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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
Page
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Kingham Farms Ltd Company Information for the year ended 30 September 2023
Directors
B Kingham A Rae
Secretary
G Edger
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
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Kingham Farms Ltd Statement of financial position as at 30 September 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
17,249,579 
16,254,302 
Investments
176,593 
131,693 
17,426,172 
16,385,995 
Current assets
Inventories
1,126,494 
1,408,923 
Debtors
258,287 
214,179 
Cash at bank and in hand
463,342 
452,899 
1,848,123 
2,076,001 
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 
Capital and reserves
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
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Kingham Farms Ltd Notes to the Accounts for the year ended 30 September 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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)
Inventories
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 taxation
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.
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Kingham Farms Ltd Notes to the Accounts for the year ended 30 September 2023
Leased assets
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.
Pension costs
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 
Depreciation
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 
Net book value
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 
2023 
2022 
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 
Additions
44,900 
Valuation at 30 September 2023
176,593 
This represents the value of the herd.
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Kingham Farms Ltd Notes to the Accounts for the year ended 30 September 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
20,690 
38,219 
Trade debtors
73,852 
47,035 
Accrued income and prepayments
25,410 
13,219 
Other debtors
138,335 
115,706 
258,287 
214,179 
7
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 
Accruals
197,845 
145,422 
Deferred income
15,559 
17,025 
439,852 
636,339 
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 
2,018,816 
7,029,462 
9
Share capital
2023 
2022 
£ 
£ 
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 
- 
14,001,646 
8,000,000 
Shares issued during the period:
6,001,646 Preference Shares of £1 each
6,001,646 
10
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
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Kingham Farms Ltd Notes to the Accounts for the year ended 30 September 2023
11
Controlling party
The ultimate controlling party is B Kingham.
12
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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