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REGISTERED NUMBER: 11718511 (England and Wales)
















Financial Statements for the Year Ended 31 August 2024

for

Kelston Farms Limited

Kelston Farms Limited (Registered number: 11718511)






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


Kelston Farms Limited

Company Information
for the Year Ended 31 August 2024







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





SECRETARY: Mr N Burrows





REGISTERED OFFICE: 4 Queen Square
Bath
United Kingdom
BA1 2HA





REGISTERED NUMBER: 11718511 (England and Wales)





AUDITORS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Kelston Farms Limited (Registered number: 11718511)

Abridged Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 23,254,207 7,632,307
Investment property 6 1,780,000 -
25,034,207 7,632,307

CURRENT ASSETS
Stocks 740,843 246,567
Debtors 162,192 333,232
Cash at bank 258,609 476,216
1,161,644 1,056,015
CREDITORS
Amounts falling due within one year 4,089,544 1,138,967
NET CURRENT LIABILITIES (2,927,900 ) (82,952 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,106,307

7,549,355

PROVISIONS FOR LIABILITIES 7 - 228
NET ASSETS 22,106,307 7,549,127

CAPITAL AND RESERVES
Called up share 8 10,862,936 3,500,000
Share premium 10,862,936 3,500,000
Retained earnings 380,435 549,127
SHAREHOLDERS' FUNDS 22,106,307 7,549,127

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by:





Mrs A L F Brownsword-Matthews - Director


Kelston Farms Limited (Registered number: 11718511)

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

1. STATUTORY INFORMATION

Kelston 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.

The financial statements have been prepared on a going concern basis. The Directors consider this basis to be appropriate despite the fact that the balance sheet shows net current liabilities at 31st August 2024. One of the directors has made a loan to the company to assist with working capital requirements. This loan is repayable on demand but the directors have indicated that the loan will not be repaid until funds permit and certainly not to the detriment of the company's operations.

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

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

Entitlements is being amortised evenly over its estimated useful life of five 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 - not provided
Improvements to property - not provided
Plant and machinery - 20% on 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.

Improvements to property have not been depreciated on the basis they relate to the land. No depreciation is provided on the land due to net realisable value not being less than cost.

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.

Kelston Farms Limited (Registered number: 11718511)

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

2. ACCOUNTING POLICIES - continued

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 Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Kelston Farms Limited (Registered number: 11718511)

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

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023
and 31 August 2024 50,000
AMORTISATION
At 1 September 2023
and 31 August 2024 50,000
NET BOOK VALUE

At 31 August 2024 -
At 31 August 2023 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023 7,633,997
Additions 15,631,504
At 31 August 2024 23,265,501
DEPRECIATION
At 1 September 2023 1,690
Charge for year 9,604
At 31 August 2024 11,294
NET BOOK VALUE
At 31 August 2024 23,254,207
At 31 August 2023 7,632,307

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 1,842,780
Impairments (62,780 )
At 31 August 2024 1,780,000
NET BOOK VALUE
At 31 August 2024 1,780,000

Investment property was valued on an open market basis on 31 August 2024 by the directors.

7. PROVISIONS FOR LIABILITIES
31.8.23
£   
Deferred tax 228

Kelston Farms Limited (Registered number: 11718511)

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 228
Accelerated capital allowances 11,879
Loss on investment properties (15,695 )
Balance at 31 August 2024 (3,588 )

8. CALLED UP SHARE

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
21,725,872 Ordinary £0.50 10,862,936 3,500,000

During the year there was an allotment of 14,725,872 ordinary £0.50 shares; these shares rank equally for voting rights, dividend rights and capital distributions rights (including on a winding up).

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