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CP Farming Ltd

Annual Report and Financial Statements
Year Ended 31 December 2024

Registration number: 11915066

 

CP Farming Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

CP Farming Ltd

Company Information

Director

Mr T H Povlsen

Registered office

The Moat House
Grange Lane
Malmesbury
England
SN16 0ER

Auditors

PKF Francis Clark
Statutory AuditorHitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

CP Farming Ltd

Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

8,487

Tangible assets

6

20,364,525

20,302,794

Investment property

7

4,167,029

4,035,863

 

24,531,554

24,347,144

Current assets

 

Stocks

8

912,663

598,009

Debtors

9

598,935

311,359

Cash at bank and in hand

 

492,042

474,612

 

2,003,640

1,383,980

Creditors: Amounts falling due within one year

10

(7,118,180)

(6,250,173)

Net current liabilities

 

(5,114,540)

(4,866,193)

Net assets

 

19,417,014

19,480,951

Capital and reserves

 

Called up share capital

11

10,250,000

10,250,000

Share premium reserve

10,250,000

10,250,000

Profit and loss account

(1,082,986)

(1,019,049)

Shareholders' funds

 

19,417,014

19,480,951

Included within profit and loss reserves are non-distributable reserves of £673,572 (2023 - £542,406).

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 22 July 2025
 

.........................................
Mr T H Povlsen
Director

Company Registration Number: 11915066

 

CP Farming Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Moat House
Grange Lane
Malmesbury
England
SN16 0ER

The principal place of business is:
Lowesmoor Farm
Lowesmoor
Cherington
Tetbury
GL8 8SP

These financial statements were authorised for issue by the director on 22 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, rounded to the nearest whole pound.

Going concern

The director has reviewed the level of core overheads of the business, to determine if there is sufficient working capital to meet these requirements. The parent company has confirmed its intention to provide continuing financial support to CP Farming Ltd, so the company is able to continue to meet its liabilities as they fall due. On this basis the director adopts the going concern basis of presentation.

 

CP Farming Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Farming and residential buildings

2% straight line basis

Plant and machinery

20% reducing balance basis

Investment property

Investment properties are included at estimation of their open market value at each balance sheet date. Valuations are determined by a combination of techniques including reference to recent sales of similar properties, and known yields for similar properties within the same location.

Fair value movements on investment properties are recognised in the profit and loss account under the heading Other operating income.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Entitlements

20% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of stock comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

CP Farming Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short intercompany and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 2).

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Sublease rental income

2,181

15,237

Miscellaneous other operating income

3,840

13,393

Fair value movement on investment property

131,166

50,613

137,187

79,243

 

CP Farming Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

5

Intangible assets

Entitlements
 £

Total
£

Cost or valuation

At 1 January 2024

42,435

42,435

At 31 December 2024

42,435

42,435

Amortisation

At 1 January 2024

33,948

33,948

Amortisation charge

8,487

8,487

At 31 December 2024

42,435

42,435

Carrying amount

At 31 December 2024

-

-

At 31 December 2023

8,487

8,487

6

Tangible assets

Land and buildings
£

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2024

20,397,352

9,342

20,406,694

Additions

76,900

16,027

92,927

At 31 December 2024

20,474,252

25,369

20,499,621

Depreciation

At 1 January 2024

100,251

3,649

103,900

Charge for the year

27,701

3,495

31,196

At 31 December 2024

127,952

7,144

135,096

Carrying amount

At 31 December 2024

20,346,300

18,225

20,364,525

At 31 December 2023

20,297,101

5,693

20,302,794

Included within the net book value of land and buildings above is £19,089,210 (2023 - £19,089,748) in respect of freehold land and buildings and £1,257,090 (2023 - £1,207,353) in respect of long leasehold land and buildings.
 

 

CP Farming Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

7

Investment properties

2024
£

At 1 January

4,035,863

Fair value adjustments

131,166

At 31 December

4,167,029

Valuation has been made on an open market basis.

The valuation has been made by the Director during the year.

8

Stocks

2024
£

2023
£

Other inventories

912,663

598,009

9

Debtors

2024
£

2023
£

Trade debtors

50,978

28,224

Prepayments and accrued income

501,770

182,022

Other debtors

46,187

101,113

598,935

311,359

 

CP Farming Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

54,929

98,581

Amounts due to group undertakings

13

6,322,036

6,033,030

Accruals and deferred income

 

234,760

118,562

Other creditors

 

506,455

-

 

7,118,180

6,250,173

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,250,000

10,250,000

10,250,000

10,250,000

       

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £138,209 (2023 - £138,715). The commitment relates to the rent of land.

 

CP Farming Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

13

Related party transactions

Transactions with the director

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Mr T H Povlsen

Loan

-

507,793

(1,338)

506,455

Other transactions with the director

During the year, £184,785 was paid to the director for the rent of land.

Summary of transactions with parent

Holch Povlsen Switzerland AG, the parent company.

Summary of transactions with other related parties

Nine United Properties UK Ltd, Nine United A/S and Manton Agri Ltd, group companies.

Loans from related parties

2024

Parent
£

Other related parties
£

Total
£

At start of period

489

6,032,541

6,033,030

Advanced

507,304

107,469

614,773

Interest transactions

-

182,026

182,026

Repaid

(507,793)

-

(507,793)

At end of period

-

6,322,036

6,322,036

2023

Parent
£

Other related parties
£

Total
£

At start of period

14,559,878

9,027,664

23,587,542

Advanced

5,024,931

1,750,000

6,774,931

Repaid

(20,000,000)

-

(20,000,000)

Interest transactions

422,232

279,808

702,040

Impairment

(6,552)

(5,024,931)

(5,031,483)

At end of period

489

6,032,541

6,033,030

Terms of loans from related parties

 

CP Farming Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

Repayable on demand with interest charged at 3% per annum
 

14

Parent and ultimate parent undertaking

The company's immediate parent is Holch Povlsen Switzerland AG, incorporated in Switzerland.

 The most senior parent entity producing publicly available financial statements is Holch Povlsen Switzerland AG. These financial statements are available upon request from c/o Park Treuhand AG, Promenadenstrasse 18, 8201 Schaffhausen.

 

15

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Paul Giessler FCA, who signed for and on behalf of PKF Francis Clark on 25 July 2025.