IRIS Accounts Production v25.1.0.734 05389113 Board of Directors 1.9.23 31.8.24 31.8.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh053891132023-08-31053891132024-08-31053891132023-09-012024-08-31053891132022-04-30053891132022-05-012023-08-31053891132023-08-3105389113ns15:EnglandWales2023-09-012024-08-3105389113ns14:PoundSterling2023-09-012024-08-3105389113ns10:Director12023-09-012024-08-3105389113ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3105389113ns10:SmallEntities2023-09-012024-08-3105389113ns10:AuditExempt-NoAccountantsReport2023-09-012024-08-3105389113ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-3105389113ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-3105389113ns10:FullAccounts2023-09-012024-08-310538911312023-09-012024-08-3105389113ns10:Director32023-09-012024-08-3105389113ns10:RegisteredOffice2023-09-012024-08-3105389113ns5:CurrentFinancialInstruments2024-08-3105389113ns5:CurrentFinancialInstruments2023-08-3105389113ns5:Non-currentFinancialInstruments2024-08-3105389113ns5:Non-currentFinancialInstruments2023-08-3105389113ns5:ShareCapital2024-08-3105389113ns5:ShareCapital2023-08-3105389113ns5:SharePremium2024-08-3105389113ns5:SharePremium2023-08-3105389113ns5:RevaluationReserve2024-08-3105389113ns5:RevaluationReserve2023-08-3105389113ns5:RetainedEarningsAccumulatedLosses2024-08-3105389113ns5:RetainedEarningsAccumulatedLosses2023-08-3105389113ns5:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3105389113ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-09-012024-08-3105389113ns5:PlantMachinery2023-09-012024-08-3105389113ns5:FurnitureFittings2023-09-012024-08-3105389113ns5:ComputerEquipment2023-09-012024-08-3105389113ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-08-3105389113ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-09-012024-08-3105389113ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-08-3105389113ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-08-3105389113ns5:LandBuildings2023-08-3105389113ns5:PlantMachinery2023-08-3105389113ns5:FurnitureFittings2023-08-3105389113ns5:ComputerEquipment2023-08-3105389113ns5:LandBuildings2023-09-012024-08-3105389113ns5:LandBuildings2024-08-3105389113ns5:PlantMachinery2024-08-3105389113ns5:FurnitureFittings2024-08-3105389113ns5:ComputerEquipment2024-08-3105389113ns5:LandBuildings2023-08-3105389113ns5:PlantMachinery2023-08-3105389113ns5:FurnitureFittings2023-08-3105389113ns5:ComputerEquipment2023-08-3105389113ns5:CostValuation2023-08-3105389113ns5:AdditionsToInvestments2024-08-3105389113ns5:DisposalsRepaymentsInvestments2024-08-3105389113ns5:RevaluationsIncreaseDecreaseInInvestments2024-08-3105389113ns5:CostValuation2024-08-3105389113ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3105389113ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3105389113ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-08-3105389113ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-08-3105389113ns5:Non-currentFinancialInstruments2023-09-012024-08-31053891131ns10:Director12023-08-31053891131ns10:Director12022-04-30053891131ns10:Director12023-09-012024-08-31053891131ns10:Director12022-05-012023-08-31053891131ns10:Director12024-08-31053891131ns10:Director12023-08-31
REGISTERED NUMBER: 05389113 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Zephen Farms Limited

Zephen Farms Limited (Registered number: 05389113)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Zephen Farms Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: C S J Cropper
Mrs E J Pickard





REGISTERED OFFICE: Alexandra House
St Johns Street
Salisbury
Wiltshire
SP1 2SB





REGISTERED NUMBER: 05389113 (England and Wales)

Zephen Farms Limited (Registered number: 05389113)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 1 1,336
Tangible assets 5 5,137,913 3,777,047
Investments 6 5,548,221 7,268,875
10,686,135 11,047,258

CURRENT ASSETS
Stocks 221,525 203,601
Debtors 7 1,307,326 1,207,683
Cash at bank and in hand 2,525,210 1,217,647
4,054,061 2,628,931
CREDITORS
Amounts falling due within one year 8 4,753,934 4,652,172
NET CURRENT LIABILITIES (699,873 ) (2,023,241 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,986,262

9,024,017

CREDITORS
Amounts falling due after more than one
year

9

(251,070

)

(251,070

)

PROVISIONS FOR LIABILITIES (5,017 ) -
NET ASSETS 9,730,175 8,772,947

CAPITAL AND RESERVES
Called up share capital 9,884,650 9,202,508
Share premium 522,628 249,770
Revaluation reserve 10 21,383 -
Retained earnings (698,486 ) (679,331 )
9,730,175 8,772,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Zephen Farms Limited (Registered number: 05389113)

Balance Sheet - continued
31 August 2024


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

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 30 April 2025 and were signed on its behalf by:





C S J Cropper - Director


Zephen Farms Limited (Registered number: 05389113)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Zephen Farms 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and accumulated impairment losses.

Land entitlements are being amortised evenly over their estimated useful life of 5 years.

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 - 2% on straight line basis and Nil
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on straight line basis
Computer equipment - 20% on straight line basis

No depreciation is provided on freehold land.

Investments in subsidiaries
Investments in subsidiary undertakings are initially recognised at cost. After initial recognition, the value of the investment is reviewed for impairment each year and any gains or losses recognised in the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Zephen Farms Limited (Registered number: 05389113)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 September 2023
and 31 August 2024 1,336
AMORTISATION
Amortisation for year 1,335
At 31 August 2024 1,335
NET BOOK VALUE
At 31 August 2024 1
At 31 August 2023 1,336

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 3,956,934 457,725 13,384 8,197 4,436,240
Additions 1,410,626 4,726 - 2,074 1,417,426
Disposals - (35,522 ) (1,910 ) - (37,432 )
At 31 August 2024 5,367,560 426,929 11,474 10,271 5,816,234
DEPRECIATION
At 1 September 2023 307,959 332,431 12,023 6,780 659,193
Charge for year 22,653 32,464 317 873 56,307
Eliminated on disposal - (35,359 ) (1,820 ) - (37,179 )
At 31 August 2024 330,612 329,536 10,520 7,653 678,321
NET BOOK VALUE
At 31 August 2024 5,036,948 97,393 954 2,618 5,137,913
At 31 August 2023 3,648,975 125,294 1,361 1,417 3,777,047

Included in cost of land and buildings is freehold land of £ 4,234,905 (2023 - £ 2,934,905 ) which is not depreciated.

Legal title to the properties transferred from Zephen Limited was registered in the name of Zephen Farms Limited in June 2021.

Zephen Farms Limited (Registered number: 05389113)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 September 2023 4,587,060 2,681,815 7,268,875
Additions - 974,069 974,069
Disposals - (2,610,042 ) (2,610,042 )
Revaluations - (84,681 ) (84,681 )
At 31 August 2024 4,587,060 961,161 5,548,221
NET BOOK VALUE
At 31 August 2024 4,587,060 961,161 5,548,221
At 31 August 2023 4,587,060 2,681,815 7,268,875

Cost or valuation at 31 August 2024 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2021 - 48,746 48,746
Valuation in 2022 - (18,785 ) (18,785 )
Valuation in 2023 - (138,042 ) (138,042 )
Valuation in 2024 - 134,480 134,480
Cost 4,587,060 934,762 5,521,822
4,587,060 961,161 5,548,221

If the listed investments had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 934,762 2,789,896

Listed investments were valued on an open market basis on 31 August 2024 by Rathbone Investment Management.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 31,784 -
Other debtors 1,210,440 1,120,440
Directors' current accounts 10 -
VAT 113 30,611
Prepayments and accrued income 64,979 56,632
1,307,326 1,207,683

Zephen Farms Limited (Registered number: 05389113)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 18,801 38,625
Social security and other taxes 1,884 2,006
Other creditors 1,309 -
Amounts owed to group
undertakings 4,590,550 4,587,060
Directors' current accounts - 925
Accruals and deferred income 141,390 23,556
4,753,934 4,652,172

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Preference shares 251,070 251,070

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 251,070 251,070

These Preference Shares are redeemable and subject to a fixed annual dividend of 1%.

10. RESERVES
Revaluation
reserve
£   
Movement between funds 21,383

At 31 August 2024 21,383

Revaluation Reserve

The Revaluation Reserve comprises any increase in the value of the investments compared to the original cost, less provision for deferred tax.

Share Capital

On 8 December 2023, a Rights Issue took place whereby 682,142 additional shares were issued to the shareholders at a nominal value of £1 per share. The amount in cash per share was £1.40 creating a share premium of £272,858.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 August 2024 and the period ended 31 August 2023:

2024 2023
£    £   
C S J Cropper
Balance outstanding at start of year - -
Amounts advanced 10 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10 -

Zephen Farms Limited (Registered number: 05389113)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the estate of Mr P J Cropper.