Registered number: 09760807
UK AGRICULTURAL FINANCE LIMITED
CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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UK AGRICULTURAL FINANCE LIMITED
REGISTERED NUMBER:09760807
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CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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UK AGRICULTURAL FINANCE LIMITED
REGISTERED NUMBER:09760807
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CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
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.
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 consolidated statement of income and retained earnings 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 14 March 2025.
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UK AGRICULTURAL FINANCE LIMITED
REGISTERED NUMBER:09760807
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COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Net assets excluding pension asset
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Profit and loss account brought forward
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Loss/(profit) for the year
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Profit and loss account carried forward
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UK AGRICULTURAL FINANCE LIMITED
REGISTERED NUMBER:09760807
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COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of 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.
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 consolidated statement of income and retained earnings 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 14 March 2025.
The notes on pages 5 to 15 form part of these financial statements.
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UK AGRICULTURAL FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
UK Agricultural Finance Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Unit B, Great Hollanden Business Centre, Underriver, Kent, TN15 0SQ.
The principal activity of the company continued to be that of the provision of services in agricultural lending.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2016.
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UK AGRICULTURAL FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services on the arrangement and administration on the loans is recognised in the period in which the services were rendered in accordance with the stage of completion of the agreement when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contractt;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Redemption fees are recognised in the period in which the loans are concluded.
Interest receivable is recognised in in accordance with the terms of each individual agreement, and the principal funding entity is entitled to the corresponding interest expense, which is recognised in the same period.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
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UK AGRICULTURAL FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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UK AGRICULTURAL FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including the directors, during the year was as follows:
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UK AGRICULTURAL FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Charge for the year on owned assets
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UK AGRICULTURAL FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
4.Tangible fixed assets (continued)
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Charge for the year on owned assets
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The net book value of land and buildings may be further analysed as follows:
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UK AGRICULTURAL FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Investments in subsidiary companies
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UK AGRICULTURAL FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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The following were subsidiary undertakings of the company:
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Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
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Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
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Facilitating the lending of funds to the agricultural sector
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Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
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Facilitating the lending of funds to the agricultural sector
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Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
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Facilitating the lending of funds to the agricultural sector
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UK Commercial Property Finance Ltd
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Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
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Facilitating the lending of funds to the agricultural sector
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Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
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Activities of other holding companies not elsewhere classified
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UK Agricultural Lending GP S.à.r.l
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42-44 Avenue de la Gare, L-1610, Grande-Duche de Luxembourg
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To provide advisory, management, accounting administrative and other services to one or several Luxembourg limited partnerships as well as to perform similar functions to any related vehicles.
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UK Agricultural Lending LuxCo 1 S.à.r.l
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42-44 Avenue de la Gare, L-1610, Grande-Duche de Luxembourg
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Directly or indirectly, acquire, hold or dispose of interests and partcipations in other Luxembourg or foreign entities by any means and administer, develop and manage such holding of interests or participations
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UK AGRICULTURAL FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Subsidiary undertakings (continued)
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UK Agricultural Lending LuxCo 2 S.à.r.l
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42-44 Avenue de la Gare, L-1610, Grande-Duche de Luxembourg
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Directly or indirectly, acquire, hold or dispose of interests and partcipations in other Luxembourg or foreign entities by any means and administer, develop and manage such holding of interests or participations
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UK Agricultural Lending Partners I S.C.Sp.
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42-44 Avenue de la Gare, L-1610, Grande-Duche de Luxembourg
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Directly or indirectly, acquire, hold or dispose of interests and partcipations in other Luxembourg or foreign entities by any means and administer, develop and manage such holding of interests or participations
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UK AGRICULTURAL FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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UK AGRICULTURAL FINANCE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,263 (2023: £11,413). Contributions totalling £3,655 (2023: £3,244) were payable to the fund at the balance sheet date and are included in creditors.
The ultimate controlling party is G Noble & R Suss.
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