REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2024 |
for |
Queensquare Farming Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2024 |
for |
Queensquare Farming Limited |
Queensquare Farming Limited (Registered number: 07542111) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Queensquare Farming Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
Queensquare Farming Limited (Registered number: 07542111) |
Abridged Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share | 8 |
Share premium |
Undistributable reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Queensquare Farming Limited (Registered number: 07542111) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Queensquare Farming Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the carrying amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 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. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year is addressed below. |
Valuation of investment properties: |
The valuation of the investment properties is on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market basis by reference to market evidence of transaction prices of similar properties. |
Turnover |
Turnover represents net invoiced sales of goods excluding value added tax. Income from Basic Payment Scheme (BPS) entitlements is recognised as income of the accounting period in which all eligibility criteria for the season in question are met. The land must be eligible for subsidy for the entire calendar year, hence the income is not recognised until 31 December. From 2024, BPS payments are being replaced by delinked payments for which there are no eligibility criteria; delinked payments are treated as income support payments and recognised in the profit or loss in the period in which they are receivable. |
Intangible fixed assets |
Purchased Single Farm Payment entitlements are recognised at cost and amortised over their expected useful life at the following annual rates: |
Single Farm Payment entitlements - 33.3% straight line |
Queensquare Farming Limited (Registered number: 07542111) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold Property - NIL |
Improvements to property - 20% reducing balance |
Plant & machinery - 5% on cost and 20% reducing balance |
Fixtures & fittings - 20% reducing balance |
The freehold property recognised on the balance sheet consists almost entirely of agricultural land and no depreciation is provided on land on the basis that net residual realisable value of land will not be less than cost. |
A review for impairment is carried out if events or changes in circumstances indicate the carrying value of fixed assets may not be recoverable. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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. |
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 and loans 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. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Queensquare Farming Limited (Registered number: 07542111) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
AMORTISATION |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Queensquare Farming Limited (Registered number: 07542111) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
Disposals | ( |
) |
Revaluations | (4,254 | ) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Investment property consists of the following: |
£ |
Let farmland & buildings | 500,000 |
Let residential property & other | 753,542 |
1,253,542 |
Fair value at 31 August 2024 is represented by: |
£ |
Valuation in 2017 | 237,500 |
Valuation in 2020 | 13,000 |
Valuation in 2021 | 41,780 |
Valuation in 2022 | 57,424 |
Valuation in 2023 | (31,908 | ) |
Valuation in 2024 | (4,254 | ) |
Cost | 940,000 |
1,253,542 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.8.24 | 31.8.23 |
£ | £ |
Cost | 940,000 | 1,040,000 |
Investment property was valued on an open market value basis on 31 August 2024 by the directors. |
7. | PROVISIONS FOR LIABILITIES |
31.8.24 | 31.8.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Investment property revalued |
142,438 | 148,308 |
Queensquare Farming Limited (Registered number: 07542111) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
7. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 September 2023 |
Accelerated capital allowances | (1,309 | ) |
Investment property revalued | (4,561 | ) |
Balance at 31 August 2024 |
8. | CALLED UP SHARE |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
value: | £ | £ |
Ordinary | £1 | 26,539,628 | 26,539,628 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |