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REGISTERED NUMBER: 05256924 (England and Wales)












Unaudited Financial Statements

For The Year Ended 5th April 2024

for

Kingstone Farms Limited

Kingstone Farms Limited (Registered number: 05256924)






Contents of the Financial Statements
For The Year Ended 5th April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kingstone Farms Limited

Company Information
For The Year Ended 5th April 2024







DIRECTORS: N Shepherd
Mrs P M Shepherd





SECRETARY: Mrs P M Shepherd





REGISTERED OFFICE: Kingstone Farm
Fellbeck
Pateley Bridge
Harrogate
North Yorkshire
HG3 5EP





REGISTERED NUMBER: 05256924 (England and Wales)





ACCOUNTANTS: F E Metcalfe & Co Limited
Chartered Accountants
4 Old Market Place
Ripon
North Yorkshire
HG4 1EQ

Kingstone Farms Limited (Registered number: 05256924)

Balance Sheet
5th April 2024

5.4.24 5.4.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 473,983 404,105

CURRENT ASSETS
Stocks 6 467,929 454,596
Debtors 7 134,151 109,605
Cash at bank 16,853 155,019
618,933 719,220
CREDITORS
Amounts falling due within one year 8 180,573 205,589
NET CURRENT ASSETS 438,360 513,631
TOTAL ASSETS LESS CURRENT
LIABILITIES

912,343

917,736

CREDITORS
Amounts falling due after more than one
year

9

(11,667

)

(111,667

)

PROVISIONS FOR LIABILITIES 11 (98,300 ) (83,800 )
NET ASSETS 802,376 722,269

CAPITAL AND RESERVES
Called up share capital 12 70 70
Retained earnings 802,306 722,199
SHAREHOLDERS' FUNDS 802,376 722,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5th April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Kingstone Farms Limited (Registered number: 05256924)

Balance Sheet - continued
5th April 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd January 2025 and were signed on its behalf by:





N Shepherd - Director


Kingstone Farms Limited (Registered number: 05256924)

Notes to the Financial Statements
For The Year Ended 5th April 2024

1. STATUTORY INFORMATION

Kingstone Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements were prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") as issued in August 2014. The financial statements have been prepared under the historical cost convention.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.

Turnover
The turnover represents net invoiced sales of livestock, produce, farm subsidies excluding value added tax.
Turnover is measured at the fair value of the consideration received or receivable for goods sold and for services provided, net of VAT and any discounts. Turnover is recognised when the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Buildings 2% or 5% straight line
Tractors and loadalls 10% reducing balance
Plant and machinery 10% and 25% reducing balance
Commercial vehicles 25% reducing balance

Stocks
All stocks other than the Dairy Herd are included at the lower of cost and net realisable value after making due allowance of obsolete items.

Cost is calculated using a first in first out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Cost includes all costs of purchase or production including an element of overhead expenses.

Dairy Herd

Dairy cows and bulls are initially included in the balance sheet at either cost of production or purchase cost if not home bred. Adjustments are made on an annual basis through profit and loss for the net additions or disposals during the accounting period. Disposals are removed on a first in first out basis.

The Dairy Herd is included in the Balance Sheet at fair value and is based on the open market values of the cows and bulls less sale and transport expenses.


Kingstone Farms Limited (Registered number: 05256924)

Notes to the Financial Statements - continued
For The Year Ended 5th April 2024

3. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account, unless the asset is carried at a revalued amount and the impairment loss is a decrease to a previous revaluation.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
A basic financial liability that is a loan from a person who is a director and a shareholder is recorded at the initial transaction price and is not measured at fair value.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

Kingstone Farms Limited (Registered number: 05256924)

Notes to the Financial Statements - continued
For The Year Ended 5th April 2024

5. TANGIBLE FIXED ASSETS
Tractors
Plant and and Commercial
Buildings machinery loadalls vehicles Totals
£ £ £ £ £
COST
At 6th April 2023 192,050 325,762 138,779 46,980 703,571
Additions 45,300 48,199 33,934 - 127,433
Disposals - (9,617 ) - - (9,617 )
At 5th April 2024 237,350 364,344 172,713 46,980 821,387
DEPRECIATION
At 6th April 2023 105,560 123,283 55,722 14,901 299,466
Charge for year 8,045 28,527 12,963 8,020 57,555
Eliminated on disposal - (9,617 ) - - (9,617 )
At 5th April 2024 113,605 142,193 68,685 22,921 347,404
NET BOOK VALUE
At 5th April 2024 123,745 222,151 104,028 24,059 473,983
At 5th April 2023 86,490 202,479 83,057 32,079 404,105

6. STOCKS
5.4.24 5.4.23
£ £
Stocks 153,013 153,123
Dairy Herd 314,916 301,473
467,929 454,596

The Dairy Herd includes a fair value adjustment for the accounting period of £9,543 (2023: £326) which is included in the Profit and Loss Account.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£ £
Trade debtors 114,551 94,423
Other debtors 15,682 11,908
Prepayments 3,918 3,274
134,151 109,605

Kingstone Farms Limited (Registered number: 05256924)

Notes to the Financial Statements - continued
For The Year Ended 5th April 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 74,158 99,290
Corporation Tax 7,447 43,004
Social security and other taxes 530 -
Other creditors 181 227
Directors' loan accounts 79,260 45,486
Accrued expenses 8,997 7,582
180,573 205,589

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
5.4.24 5.4.23
£ £
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 1,667 11,667
Directors' loan accounts - 90,000
11,667 111,667

10. SECURED DEBTS

The following secured debts are included within creditors:

5.4.24 5.4.23
£ £

During both accounting periods the Company had bank facilities which were personally secured by the directors.

11. PROVISIONS FOR LIABILITIES
5.4.24 5.4.23
£ £
Deferred taxation 98,300 83,800

Deferred tax
£
Balance at 6th April 2023 83,800
Increase in provision re
accelerated capital allowances 14,500
Balance at 5th April 2024 98,300

The provision for the deferred tax liability has arisen due to the net book value of fixed assets being significantly higher than the tax written down value of assets for capital allowance purposes.
The difference in these values is expected to reduce in future periods and as a result the provision for deferred tax is due to a temporary timing difference and the provision will be lower in future periods.

Kingstone Farms Limited (Registered number: 05256924)

Notes to the Financial Statements - continued
For The Year Ended 5th April 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 5.4.24 5.4.23
value: £ £
70 Ordinary £1 70 70

13. RELATED PARTY DISCLOSURES

N and Mrs P M Shepherd are directors and shareholders of Kingstone Farms Limited.

The Company occupies land and buildings owned by the directors free of charge during both accounting periods.

The directors loans shown in the creditors notes are interest free.