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REGISTERED NUMBER: 00665313 (England and Wales)















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: Mrs C M Baker
N C Baker



SECRETARY: Mrs C M Baker



REGISTERED OFFICE: Leaze Farm
Haselbury Plucknett
Crewkerne
Somerset
TA18 7RJ



REGISTERED NUMBER: 00665313 (England and Wales)



ACCOUNTANTS: Mitchells Chartered Accountants
St. John's House,
Castle Street,
Taunton
Somerset
TA1 4AY



SOLICITORS: HK Law
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 65,000 -
Tangible assets 5 12,087,364 10,705,537
Investments 6 519,857 521,328
Investment property 7 400,000 -
13,072,221 11,226,865

CURRENT ASSETS
Stocks 5,859,814 5,320,249
Debtors 8 1,430,531 1,184,597
Cash in hand 1,061 564
7,291,406 6,505,410
CREDITORS
Amounts falling due within one year 9 5,652,134 4,509,285
NET CURRENT ASSETS 1,639,272 1,996,125
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,711,493

13,222,990

CREDITORS
Amounts falling due after more than one
year

10

(6,399,753

)

(5,524,771

)

PROVISIONS FOR LIABILITIES 12 (839,933 ) (713,910 )

ACCRUALS AND DEFERRED INCOME (162,740 ) (186,642 )
NET ASSETS 7,309,067 6,797,667

CAPITAL AND RESERVES
Called up share capital 13 11,653 11,653
Share premium 14 730,247 730,247
Fair value reserve 14 (16,777 ) -
Retained earnings 14 6,583,944 6,055,767
SHAREHOLDERS' FUNDS 7,309,067 6,797,667

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313)

BALANCE SHEET - continued
30 SEPTEMBER 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 25 June 2025 and were signed on its behalf by:





N C Baker - Director


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 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 any accumulated impairment losses.

Feed-in Tariff Rights are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

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 46 (2023 - 46 ) .

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 75,000
At 30 September 2024 75,000
AMORTISATION
Charge for year 10,000
At 30 September 2024 10,000
NET BOOK VALUE
At 30 September 2024 65,000

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 6,880,113 2,211,320 3,982,251
Additions - - 943,087
Disposals - - (26,235 )
At 30 September 2024 6,880,113 2,211,320 4,899,103
DEPRECIATION
At 1 October 2023 1,783,844 1,134,175 2,834,646
Charge for year 80,061 175,783 311,239
Eliminated on disposal - - (10,123 )
At 30 September 2024 1,863,905 1,309,958 3,135,762
NET BOOK VALUE
At 30 September 2024 5,016,208 901,362 1,763,341
At 30 September 2023 5,096,269 1,077,145 1,147,605

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 757,180 82,076 2,979,150 16,892,090
Additions 257,740 3,500 940,975 2,145,302
Disposals (71,600 ) - - (97,835 )
At 30 September 2024 943,320 85,576 3,920,125 18,939,557
DEPRECIATION
At 1 October 2023 399,573 34,315 - 6,186,553
Charge for year 149,295 12,815 - 729,193
Eliminated on disposal (53,430 ) - - (63,553 )
At 30 September 2024 495,438 47,130 - 6,852,193
NET BOOK VALUE
At 30 September 2024 447,882 38,446 3,920,125 12,087,364
At 30 September 2023 357,607 47,761 2,979,150 10,705,537

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
30.9.2430.9.23
££

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 account330 Cows943,225247,350

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 82,000 643,168 527,660 28,620 1,281,448
Additions - 636,221 257,740 - 893,961
Disposals - (26,235 ) - - (26,235 )
Transfer to ownership - (362,022 ) (19,000 ) - (381,022 )
At 30 September 2024 82,000 891,132 766,400 28,620 1,768,152
DEPRECIATION
At 1 October 2023 20,300 253,294 227,161 12,521 513,276
Charge for year 8,200 123,230 137,556 4,025 273,011
Eliminated on disposal - (10,123 ) - - (10,123 )
Transfer to ownership - (173,569 ) (10,984 ) - (184,553 )
At 30 September 2024 28,500 192,832 353,733 16,546 591,611
NET BOOK VALUE
At 30 September 2024 53,500 698,300 412,667 12,074 1,176,541
At 30 September 2023 61,700 389,874 300,499 16,099 768,172

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 October 2023 521,328
Revaluations (1,471 )
At 30 September 2024 519,857
NET BOOK VALUE
At 30 September 2024 519,857
At 30 September 2023 521,328

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 422,369
Revaluations (22,369 )
At 30 September 2024 400,000
NET BOOK VALUE
At 30 September 2024 400,000

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 1,152,353 491,164
Other debtors 278,178 693,433
1,430,531 1,184,597

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 2,905,756 2,513,831
Hire purchase contracts 415,950 298,088
Trade creditors 2,030,483 1,197,022
Taxation and social security 62,601 65,179
Other creditors 237,344 435,165
5,652,134 4,509,285

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans 3,405,958 2,597,860
Hire purchase contracts 494,382 296,161
Other creditors 2,499,413 2,630,750
6,399,753 5,524,771

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 2,580,673 2,289,765
Hire purchase contracts 910,332 594,249
AMC Mortgages 2,256,784 2,292,302
HSBC Bank Loans 3,731,041 2,821,926
9,478,830 7,998,242

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 713,910
Provided during year 126,023
Balance at 30 September 2024 839,933

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
10 A Ordinary £1 10 10
10 B Ordinary £1 10 10
10 C Ordinary £1 10 10
30 30

Allotted and issued:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
11,623 Ordinary £1 11,623 11,623

14. RESERVES
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 October 2023 6,055,767 730,247 - 6,786,014
Profit for the year 583,400 583,400
Dividends (72,000 ) (72,000 )
Profit adjustment re property 16,777 - (16,777 ) -
At 30 September 2024 6,583,944 730,247 (16,777 ) 7,297,414

15. OTHER FINANCIAL COMMITMENTS

At 30th September 2023 the company had annual commitments under non-cancellable operating leases as follows:

30.9.2430.9.23
££
Expiry date:
Between one and five years00
In over five years52,31052,310
52,31052,310

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
£    £   
N C Baker
Balance outstanding at start of year 57,456 33,659
Amounts advanced 101,008 112,298
Amounts repaid (74,293 ) (88,501 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 84,171 57,456

Mrs C M Baker
Balance outstanding at start of year 49,223 -
Amounts advanced 6,574 59,533
Amounts repaid (51,327 ) (10,310 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,470 49,223

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.