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REGISTERED NUMBER: 01454916 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Up Cerne Limited

Up Cerne Limited (Registered number: 01454916)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Up Cerne Limited

Company Information
for the Year Ended 30 September 2024







DIRECTOR: Mr Colin Roderick Hawker McKenzie



SECRETARY: Mr David Hebditch



REGISTERED OFFICE: Estate Office
Up Cerne Manor
Up Cerne
DORCHESTER
Dorset
DT2 7AW



REGISTERED NUMBER: 01454916 (England and Wales)



ACCOUNTANTS: A C Mole LLP
Chartered Accountants
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX



SOLICITORS: Batten & Co
Church House
Yeovil
Somerset
BA20 1HB

Up Cerne Limited (Registered number: 01454916)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,043,938 3,881,041
Investment property 6 8,198,846 6,765,000
12,242,784 10,646,041

CURRENT ASSETS
Stocks 7 414,873 377,770
Debtors 8 115,883 349,498
Cash at bank 2,483,850 1,349,690
3,014,606 2,076,958
CREDITORS
Amounts falling due within one year 9 9,123,455 4,711,783
NET CURRENT LIABILITIES (6,108,849 ) (2,634,825 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,133,935

8,011,216

PROVISIONS FOR LIABILITIES 701,180 1,161,393
NET ASSETS 5,432,755 6,849,823

CAPITAL AND RESERVES
Called up share capital 59,328 59,328
Share premium 3,721,987 3,721,987
Revaluation reserve 10 4,287,759 4,287,759
Retained earnings (2,636,319 ) (1,219,251 )
SHAREHOLDERS' FUNDS 5,432,755 6,849,823

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 director acknowledges his 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 director and authorised for issue on 30 June 2025 and were signed by:





Mr Colin Roderick Hawker McKenzie - Director


Up Cerne Limited (Registered number: 01454916)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Up Cerne 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the amounts recognised in the financial statements. Estimates and judgements are reviewed on an ongoing basis and are based on historical experience and other relevant factors. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are as follows:

i) Valuation of investment properties
The company carries its investment property at fair value, with changes in fair value being recognised in the income statement. The company engaged an independent valuation specialist in 2023 to determine fair value at the year end. Subsequently the fair value has been reviewed by the director.

ii) Deferred taxation
Management estimation is required to determine the amount of deferred tax that should be provided on the revaluation of investment properties.

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.

Entitlements 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 each asset over its estimated useful life.
Plant and machinery - 15% on cost, 10% on cost and Straight line over 30 years
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Tractors and combines - 25% on reducing balance

A nil depreciation rate is appropriate for freehold buildings as the residual value over its useful life will exceed historical cost. Land has not been depreciated, properties are maintained to ensure that their value does not diminish over time. The maintenance costs are charged to profit and loss in the year incurred.

Investment property
Investment property is shown at most recent valuation plus any cost of property improvements. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stock and work in progress
Tillages, growing crops, cereals and other stores are valued at the lower of cost and net realisable value. The cost of cereals in store includes all direct production overheads. All other stock items are stated at cost.

Up Cerne Limited (Registered number: 01454916)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at settlement value.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 1 October 2023
and 30 September 2024 3,570
AMORTISATION
At 1 October 2023
and 30 September 2024 3,570
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

Up Cerne Limited (Registered number: 01454916)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 3,395,069 17,659 698,531
Additions 233,421 - 27,700
At 30 September 2024 3,628,490 17,659 726,231
DEPRECIATION
At 1 October 2023 - - 235,643
Charge for year - - 96,806
At 30 September 2024 - - 332,449
NET BOOK VALUE
At 30 September 2024 3,628,490 17,659 393,782
At 30 September 2023 3,395,069 17,659 462,888

Fixtures Tractors
and Motor and
fittings vehicles combines Totals
£    £    £    £   
COST
At 1 October 2023 59,858 85,940 24,295 4,281,352
Additions - - - 261,121
At 30 September 2024 59,858 85,940 24,295 4,542,473
DEPRECIATION
At 1 October 2023 59,680 80,693 24,295 400,311
Charge for year 107 1,311 - 98,224
At 30 September 2024 59,787 82,004 24,295 498,535
NET BOOK VALUE
At 30 September 2024 71 3,936 - 4,043,938
At 30 September 2023 178 5,247 - 3,881,041

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 6,765,000
Additions 1,433,846
At 30 September 2024 8,198,846
NET BOOK VALUE
At 30 September 2024 8,198,846
At 30 September 2023 6,765,000

Up Cerne Limited (Registered number: 01454916)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. INVESTMENT PROPERTY - continued

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2021 4,760,156
Valuation in 2022 1,021,775
Valuation in 2023 (75,000 )
Cost 2,491,915
8,198,846

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,491,915 1,058,069

Investment property was valued on an open market basis on 30 September 2024 by a professional valuer .

Renovation costs incurred during the year have been added to the cost element increasing the book value. Once the renovation is complete an updated professional valuation will be undertaken.

7. STOCKS
2024 2023
£    £   
Cereals in store 190,615 215,639
Other stock 49,363 162,131
Growing crops 174,895 -
414,873 377,770

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 80,267 275,850
Other debtors 35,093 35,456
VAT 523 38,192
115,883 349,498

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 442,929 440,106
Trade creditors 136,150 317,715
Amounts owed to group undertakings 8,346,500 3,895,493
Other creditors 197,876 58,469
9,123,455 4,711,783

10. RESERVES
Revaluation
reserve
£   
At 1 October 2023
and 30 September 2024 4,287,759

11. ULTIMATE CONTROLLING PARTY

The company is under the control of Up Cerne Ltd. Vaduz, a company incorporated in Liechtenstein; the ultimate controlling party is the Up-Cerne Settlement Trust constituted in Liechtenstein.