Silverfin false 17 September 2024 17 September 2024 Steven Wakefield Dixon Wilson Audit Services LLP 631,689 210,062 false true 31/12/2023 01/01/2023 31/12/2023 C K Antelme 28/01/2020 The Hon J H M Bruce 25/11/2003 The Rt Hon Earl Cadogan KBE DL 12/06/2023 C V Ellingworth 27/04/2010 J D Gordon 25/11/2003 17 September 2024 no description of principal activity 00823770 2023-12-31 00823770 bus:Director1 2023-12-31 00823770 bus:Director2 2023-12-31 00823770 bus:Director3 2023-12-31 00823770 bus:Director4 2023-12-31 00823770 bus:Director5 2023-12-31 00823770 2022-12-31 00823770 core:CurrentFinancialInstruments 2023-12-31 00823770 core:CurrentFinancialInstruments 2022-12-31 00823770 core:ShareCapital 2023-12-31 00823770 core:ShareCapital 2022-12-31 00823770 core:RetainedEarningsAccumulatedLosses 2023-12-31 00823770 core:RetainedEarningsAccumulatedLosses 2022-12-31 00823770 core:PlantMachinery 2022-12-31 00823770 core:FurnitureFittings 2022-12-31 00823770 core:PlantMachinery 2023-12-31 00823770 core:FurnitureFittings 2023-12-31 00823770 core:CostValuation 2022-12-31 00823770 core:CostValuation 2023-12-31 00823770 core:DeferredTaxation 2022-12-31 00823770 core:DeferredTaxation 2023-12-31 00823770 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00823770 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 00823770 bus:OrdinaryShareClass1 2023-12-31 00823770 2023-01-01 2023-12-31 00823770 bus:FilletedAccounts 2023-01-01 2023-12-31 00823770 bus:SmallEntities 2023-01-01 2023-12-31 00823770 bus:Audited 2023-01-01 2023-12-31 00823770 2022-01-01 2022-12-31 00823770 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00823770 bus:Director1 2023-01-01 2023-12-31 00823770 bus:Director2 2023-01-01 2023-12-31 00823770 bus:Director3 2023-01-01 2023-12-31 00823770 bus:Director4 2023-01-01 2023-12-31 00823770 bus:Director5 2023-01-01 2023-12-31 00823770 core:PlantMachinery 2023-01-01 2023-12-31 00823770 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 00823770 core:FurnitureFittings 2023-01-01 2023-12-31 00823770 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 00823770 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 00823770 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00823770 (England and Wales)

CADOGAN ESTATES (AGRICULTURAL HOLDINGS) LIMITED

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

CADOGAN ESTATES (AGRICULTURAL HOLDINGS) LIMITED

Financial Statements

For the financial year ended 31 December 2023

Contents

CADOGAN ESTATES (AGRICULTURAL HOLDINGS) LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
CADOGAN ESTATES (AGRICULTURAL HOLDINGS) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS C K Antelme
The Hon J H M Bruce
The Rt Hon Earl Cadogan KBE DL (Resigned 12 June 2023)
C V Ellingworth
J D Gordon
SECRETARY St Andrew Trustees Limited
REGISTERED OFFICE 5 Fleet Place
London
EC4M 7RD
England
United Kingdom
COMPANY NUMBER 00823770 (England and Wales)
AUDITOR Dixon Wilson Audit Services LLP
22 Chancery Lane
London
WC2A 1LS
CADOGAN ESTATES (AGRICULTURAL HOLDINGS) LIMITED

BALANCE SHEET

As at 31 December 2023
CADOGAN ESTATES (AGRICULTURAL HOLDINGS) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 297,011 173,438
Investment property 4 9,450,000 9,550,000
Investments 5 100 100
9,747,111 9,723,538
Current assets
Stocks 448,100 384,405
Debtors 6 1,266,777 1,341,784
Cash at bank and in hand 381,626 140,962
2,096,503 1,867,151
Creditors: amounts falling due within one year 7 ( 10,157,129) ( 9,278,956)
Net current liabilities (8,060,626) (7,411,805)
Total assets less current liabilities 1,686,485 2,311,733
Provision for liabilities 8 ( 6,443) 0
Net assets 1,680,042 2,311,733
Capital and reserves
Called-up share capital 9 5,000 5,000
Profit and loss account 1,675,042 2,306,733
Total shareholders' funds 1,680,042 2,311,733

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Cadogan Estates (Agricultural Holdings) Limited (registered number: 00823770) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

J D Gordon
Director
CADOGAN ESTATES (AGRICULTURAL HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CADOGAN ESTATES (AGRICULTURAL HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

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

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

General information and basis of accounting

Cadogan Estates (Agricultural Holdings) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Fleet Place, London, EC4M 7RD.

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

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

Going concern

The financial statements have been prepared on a going concern basis as the parent company has agreed to support the company for at least 12 months from the date the financial statements are approved.

Turnover

Turnover consists of income from farming, recognised at the point when goods are delivered to the customer, and letting of sporting rights and rental income which is recognised on an accrual basis. Subsidies are recognised once all eligibility requirements have been met. Turnover is stated net of VAT.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Taxation

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

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Group accounts not prepared

The company has taken advantage of the exemption from preparing group accounts as it is included in consolidated accounts for a larger group which are filed at Companies House.

Tangible fixed assets

Fixed assets are depreciated to write off the cost over their useful economic lives, as follows:

Plant and machinery 20 % reducing balance
Fixtures and fittings 10 years straight line

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

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.

Investment property

Investment properties are included in the accounts at fair value at the year end. Any surplus arising on revaluation is taken to the profit and loss account. Additions to properties include costs of a capital nature only; interest and other costs in respect of developments and refurbishments are written off as incurred.

No depreciation is provided for in respect of investment properties in accordance with the Financial Reporting Standard 102. Such properties are held for their investment potential and not for consumption within the business.

Fixed asset investments

Subsidiaries are measured at cost less impairment .

Stocks

Stocks comprise farm livestock and foodstuffs. Stocks are held at fair value less cost to sell.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 11

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 January 2023 569,221 44,449 613,670
Additions 182,275 0 182,275
Disposals ( 66,355) 0 ( 66,355)
At 31 December 2023 685,141 44,449 729,590
Accumulated depreciation
At 01 January 2023 401,593 38,639 440,232
Charge for the financial year 39,620 344 39,964
Disposals ( 47,617) 0 ( 47,617)
At 31 December 2023 393,596 38,983 432,579
Net book value
At 31 December 2023 291,545 5,466 297,011
At 31 December 2022 167,628 5,810 173,438

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 9,550,000
Additions 8,562
Fair value movement (108,562)
As at 31 December 2023 9,450,000

The freehold investment properties class of fixed assets was last revalued on 6 December 2021 by CKD Galbraith LLP with valuations by RICS registered members. It is CKD Galbraith LLP’s opinion that the value has fallen by £100,000 as at 31 December 2023. The class of assets has a current value of £9,450,000 (2022 - £9,550,000) and a carrying amount at historic cost of £4,720,046 (2022 - £4,711,484). The basis of this valuation was open market value.

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 100
At 31 December 2023 100
Carrying value at 31 December 2023 100
Carrying value at 31 December 2022 100

The investment in subsidiaries represents a 100% controlling stake in CEAH (Hydro) Limited.

The address of the subsidiary's registered office is:
5 Fleet Place
London
EC4M 7RD

6. Debtors

2023 2022
£ £
Trade debtors 55,611 10,677
Amounts owed by Group undertakings (note 10) 1,014,795 1,153,481
Other debtors 196,371 177,626
1,266,777 1,341,784

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 62,938 92,055
Amounts owed to Group undertakings (note 10) 10,014,758 9,092,408
Taxation and social security 2,000 10,590
Other creditors 77,433 83,903
10,157,129 9,278,956

8. Provision for liabilities

2023 2022
£ £
Deferred tax 6,443 0
Deferred taxation Total
£ £
At 01 January 2023 0 0
At 31 December 2023 6,443 6,443

Deferred tax

2023 2022
£ £
Accelerated capital allowances 6,443 0
Provision for deferred tax 6,443 0

9. Called-up share capital and reserves

2023 2022
£ £
Allotted, called-up and fully-paid
5,000 Ordinary shares of £ 1.00 each 5,000 5,000
Presented as follows:
Called-up share capital presented as equity 5,000 5,000

Profit and loss account
The profit and loss account is made up of accumulated profits and losses including revaluations of investment properties.

Revaluations of investment property above cost and the associated deferred tax balances are not distributable until realised.

At 31 December 2023 there were non-distributable reserves of £6,579,298 (2022 - £6,587,860) from revaluations of investment properties and a deficit on the distributable P&L reserve of (£4,904,256) (2022 - (£4,281,127)).

10. Related party transactions

Transactions with the entity's directors

During the year Cadogan Estates (Agricultural Holdings) Limited paid expenses totalling £48,500 (2022 - £45,356) on behalf of the Rt Hon Earl Cadogan, a director of the company (resigned 12 June 2023). The Earl contributed an amount totalling £59,010 (2022 - £19,030) in the year to the company. The Rt Hon Earl Cadogan died in June 2023. At the balance sheet date, the amount owed by his estate to the company was £22,077 (2022 - £32,587). This loan is interest free and repayable on demand.

Other related party transactions

At the balance sheet date, the amount owed to Cadogan Settled Estates Limited was £10,014,758 (2022 - £9,092,408). This balance is interest free and repayable on demand.

11. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2023 was unqualified.

The audit report was signed by Steven Wakefield on behalf of Dixon Wilson Audit Services LLP.

12. Ultimate controlling party

The company's immediate parent is Cadogan Settled Estates Limited, incorporated in England and Wales.

The address of Cadogan Settled Estates Limited is:
5 Fleet Place
London
EC4M 7RD



The ultimate parent is Cadogan Settled Estates Holdings Limited, incorporated in England and Wales.

The parent of the smallest group in which these financial statements are consolidated is Cadogan Settled Estates Holdings Limited. These financial statements are available upon request from Companies House.