Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01truefalseNo description of principal activity34falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00463498 2023-04-01 2024-03-31 00463498 2022-04-01 2023-03-31 00463498 2024-03-31 00463498 2023-03-31 00463498 2022-04-01 00463498 1 2023-04-01 2024-03-31 00463498 1 2022-04-01 2023-03-31 00463498 4 2022-04-01 2023-03-31 00463498 5 2023-04-01 2024-03-31 00463498 5 2022-04-01 2023-03-31 00463498 d:Director4 2023-04-01 2024-03-31 00463498 e:Buildings 2023-04-01 2024-03-31 00463498 e:Buildings 2024-03-31 00463498 e:Buildings 2023-03-31 00463498 e:Buildings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00463498 e:LandBuildings 2024-03-31 00463498 e:LandBuildings 2023-03-31 00463498 e:PlantMachinery 2023-04-01 2024-03-31 00463498 e:PlantMachinery 2024-03-31 00463498 e:PlantMachinery 2023-03-31 00463498 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00463498 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00463498 e:FreeholdInvestmentProperty 2024-03-31 00463498 e:FreeholdInvestmentProperty 2023-03-31 00463498 e:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 00463498 e:FreeholdInvestmentProperty 3 2023-04-01 2024-03-31 00463498 e:CurrentFinancialInstruments 2024-03-31 00463498 e:CurrentFinancialInstruments 2023-03-31 00463498 e:Non-currentFinancialInstruments 2024-03-31 00463498 e:Non-currentFinancialInstruments 2023-03-31 00463498 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 00463498 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00463498 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 00463498 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 00463498 e:ShareCapital 2024-03-31 00463498 e:ShareCapital 2023-03-31 00463498 e:ShareCapital 2022-04-01 00463498 e:SharePremium 2024-03-31 00463498 e:SharePremium 1 2023-04-01 2024-03-31 00463498 e:SharePremium 2023-03-31 00463498 e:SharePremium 2022-04-01 00463498 e:SharePremium 1 2022-04-01 2023-03-31 00463498 e:CapitalRedemptionReserve 2024-03-31 00463498 e:CapitalRedemptionReserve 1 2023-04-01 2024-03-31 00463498 e:CapitalRedemptionReserve 2022-04-01 2023-03-31 00463498 e:CapitalRedemptionReserve 2023-03-31 00463498 e:CapitalRedemptionReserve 2022-04-01 00463498 e:RevaluationReserve 2024-03-31 00463498 e:RevaluationReserve 1 2023-04-01 2024-03-31 00463498 e:RevaluationReserve 5 2023-04-01 2024-03-31 00463498 e:RevaluationReserve 2022-04-01 2023-03-31 00463498 e:RevaluationReserve 2023-03-31 00463498 e:RevaluationReserve 2022-04-01 00463498 e:RevaluationReserve 1 2022-04-01 2023-03-31 00463498 e:RevaluationReserve 5 2022-04-01 2023-03-31 00463498 e:RevaluationReserve 8 2022-04-01 2023-03-31 00463498 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00463498 e:RetainedEarningsAccumulatedLosses 2024-03-31 00463498 e:RetainedEarningsAccumulatedLosses 1 2023-04-01 2024-03-31 00463498 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00463498 e:RetainedEarningsAccumulatedLosses 2023-03-31 00463498 e:RetainedEarningsAccumulatedLosses 2022-04-01 00463498 e:RetainedEarningsAccumulatedLosses 1 2022-04-01 2023-03-31 00463498 e:RetainedEarningsAccumulatedLosses 4 2022-04-01 2023-03-31 00463498 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00463498 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00463498 d:FRS102 2023-04-01 2024-03-31 00463498 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00463498 d:FullAccounts 2023-04-01 2024-03-31 00463498 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00463498 5 2023-04-01 2024-03-31 00463498 6 2023-04-01 2024-03-31 00463498 8 2023-04-01 2024-03-31 00463498 13 2023-04-01 2024-03-31 00463498 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 00463498









KINGWELL (AUBREY) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
KINGWELL (AUBREY) LIMITED
REGISTERED NUMBER: 00463498

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
As restated 2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
147,088
640,354

Investments
 6 
15
15

Investment property
 7 
13,596,829
6,719,211

  
13,743,932
7,359,580

Current assets
  

Stocks
 8 
146,972
96,969

Debtors: amounts falling due within one year
 9 
94,484
621,122

Cash at bank and in hand
 10 
123,116
25,924

  
364,572
744,015

Creditors: amounts falling due within one year
 11 
(538,270)
(564,418)

Net current (liabilities)/assets
  
 
 
(173,698)
 
 
179,597

Total assets less current liabilities
  
13,570,234
7,539,177

Creditors: amounts falling due after more than one year
 12 
(15,000)
(25,000)

Provisions for liabilities
  

Deferred tax
  
(1,300,000)
(980,000)

  
 
 
(1,300,000)
 
 
(980,000)

Net assets
  
12,255,234
6,534,177


Capital and reserves
  

Called up share capital 
  
9,230
9,230

Share premium account
  
362,886
362,886

Revaluation reserve
  
10,445,701
4,397,064

Capital redemption reserve
  
263
263

Profit and loss account
  
1,437,154
1,764,734

  
12,255,234
6,534,177


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.
 
Page 1

 
KINGWELL (AUBREY) LIMITED
REGISTERED NUMBER: 00463498
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 October 2024.




AJH Emery
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 2
 

 
KINGWELL (AUBREY) LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 April 2022
9,230
362,886
263
5,249,353
2,046,955
7,668,687



Comprehensive income for the year


Profit for the year
-
-
-
-
263,009
263,009


Correct prior years deferred tax presentation
-
-
-
-
725,000
725,000


Revaluation of investment property
-
-
-
127,711
-
127,711


Deferred tax
-
-
-
(255,000)
-
(255,000)


Dividends
-
-
-
-
(1,270,230)
(1,270,230)


Correct prior years deferred tax presentation
-
-
-
(725,000)
-
(725,000)





At 1 April 2023
9,230
362,886
263
4,397,064
1,764,734
6,534,177



Comprehensive income for the year


Profit for the year
-
-
-
-
122,211
122,211


Revaluation of investment property
-
-
-
6,368,637
-
6,368,637


Deferred tax
-
-
-
(320,000)
-
(320,000)


Dividends
-
-
-
-
(449,791)
(449,791)



At 31 March 2024
9,230
362,886
263
10,445,701
1,437,154
12,255,234



The notes on pages 4 to 13 form part of these financial statements.

Page 3
 
KINGWELL (AUBREY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Kingwell (Aubrey) Limited (Formerly Belport (Aubrey) Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 30 Orange Street, London, WC2H 7HF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 historic cost convention, modified to include revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statement present information about the company as an individual entity and not about its group.

 
2.2

Turnover

Turnover is stated net of VAT and comprises sales, area subsidies, individual entitlements under the Basic Payment Scheme and other trading income of the company. Revenue is recognised as earned when the company obtains the right to the consideration.
Rental income is recognised on an accruals basis.

 
2.3

Tangible fixed assets

Tangible fixed assets are initially measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost or valuation less depreciation. Freehold land is stated at cost.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line
Plant and machinery
-
3 - 10 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
KINGWELL (AUBREY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Investment property

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. These have been transferred to an unrealised profit and loss reserve called the revaluation reserve.
In previous years, where it was considered that the fair value of the farm rental properties could not be achieved without undue cost or effort, these investment properties were accounted for as tangible fixed assets and included at cost. Following the Financial Reporting Council’s 2017 Triennial Review of FRS 102, the above accounting treatment is no longer available for accounting periods commencing on or after 1 January 2019. Following this, the farm rental properties are included at valuation for the year ended 31 March 2020 and for the transitional year ended 31 March 2019.

 
2.5

Fixed asset investments

Investments in subsidiaries, associated and jointly controlled entities are initially measured at cost and subsequently measure 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 the profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial operating policies of the entity so as to obtain benefits from its activities.

 
2.6

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimated the recoverable amount of the cash-generating unit to which the asset belongs.

 
2.7

Stocks

Stock is made up of biological assets and other stock.
Biological assets relate to growing crops and consist of materials and labour costs. Growing crops are stated at cost and no depreciation is charged on the basis that these crops continue to increase in cost and value. Other stock related to raw materials and harvested agricultural produce and is valued at the lower of cost and net realisable value. Harvested produce costs include both variable and direct costs.
As each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals or impairment losses are also recognised in profit or loss.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
KINGWELL (AUBREY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Cash

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

 
2.10

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 balance sheet 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 and cash and bank balances, are initially measured at the 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 are 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 asset 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.

Page 6

 
KINGWELL (AUBREY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

 
2.12

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 profit and loss account because it excludes items of income or expenses that are taxable or deductible in other years and it furthers 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.
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 differences 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 are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

 
2.13

Retirement benefits

Payments to defined contribution retirement benefits schemes are charged as an expense as they fall due.

 
2.14

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Renal income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Page 7

 
KINGWELL (AUBREY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Grants receivable and similar entitlements

Grants receivable and similar entitlements are recognised as income in the accounting period in which the company becomes entitled to them.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
4


4.


Other gains and losses

2024
2023
£
£

Fair value gains

Changes in the fair value of investment properties
6,368,637
127,711


Page 8

 
KINGWELL (AUBREY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 April 2023
746,472
419,616
1,166,088


Additions
-
26,433
26,433


Transfers between classes
(608,064)
-
(608,064)



At 31 March 2024

138,408
446,049
584,457



Depreciation


At 1 April 2023
121,636
404,098
525,734


Charge for the year on owned assets
2,700
8,018
10,718


Transfers between classes
(99,083)
-
(99,083)



At 31 March 2024

25,253
412,116
437,369



Net book value



At 31 March 2024
113,155
33,933
147,088



At 31 March 2023
624,836
15,518
640,354




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
113,155
624,836

113,155
624,836


Freehold Land and Buildings relates to property used in the farming trade.

Page 9

 
KINGWELL (AUBREY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Fixed asset investments





Other investments other than loans

£



Cost or valuation


At 1 April 2023
15



At 31 March 2024
15





7.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
6,719,211


Surplus on revaluation
6,368,637


Transfers between classes
508,981



At 31 March 2024
13,596,829

The fair value of the investment properties as at 31 March 2023 has been arrived by the directors on an open market value basis after taking relevant professional advice. 
Accounting policy 2.4 ‘Investment properties’ provides an explanation of the revaluation of the farm rental properties.
To enable the net book value of the farm freehold rental properties to be transferred from tangible fixed assets to investment properties and to enable the surplus arising on revaluation to be calculated, it was necessary to estimate the cost of many of the properties. This was due to these properties having been acquired many decades ago, with the earliest acquisitions thought to date back to the 1960s and there were insufficient records to show the breakdown of the freehold farm property costs as between individual properties.



Page 10

 
KINGWELL (AUBREY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Stocks

2024
2023
£
£

Finished goods and goods for resale
146,972
96,969

146,972
96,969


Stocks include biological assets of £33,696 (2023: £11,949).


9.


Debtors

2024
2023
£
£


Trade debtors
71,984
12,362

Kingwell (Keyhaven) Limited
10,000
-

Kingwell (Beachampton) Limited
12,500
570,000

Other debtors
-
14,400

VAT repayable
-
24,360

94,484
621,122



10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
123,116
25,924

123,116
25,924


Page 11

 
KINGWELL (AUBREY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bounce back loan
10,000
10,000

Trade creditors
86,308
132,878

Corporation tax
53,884
413,990

VAT payable
34,363
-

Other creditors
11,326
3,550

Accruals and deferred income
342,389
4,000

538,270
564,418



12.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bounce back loan
15,000
25,000

15,000
25,000


The Bounce back loan is repayable starting from 12 months after drawdown over a maximum period of 6 years at 2.5%. The Government made a Business Interruption Payment to the lender to cover the first 12 months of interest payable. 


13.


Deferred taxation




2024


£






At beginning of year
(980,000)


Charged to other comprehensive income
(320,000)



At end of year
(1,300,000)

Page 12

 
KINGWELL (AUBREY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
13.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment property
(1,300,000)
(980,000)

(1,300,000)
(980,000)


14.


Controlling party

The Ultimate Controlling Party since 29/06/2020 is Kingwell Asset Investments LLP.

 
Page 13