Company Registration No. 08316895 (England and Wales)
KNIGHT FARMING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KNIGHT FARMING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
KNIGHT FARMING LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,540,405
4,399,360
Investments
5
100
100
4,540,505
4,399,460
Current assets
Stocks
219,138
153,817
Debtors
6
180,053
207,286
Cash at bank and in hand
145,749
7,626
544,940
368,729
Creditors: amounts falling due within one year
7
(1,500,222)
(1,493,036)
Net current liabilities
(955,282)
(1,124,307)
Total assets less current liabilities
3,585,223
3,275,153
Creditors: amounts falling due after more than one year
8
(2,565,176)
(2,537,198)
Provisions for liabilities
(136,519)
(91,876)
Net assets
883,528
646,079
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
883,428
645,979
Total equity
883,528
646,079
- 1 -
KNIGHT FARMING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 13 March 2025 and are signed on its behalf by:
Mrs CL Knight
MR Knight
Director
Director
Company registration number 08316895 (England and Wales)
- 2 -
KNIGHT FARMING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
100
619,708
619,808
Year ended 31 March 2023:
Profit and total comprehensive income
-
26,271
26,271
Balance at 31 March 2023
100
645,979
646,079
Year ended 31 March 2024:
Profit and total comprehensive income
-
237,449
237,449
Balance at 31 March 2024
100
883,428
883,528
- 3 -
KNIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
Company information

Knight Farming Limited is a private company limited by shares incorporated in England and Wales. The registered office is Great Canfield Hall, Church End, Great Canfield, Dunmow, Essex, CM6 1JY.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

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

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

Freehold land and buildings
2% reducing balance on property
Plant and equipment
25% reducing balance
Fixtures and fittings
20% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

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.

1.4
Fixed asset investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

- 4 -
KNIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply 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 and cash and bank balances, 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 and bank loans, 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

- 5 -
KNIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
1.9
Taxation

The tax expense represents the sum of the tax currently payable.

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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

- 6 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
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.

KNIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The depreciation expense is recognition of the decline in the value of the asset and the allocation of the cost of the assets over the periods in which the assets will be used. Judgements are made on the estimated useful life of the assets which are regularly reviewed to reflect the changing environment.

3
Employees

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

2024
2023
Number
Number
Total
3
6
- 7 -
KNIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Tangible fixed assets - as restated
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
3,989,157
1,063,259
5,052,416
Additions
5,003
407,073
412,076
Disposals
-
0
(95,175)
(95,175)
At 31 March 2024
3,994,160
1,375,157
5,369,317
Depreciation and impairment
At 1 April 2023
64,131
588,925
653,056
Depreciation charged in the year
20,668
210,210
230,878
Eliminated in respect of disposals
-
0
(55,022)
(55,022)
At 31 March 2024
84,799
744,113
828,912
Carrying amount
At 31 March 2024
3,909,361
631,044
4,540,405
At 31 March 2023
3,925,026
474,334
4,399,360
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
100
100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
75,225
134,924
Corporation tax recoverable
-
0
2,093
Other debtors
104,828
70,269
180,053
207,286
- 8 -
KNIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
99,422
97,537
Trade creditors
97,242
116,082
Corporation tax
34,221
10,836
Other taxation and social security
779
-
0
Other creditors
1,268,558
1,268,581
1,500,222
1,493,036
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,435,890
2,537,198
Other creditors
129,286
-
0
2,565,176
2,537,198

The long-term loans are secured on Great Canfield Hall Farm land and property held by the company.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
1,829,572
1,920,880
9
Directors' transactions

The directors loaned money to the company in the year ended 31 March 2020. The balance owing to M Knight as at 31 March 2024 was £1,087,142 (2023: £1,095,039). The balance owing to C Knight as at 31 March 2024 was £115,016 (2023: £119,248).

- 9 -
KNIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Reversal of assets disposed of in 2023
-
50,654
Depreciating assets originally disposed of in 2023
-
(12,663)
Reversing rental income provided for in error
-
(41,697)
Corporation tax refund due as a result of above adjustments
-
7,922
Provision for deferred tax
-
(91,876)
Total adjustments
-
(87,660)
Equity as previously reported
619,807
733,739
Equity as adjusted
619,807
646,079
Analysis of the effect upon equity
Profit and loss reserves
-
(87,660)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Reversal of assets disposed of in 2023
50,654
Depreciating assets originally disposed of in 2023
(12,663)
Reversing rental income provided for in error
(41,697)
Corporation tax refund due as a result of above adjustments
7,922
Provision for deferred tax
(91,876)
Total adjustments
(87,660)
Profit as previously reported
113,931
Profit as adjusted
26,271
- 10 -
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