Company registration number 03287616 (England and Wales)
FARMGLADE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
FARMGLADE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
FARMGLADE LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
30 June 2024
31 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
54,724
60,980
Investment property
5
1,767,569
1,315,601
Investments
6
200
200
1,822,493
1,376,781
Current assets
Debtors
7
14,331,640
11,588,936
Investments
8
20,221,367
15,773,308
Cash at bank and in hand
156,999
2,005,371
34,710,006
29,367,615
Creditors: amounts falling due within one year
9
(26,195,200)
(22,871,976)
Net current assets
8,514,806
6,495,639
Total assets less current liabilities
10,337,299
7,872,420
Provisions for liabilities
(1,316,973)
(548,926)
Net assets
9,020,326
7,323,494
Capital and reserves
Called up share capital
100
100
Other reserves
10
4,765,257
2,482,647
Profit and loss reserves
10
4,254,969
4,840,747
Total equity
9,020,326
7,323,494
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
F J Burke
Director
Company registration number 03287616 (England and Wales)
FARMGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Farmglade Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, E1W 9US.
1.1
Reporting period
The company's accounting reference date was shortened to 30 June 2024 and the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and listed investments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Turnover
Turnover represents rental income from investment properties and is measured at fair value. Rental income is recognised in the period to which it arises on an accruals basis and in accordance with the terms of the lease.
1.4
Tangible fixed assets
Tangible fixed assets include investment properties valued by the directors on an open market value basis. Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land & buildings Leasehold
over 10 years
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
FARMGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand.
1.9
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
FARMGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
FARMGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.15
Current Asset Investments
Current assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
12
12
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
293,235
536,471
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024 and 30 June 2024
318,768
262,534
581,302
Depreciation and impairment
At 1 January 2024
318,768
201,554
520,322
Depreciation charged in the period
6,256
6,256
At 30 June 2024
318,768
207,810
526,578
Carrying amount
At 30 June 2024
54,724
54,724
At 31 December 2023
60,980
60,980
FARMGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 6 -
5
Investment property
2024
£
Fair value
At 1 January 2024
1,315,601
Additions
1,514
Revaluations
450,454
At 30 June 2024
1,767,569
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
On a historical cost basis these would have been included at an original cost of £801,429 (2023: £799,916).
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
200
200
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,300,636
3,280,636
Other debtors
10,928,991
8,206,287
14,229,627
11,486,923
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
102,013
102,013
Total debtors
14,331,640
11,588,936
8
Current asset investments
2024
2023
£
£
Listed investments
20,221,367
15,773,308
FARMGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 7 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
260,513
40,707
Amounts owed to group undertakings
21,103,982
21,671,362
Taxation and social security
46,717
192,164
Other creditors
4,783,988
967,743
26,195,200
22,871,976
10
Reserves
Other reserves
Other reserves represents non-distributable reserves arising from the revaluation of investment property and listed investments less deferred tax.
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Ian Hughes ACA
Statutory Auditor:
Gravita II LLP
Date of audit report:
26 June 2025
12
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
FARMGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
12
Related party transactions
(Continued)
- 8 -
Recharged salary costs & management fee
2024
2023
£
£
Other related parties
874,735
1,541,842
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
4,720,629
-
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
6,912,814
7,699,406
The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
13
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
All balances are current account balances, unsecured and repayable on demand.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Current account
2.25
(918,542)
5,626,504
6,339
(1,370,000)
3,344,301
(918,542)
5,626,504
6,339
(1,370,000)
3,344,301
14
Parent company
At the balance sheet date the immediate parent undertaking was Cedar Property Holdings Limited and the ultimate parent company was Lodge Pine Developments Limited, a company registered in England and Wales. Both companies have a registered office of 2 Leman Street, London, E1W 9US.
The directors are of the opinion that F J Burke is the ultimate controlling party.