Company Registration No. 03329993 (England and Wales)
Kemble Farms Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Kemble Farms Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
Kemble Farms Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,219,459
9,438,429
Biological assets
4
280,359
1,137,384
Investment property
5
6,558,093
6,558,093
Investments
6
4,150
4,150
16,062,061
17,138,056
Current assets
Stocks
1,281,103
1,632,512
Debtors
7
2,057,643
2,761,737
Cash at bank and in hand
231,953
120,731
3,570,699
4,514,980
Creditors: amounts falling due within one year
8
(1,636,962)
(4,454,605)
Net current assets
1,933,737
60,375
Total assets less current liabilities
17,995,798
17,198,431
Creditors: amounts falling due after more than one year
9
(3,784,595)
(867,754)
Provisions for liabilities
10
(1,538,901)
(1,568,674)
Net assets
12,672,302
14,762,003
Capital and reserves
Called up share capital
11
5,728
5,728
Share premium account
1,805,487
1,805,487
Revaluation reserve
6,719,303
6,719,303
Capital redemption reserve
189
189
Profit and loss reserves
4,141,595
6,231,296
Total equity
12,672,302
14,762,003
Kemble Farms Limited
Statement of financial position (continued)
As at 31 March 2024
2
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
The Earl Bathurst
Director
Company Registration No. 03329993
Kemble Farms Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information
Kemble Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bathurst Estate Office, Cirencester Park, Cirencester, Gloucestershire, GL7 2BU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents income from all sources of revenue earned during the year, excluding VAT and the proceeds of property sales.
1.3
Tangible fixed assets
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual values of each asset over its expected useful life, as follows:
Farm buildings
2% straight line
Land and buildings Leasehold
Straight line over life of lease
Plant and machinery
15 - 20% reducing balance
The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.
Commercial and residential properties are not depreciated. The directors consider that depreciation and accumulated depreciation are not material due to The long estimated useful lives of the buildings.
1.4
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
Where the company opts to measure a biological asset under the fair value model on initial recognition it must carry the asset at fair value at each reporting date. Changes in fair value less costs to sell are recognised in profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Kemble Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.6
Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
Stocks
Stock is valued under the cost model, allowed under section 34.2 - Agriculture of FRS 102 1A
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Kemble Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.12
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to profit and loss account.
1.13
Government grants
Government grants are recognised in the period to which they relate once all conditions for their receipt have been met.
In any scheme year, the right to the Basic Payment Scheme is recognised on or after the 15 May and accrued monthly, unless an unacceptable degree of uncertainty exists over the existence of the right to the Basic Payment Scheme for that scheme year.
The grant in respect of the biogas unit is released to the profit and loss account over its expected useful economic life of 20 years.
Kemble Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Farm buildings
Land and buildings Leasehold
Plant and machinery
Total
£
£
£
£
Cost
At 1 April 2023
3,515,536
2,000,000
6,746,145
12,261,681
Additions
17,969
237,560
255,529
Disposals
(77,646)
(77,646)
At 31 March 2024
3,533,505
2,000,000
6,906,059
12,439,564
Depreciation and impairment
At 1 April 2023
258,817
16,667
2,547,768
2,823,252
Depreciation charged in the year
37,844
33,333
365,053
436,230
Eliminated in respect of disposals
(39,377)
(39,377)
At 31 March 2024
296,661
50,000
2,873,444
3,220,105
Carrying amount
At 31 March 2024
3,236,844
1,950,000
4,032,615
9,219,459
At 31 March 2023
3,256,719
1,983,333
4,198,377
9,438,429
4
Biological assets
Herd assets
£
Valuation
At 1 April 2023 as restated
1,137,384
Additions
261,150
Disposals
(653,791)
Revaluation
(464,384)
At 31 March 2024
280,359
Kemble Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
6,558,093
Investment property was valued on an open market basis on 31 March 2024 by a third party who is a Member of the Institute of Chartered Surveryors and a Fellow of the Central Association of Agricultural Valuers.
6
Fixed asset investments
2024
2023
£
£
Investments
4,150
4,150
Movements in fixed asset investments
Unlisted Investments
£
Cost or valuation
At 1 April 2023 & 31 March 2024
4,150
Carrying amount
At 31 March 2024
4,150
At 31 March 2023
4,150
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
669,573
671,566
Amounts owed by group undertakings
447,981
Other debtors
900,089
2,050,171
2,017,643
2,721,737
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
40,000
40,000
Total debtors
2,057,643
2,761,737
Kemble Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
55,704
55,704
Trade creditors
712,986
707,098
Corporation tax
25,340
Other creditors
868,272
3,666,463
1,636,962
4,454,605
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,734,856
790,560
Other creditors
49,739
77,194
3,784,595
867,754
The bank loans are secured by a first and second legal charge over the commercial freehold titles to part Kemble Farm and Lodge Yard, Cirencester, Gloucestershire GL7 6AD, land at Kemble Farm, Cirencester, Gloucestershire GL7 6AD, land on the west side of Mill Farm, Ewen, Cirencester and land lying to the south of Mill Farm, Cirencester. These securities are in favour of the National Westminster Bank PLC dated 6 September 2018, Agricultural Mortgage Corporation PLC, dated 30 September 2004 and 16 April 1999, and Lloyds Bank PLC, dated 19 April 1999.
Other creditors include the unamortised balance of a government grant being £31,664 (2023: £47,525) to be amortised after more than one year and £15,861 (2023: £15,861) within one year. This grant is being written off to the profit and loss account over the estimated useful life of the asset to which it relates.
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
3,793,879
867,754
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,538,901
1,568,674
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
5,728
5,728
5,728
5,728
Kemble Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
12
Related party transactions
During the year the company sold services to and purchased goods and services from Cirencester Park Farms Limited, a company with directors and ownership in common. Total sales and purchases during the year amounted to £66,230 (2023: £18,643) and £nil (2023: £151,877) respectively. During the year Cirencester Park Farms Limited advanced £220,538 to the company. At the year end £227,721 (2023: £10,759) was owed to Cirencester Park Farms Limited.
During the year the company made sales of £425,497 (2023: £20,409) for agricultural equipment and rent for agricultural land to Bathurst Estate Farming Limited, a company with directors and ownership in common. In addition, the company purchased goods and services from Bathurst Estate Farming Limited totalling £1,223,192 (2023: £1,000,633). At the year end £370,130 (2023: £39,674) was owed to Bathurst Estate Farming Limited.
During the year the company sold services to Steadings Farming Limited, a company with directors and ownership in common. Total sales amounted to £4,809 (2023: £2,560) and total purchases amounted to £nil (2023: £66). At the year end £120,000 (2023: £120,000) was owed by Steadings Farming Limited in respect of the loan. The balance is payable on demand and no interest is charged on this loan.
During the year the company purchased goods of £294,356 (2023: £4,058) from Michaelmas Farming Limited, a company with directors and ownership in common. At the year end £340,226 (2023: £nil) was owed to Michaelmas Farming Limited.
During the year the company purchased goods and services from The Earl Bathurst Estate Settlement 1963 of which James Hervey-Bathurst and Roger Seelig are Trustees of the Settlement, and The Earl Bathurst is a beneficiary of the Settlement. Total sales and purchases during the year amounted to £nil (2023: £7,345) and £nil (2023: £718,407) respectively. At the year end £nil (2023: £120,785) was owed to The Earl Bathurst Estate Settlement 1963.
During the year the company purchased goods and services totalling £nil (2023: £37,540) from The Earl's Fund of which James Hervey-Bathurst and Roger Seelig are Trustees of the Settlement, and The Earl Bathurst is a beneficiary of the Settlement. At the year end £nil (2023: £15,000) was owed to The Earl's Fund.
13
Control
The ultimate parent company is Bathurst Estate Holdings Limited, a company registered in the United Kingdom. All shares in Bathurst Estate Holdings Limited are held by the Trustees of the Earl Bathurst Estate Settlement 1963. Roger Seelig and James Hervey-Bathurst were Trustees of the settlement in the year.
Kemble Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
14
Prior period adjustment
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Fixed assets
Biological assets
-
1,137,384
1,137,384
Current assets
Stocks
2,769,896
(1,137,384)
1,632,512
Net assets
14,762,003
-
14,762,003
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
The prior year comparative figures have been restated to reflect the impact of changes to the accounting policy on biological assets. This change has been made to more accurately reflect the nature of biological assets held as fixed assets due to the company making a herd basis election under s111.
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