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Registered number: 03540286
Kingham Farms Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
EllamWalker Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03540286
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,431,812 17,249,579
Investments 5 183,613 176,593
17,615,425 17,426,172
CURRENT ASSETS
Stocks 6 1,097,056 1,126,494
Debtors 7 307,036 258,287
Cash at bank and in hand 164,287 463,342
1,568,379 1,848,123
Creditors: Amounts Falling Due Within One Year 8 (250,109 ) (439,852 )
NET CURRENT ASSETS (LIABILITIES) 1,318,270 1,408,271
TOTAL ASSETS LESS CURRENT LIABILITIES 18,933,695 18,834,443
Creditors: Amounts Falling Due After More Than One Year 9 (2,010,000 ) (2,018,816 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (67,563 ) (67,132 )
NET ASSETS 16,856,132 16,748,495
CAPITAL AND RESERVES
Called up share capital 11 14,001,646 14,001,646
Profit and Loss Account 2,854,486 2,746,849
SHAREHOLDERS' FUNDS 16,856,132 16,748,495
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Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alistair Rae
Director
25/06/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Kingham Farms Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03540286 . The registered office is Aldbourne Chase House, Stock Lane, Marlborough, SN8 2NW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents amounts receivable from the sale of farming produce during the period. Turnover includes transfers to the herd account at cost of rearing and the profit or loss on replacement of herd animals. It also includes the relevant amount of Basic Payment Schem receipt, which is recognised on a calendar year basis.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No longer being depreciated
Plant & Machinery 20%-25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the 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 a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value. Livestock and crops in store are valued in accordance with HM Revenue & Customs guidelines.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 October 2023 18,439,618 924,970 63,750 19,428,338
Additions 127,016 141,911 - 268,927
Disposals - (27,500 ) - (27,500 )
As at 30 September 2024 18,566,634 1,039,381 63,750 19,669,765
Depreciation
As at 1 October 2023 1,507,382 629,790 41,587 2,178,759
Provided during the period - 65,220 5,541 70,761
Disposals - (11,567 ) - (11,567 )
As at 30 September 2024 1,507,382 683,443 47,128 2,237,953
...CONTINUED
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Net Book Value
As at 30 September 2024 17,059,252 355,938 16,622 17,431,812
As at 1 October 2023 16,932,236 295,180 22,163 17,249,579
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 37,020 49,359
5. Investments
Other
£
Cost
As at 1 October 2023 176,593
Additions 7,020
As at 30 September 2024 183,613
Provision
As at 1 October 2023 -
As at 30 September 2024 -
Net Book Value
As at 30 September 2024 183,613
As at 1 October 2023 176,593
This represents the value of the herd.
6. Stocks
2024 2023
£ £
Stock 1,097,056 1,126,494
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 73,770 73,852
Other debtors 233,266 184,435
307,036 258,287
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,000 9,184
Trade creditors 85,546 181,055
Other creditors 131,056 235,904
Taxation and social security 24,507 13,709
250,109 439,852
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 8,816
Other creditors 2,010,000 2,010,000
2,010,000 2,018,816
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,000 9,184
Less: Finance charges allocated to future periods - (8,816 )
9,000 18,000
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 14,001,646 14,001,646
12. Related Party Transactions
Included within debtors: amounts falling due within one year is a loan of £182,924 (2023 - £138,334) to B Kingham, the director of the company. Interest has been charged on this loan.
Included within creditors: amounts falling due after more than one year are loans of £2,010,000 (2023 - £2,010,000) due to B Kingham. These loans are interest free, unsecured and have a repayment date of 25 March 2029.
During the year, the company paid £25,000 (2023 - £22,000) for consultancy to Reliance Trust Limited, a company of which B Kingham is a director.
13. Ultimate Controlling Party
The company's ultimate controlling party is B Kingham.
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