Silverfin false false 31/03/2024 01/04/2023 31/03/2024 G C Tremlett 08/02/2008 J D Tremlett M L Tremlett 31/03/2009 P D Tremlett P D Tremlett 07 October 2024 The principal activity of the company is that of letting of property and farming in Kent and Wiltshire. 01593961 2024-03-31 01593961 bus:Director1 2024-03-31 01593961 bus:Director3 2024-03-31 01593961 2023-03-31 01593961 core:CurrentFinancialInstruments 2024-03-31 01593961 core:CurrentFinancialInstruments 2023-03-31 01593961 core:ShareCapital 2024-03-31 01593961 core:ShareCapital 2023-03-31 01593961 core:OtherCapitalReserve 2024-03-31 01593961 core:OtherCapitalReserve 2023-03-31 01593961 core:RetainedEarningsAccumulatedLosses 2024-03-31 01593961 core:RetainedEarningsAccumulatedLosses 2023-03-31 01593961 core:LandBuildings 2023-03-31 01593961 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 01593961 core:PlantMachinery 2023-03-31 01593961 core:LandBuildings 2024-03-31 01593961 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 01593961 core:PlantMachinery 2024-03-31 01593961 core:CostValuation 2023-03-31 01593961 core:AdditionsToInvestments 2024-03-31 01593961 core:CostValuation 2024-03-31 01593961 core:ListedExchangeTraded core:WithinOneYear 2024-03-31 01593961 core:ListedExchangeTraded core:WithinOneYear 2023-03-31 01593961 2023-04-01 2024-03-31 01593961 bus:FilletedAccounts 2023-04-01 2024-03-31 01593961 bus:SmallEntities 2023-04-01 2024-03-31 01593961 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01593961 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01593961 bus:Director1 2023-04-01 2024-03-31 01593961 bus:Director2 2023-04-01 2024-03-31 01593961 bus:Director3 2023-04-01 2024-03-31 01593961 bus:Director4 2023-04-01 2024-03-31 01593961 bus:CompanySecretary1 2023-04-01 2024-03-31 01593961 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 01593961 core:PlantMachinery 2023-04-01 2024-03-31 01593961 2022-04-01 2023-03-31 01593961 core:LandBuildings 2023-04-01 2024-03-31 01593961 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 01593961 core:Subsidiary1 2023-04-01 2024-03-31 01593961 core:Subsidiary1 1 2023-04-01 2024-03-31 01593961 core:Subsidiary1 1 2022-04-01 2023-03-31 01593961 core:Subsidiary2 2023-04-01 2024-03-31 01593961 core:Subsidiary2 1 2023-04-01 2024-03-31 01593961 core:Subsidiary2 1 2022-04-01 2023-03-31 01593961 core:Subsidiary3 2023-04-01 2024-03-31 01593961 core:Subsidiary3 1 2023-04-01 2024-03-31 01593961 core:Subsidiary3 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure decimalUnit

Company No: 01593961 (England and Wales)

NORTH KENT FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

NORTH KENT FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

NORTH KENT FARMS LIMITED

BALANCE SHEET

As at 31 March 2024
NORTH KENT FARMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,998,531 6,179,537
Investment property 4 23,846,222 23,822,280
Investments 5 1,343,309 1,263,758
31,188,062 31,265,575
Current assets
Stocks 1,643 1,468
Debtors 6 329,390 254,951
Investments 7 8,506,747 8,108,928
Cash at bank and in hand 4,327,611 4,172,146
13,165,391 12,537,493
Creditors: amounts falling due within one year 8 ( 334,397) ( 287,349)
Net current assets 12,830,994 12,250,144
Total assets less current liabilities 44,019,056 43,515,719
Provision for liabilities ( 4,352,211) ( 4,284,755)
Net assets 39,666,845 39,230,964
Capital and reserves
Called-up share capital 460,103 460,103
Other reserves 40,000 40,000
Profit and loss account 39,166,742 38,730,861
Total shareholders' funds 39,666,845 39,230,964

Included within the profit and loss reserves are non-distributable reserves of £17,826,905 (2023 - £17,647,541)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of North Kent Farms Limited (registered number: 01593961) were approved and authorised for issue by the Board of Directors on 07 October 2024. They were signed on its behalf by:

J D Tremlett
Director
NORTH KENT FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
NORTH KENT FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 20 years straight line
Assets under construction not depreciated
Plant and machinery 15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Impairment of assets

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

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

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

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.

Defined contribution pension obiligation

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Land and buildings Assets under construc-
tion
Plant and machinery Total
£ £ £ £
Cost
At 01 April 2023 6,731,991 84,410 36,056 6,852,457
Additions 137,135 52,725 0 189,860
Disposals 0 ( 137,135) 0 ( 137,135)
At 31 March 2024 6,869,126 0 36,056 6,905,182
Accumulated depreciation
At 01 April 2023 641,275 0 31,645 672,920
Charge for the financial year 232,794 0 937 233,731
At 31 March 2024 874,069 0 32,582 906,651
Net book value
At 31 March 2024 5,995,057 0 3,474 5,998,531
At 31 March 2023 6,090,716 84,410 4,411 6,179,537

Included within the net book value of land and buildings above is £5,995,057 (2023- £6,090,716) in respect of freehold land and buildings.

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 23,822,280
Additions 23,942
As at 31 March 2024 23,846,222

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).

5. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 1,321,105 1,246,330
Other investments and loans 22,204 17,428
1,343,309 1,263,758

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 1,246,330
Additions 50,000
Revaluation gain 24,775
At 31 March 2024 1,321,105
Carrying value at 31 March 2024 1,321,105
Carrying value at 31 March 2023 1,246,330

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 17,428 17,428
Additions 4,776 4,776
At 31 March 2024 22,204 22,204
Carrying value at 31 March 2024 22,204 22,204
Carrying value at 31 March 2023 17,428 17,428

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Ownership
31.03.2023
David King ( Farms) Limited England and Wales Dormant company Ordinary 100.00% 100.00%
Hook Place Developments Limited England and Wales Dormant company Ordinary 100.00% 100.00%
North Kent Farms (NZ) Limited New Zealand Farming Ordinary 100.00% 100.00%

6. Debtors

2024 2023
£ £
Trade debtors 220,801 230,102
Prepayments 50,536 18,971
Other debtors 58,053 5,878
329,390 254,951

7. Current asset investments

2024 2023
£ £
Listed investments – at fair value 8,506,747 8,108,928

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.

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,788 20,486
Amounts owed to Group undertakings 10,002 10,002
Accruals and deferred income 18,357 13,393
Corporation tax 122,324 71,114
Other taxation and social security 49,715 47,947
Other creditors 129,211 124,407
334,397 287,349

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 1,475 1,475

The amount of non- cancellable operating lease payments recognised as an expense during the year was £1,475 (2023 - £1,475)

10. Related party transactions

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.