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Registration number: 08061273

Godstone Farm Limited

Annual Report and Financial Statements

for the Year Ended 30 November 2024

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Godstone Farm Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Statement of Income and Retained Earnings

11

Statement of Financial Position

12

Notes to the Financial Statements

13 to 21

 

Godstone Farm Limited

Company Information

Directors

Mrs J M Flaherty

Mrs S C Jackson

Ms S Kelman

Ms N Henderson

Registered office

1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

Auditor

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
TN13 1YL

 

Godstone Farm Limited

Strategic Report for the Year Ended 30 November 2024

The directors present their strategic report for the year ended 30 November 2024.

Principal activity

The principal activity of the company is that of the operation of a children's farm attraction.

Fair review of the business

At Godstone Farm visitors can enjoy viewing approximately 500 animals and experience both indoor and outdoor play areas, alongside regular seasonal events. The operation consists of a primary revenue stream through entrance tickets and secondary revenues from food & beverage, retail and specific event sales. Godstone Farm Limited's turnover for the year ended 30 November 2024 amounted to £3.73m, this follows ongoing investment following the business’ growth strategy.

In June 2023 Godstone Farm opened Surrey’s largest indoor play centre together with a new shop & entrance and a new animal barn. We saw the ongoing impact on visitor numbers of this new attraction through the first half of 2024 but saw softer year on year performance in the second half of the year. However seasonal events such as Camping, Fireworks and Christmas pre-sales were all strong and delivered increased profit year on year.

The Directors are pleased to note the overall turnover of Godstone Farm Limited has increased from £3.2m to £3.7m (+20%) year on year and the forecasts indicate that the business will continue to see steady growth. The Directors are happy to report that due to careful cost control and operational efficiencies the EBITDA conversion of the business for the 2023/2024 trading year was 35% an increase of 3% on the previous year, and which is higher than many other businesses in the industry. (Information from National Farm Attractions Network}.

The Directors are very satisfied with the performance of the company and look ahead positively to continued growth through finetuning the commerciality of Godstone Farm. The Directors monitor key non financial performance indicators and were delighted to see year end customer satisfaction scores sitting over 8 /10 which is a strong performance within the context of the industry.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£000's

3,729

3,240

Gross Profit Margin

%

59

62

Net Profit

£000's

1,064

801

Net Profit Margin

%

29

25

 

Godstone Farm Limited

Strategic Report for the Year Ended 30 November 2024

Principal risks and uncertainties

The management of the business and the execution of the company’s strategy are subject to a number of risks.

The key business risks and uncertainties affecting the company are considered to relate to the current cost of living crisis, rising competition in the local area and potential outbreaks of zoonotic diseases.

The company’s principal financial instruments comprise of bank balances, trade creditors and trade debtors. The main purpose of these instruments is to finance the company operations and, together with the retention of profits, to provide the necessary funding for growth.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to clients and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Operational Risk

Operational risk is caused by failures in business processes or the systems or physical infrastructure that support them that have the potential to result in financial loss or reputation damage. This includes errors, omissions, systems failure, lack of resources or physical assets and deliberate acts such as fraud.

The directors impose continuing self assessment and appraisals along with continually seeking to improve its operating efficiencies and standards. The directors endeavour to limit cost increases wherever possible and actively negotiate best terms with their major suppliers. The company governs its own price risk based on the directors' expectations for the company.

Credit Risk

Credit risk is the risk that counter-parties will not be able to meet their obligations as they fall due. The company closely monitors outstanding debts from all sources resulting in minimal exposure.

Market Risk

Although the directors are aware that the business may have some exposure to the current climate, the directors feel their reputation and position in the South East ensures it is not exposed to significant market risk.

Foreign Currency Risk

As the company only deals in sterling it is not exposed to foreign currency risk.

Risk Summary

The directors continuously monitor and respond to changes in the company's risk environment, so ensuring that the company remains well placed to address operational, reputational, financial and business risks in a timely and appropriate manner.

 

Godstone Farm Limited

Strategic Report for the Year Ended 30 November 2024

Future Developments

The business continues to invest in repairs and maintenance across the farm attraction to ensure it can stay ahead of competition. The business also continues to cement its “breadth of offer messaging” through marketing campaigns, this showcases its wide variety of activities both indoor and outdoors with the intention of driving future increases in footfall during shoulder periods such as winter months and term time, and through our successful seasonal events. In 2025 we are planning to focus on our outdoor play area, this will include adding new play features, replacing our aged food & beverage outlet and adding new toilets and showers to the top of this play area that will also be used during our camping event.

Approved by the Board on 8 April 2025 and signed on its behalf by:

.........................................
Mrs J M Flaherty
Director

 

Godstone Farm Limited

Directors' Report for the Year Ended 30 November 2024

The directors present their report and the financial statements for the year ended 30 November 2024.

Directors of the company

The directors who held office during the year were as follows:

Mrs J M Flaherty

Mrs S C Jackson

Ms S Kelman

Ms N Henderson

Dividends

No interim dividends were paid during the year (2023: £Nil). No final dividend is proposed.

Information included in the Strategic Report

The company has chosen in accordance with section 414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial risk management, exposure and future developments.

Directors' liabilities

The company has purchased Directors' and Officers' liability insurance for Directors and Officers as permitted by section 233 of the Companies Act 2006.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the director on 8 April 2025 and signed by:



 

.........................................
Mrs J M Flaherty
Director

 

Godstone Farm Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Godstone Farm Limited

Independent Auditor's Report to the Members of Godstone Farm Limited
for the Year Ended 30 November 2024

Opinion

We have audited the financial statements of Godstone Farm Limited (the 'company') for the year ended 30 November 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year 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.

Basis for qualified opinion on financial statements

We were not appointed as auditor of the company until after 30 November 2022 and thus we did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 November 2022 which are included in the statement of financial position of £78,868 by using other audit procedures. Consequently we were unable to determine whether there was any consequential effect on the cost of sales and therefore the result for the period ended 30 November 2022. Our audit opinion on the current period's financial statements is modified because of the possible effect of this matter on the comparability of the current period's figure and the corresponding period.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Godstone Farm Limited

Independent Auditor's Report to the Members of Godstone Farm Limited
for the Year Ended 30 November 2024

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effect of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatement in the Strategic Report and Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches visited by us, or;

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 6), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Godstone Farm Limited

Independent Auditor's Report to the Members of Godstone Farm Limited
for the Year Ended 30 November 2024

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws and environmental legislation, health and safety legislation, anti-bribery legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the company is complying with relevant legislation by making enquiries of management and those responsible for legal and compliance procedures. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

 

Godstone Farm Limited

Independent Auditor's Report to the Members of Godstone Farm Limited
for the Year Ended 30 November 2024

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of
Brebners,
1 Suffolk Way
Sevenoaks
TN13 1YL

8 April 2025

 

Godstone Farm Limited

Statement of Income and Retained Earnings for the Year Ended 30 November 2024

Note

2024
£

2023
£

Turnover

3

3,728,811

3,240,331

Cost of sales

 

(1,521,772)

(1,242,746)

Gross profit

 

2,207,039

1,997,585

Administrative expenses

 

(1,146,266)

(1,199,417)

Operating profit

5

1,060,773

798,168

Other interest receivable and similar income

6

3,355

2,730

 

3,355

2,730

Profit before tax

 

1,064,128

800,898

Taxation

10

(237,094)

(210,164)

Profit for the financial year

 

827,034

590,734

Retained earnings brought forward

 

3,146,832

2,556,098

Retained earnings carried forward

 

3,973,866

3,146,832

 

Godstone Farm Limited

Statement of Financial Position as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

8,559,978

8,323,037

Investment property

12

700,000

-

 

9,259,978

8,323,037

Current assets

 

Stocks

13

116,560

103,261

Debtors

14

140,848

194,571

Cash at bank and in hand

 

1,198,452

292,338

 

1,455,860

590,170

Creditors: Amounts falling due within one year

16

(5,872,717)

(4,966,497)

Net current liabilities

 

(4,416,857)

(4,376,327)

Total assets less current liabilities

 

4,843,121

3,946,710

Provisions for liabilities

17

(869,155)

(799,778)

Net assets

 

3,973,966

3,146,932

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

20

50

50

Retained earnings

20

3,973,866

3,146,832

Shareholders' funds

 

3,973,966

3,146,932

Approved and authorised by the Board on 8 April 2025 and signed on its behalf by:

 

......................................................................

Mrs J M Flaherty

Director

Company registration number: 08061273

 

Godstone Farm Limited

Notes to the Financial Statements for the Year Ended 30 November 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:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of the operation of a children's farm attraction.

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Summary of disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS102. Its financial statements are consolidated into the financial statements of WithinR Holdings Limited. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:

(a) No cash flow statement has been presented for the company.
(b) No disclosure has been made of financial instruments measured at fair value through profit or loss.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

Going concern

The company made a profit for the year ended 30 November 2024 and had net assets at that date amounting to £3,973,966 including cash at bank of £1,198,452.

However, the company had net current liabilities at 30 November 2024 amounting to £4,416,857. At this date an amount of £5,155,817 was due to group undertakings who have confirmed they won't call for repayment until such time as the company has sufficient working capital.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

Godstone Farm Limited

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other estimation uncertainties provide a risk of causing a material adjustment to the carrying values of assets and liabilities.

Judgements and estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. The company exercises judgement to determine these useful lives and residual values.

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.

The company recognises turnover from entrance fees on the date of admission and from shop and café sales at the point of sale.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Godstone Farm Limited

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

Depreciation

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

Asset class

Depreciation method and rate

Plant & Machinery

25% reducing balance

Fixtures & Fittings

20% straight line

Freehold Buildings

2% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Finance leases

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Godstone Farm Limited

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

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Ticketing and retail outlet revenues

3,491,764

3,008,023

Livestock sales

16,574

9,276

Other revenues

220,473

223,032

3,728,811

3,240,331

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
 £

2023
 £

Fair value adjustment on investment property

349,900

-

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

260,767

165,607

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

3,355

2,730

 

Godstone Farm Limited

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

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,268,143

1,038,539

Social security costs

93,169

60,778

Pension costs

16,480

12,496

1,377,792

1,111,813

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Management

9

9

Clerical

2

2

Retail and catering

46

37

Operations

94

85

151

133

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

166,909

123,560

Contributions paid to money purchase schemes

1,321

1,321

168,230

124,881

9

Auditor's remuneration

2024
 £

2023
 £

Audit of the financial statements

13,125

12,500

Other fees to auditors

Taxation compliance services

2,500

2,500


 

 

Godstone Farm Limited

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

10

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

52,054

-

Deferred taxation

Arising from origination and reversal of timing differences

185,040

210,164

Tax expense in the income statement

237,094

210,164

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,064,128

800,898

Corporation tax at standard rate

266,032

200,225

Tax (decrease)/increase from effect of capital allowances and depreciation

(29,622)

9,939

Effect of expense not deductible in determining taxable profit

684

-

Total tax charge

237,094

210,164

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

781,680

Fair value adjustments

-

87,475

-

869,155

2023

Asset
£

Liability
£

Accelerated capital allowances

-

799,778

Trading losses carried forward

115,663

-

115,663

799,778

 

Godstone Farm Limited

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

11

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 December 2023

7,845,007

734,765

397,886

8,977,658

Additions

317,172

127,811

52,725

497,708

At 30 November 2024

8,162,179

862,576

450,611

9,475,366

Depreciation

At 1 December 2023

115,478

405,053

134,090

654,621

Charge for the year

89,476

99,461

71,830

260,767

At 30 November 2024

204,954

504,514

205,920

915,388

Carrying amount

At 30 November 2024

7,957,225

358,062

244,691

8,559,978

At 30 November 2023

7,729,529

329,712

263,796

8,323,037

12

Investment properties

2024
£

Fair value

Additions

350,100

Fair value adjustments

349,900

At 30 November 2024

700,000

The investment properties are included at fair value as estimated by the directors at an amount of £700,000 at 30 November 2024.

13

Stocks

2024
£

2023
£

Stock

116,560

103,261

 

Godstone Farm Limited

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

14

Debtors

2024
£

2023
£

Trade debtors

 

39,687

18,234

Other debtors

 

-

940

Prepayments

 

101,161

59,734

Deferred tax asset

10

-

115,663

 

140,848

194,571

15

Cash and cash equivalents

2024
£

2023
£

Cash on hand

3,966

3,647

Cash at bank

73,485

50,678

Short-term deposits

1,121,001

238,013

1,198,452

292,338

16

Creditors

2024
£

2023
£

Due within one year

Trade creditors

117,547

186,280

Amounts due to group undertakings

5,155,817

4,391,900

Social security and other taxes

156,523

95,953

Other payables

95,937

77,480

Accruals

294,839

214,884

Corporation tax liability

52,054

-

5,872,717

4,966,497

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 December 2023

799,778

799,778

Increase (decrease) in existing provisions

69,377

69,377

At 30 November 2024

869,155

869,155

 

Godstone Farm Limited

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

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounts to £16,481 (2023: £12,496).

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

B ordinary shares of £1 each

50

50

50

50

       

There are no restrictions on the repayment of capital or the distribution of dividends.

20

Reserves

The amount included within the profit and loss accounts which is not distributable is £262,425 (2023: £Nil).

21

Related party transactions

Summary of transactions with subsidiaries

Exemption has been taken under FRS 102 paragraph 33.1A not to disclose transactions or amounts falling due with companies that are wholly within the group.

At 30 November 2024 an amount of £10,412 (2023: £9,940) was due to the directors.

 

22

Parent and ultimate parent undertaking

The company's immediate and ultimate parent undertaking is WithinR Holdings Limited

The parent of the smallest and largest group in which the results of the company are included is WithinR Holdings Limited.

The registered address of WithinR Holdings Limited is 1 Suffolk Way, Sevenoaks, Kent, TN13 1YL

Ultimate control vests with Mrs J M Flaherty.