Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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31,188,062 | 31,265,575 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Investments | 7 |
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Cash at bank and in hand |
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13,165,391 | 12,537,493 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 12,830,994 | 12,250,144 | ||
Total assets less current liabilities | 44,019,056 | 43,515,719 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Other reserves |
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Profit and loss account |
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Total shareholders' funds |
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Included within the profit and loss reserves are non-distributable reserves of £17,826,905 (2023 - £17,647,541)
Directors' responsibilities:
The financial statements of North Kent Farms Limited (registered number:
J D Tremlett
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
North Kent Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chicksgrove Manor Chicksgrove, Tisbury, Salisbury, SP3 6NA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Land and buildings |
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Assets under construction | not depreciated |
Plant and machinery | 15 -
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Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Government grants, specifically agricultural and environmental scheme subsidies, are accounted for and released to the profit and loss account at the earliest of the date of completion of obligations applicable to the grant, or the end of the scheme period.
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.
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 recognized as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognized as prepayment.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Assets under construc- tion |
Plant and machinery | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2023 |
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Additions |
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Disposals |
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At 31 March 2024 |
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Accumulated depreciation | |||||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||||
At 31 March 2024 |
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At 31 March 2023 |
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Investment property | |
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Valuation | |
As at 01 April 2023 |
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Additions | 23,942 |
As at 31 March 2024 |
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Valuation
The investment properties were revalued on 31 March 2022 by Mr T French MRICS FAAV who is external to the company. This class of assets has a current value of £23,846,222 (2023: £23,822,280) and a carrying amount at historical cost of £5,600,113 (2023: £5,576,171). The depreciation on this historical cost is £0 (2023: £0).
2024 | 2023 | ||
£ | £ | ||
Subsidiary undertakings |
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Other investments and loans |
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1,343,309 | 1,263,758 |
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 April 2023 |
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Additions |
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Revaluation gain | 24,775 |
At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.03.2024 |
Ownership 31.03.2023 |
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England and Wales | Dormant company |
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England and Wales | Dormant company |
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New Zealand | Farming |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Listed investments – at fair value |
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The fair value of listed investments, which are all traded in active markets, was determined with reference to the quoted market price at the reporting date.
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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The amount of non- cancellable operating lease payments recognised as an expense during the year was £1,475 (2023 - £1,475)
Transactions with entities in which the entity itself has a participating interest
Creditors include aggregate interest-free loans of £10,002 (2023 - £10,002) owing from two UK subsidiary companies that are repayable on demand.