IRIS Accounts Production v23.3.0.418 00760415 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh007604152022-03-31007604152023-03-31007604152022-04-012023-03-31007604152021-03-31007604152021-04-012022-03-31007604152022-03-3100760415ns10:Originalns15:EnglandWales2022-04-012023-03-3100760415ns14:PoundSterlingns10:Original2022-04-012023-03-3100760415ns10:Originalns10:Director12022-04-012023-03-3100760415ns10:Original2022-04-012023-03-3100760415ns10:Original2023-03-3100760415ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3100760415ns10:Originalns10:SmallEntities2022-04-012023-03-3100760415ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3100760415ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3100760415ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3100760415ns10:Originalns10:FullAccounts2022-04-012023-03-3100760415ns10:Originalns10:Director22022-04-012023-03-3100760415ns10:CompanySecretary1ns10:Original2022-04-012023-03-3100760415ns10:Originalns10:RegisteredOffice2022-04-012023-03-3100760415ns10:Original2022-03-3100760415ns10:Originalns5:CurrentFinancialInstruments2023-03-3100760415ns10:Originalns5:CurrentFinancialInstruments2022-03-3100760415ns10:Originalns5:Non-currentFinancialInstruments2023-03-3100760415ns10:Originalns5:Non-currentFinancialInstruments2022-03-3100760415ns5:ShareCapitalns10:Original2023-03-3100760415ns5:ShareCapitalns10:Original2022-03-3100760415ns10:Originalns5:SharePremium2023-03-3100760415ns10:Originalns5:SharePremium2022-03-3100760415ns10:Originalns5:CapitalRedemptionReserve2023-03-3100760415ns10:Originalns5:CapitalRedemptionReserve2022-03-3100760415ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3100760415ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3100760415ns10:Original2021-04-012022-03-3100760415ns10:Originalns5:LandBuildings2022-03-3100760415ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-03-3100760415ns10:Originalns5:PlantMachinery2022-03-3100760415ns10:Originalns5:MotorVehicles2022-03-3100760415ns10:Original2022-03-3100760415ns10:Originalns5:LandBuildings2022-04-012023-03-3100760415ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-04-012023-03-3100760415ns10:Originalns5:PlantMachinery2022-04-012023-03-3100760415ns10:Originalns5:MotorVehicles2022-04-012023-03-3100760415ns10:Originalns5:LandBuildings2023-03-3100760415ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3100760415ns10:Originalns5:PlantMachinery2023-03-3100760415ns10:Originalns5:MotorVehicles2023-03-3100760415ns10:Originalns5:LandBuildings2022-03-3100760415ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-03-3100760415ns10:Originalns5:PlantMachinery2022-03-3100760415ns10:Originalns5:MotorVehicles2022-03-3100760415ns10:Originalns5:CostValuation2022-03-3100760415ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100760415ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3100760415ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3100760415ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-03-3100760415ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3100760415ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-03-3100760415ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100760415ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3100760415ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2023-03-3100760415ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2022-03-3100760415ns10:Originalns5:HirePurchaseContracts2023-03-3100760415ns10:Originalns5:HirePurchaseContracts2022-03-3100760415ns5:Securedns10:Original2023-03-3100760415ns5:Securedns10:Original2022-03-3100760415ns10:Originalns5:DeferredTaxation2022-03-3100760415ns10:Originalns5:DeferredTaxation2022-04-012023-03-3100760415ns10:Originalns5:DeferredTaxation2023-03-31
REGISTERED NUMBER: 00760415 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2023

FOR

MICHAEL H KEENE & SON LIMITED

MICHAEL H KEENE & SON LIMITED (REGISTERED NUMBER: 00760415)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


MICHAEL H KEENE & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







Directors: Mrs M A Keene
E M Keene





Secretary: Mrs M A Keene





Registered office: The Moat
Anthonys Cross
Newent
Gloucestershire
GL18 1JG





Registered number: 00760415 (England and Wales)

MICHAEL H KEENE & SON LIMITED (REGISTERED NUMBER: 00760415)

BALANCE SHEET
31ST MARCH 2023

31.3.23 31.3.22
Notes £ £ £ £
Fixed assets
Tangible assets 4 7,090,885 6,786,056
Investments 5 2,102 2,102
7,092,987 6,788,158

Current assets
Stocks 6 449,684 208,317
Debtors 7 3,800,592 3,998,082
Cash at bank and in hand 1,981 161,717
4,252,257 4,368,116
Creditors
Amounts falling due within one year 8 690,928 499,149
Net current assets 3,561,329 3,868,967
Total assets less current liabilities 10,654,316 10,657,125

Creditors
Amounts falling due after more than one
year

9

(1,642,245

)

(1,790,418

)

Provisions for liabilities 12 (104,600 ) (69,100 )

Accruals & deferred income 13 (23,244 ) (37,196 )
Net assets 8,884,227 8,760,411

MICHAEL H KEENE & SON LIMITED (REGISTERED NUMBER: 00760415)

BALANCE SHEET - continued
31ST MARCH 2023

31.3.23 31.3.22
Notes £ £ £ £
Capital and reserves
Called up share capital 14 2,725,620 2,725,600
Share premium 44,360 44,360
Capital redemption reserve 300 300
Retained earnings 6,113,947 5,990,151
Shareholders' funds 8,884,227 8,760,411

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 17th November 2023 and were signed on its behalf by:





E M Keene - Director


MICHAEL H KEENE & SON LIMITED (REGISTERED NUMBER: 00760415)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023


1. Statutory information

Michael H Keene & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Michael H Keene & Son Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land0%
Freehold buildings2% SL
Short leasehold land & buildings12.5% SL
Motor vehicles 25% SL
Plant & equipment10-25% SL & RB
Apple trees 12.5% SL

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stock
Stock has been valued at the lower of cost and net realisable value. Growing crops have been valued according to the cost of the feeds, seeds and fertilisers applied, together with any contracting charges incurred.
Net realisable value is estimated at selling price less further costs expected to be incurred to completion and disposal.


MICHAEL H KEENE & SON LIMITED (REGISTERED NUMBER: 00760415)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

Research & development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The
capital element of the future payments is treated as a liability.

Pension costs & other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Fixed asset investments are shown at cost less provision for permanent diminution in value.

MICHAEL H KEENE & SON LIMITED (REGISTERED NUMBER: 00760415)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company 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 trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.




MICHAEL H KEENE & SON LIMITED (REGISTERED NUMBER: 00760415)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. Accounting policies - continued
Classification of financial liabilities
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 group after deducing all of its liabilities.
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

3. Employees (including officers)

The average number of employees during the year was 17 (2022 - 18 ) .

4. Tangible fixed assets
Short
Freehold leasehold
land & land & Plant & Motor
buildings buildings equipment vehicles Totals
£ £ £ £ £
Cost
At 1st April 2022 7,082,654 307,990 2,946,352 - 10,336,996
Additions 335,761 - 187,896 67,254 590,911
Disposals - (307,990 ) (48,791 ) - (356,781 )
At 31st March 2023 7,418,415 - 3,085,457 67,254 10,571,126
Depreciation
At 1st April 2022 709,209 307,990 2,533,741 - 3,550,940
Charge for year 58,149 - 203,539 16,814 278,502
Eliminated on disposal - (307,990 ) (41,211 ) - (349,201 )
At 31st March 2023 767,358 - 2,696,069 16,814 3,480,241
Net book value
At 31st March 2023 6,651,057 - 389,388 50,440 7,090,885
At 31st March 2022 6,373,445 - 412,611 - 6,786,056

MICHAEL H KEENE & SON LIMITED (REGISTERED NUMBER: 00760415)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


4. Tangible fixed assets - continued

Included in cost of land and buildings is freehold land of £4.9m (2022 - £4.6m) which is not depreciated.

The net book value of tangible fixed assets includes £ 79,160 in respect of assets held under hire purchase contracts.

5. Fixed asset investments
Shares in
group Other
undertakings investments Totals
£ £ £
Cost
At 1st April 2022
and 31st March 2023 100 2,002 2,102
Net book value
At 31st March 2023 100 2,002 2,102
At 31st March 2022 100 2,002 2,102

The company's investments at the Balance sheet date in the share capital of companies include the
following:
Michael H Keene & Son Services Limited
Registered office: The Moat, Anthonys Cross, Newent, Gloucestershire, England, GL18 1JG
Nature of business: Management consultancy


% holding % holding
100 100
Year ended Year ended
31.03.23 31.03.22
£ £   

Aggregate capital & reserves 23,059 18,393

6. Stocks
31.3.23 31.3.22
£ £
Cultivations 119,346 68,592
Produce in store 330,338 139,725
449,684 208,317

MICHAEL H KEENE & SON LIMITED (REGISTERED NUMBER: 00760415)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


7. Debtors: amounts falling due within one year
31.3.23 31.3.22
£ £
Trade debtors 98,286 245,401
Amounts owed by group undertakings 3,514,840 3,545,908
Amounts owed by related parties 120,000 120,000
Other debtors & prepayments 67,466 86,773
3,800,592 3,998,082

8. Creditors: amounts falling due within one year
31.3.23 31.3.22
£ £
Bank loans & overdrafts 270,333 181,000
Hire purchase contracts (see note 10) 19,434 -
Trade creditors 121,007 99,038
Corporation tax 17,900 42,100
Other creditors & accruals 153,615 133,720
Directors' loan accounts 108,639 43,291
690,928 499,149

9. Creditors: amounts falling due after more than one year
31.3.23 31.3.22
£ £
Bank loans two to five years 1,160,701 1,208,822
Bank loans more than five years 462,110 581,596
Hire purchase contracts (see note 10) 19,434 -
1,642,245 1,790,418

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than five years 462,110 581,596

MICHAEL H KEENE & SON LIMITED (REGISTERED NUMBER: 00760415)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


10. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

31.3.23 31.3.22
£ £
Net obligations repayable:
Within one year 19,434 -
Between one and five years 19,434 -
38,868 -

11. Secured debts

The following secured debts are included within creditors:

31.3.23 31.3.22
£ £
Bank loans 1,812,311 1,971,418

The bank loans are secured by a fixed and floating charge over property of the company.

12. Provisions for liabilities
31.3.23 31.3.22
£ £
Deferred tax 104,600 69,100

Deferred tax
£
Balance at 1st April 2022 69,100
Provided during year 35,500
Balance at 31st March 2023 104,600

13. Accruals & deferred income

31.03.23 31.03.22
£    £   

Brought forward 37,196 51,148
Amortisation (13,952 ) (13,952 )
Carried forward 23,244 37,196


MICHAEL H KEENE & SON LIMITED (REGISTERED NUMBER: 00760415)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


14. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.03.23 31.03.22
value: £    £   
247,456 Ordinary shares £1 247,456 247,456
2,400,000 Deferred shares £1 2,400,000 2,400,000
39,072 Preference shares £1 39,072 39,072
39,072 Preference B shares £1 39,072 39,072
10 T1 shares £1 10 -
10 T2 shares £1 10 -
2,725,620 2,725,600

10 T1 and 10 T2 shares were issued in December 2022.

15. Contingent liabilities & lease commitments

There were no contingent liabilities or lease commitments at 31st March 2023.

16. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Directors
During the year, the directors used a current account with the company to record amounts due to them and amounts drawn by them. The balance owed by the company at the end of the year was £108,639 (31.03.2022: £43,291).

The company was charged rent totalling £16,979 (31.03.2022: £20,793) for the farm by the directors.


The following transactions took place with related parties on normal commercial terms during the year:


Other
related
parties
£   
Amounts owed by related parties120,000
Amounts owed to related parties(100,000)
Other loans(100,000)