REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 August 2024 |
for |
Zephen Farms Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Zephen Farms Limited (Registered number: 05389113) |
Balance Sheet |
31 August 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 10 |
Retained earnings | ( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
AMORTISATION |
Amortisation for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
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 | 7,268,875 |
Additions | 974,069 |
Disposals | ( |
) | (2,610,042 | ) |
Revaluations | ( |
) | (84,681 | ) |
At 31 August 2024 | 5,548,221 |
NET BOOK VALUE |
At 31 August 2024 | 5,548,221 |
At 31 August 2023 | 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 |
Other debtors |
Directors' current accounts | 10 | - |
VAT |
Prepayments and accrued income |
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 |
Social security and other taxes |
Other creditors |
Amounts owed to group |
undertakings | 4,590,550 | 4,587,060 |
Directors' current accounts | - | 925 |
Accruals and deferred income |
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 |
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 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |