Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302024-06-30falsetrue2023-07-01agricultural lending1413trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09760807 2023-07-01 2024-06-30 09760807 2022-07-01 2023-06-30 09760807 2024-06-30 09760807 2023-06-30 09760807 c:Director1 2023-07-01 2024-06-30 09760807 c:Director3 2023-07-01 2024-06-30 09760807 d:FurnitureFittings 2023-07-01 2024-06-30 09760807 d:FurnitureFittings 2024-06-30 09760807 d:FurnitureFittings 2023-06-30 09760807 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09760807 d:OfficeEquipment 2023-07-01 2024-06-30 09760807 d:OfficeEquipment 2024-06-30 09760807 d:OfficeEquipment 2023-06-30 09760807 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09760807 d:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 09760807 d:OtherPropertyPlantEquipment 2024-06-30 09760807 d:OtherPropertyPlantEquipment 2023-06-30 09760807 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09760807 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09760807 d:CurrentFinancialInstruments 2024-06-30 09760807 d:CurrentFinancialInstruments 2023-06-30 09760807 d:Non-currentFinancialInstruments 2024-06-30 09760807 d:Non-currentFinancialInstruments 2023-06-30 09760807 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 09760807 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 09760807 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 09760807 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 09760807 d:ShareCapital 2024-06-30 09760807 d:ShareCapital 2023-06-30 09760807 d:RetainedEarningsAccumulatedLosses 2024-06-30 09760807 d:RetainedEarningsAccumulatedLosses 2023-06-30 09760807 d:RetainedEarningsAccumulatedLosses 2022-07-01 09760807 c:FRS102 2023-07-01 2024-06-30 09760807 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 09760807 c:FullAccounts 2023-07-01 2024-06-30 09760807 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09760807 d:Subsidiary1 2023-07-01 2024-06-30 09760807 d:Subsidiary1 1 2023-07-01 2024-06-30 09760807 d:Subsidiary2 2023-07-01 2024-06-30 09760807 d:Subsidiary2 1 2023-07-01 2024-06-30 09760807 d:Subsidiary3 2023-07-01 2024-06-30 09760807 d:Subsidiary3 1 2023-07-01 2024-06-30 09760807 d:Subsidiary4 2023-07-01 2024-06-30 09760807 d:Subsidiary4 1 2023-07-01 2024-06-30 09760807 d:Subsidiary5 2023-07-01 2024-06-30 09760807 d:Subsidiary5 1 2023-07-01 2024-06-30 09760807 d:Subsidiary6 2023-07-01 2024-06-30 09760807 d:Subsidiary6 1 2023-07-01 2024-06-30 09760807 d:Subsidiary7 2023-07-01 2024-06-30 09760807 d:Subsidiary7 1 2023-07-01 2024-06-30 09760807 d:Subsidiary8 2023-07-01 2024-06-30 09760807 d:Subsidiary8 1 2023-07-01 2024-06-30 09760807 d:Subsidiary9 2023-07-01 2024-06-30 09760807 d:Subsidiary9 1 2023-07-01 2024-06-30 09760807 d:Subsidiary10 2023-07-01 2024-06-30 09760807 d:Subsidiary10 1 2023-07-01 2024-06-30 09760807 c:Consolidated 2024-06-30 09760807 c:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 09760807 2 2023-07-01 2024-06-30 09760807 6 2023-07-01 2024-06-30 09760807 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 09760807






UK AGRICULTURAL FINANCE LIMITED
CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










img4725.png

 
UK AGRICULTURAL FINANCE LIMITED
REGISTERED NUMBER:09760807

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,383
44,102

Investments
 5 
12,000
-

  
27,383
44,102

Current assets
  

Debtors: amounts falling due after more than one year
 6 
38,560,562
22,360,428

Debtors: amounts falling due within one year
 6 
44,240,471
46,876,140

Cash at bank and in hand
 7 
2,048,353
990,997

  
84,849,386
70,227,565

Creditors: amounts falling due within one year
 8 
(45,439,845)
(47,909,581)

Net current assets
  
 
 
39,409,541
 
 
22,317,984

Total assets less current liabilities
  
39,436,924
22,362,086

Creditors: amounts falling due after more than one year
 9 
(38,733,127)
(21,724,920)

  

Net assets
  
703,797
637,166


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
703,697
637,066

  
703,797
637,166


Page 1

 
UK AGRICULTURAL FINANCE LIMITED
REGISTERED NUMBER:09760807
    
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.



G Noble
M Thompson
Director
Director

Page 2

 
UK AGRICULTURAL FINANCE LIMITED
REGISTERED NUMBER:09760807

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,383
44,102

Investments
 5 
12,411
411

  
27,794
44,513

Current assets
  

Debtors: amounts falling due within one year
 6 
653,163
781,392

Cash at bank and in hand
 7 
1,513,794
216,783

  
2,166,957
998,175

Creditors: amounts falling due within one year
  
(1,543,850)
(329,570)

Net current assets
  
 
 
623,107
 
 
668,605

Total assets less current liabilities
  
650,901
713,118

  

Creditors: amounts falling due after more than one year
  
(21,246)
(76,462)

  

Net assets excluding pension asset
  
629,655
636,656

Net assets
  
629,655
636,656


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account brought forward
  
636,557
627,078

Loss/(profit) for the year
  
(7,002)
9,478

Profit and loss account carried forward
  
629,555
636,556

  
629,655
636,656


Page 3

 
UK AGRICULTURAL FINANCE LIMITED
REGISTERED NUMBER:09760807
    
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.


G Noble
M Thompson
Director
Director

The notes on pages 5 to 15 form part of these financial statements.

Page 4

 
UK AGRICULTURAL FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Basis of consolidation

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.

Page 5

 
UK AGRICULTURAL FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Revenue

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

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.

Page 6

 
UK AGRICULTURAL FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Taxation

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.


 
2.8

Tangible fixed assets

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:

Fixtures and fittings
-
20%
reducing balance
Office equipment
-
25%
reducing balance
Other fixed assets
-
10 years straight-line

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.

 
2.9

Valuation of investments

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.

 
2.10

Debtors

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.

Page 7

 
UK AGRICULTURAL FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

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.

 
2.12

Creditors

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
14
13
14
13

Page 8

 
UK AGRICULTURAL FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets

Group






Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 July 2023
11,393
27,624
32,725
71,742


Additions
-
1,743
6,840
8,583


Disposals
(180)
(938)
-
(1,118)



At 30 June 2024

11,213
28,429
39,565
79,207



Depreciation


At 1 July 2023
7,378
17,378
2,884
27,640


Charge for the year on owned assets
697
2,597
33,714
37,008


Disposals
(122)
(702)
-
(824)



At 30 June 2024
7,953
19,273
36,598
63,824



Net book value



At 30 June 2024
3,260
9,156
2,967
15,383



At 30 June 2023
4,015
10,246
29,841
44,102

Page 9

 
UK AGRICULTURAL FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           4.Tangible fixed assets (continued)


Company






Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£

Cost or valuation


At 1 July 2023
11,393
27,624
32,725
71,742


Additions
-
1,743
6,840
8,583


Disposals
(180)
(938)
-
(1,118)



At 30 June 2024

11,213
28,429
39,565
79,207



Depreciation


At 1 July 2023
7,378
17,378
2,884
27,640


Charge for the year on owned assets
697
2,597
33,714
37,008


Disposals
(122)
(702)
-
(824)



At 30 June 2024

7,953
19,273
36,598
63,824



Net book value



At 30 June 2024
3,260
9,156
2,967
15,383



At 30 June 2023
4,015
10,246
29,841
44,102





The net book value of land and buildings may be further analysed as follows:




Page 10

 
UK AGRICULTURAL FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
411


Additions
12,000



At 30 June 2024
12,411




Page 11

 
UK AGRICULTURAL FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Principal activity

Class of shares

Holding

UKAL Ltd
Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
Mortgage finance company
Ordinary
100%
UKAL No. 1 Ltd
Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
Facilitating the lending of funds to the agricultural sector
Ordinary
100%
UKAL No. 3 Ltd
Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
Facilitating the lending of funds to the agricultural sector
Ordinary
100%
UKAL No. 4 Ltd
Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
Facilitating the lending of funds to the agricultural sector
Ordinary
100%
UK Commercial Property Finance Ltd
Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
Facilitating the lending of funds to the agricultural sector
Ordinary
100%
UKAFINVESTCO Ltd
Unit B, Great Hollanden Business Centre, Mill Lane, Underriver, Sevenoaks, Kent, TN15 0SQ
Activities of other holding companies not elsewhere classified
Ordinary
100%
UK Agricultural Lending GP S.à.r.l
42-44 Avenue de la Gare, L-1610, Grande-Duche de Luxembourg
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.
Ordinary
100%
UK Agricultural Lending LuxCo 1 S.à.r.l
42-44 Avenue de la Gare, L-1610, Grande-Duche de Luxembourg
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
Ordinary
100%
Page 12

 
UK AGRICULTURAL FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Subsidiary undertakings (continued)


Name

Registered office

Principal activity

Class of shares

Holding

UK Agricultural Lending LuxCo 2 S.à.r.l
42-44 Avenue de la Gare, L-1610, Grande-Duche de Luxembourg
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
Ordinary
100%
UK Agricultural Lending Partners I S.C.Sp.
42-44 Avenue de la Gare, L-1610, Grande-Duche de Luxembourg
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
Ordinary
100%

Page 13

 
UK AGRICULTURAL FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Trade debtors
814,090
778,462
-
-

Other debtors
37,746,472
21,581,966
-
-

38,560,562
22,360,428
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
35,720,730
42,848,525
334,332
44,136

Amounts owed by group undertakings
-
-
304,082
714,991

Other debtors
5,280
19,305
5,280
13,265

Prepayments and accrued income
8,514,461
4,008,310
9,469
9,000

44,240,471
46,876,140
653,163
781,392



7.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,048,353
990,997
1,513,794
216,783

2,048,353
990,997
1,513,794
216,783



8.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
30,874,637
35,080,238
7,427
22,641

Amounts owed to group undertakings
-
-
1,276,433
85,225

Corporation tax
-
641
-
522

Other taxation and social security
86,418
31,068
61,874
31,068

Other creditors
16,685
87,190
3,656
4,077

Accruals and deferred income
14,462,105
12,710,444
194,460
186,037

45,439,845
47,909,581
1,543,850
329,570


Page 14

 
UK AGRICULTURAL FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
4,778,583
16,794,844
-
-

Other creditors
33,469,191
4,788,425
-
-

Accruals and deferred income
485,353
141,651
21,246
76,462

38,733,127
21,724,920
21,246
76,462



10.


Pension commitments

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.


11.


Controlling party

The ultimate controlling party is G Noble & R Suss.

 
Page 15