Company Registration No. 03540286 (England and Wales)
Kingham Farms Ltd
Unaudited accounts
for the year ended 30 September 2023
Kingham Farms Ltd
Unaudited accounts
Contents
Kingham Farms Ltd
Company Information
for the year ended 30 September 2023
Company Number
03540286 (England and Wales)
Registered Office
Aldbourne Chase House
Stock Lane
Marlborough
SN8 2NW
United Kingdom
Accountants
EllamWalker Accountants Ltd
Sydeham Farm
Rackenford
Tiverton
Devon
EX16 8ER
Kingham Farms Ltd
Statement of financial position
as at 30 September 2023
Tangible assets
17,249,579
16,254,302
Investments
176,593
131,693
Inventories
1,126,494
1,408,923
Cash at bank and in hand
463,342
452,899
Creditors: amounts falling due within one year
(439,852)
(636,339)
Net current assets
1,408,271
1,439,662
Total assets less current liabilities
18,834,443
17,825,657
Creditors: amounts falling due after more than one year
(2,018,816)
(7,029,462)
Provisions for liabilities
Deferred tax
(67,132)
(68,317)
Net assets
16,748,495
10,727,878
Called up share capital
14,001,646
8,000,000
Profit and loss account
2,746,849
2,727,878
Shareholders' funds
16,748,495
10,727,878
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by
A Rae
Director
Company Registration No. 03540286
Kingham Farms Ltd
Notes to the Accounts
for the year ended 30 September 2023
Kingham Farms Ltd is a private company, limited by shares, registered in England and Wales, registration number 03540286. The registered office is Aldbourne Chase House, Stock Lane, Marlborough, SN8 2NW, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents amounts receivable from the sale of farming produce during the period. Turnover includes transfers to the herd account at cost of rearing and the profit or loss on replacement of herd animals. It also includes the relevant amount of Basic Payment Scheme receipt, which is recognised on a calendar year basis.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
No depreciation
Plant & machinery
20% to 25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Other tangible fixed assets
5% straight line (solar)
Stocks and work-in-progress are valued at the lower of cost and net realisable value. Livestock and crops in store are valued in accordance with HM Revenue & Customs guidelines.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Kingham Farms Ltd
Notes to the Accounts
for the year ended 30 September 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 October 2022
17,382,923
923,120
63,750
18,369,793
Additions
1,056,695
1,850
-
1,058,545
At 30 September 2023
18,439,618
924,970
63,750
19,428,338
At 1 October 2022
1,507,382
573,910
34,199
2,115,491
Charge for the year
-
55,880
7,388
63,268
At 30 September 2023
1,507,382
629,790
41,587
2,178,759
At 30 September 2023
16,932,236
295,180
22,163
17,249,579
At 30 September 2022
15,875,541
349,210
29,551
16,254,302
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
49,359
65,813
5
Investments
Other investments
Valuation at 1 October 2022
131,693
Valuation at 30 September 2023
176,593
This represents the value of the herd.
Kingham Farms Ltd
Notes to the Accounts
for the year ended 30 September 2023
Amounts falling due within one year
Trade debtors
73,852
47,035
Accrued income and prepayments
25,410
13,219
Other debtors
138,335
115,706
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Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
9,184
9,184
Trade creditors
181,055
221,280
Taxes and social security
13,709
209,513
Other creditors
22,500
33,915
Deferred income
15,559
17,025
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
8,816
17,816
Other creditors
2,010,000
7,011,646
Allotted, called up and fully paid:
16,000,000 Ordinary shares of £0.50 each
8,000,000
8,000,000
6,001,646 Preference Shares of £1 each
6,001,646
-
Shares issued during the period:
6,001,646 Preference Shares of £1 each
6,001,646
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Transactions with related parties
Included with Debtors: amounts falling due with one year is a loan of £138,334 (2022 - £115,703) to B Kingham, the director of the company. Interest has been charged on this loan.
Included within Creditors: amounts falling due after more than one year is a loan of £1,010,000 (2022 - £7,011,646) due to B Kingham. £6,001,646 was converted from as loan to preference shares with full voting rights. This loan is interest free, unsecured and has a repayment date of 25 March 2029.
During the year, the company paid £22,000 (2022 - £12,000) for consultancy to Reliance Trust Limited, a company of which B Kingham is a director
Kingham Farms Ltd
Notes to the Accounts
for the year ended 30 September 2023
The ultimate controlling party is B Kingham.
12
Average number of employees
During the year the average number of employees was 3 (2022: 3).