Company Registration No. 02260810 (England and Wales)
Kingsbury Farms Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
Kingsbury Farms Limited
Company information
Directors
Viscount Grimston
Viscountess Grimston
Jessica Waddington
(Appointed 1 November 2023)
Secretary
Jessica Waddington
Company number
02260810
Registered office
The Estate Office
Gorhambury
St Albans
Hertfordshire
AL3 6AH
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Kingsbury Farms Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Kingsbury Farms Limited
Statement of financial position
As at 30 June 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
0
-
0
Tangible assets
3
-
0
-
0
-
0
-
0
Current assets
Stocks
59,745
114,127
Debtors
4
41,221
26,952
Cash at bank and in hand
183,560
324,872
284,526
465,951
Creditors: amounts falling due within one year
5
(71,807)
(208,086)
Net current assets
212,719
257,865
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
212,717
257,863
Total equity
212,719
257,865

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 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.

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Viscount Grimston
Director
Company Registration No. 02260810
Kingsbury Farms Limited
Statement of changes in equity
For the year ended 30 June 2024
2
Notes
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
2
148,958
148,960
Period ended 30 June 2023:
Profit and total comprehensive income for the period
-
108,905
108,905
Balance at 30 June 2023
2
257,863
257,865
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
54,854
54,854
Dividends
-
(100,000)
(100,000)
Balance at 30 June 2024
2
212,717
212,719
Kingsbury Farms Limited
Notes to the financial statements
For the year ended 30 June 2024
3
1
Accounting policies
Company information

Kingsbury Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Gorhambury, St Albans, Hertfordshire, AL3 6AH.

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 modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing these financial statementstrue

1.3
Reporting period

The comparative financial information presented is in respect of the 9 month period from 1 October 2022 to 30 June 2023. Comparative amounts presented in these financial statements, including the related notes, may not be entirely comparable as a result.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for farm and residential rent and letting fees, government grants, farming proceeds and sundry income from minor activities during the normal course of business, and is shown net of VAT.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

BPS entitlements were amortised on a straight line basis over the period to 31 December 2020.

1.6
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:

Plant and machinery
20% 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.

Kingsbury Farms Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
4
1.7
Stocks

Stocks comprises arable stock and is 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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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 statement of financial position 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.

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.

1.9
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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
Leases

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.

Kingsbury Farms Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
5

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.

1.11
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
Intangible fixed assets
BPS entitlements
£
Cost
At 1 July 2023 and 30 June 2024
106,116
Amortisation and impairment
At 1 July 2023 and 30 June 2024
106,116
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
Kingsbury Farms Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
20,461
Disposals
(3,168)
At 30 June 2024
17,293
Depreciation and impairment
At 1 July 2023
20,461
Eliminated in respect of disposals
(3,168)
At 30 June 2024
17,293
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,709
5,023
Other debtors
20,512
21,929
41,221
26,952
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23,159
35,650
Amounts owed to group undertakings
1,161
90,931
Corporation tax
18,452
28,950
Other creditors
29,035
52,555
71,807
208,086
Kingsbury Farms Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
7
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2

Each share is entitled to full voting, dividend and capital distribution rights.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
4,000
4,000
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
127,185
33,415
8
Related party transactions

During the year, a dividend of £100,000 (2023 - £nil) was paid to the company's parent.

 

At 30 June 2024, a balance of £1,161 (2023 - £90,931) was due to a fellow subsidiary. This balance is considered to be non-interest bearing and repayable on demand

9
Directors' transactions

A director of the company is a partner with Knight Frank. There is an agency contract between the company and Knight Frank. Fees paid under the agency agreement and for other professional services in the year amounted to £10,437 (2023 - £nil).

 

A former director of the company was a partner with Strutt & Parker for the prior period to 30 June 2023. There was an agency contract between the company and Strutt & Parkers. Fees paid under the agency agreement and for other professional services in the year amounted to £nil (2023 - £3,653).

Kingsbury Farms Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
8
10
Parent company

The parent company is Grimston Trust Limited, a company registered in England and Wales. The registered office of the parent company is The Estate Office, Gorhambury, St Albans, Hertfordshire, AL3 6AH.

 

There is no ultimate controlling party.

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