Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302022-12-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.4falseNo description of principal activity4truetruefalse 00438070 2022-12-01 2023-11-30 00438070 2021-12-01 2022-11-30 00438070 2023-11-30 00438070 2022-11-30 00438070 c:Director1 2022-12-01 2023-11-30 00438070 d:Buildings 2022-12-01 2023-11-30 00438070 d:Buildings 2023-11-30 00438070 d:Buildings 2022-11-30 00438070 d:Buildings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 00438070 d:PlantMachinery 2022-12-01 2023-11-30 00438070 d:PlantMachinery 2023-11-30 00438070 d:PlantMachinery 2022-11-30 00438070 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 00438070 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 00438070 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-01 2023-11-30 00438070 d:PatentsTrademarksLicencesConcessionsSimilar 2023-11-30 00438070 d:PatentsTrademarksLicencesConcessionsSimilar 2022-11-30 00438070 d:FreeholdInvestmentProperty 2023-11-30 00438070 d:FreeholdInvestmentProperty 2022-11-30 00438070 d:CurrentFinancialInstruments 2023-11-30 00438070 d:CurrentFinancialInstruments 2022-11-30 00438070 d:Non-currentFinancialInstruments 2023-11-30 00438070 d:Non-currentFinancialInstruments 2022-11-30 00438070 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 00438070 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 00438070 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 00438070 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 00438070 d:ShareCapital 2023-11-30 00438070 d:ShareCapital 2022-11-30 00438070 d:CapitalRedemptionReserve 2022-12-01 2023-11-30 00438070 d:CapitalRedemptionReserve 2023-11-30 00438070 d:CapitalRedemptionReserve 2022-11-30 00438070 d:InvestmentPropertiesRevaluationReserve 2022-12-01 2023-11-30 00438070 d:InvestmentPropertiesRevaluationReserve 2023-11-30 00438070 d:InvestmentPropertiesRevaluationReserve 2022-11-30 00438070 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 00438070 d:RetainedEarningsAccumulatedLosses 2023-11-30 00438070 d:RetainedEarningsAccumulatedLosses 2022-11-30 00438070 c:FRS102 2022-12-01 2023-11-30 00438070 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 00438070 c:FullAccounts 2022-12-01 2023-11-30 00438070 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 00438070 2 2022-12-01 2023-11-30 00438070 6 2022-12-01 2023-11-30 00438070 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure
                                                                                                                       Registered number: 00438070












    

KIDNER FARMING LIMITED


UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
KIDNER FARMING LIMITED
REGISTERED NUMBER:00438070

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,108,270
2,220,755

Investments
 6 
15,061
15,061

Investment property
 7 
1,800,000
1,800,000

  
3,923,331
4,035,816

Current assets
  

Stocks
  
1,094,564
809,022

Debtors: amounts falling due within one year
 8 
87,222
478,454

Cash at bank and in hand
  
1,348,612
1,142,218

  
2,530,398
2,429,694

Creditors: amounts falling due within one year
 9 
(264,517)
(389,251)

Net current assets
  
 
 
2,265,881
 
 
2,040,443

Total assets less current liabilities
  
6,189,212
6,076,259

Creditors: amounts falling due after more than one year
 10 
-
(81,653)

Provisions for liabilities
  

Deferred tax
  
(255,838)
(213,191)

  
 
 
(255,838)
 
 
(213,191)

Net assets
  
5,933,374
5,781,415


Capital and reserves
  

Called up share capital 
  
4,725
4,725

Capital redemption reserve
 11 
6,925
6,925

Investment property reserve
 11 
1,126,780
1,126,780

Profit and loss account
 11 
4,794,944
4,642,985

  
5,933,374
5,781,415


Page 1

 
KIDNER FARMING LIMITED
REGISTERED NUMBER:00438070
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D W Kidner
Director

Date: 30 August 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
KIDNER FARMING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Kidner Farming Limited is a private company limited by shares and incorporated in England and Wales, registered numer 00438070. The registered office is Abbots Farm, Upper Stoke Holy Cross, Norwich, Norfolk, NR14 8NH. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistenly applied to all years presented unless otherwise stated.  

The following principal accounting policies have been applied:

Page 3

 
KIDNER FARMING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
KIDNER FARMING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
KIDNER FARMING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
0% to 10% straight line
Plant & machinery
-
25% Reducing balance

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

Stocks are stated at cost of production or purchase price. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors 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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
KIDNER FARMING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
KIDNER FARMING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 8

 
KIDNER FARMING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Intangible assets




BFP entitlements

£





At 1 December 2022
113,760


Disposals
(113,760)



At 30 November 2023

-





At 1 December 2022
113,760


On disposals
(113,760)



At 30 November 2023

-



Net book value



At 30 November 2023
-



At 30 November 2022
-



Page 9

 
KIDNER FARMING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 December 2022
2,089,402
2,409,004
4,498,406


Additions
12,658
77,406
90,064


Disposals
-
(13,700)
(13,700)



At 30 November 2023

2,102,060
2,472,710
4,574,770



Depreciation


At 1 December 2022
469,655
1,807,996
2,277,651


Charge for the year on owned assets
29,917
168,154
198,071


Disposals
-
(9,222)
(9,222)



At 30 November 2023

499,572
1,966,928
2,466,500



Net book value



At 30 November 2023
1,602,488
505,782
2,108,270



At 30 November 2022
1,619,747
601,008
2,220,755


6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 December 2022
15,061



At 30 November 2023
15,061




Page 10

 
KIDNER FARMING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
1,800,000



At 30 November 2023
1,800,000


Comprising


Cost
577,706

Annual revaluation surplus/(deficit):


2018
1,072,294

2022
150,000

At 30 November 2023
1,800,000

The 2021 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
577,706
577,706

577,706
577,706

Page 11

 
KIDNER FARMING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
9,580
397,897

Other debtors
24,116
16,139

Prepayments and accrued income
43,948
54,840

Tax recoverable
9,578
9,578

87,222
478,454



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
47,086
69,507

Corporation tax
41,061
121,489

Obligations under finance lease and hire purchase contracts
81,652
81,652

Other creditors
887
3,849

Accruals and deferred income
93,831
112,754

264,517
389,251





10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
81,653

-
81,653


Page 12

 
KIDNER FARMING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve. The reserve includes prior period amounts transferred following the redemption of the company's own shares out of distributable profits.

Investment property revaluation reserve

The investment property reserve is a profit and loss account. This is shown separately as the profits are non-distributable.
The reserve includes all current and prior period investment property revaluation movements and related deferred tax provisions.

Profit & loss account

The profit and loss account represents the company's accumulated profits which are available for distribution to members.


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. There were no contributions payable by the company to the fund in the year to 30 November 2022 or the previous year.


13.


Related party transactions

During the year the company occupied land owned by the Kidner Farming Pension Scheme, of which D W Kidner and Mrs R M Kidner are directors and paid rent of £18,570 (2022 - £6,737). 
During the year the company occupied land owned by D W Kidner and R M Kidner and paid rent of £25,896 (2022: £25,896). 
Director's loan:
At 30 November 2023 there was an amount owing of £689 (2022: £689) to D W Kidner, a director. The loan by the director is provided on an interest free basis. 


Page 13