Marchmont Farms Limited 01760471 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is farming and tourism. 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Registration number: 01760471

Marchmont Farms Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Marchmont Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 15

 

Marchmont Farms Limited

Company Information

Directors

O A Burge

L Whitford

H L Lakin

Company secretary

L Whitford

A P Martin

Registered office

The Courtyard Holt Lodge Farm
Horton
Wimborne
Dorset
BH21 7JN

Accountants

Manningtons
7 Wellington Square
Hastings
East Sussex
TN34 1PD

 

Marchmont Farms Limited

(Registration number: 01760471)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

54,381

33,857

Tangible assets

5

43,087,557

41,572,076

Investment property

6

7,736,883

7,555,505

Investments

7

452,669

722,192

 

51,331,490

49,883,630

Current assets

 

Stocks

8

432,521

432,021

Debtors

9

25,755,328

25,191,676

Cash at bank and in hand

 

185,899

46,584

 

26,373,748

25,670,281

Creditors: Amounts falling due within one year

10

(53,607,971)

(50,678,402)

Net current liabilities

 

(27,234,223)

(25,008,121)

Total assets less current liabilities

 

24,097,267

24,875,509

Creditors: Amounts falling due after more than one year

10

(14,000,000)

(14,000,000)

Net assets

 

10,097,267

10,875,509

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

13,751,903

13,751,903

Retained earnings

(3,654,736)

(2,876,494)

Shareholders' funds

 

10,097,267

10,875,509

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

 

Marchmont Farms Limited

(Registration number: 01760471)
Balance Sheet as at 31 December 2023

.........................................
O A Burge
Director

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Courtyard Holt Lodge Farm
Horton
Wimborne
Dorset
BH21 7JN
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as modified by the revaluation of freehold land and property..

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The company has the support of its shareholders who have confirmed that they will not withdraw their support and will introduce additional finance as and when necessary

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for farming, including grants energy and rental income. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

No depreciation is provided in respect of properties on the grounds that it would be immaterial.The directors are of the opinion that the remaining useful lives of freehold buildings is greater than fifty years. The freehold land and buildings were revalue in October 2010 following the revaluation as at 31 December 1990; this is a change in accounting policy in order to more fully reflect the asset values of the company. For other assets depreciation is provided at rates calculated to write off the cost of the assets over their estimated useful lives on a straight line basis at the following rates:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated

Leasehold interest

4.2% straight Line

Plant and Equipment

5%,10%,15% & 20% Straight line

Motor vehicle

20% straight line

Office & rented property equipment

7% & 20% Straight line

Investment property

Investment property comprises freehold and long leasehold buildings. They are measured initially at cost, including related transaction costs. These are held as investments to earn rental income and for capital appreciation and are stated at fair value at the balance sheet date.

The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in the light of current market conditions.

Subsequent expenditure is added to assets carrying amount only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred.

Any movement in the fair value of the properties is reflected within the profit and loss account for the year.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangibles

5 years straight line

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Art is measured initially at cost, including related transaction costs. These are held as investments for capital appreciation and are stated at fair value at the balance sheet date.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 16).

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

33,857

33,857

Additions acquired separately

32,500

32,500

At 31 December 2023

66,357

66,357

Amortisation

Amortisation charge

11,976

11,976

At 31 December 2023

11,976

11,976

Carrying amount

At 31 December 2023

54,381

54,381

At 31 December 2022

33,857

33,857

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 January 2023

37,988,221

3,770,705

205,457

1,695,430

Additions

1,472,868

60,334

244,464

22,863

Disposals

-

(2,321)

(154,726)

(95,200)

At 31 December 2023

39,461,089

3,828,718

295,195

1,623,093

Depreciation

At 1 January 2023

-

759,105

163,666

1,164,966

Charge for the year

-

67,796

27,780

58,286

Eliminated on disposal

-

-

(25,861)

(95,200)

At 31 December 2023

-

826,901

165,585

1,128,052

Carrying amount

At 31 December 2023

39,461,089

3,001,817

129,610

495,041

At 31 December 2022

37,988,221

3,011,600

41,791

530,464

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Total
£

Cost or valuation

At 1 January 2023

43,659,813

Additions

1,800,529

Disposals

(252,247)

At 31 December 2023

45,208,095

Depreciation

At 1 January 2023

2,087,737

Charge for the year

153,862

Eliminated on disposal

(121,061)

At 31 December 2023

2,120,538

Carrying amount

At 31 December 2023

43,087,557

At 31 December 2022

41,572,076

Included within the net book value of land and buildings above is £39,461,089 (2022 - £37,988,221) in respect of freehold land and buildings.
 

6

Investment properties

2023
£

At 1 January

7,555,505

Additions

181,378

At 31 December

7,736,883

There has been no valuation of investment property by an independent valuer.

7

Investments

2023
£

2022
£

Investments in subsidiaries

452,669

1,772,092

Investments in associates

-

(1,049,900)

452,669

722,192

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Subsidiaries

£

Fair value

At 1 January 2023

722,192

Disposals

(269,523)

At 31 December 2023

452,669

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Paradise Farms Limited

The Courtyard, Holt Lodge Farm, Horton, Wimborne, Dorset BH21 7JN

England

Ordinary

100%

100%

Eastfield Stables Limited

The Courtyard Holt Lodge Farm, Horton, Wimborne, Dorset BH21 7JN

England

Ordinary

67%

67%

Moatstar Limited

The Courtyard Holt lodge Farm, Horton, Wimborne, Dorset BH21 7JN

England

Ordinary

100%

100%

Oakfern Properties Limited held by Moatstar Limited

The Courtyard Holt Lodge Farm, Horton, Wimborne, Dorset BH21 7JN

England

Ordinary

50%

76%

Tristram Securities Limited

The Courtyard Holt Lodge Farm, Horton, Wimborne BH21 7 JN

England

Ordinary

100%

100%

Tristram Commercial Developments Limited

The Courtyard Holt Lodge Farm, Horton, Wimborne BH21 7JN

England

Ordinary

100%

100%

Associates

Reay Farms Limited

Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 EE

Ordinary

16.67%

16.67%

Scotland

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Parchment Films Limited

64A Marryat Road, Wimbledon, SW19 5BN

Ordinary

20%

20%

England

Subsidiary undertakings

Paradise Farms Limited

The principal activity of Paradise Farms Limited is Farming.

Eastfield Stables Limited

The principal activity of Eastfield Stables Limited is Equestrian.

Moatstar Limited

The principal activity of Moatstar Limited is property investment.

Oakfern Properties Limited held by Moatstar Limited

The principal activity of Oakfern Properties Limited held by Moatstar Limited is property investment and trading.

Tristram Securities Limited

The principal activity of Tristram Securities Limited is Dormant.

Tristram Commercial Developments Limited

The principal activity of Tristram Commercial Developments Limited is Dormant.

Associates

Reay Farms Limited

The principal activity of Reay Farms Limited is Farming.

Parchment Films Limited

The principal activity of Parchment Films Limited is Film production.

8

Stocks

2023
£

2022
£

Other inventories

432,521

432,021

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Debtors

Note

2023
£

2022
£

Trade debtors

 

224,710

44,326

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

24,495,857

23,462,869

Taxation and social security

 

69,524

89,019

Prepayments

 

40,565

27,223

Other debtors

 

924,471

1,568,038

Director loan account

 

201

201

 

25,755,328

25,191,676

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

75,000

74,084

Trade creditors

 

431,105

263,949

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

-

104,791

Taxation and social security

 

10,594

14,415

Accruals and deferred income

 

167,183

32,481

Other creditors

 

52,924,089

50,188,682

 

53,607,971

50,678,402

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

14,000,000

14,000,000

2023
£

2022
£

Due after more than five years

After more than five years by instalments

14,000,000

14,000,000

-

-

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,000,000

14,000,000

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

75,000

74,084

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

12

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

At 31 December 2023
£

O A Burge

Loan interest free and repayable on demand

111

111

H A Burge

Loan interest free and repayable on demand

90

90

2022

At 1 January 2022
£

Repayments by director
£

Other payments made to company by director
£

At 31 December 2022
£

O A Burge

Loan interest free and repayable on demand

(20,003)

20,003

111

111

H A Burge

Loan interest free and repayable on demand

90

-

-

90

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

29,375

27,500

Contributions paid to money purchase schemes

-

259

29,375

27,759

Summary of transactions with subsidiaries

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


 

 

Marchmont Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Summary of transactions with associates

Loans have been made to associated companies.
 

Summary of transactions with other related parties

Kettelshiel Syndicate, O A Burge is a member of the syndicate
Nikkifix Holdings Limited (Shareholders Loan)

 Loans have been made to and from the above entities
 Nikkifix Holdings Limited is an interest free loan with no fixed repayment date
 

13

Parent and ultimate parent undertaking

The company is owned equally between VG Nominees One Limited and VG Nominees Two Limited and therefore the directors consider that there is no controlling party.

 The company's immediate parent is VG Nominees One Limited and VG Nominees Two Limited, incorporated in England.