Company Registration No. 00730539 (England and Wales)
Cirencester Park Farms Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Cirencester Park Farms Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Cirencester Park Farms Limited
Balance sheet
As at 31 March 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,250,617
1,137,966
Investments
4
1,171
1,171
1,251,788
1,139,137
Current assets
Stocks
854,635
884,672
Debtors
5
2,385,205
1,194,565
Cash at bank and in hand
576,933
2,480,229
3,816,773
4,559,466
Creditors: amounts falling due within one year
6
(429,064)
(694,101)
Net current assets
3,387,709
3,865,365
Total assets less current liabilities
4,639,497
5,004,502
Provisions for liabilities
(210,691)
(196,365)
Net assets
4,428,806
4,808,137
Capital and reserves
Called up share capital
8
500,100
500,100
Capital redemption reserve
100,000
100,000
Profit and loss reserves
3,828,706
4,208,037
Total equity
4,428,806
4,808,137

The directors of the company have elected not to include a copy of the profit and loss account 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.

Cirencester Park Farms Limited
Balance sheet (continued)
As at 31 March 2024
31 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
The Earl Bathurst
Director
Company Registration No. 00730539
Cirencester Park Farms Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information

Cirencester Park 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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Property improvements
2% to 10% straight line
Plant and machinery
10% to 25% straight line
Fixtures and fittings
10% to 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Rentals receivable under operating leases and similar agreements are recognised on a straight line basis over the lease term.
1.6
Investments

Fixed asset investments are stated at cost less provision for diminution in value.

Cirencester Park Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.7
Impairment of fixed assets

At each reporting period 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).

1.8
Stocks
Stock is valued at the lower of cost and net realisable value.
1.9
Financial instruments

The company has applied 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, 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.

1.10
Pensions
The company operates a defined contribution pension scheme for employees.  The assets of the scheme are held separately from those of the company.  The annual contributions payable are charged to the profit and loss account.
Cirencester Park Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.11
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 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.

Deferred taxation

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.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2023: 3).

Cirencester Park Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
3
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023
1,053,327
721,443
1,774,770
Additions
186,293
-
0
186,293
At 31 March 2024
1,239,620
721,443
1,961,063
Depreciation
At 1 April 2023
361,244
275,560
636,804
Depreciation charged in the year
44,292
29,350
73,642
At 31 March 2024
405,536
304,910
710,446
Carrying amount
At 31 March 2024
834,084
416,533
1,250,617
At 31 March 2023
692,083
445,883
1,137,966
4
Fixed asset investments
2024
2023
£
£
Investments
1,171
1,171
Movements in fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 April 2023 & 31 March 2024
1,171
Carrying amount
At 31 March 2024
1,171
At 31 March 2023
1,171
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
84,949
237,685
Other debtors
2,300,256
956,880
2,385,205
1,194,565
Cirencester Park Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
273,928
186,573
Corporation tax
129,632
194,978
Other creditors
25,504
312,550
429,064
694,101
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
210,691
196,365
2024
Movements in the year:
£
Liability at 1 April 2023
196,365
Charge to profit or loss
14,326
Liability at 31 March 2024
210,691

The deferred tax liability relates to accelerated capital allowances that are expected to mature within the same period.

Cirencester Park Farms Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
500,100 ordinary shares of £1 each
500,100
500,100
9
Control
All shares in the company are held by the trustees of the Earl Bathurst Estate Settlement 1963.  K J Bruce-Smith was a trustee of the settlement during the year.  The Earl Bathurst is a beneficiary.
10
Related party transactions

The Earl Bathurst is a beneficiary of the Earl Bathurst Estate Settlement 1963. During the year, the company paid rent of £209,842 (2023: £200,913) to various related trusts and settlements for agricultural land occupied by the company. In addition, rent due to the Earl Bathurst Estate Settlement 1963 of £236,942 (2023: £236,942) was waived.

 

Other purchases were made from the Earl Bathurst Estate Settlement 1963 for £1,667,092 (2023: £394). Sales of £307,503 (2023: £4,711) were made to the Earl Bathurst Estate Settlement 1963. The company also made loan repayments of £nil (2023: £nil) to the Earl Bathurst Estate Settlement 1963. At the year end £117,511 (2023: £31,971 from) was owing to the Earl Bathurst Estate Settlement 1963.

 

During the year the company received £nil (2023: £nil) for agricultural contracting and management services and £83,889 (2023: £nil) for agricultural inputs and other purchases on behalf of Michaelmas Farming Limited, a company with directors and ownership in common with this company. In addition, the company purchased goods and services from Michaelmas Farming Limited amounting to £21,031 (2023: £20,854). All transactions between the companies are at arm's length. At the year end £165 (2023: £nil) was owed to the company by Michaelmas Farming Limited.

 

During the year the company received £nil (2023: £nil) for agricultural contracting and management services and £300,432 (2023: £7,336) for agricultural inputs and other purchases on behalf of Steadings Farming Limited, a company with directors and ownership in common with this company. In addition, the company purchased goods and services from Steadings Farming Limited amounting to £nil (2023: £131). All transactions between the companies are at arm's length. At the year end £4,648.31 (2023: £1,950) was owed to the company by Steadings Farming Limited.

 

During the year the company sold services to and purchased goods and services from Kemble Farms Limited, a company with directors and ownership in common. Total sales and purchases during the year amounted to £152,975(2023: £151,877) and £nil (2023: £18,643) respectively. At the year end £230,903 (2023: £10,759) was owed by Kemble Farms Limited.

 

During the year the company sold services to and purchased goods and services from Bathurst Estate Farming Limited, a company with directors and ownership in common. Total sales and purchases during the year amounted to £71,338 (2023: £142,201) and £1,262,003 (2023: £658,150) respectively. At the year end £1,545,200 (2023: £61,193) was owed by Bathurst Estate Farming Limited.

 

The Earl Bathurst is a director of Cotswold Country Fair Limited. During the year the company received £nil (2023: £nil) for sales to Cotswold Country Fair Limited. At the year end £nil (2023: £nil) was owed by Cotswold Country Fair Limited.

 

During the year, other purchases were made from the Estate of the Late Eighth Earl Bathurst for £65,450 (2023: £66,724) and the company received £nil (2023: £nil) for sundry receipts. At the year end £nil (2023: £nil) was owed to the Estate of the Late Eighth Earl Bathurst.

 

The transactions above were on normal commercial terms.

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