| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| St. John's House, |
| Castle Street, |
| Taunton |
| Somerset |
| TA1 4AY |
| SOLICITORS: |
| 40 High West Street |
| Dorchester |
| Dorset |
| DT1 1UR |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 8 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Share premium | 14 |
| Fair value reserve | 14 | ( |
) |
| Retained earnings | 14 |
| SHAREHOLDERS' FUNDS |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| BALANCE SHEET - continued |
| 30 SEPTEMBER 2024 |
| 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| F.A.W. Baker's Kingston 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 any accumulated impairment losses. |
| Tangible fixed assets |
| Leasehold improvements | - | 10% or 20% on straight line basis |
| Implements | - | 15% on reducing balance basis |
| Silage pit | - | 15 years on straight line basis |
| Fixtures and fittings | - | 15% on reducing balance basis |
| Motor vehicles | - | 25% on reducing balance basis |
| Slurry tank and equipment | - | 15% on reducing balance basis |
| Fork lift truck | - | 25% on reducing balance basis |
| Tractors | - | 25% on reducing balance basis |
| Cheese-making equipment | - | 20% on reducing balance basis |
| Office equipment | - | 20% on straight line basis |
| Rushywood dairy unit | - | 15 years on straight line basis |
| The directors consider that freehold properties other than the Rushywood dairy unit are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. |
| The directors perform annual impairment reviews to ensure that the carrying value is not lower than the recoverable amount. |
| 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 and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are held by independent managers. Contributions payable to this pension scheme are charged to profit or loss in the period to which they relate. |
| The company operates a defined contribution pension scheme [NEST] for its eligible and participating auto-enrolled staff. The scheme and its assets are held by independent managers. Contributions payable to this pension scheme are charged to profit or loss in the period to which they relate. |
| Herd account |
| This is a fungible asset, any transfers out being determined by the method of weighted average price and transfers into the herd account are dealt with in accordance with the legislation which, for tax purposes, allows livestock forming a production herd to be dealt with as a capital asset. |
| Investments |
| Unlisted fixed asset investments are stated at cost less provision for permanent diminution in value. |
| Listed fixed asset investments are stated at open market value with annual gains and losses reflected in the income statement. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| Additions |
| At 30 September 2024 |
| AMORTISATION |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Motor | Dairy |
| Tractors | vehicles | herd | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Freehold property assets other than the Rushywood dairy unit are likely to have a value in excess of the cost included in the accounts. In the opinion of the directors, however, it is not in the company's interest to incur the costs of obtaining an independent valuation in this respect. |
| Dairy herd |
| 30.9.24 | 30.9.23 |
| £ | £ |
Balance as at 1st October 2023 | 1,871 | Cows & Bulls | 2,979,150 | 2,731,800 |
| Transfer from/ (to) profit and loss account | (1 | ) | Bulls | (2,250 | ) | - |
| Transfer from/ (to) profit and loss account | 330 | Cows | 943,225 | 247,350 |
Balance as at 30th September 2024 | 2,200 | Cows & Bulls | 3,920,125 | 2,979,150 |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Improvements |
| to | Plant and | Motor |
| property | machinery | Tractors | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Transfer to ownership | - | (362,022 | ) | (19,000 | ) | - | (381,022 | ) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Transfer to ownership | - | (173,569 | ) | (10,984 | ) | - | (184,553 | ) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST OR VALUATION |
| At 1 October 2023 |
| Revaluations | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 6. | FIXED ASSET INVESTMENTS - continued |
| Cost or valuation at 30 September 2024 is represented by: |
| Other |
| investments |
| £ |
| Valuation in 2015 | 35,401 |
| Valuation in 2016 | 13,163 |
| Valuation in 2017 | 3,739 |
| Valuation in 2018 | 7,280 |
| Valuation in 2019 | 10,022 |
| Valuation in 2020 | 26,475 |
| Valuation in 2021 | 200 |
| Valuation in 2022 | (31,686 | ) |
| Valuation in 2023 | (12,889 | ) |
| Valuation in 2024 | (1,471 | ) |
| Cost | 469,623 |
| 519,857 |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Unlisted investments |
| Mole Valley Farmers Limited | 120 Trading shares | 120 | 120 |
| 1 Ordinary share | 150 | 150 |
| ACT Limited | 50 Shares | - | - |
| Arla | Member's Capital Account | 469,353 | 469,353 |
| 469,623 | 469,623 |
| Listed investments |
| Genus plc | 2,493 Ordinary 10p shares | 50,234 | 51,705 |
| 50,234 | 51,705 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| Revaluations | (22,369 | ) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 7. | INVESTMENT PROPERTY - continued |
| Fair value at 30 September 2024 is represented by: |
| £ |
| Valuation in 2024 | (22,369 | ) |
| Cost | 422,369 |
| 400,000 |
| If the investment property had not been revalued it would have been included at the following historical cost: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Cost | 422,369 | - |
| The investment property was valued on an open market basis on 13 October 2023 by Symonds & Sampson . |
| The revaluation in 2024 removes the purchase costs incurred during the year so the property is carried at its open market value as established for the purchase from a director. |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Other creditors |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| AMC Mortgage | 1,650,000 | 1,650,000 |
| Repayable by instalments |
| Bank loans | 1,973,500 | 1,326,746 |
| AMC Mortgage | 403,778 | 452,830 |
| 2,377,278 | 1,779,576 |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 910,332 | 594,249 |
| AMC Mortgages | 2,256,784 | 2,292,302 |
| HSBC Bank Loans | 3,731,041 | 2,821,926 |
| HSBC Bank plc has debentures dated 16th February 2017 containing fixed and floating charges over all freehold (including commonhold) and leasehold land vested in the company together with all buildings, fixtures, fittings and fixed plant and machinery thereon and all intellectual property belonging to the company. |
| HSBC Bank plc has a legal mortgage charge dated 16th February 2017 over freehold property at Rushywood Farm, land at Globe Farm, 18 Globe Orchard, 561, 562 and 565 North Street, Northcote Cottage and Blue Hayes, Haselbury Plucknett and a leasehold building at Rushywood Farm. |
| HSBC Bank plc has a legal mortgage charge dated 16th February 2017 over freehold property known as Leaze Farm, Haselbury Plucknett excluding Leaze Farmhouse. |
| HSBC Bank plc has a legal mortgage charge dated 26th July 2017 over a life policy issued by Legal and General Assurance Society Limited in the sum of £750,000. |
| HSBC Bank plc has a legal mortgage charge dated 1st October 2018 over freehold property known as, Stoneleigh, North Street, Haselbury Plucknett. |
| HSBC Bank plc has a legal mortgage charge dated 26th August 2022 over freehold property known as, Redstalls Farm, Downey Field Lane, Haselbury Plucknett. |
| HSBC Bank plc has a legal mortgage charge dated 20th October 2023 over freehold property known as, , Applegarth, Haselbury Plucknett. |
| The mortgage loan of £1,250,000 with AMC is for 25 years, secured by a legal charge over freehold property at Rushywood Farm, house and cottage, 18 Globe Orchard, Globe Farm and Blue Hayes, Haselbury Plucknett. |
| The repayment mortgage loans of £258,847 with AMC (originally £753,300), are secured by a legal mortgage over freehold property at Rushywood Farm, house and cottage, 561 North Street and 562 North Street, Haselbury Plucknett. |
| A mortgage loan of £400,000 for 20 years, and a repayment mortgage loan of £347,937 [originally £400,000], both with AMC, were advanced on 10 March 2021. These are both secured by a fixed charge, of the same date, over freehold property at Rushywood Farm under title ST33379 |
| The hire purchase creditors are secured against the items of equipment that are the subject of the agreements. Failure to complete payment under the terms of the agreements will entitle the owner to recover the equipment. The owner will be entitled to a minimum of half of the total amount payable under an agreement and return of the goods if an agreement is terminated. |
| 12. | PROVISIONS FOR LIABILITIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax | 839,933 | 713,910 |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 12. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Provided during year |
| Balance at 30 September 2024 |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| A Ordinary | £1 | 10 | 10 |
| B Ordinary | £1 | 10 | 10 |
| C Ordinary | £1 | 10 | 10 |
| 30 | 30 |
| Allotted and issued: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | £1 | 11,623 | 11,623 |
| 14. | RESERVES |
| Fair |
| Retained | Share | value |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 October 2023 | 6,786,014 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Profit adjustment re property | 16,777 | - | (16,777 | ) | - |
| At 30 September 2024 | ( |
) | 7,297,414 |
| 15. | OTHER FINANCIAL COMMITMENTS |
| At 30th September 2023 the company had annual commitments under non-cancellable operating leases as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Expiry date: |
| Between one and five years | 0 | 0 |
| In over five years | 52,310 | 52,310 |
| 52,310 | 52,310 |
| F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| During the year the company rented Manor Farm, approximately 200 acres, for a value of £1,400 (Prior Year - £1,400) from N C Baker and the Bakers Children's Settlement Trust Fund. This transaction was undertaken in accordance with the tenancy agreement. Mrs C M Baker and N C Baker also made available approximately 73 acres of land during the year for the use of the company for which they received no consideration. |
| Mrs C M Baker also own two thirds of Leaze Farm which is currently let to the company at £910 per annum. |
| The late Mr B F Baker signed a first legal charge over Manor Farm as security for the company. |
| On 23rd January 2008, Bakers of Haselbury Plucknett Ltd was incorporated. At the balance sheet date Mrs C M Baker and Mr N C Baker owned 100% of the ordinary share capital of the company. F A W Baker's Kingston Farms Limited leases equipment from the company. |
| On 20 October 2023 the property known as Applegarth, Haselbury Plucknett, was purchased from Mrs C M Baker at open market value as established by Symonds & Sampson. |