
Total debtors
31,149,616
21,613,853
30,876,401
21,062,930
17
Current asset investments
Group
Company
2023
2021
2023
2021
£
£
£
£
Listed investments
5,847,806
2,433,684
5,847,806
2,433,684
Unlisted investments
1,000,602
845,184
1,000,602
845,184
6,848,408
3,278,868
6,848,408
3,278,868
18
Creditors: amounts falling due within one year
Group
Company
2023
2021
2023
2021
Notes
£
£
£
£
Bank loans
20
1,784,990
1,920,404
1,784,990
1,920,404
Obligations under finance leases
21
46,109
188,486
46,109
188,486
Trade creditors
1,813,535
878,256
1,813,535
878,256
Amounts owed to group undertakings
-
0
-
0
1,205,690
613,870
Corporation tax payable
331,164
834,498
321,186
815,387
Other taxation and social security
258,916
29,822
258,916
29,822
Other creditors
3,148,636
474,971
3,148,636
454,971
Accruals and deferred income
479,635
1,378,148
477,035
1,374,173
7,862,985
5,704,585
9,056,097
6,275,369
- 29 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2021
2023
2021
Notes
£
£
£
£
Bank loans and overdrafts
20
5,459,175
6,757,940
5,459,175
6,757,940
Obligations under finance leases
21
13,479
40,437
13,479
40,437
Accruals and deferred income
32,788
35,447
32,788
35,447
5,505,442
6,833,824
5,505,442
6,833,824
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,354,632
3,431,742
1,354,632
3,431,742
20
Loans and overdrafts
Group
Company
2023
2021
2023
2021
£
£
£
£
Bank loans
7,244,165
8,678,344
7,244,165
8,678,344
Payable within one year
1,784,990
1,920,404
1,784,990
1,920,404
Payable after one year
5,459,175
6,757,940
5,459,175
6,757,940

The long-term loans are secured against property and land disclosed in note 11.

The schedule of loan repayments is disclosed above, with the final repayments being due in 2030. The interest rate for these loans ranges from 0.333% to 3.47%.

21
Finance lease obligations
Group
Company
2023
2021
2023
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
46,109
188,486
46,109
188,486
In two to five years
13,479
40,437
13,479
40,437
59,588
228,923
59,588
228,923
- 30 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2021
Group
£
£
Accelerated capital allowances
4,585,478
3,258,621
Revaluations
5,769,878
5,769,878
10,355,356
9,028,499
Liabilities
Liabilities
2023
2021
Company
£
£
Accelerated capital allowances
4,585,478
3,258,621
Revaluations
5,769,878
5,769,878
10,355,356
9,028,499
Group
Company
2023
2023
Movements in the period:
£
£
Liability at 1 October 2021
9,028,499
9,028,499
Charge to profit or loss
1,326,857
1,326,857
Liability at 31 March 2023
10,355,356
10,355,356
23
Retirement benefit schemes
2023
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
63,361
49,131

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

- 31 -
St Nicholas Court Farms Limited
ST NICHOLAS COURT FARMS LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 March 2023
24
Share capital
Group and company
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
25
Directors' transactions

Amounts owed to the director at the year end are as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors' loan account
-
151,404
2,701,039
2,852,443
151,404
2,701,039
2,852,443
- 32 -
2023-03-312021-10-01falseCCH SoftwareCCH Accounts Production 2023.300J B PaceJ B PaceA R 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