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REGISTERED NUMBER: 07542111 (England and Wales)
















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: Mr J D Hancock
Mr A D Brownsword
Mrs A L F Brownsword-Matthews





SECRETARY: Mr N J B Burrows





REGISTERED OFFICE: 4 Queen Square
Bath
BA1 2HA





REGISTERED NUMBER: 07542111 (England and Wales)





AUDITORS: Hardcastle Burton LLP
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 31,688,828 29,546,763
Investment property 6 1,253,542 1,390,388
32,942,370 30,937,151

CURRENT ASSETS
Stocks 1,033,469 1,209,283
Debtors 430,591 476,072
Cash at bank 1,788,292 2,113,292
3,252,352 3,798,647
CREDITORS
Amounts falling due within one year 2,036,550 1,257,118
NET CURRENT ASSETS 1,215,802 2,541,529
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,158,172

33,478,680

PROVISIONS FOR LIABILITIES 7 142,438 148,308
NET ASSETS 34,015,734 33,330,372

CAPITAL AND RESERVES
Called up share 8 26,539,628 26,539,628
Share premium 510,374 510,374
Undistributable reserves 253,637 285,922
Retained earnings 6,712,095 5,994,448
SHAREHOLDERS' FUNDS 34,015,734 33,330,372

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:





Mr A D Brownsword - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023
and 31 August 2024 304,065
AMORTISATION
At 1 September 2023
and 31 August 2024 304,065
NET BOOK VALUE

At 31 August 2024 -
At 31 August 2023 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023 29,798,780
Additions 2,170,715
At 31 August 2024 31,969,495
DEPRECIATION
At 1 September 2023 252,017
Charge for year 28,650
At 31 August 2024 280,667
NET BOOK VALUE
At 31 August 2024 31,688,828
At 31 August 2023 29,546,763

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 1,390,388
Disposals (132,592 )
Revaluations (4,254 )
At 31 August 2024 1,253,542
NET BOOK VALUE
At 31 August 2024 1,253,542
At 31 August 2023 1,390,388

Investment property consists of the following:

£
Let farmland & buildings 500,000
Let residential property & other753,542
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 82,532 83,841
Investment property revalued 59,906 64,467
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 148,308
Accelerated capital allowances (1,309 )
Investment property revalued (4,561 )
Balance at 31 August 2024 142,438

8. CALLED UP SHARE

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
26,539,628 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.

Denise Lindsell FCA (Senior Statutory Auditor)
for and on behalf of Hardcastle Burton LLP