Company Registration No. 01404321 (England and Wales)
Chilton Farms Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Chilton Farms Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11
Chilton Farms Limited
Statement of financial position
As at 31 March 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,323
Tangible assets
4
2,574,735
2,576,155
Investments
5
50
50
Investment properties
6
2,538,566
2,367,029
5,113,351
4,944,557
Current assets
Stocks
7
422,393
330,460
Debtors
8
108,858
225,231
Cash at bank and in hand
183,647
714,898
555,691
Creditors: amounts falling due within one year
9
(485,234)
(452,181)
Net current assets
229,664
103,510
Total assets less current liabilities
5,343,015
5,048,067
Provisions for liabilities
10
(299,822)
(254,409)
Net assets
5,043,193
4,793,658
Capital and reserves
Called up share capital
42,491
42,491
Share premium account
1,903,533
1,903,533
Revaluation reserve
11
1,148,281
1,019,628
Profit and loss reserves
1,948,888
1,828,006
Total equity
5,043,193
4,793,658
Page 1
Chilton Farms Limited
Statement of financial position (continued)
As at 31 March 2023
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on
22 November 2023
2023-11-22
.
..............................
Sarah Scrope
Director
Company Registration No. 01404321
Page 2
Chilton Farms Limited
Notes to the financial statements
For the year ended 31 March 2023
1
Accounting policies
Company information
Chilton Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chilton Estate Office, Leverton, Hungerford, Berkshire, RG17 0TA.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for the sale of harvested crops net of VAT, government grants, fishing income and water sales.
1.3
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
33.33% straight line
1.4
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.
Page 3
Chilton Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
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 property and land
2% straight line / nil
Property improvements
5% reducing balance
Plant and machinery
15% reducing balance
Computer equipment
50% straight line
Motor vehicles
15% reducing balance
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 credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Fair value is determined by reference to rental yields. The surplus or deficit on revaluation is recognised in the income statement.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Page 4
Chilton Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
1.9
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.
1.10
Financial instruments
The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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, 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.
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 company after deducting all of its liabilities.
Page 5
Chilton Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
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.
1.11
Equity instruments
Equity instruments issued by the company 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 company.
1.12
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 income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Page 6
Chilton Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.14
Basic Payment Scheme
In any scheme year, the right to the Basic Payment Scheme payment is recognised when there is reasonable assurance that the entity will comply with the entitlement conditions and the Basic Payment Scheme payment will be received.
1.15
Other government grants
The company receives Entry Level Stewardship (ELS) and Higher Level Stewardship (HLS) government grant funding which is recognised during the period in which the related expenses were incurred.
Page 7
Chilton Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Intangible fixed assets
Entitlements
£
Cost
At 1 April 2022 and 31 March 2023
3,969
Amortisation and impairment
At 1 April 2022
2,646
Amortisation charged for the year
1,323
At 31 March 2023
3,969
Carrying amount
At 31 March 2023
At 31 March 2022
1,323
Page 8
Chilton Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
2,765,261
351,734
3,116,995
Additions
41,086
41,086
At 31 March 2023
2,765,261
392,820
3,158,081
Depreciation and impairment
At 1 April 2022
304,159
236,681
540,840
Depreciation charged in the year
20,540
21,966
42,506
At 31 March 2023
324,699
258,647
583,346
Carrying amount
At 31 March 2023
2,440,562
134,173
2,574,735
At 31 March 2022
2,461,102
115,053
2,576,155
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
50
50
Page 9
Chilton Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
6
Investment properties
2023
£
Fair value
At 1 April 2022
2,367,029
Revaluations
171,537
At 31 March 2023
2,538,566
Investment properties comprises Mills Building, Reid Building, Main Calf Unit and Potting Sheds. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2023 by the director of the company. The valuation was determined by reference to rental yields.
On a historical cost basis these would have been included at an original cost of £1,162,440 (2022: £1,162,440).
7
Stocks
2023
2022
£
£
Arable stores
103,074
44,241
Crops in ground
273,507
245,695
Consumables in store
2,377
2,708
Fish stock
43,435
37,816
422,393
330,460
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
38,360
37,883
Other debtors
70,498
187,348
108,858
225,231
Page 10
Chilton Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
101,411
156,685
Trade creditors
62,091
70,823
Corporation tax
30,352
42,159
Other taxation and social security
6,334
Other creditors
285,046
182,514
485,234
452,181
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
299,822
254,409
11
Revaluation reserve
The revaluation reserve includes all fair value gains and losses recognised on investment properties, net of deferred tax.
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The director provided net credits amounting to £269,575 (2022: £nil) and the company made advances amounting to £155,954 (2022: £189,062) during the year. The unsecured balance due from the director at the year end was £64,954 (2022: £178,575). The balance is shown within debtors due within one year.
Page 11
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