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Company No: 11294359 (England and Wales)

CHOLMONDELEY FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

CHOLMONDELEY FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

CHOLMONDELEY FARMS LIMITED

BALANCE SHEET

As at 31 March 2025
CHOLMONDELEY FARMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Intangible assets 3 85,235 170,471
Tangible assets 4 2,615,585 2,033,566
Biological assets 5 1,372,825 1,189,150
Investments 6 7,550 7,550
4,081,195 3,400,737
Current assets
Stocks 373,270 529,924
Debtors 7 854,225 534,170
1,227,495 1,064,094
Creditors: amounts falling due within one year 8 ( 4,148,473) ( 4,259,727)
Net current liabilities (2,920,978) (3,195,633)
Total assets less current liabilities 1,160,217 205,104
Creditors: amounts falling due after more than one year 9 ( 303,940) ( 188,221)
Provision for liabilities ( 136,794) ( 43,183)
Net assets/(liabilities) 719,483 ( 26,300)
Capital and reserves
Called-up share capital 10 461,400 1,000
Profit and loss account 258,083 ( 27,300 )
Total shareholder's funds/(deficit) 719,483 ( 26,300)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cholmondeley Farms Limited (registered number: 11294359) were approved and authorised for issue by the Board of Directors on 25 July 2025. They were signed on its behalf by:

Robert Miller
Director
CHOLMONDELEY FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
CHOLMONDELEY FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cholmondeley Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Estate Office Cholmondeley, Nr Malpas, Cheshire, SY14 8EZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Cholmondeley Farms Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Turnover

Turnover comprises farming produce sold during the year and rental income that is recognised on an accruals basis. Turnover also includes Basic payment and other government grants which are recognised on a calendar year basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Intangible assets

Intangible assets are Basic Payment entitlements that are initially recognised at cost. After recognition, under the revaluation model, intangible assets are restated to their fair value at the balance sheet date.

Entitlements not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
15 % reducing balance
Plant and machinery 5 - 20 % reducing balance
Vehicles 25 % reducing balance
Other property, plant and equipment 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Biological assets

The company has a number of dairy and beef herds which are held at market value at the year end. Changes in fair value are recognised in the statement of income and retained earnings.

Fixed asset investments

Fixed asset investments are measured at cost less accumulated impairment.

Stocks

Stock is valued at the lower of cost and net realisable value. Where accurate cost figures are not available, the deemed cost of production has been used on the following bases:

Cattle - 60% of market value
Deer - 60% of market value
Ewes and rams - 75% of market value
Crops in store - 75% of market value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of income and retained earnings.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 4

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 April 2024 170,471 170,471
Revaluation deficit ( 85,236) ( 85,236)
At 31 March 2025 85,235 85,235
Accumulated amortisation
At 01 April 2024 0 0
At 31 March 2025 0 0
Net book value
At 31 March 2025 85,235 85,235
At 31 March 2024 170,471 170,471

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 April 2024 1,346,767 817,065 210,827 171,038 2,545,697
Additions 193,275 679,968 61,893 79,556 1,014,692
Disposals 0 ( 261,078) ( 52,500) 0 ( 313,578)
At 31 March 2025 1,540,042 1,235,955 220,220 250,594 3,246,811
Accumulated depreciation
At 01 April 2024 238,192 197,679 58,572 17,688 512,131
Charge for the financial year 81,394 120,674 44,190 9,663 255,921
Disposals 0 ( 109,828) ( 26,998) 0 ( 136,826)
At 31 March 2025 319,586 208,525 75,764 27,351 631,226
Net book value
At 31 March 2025 1,220,456 1,027,430 144,456 223,243 2,615,585
At 31 March 2024 1,108,575 619,386 152,255 153,350 2,033,566

5. Biological assets

2025
£
Biological assets at fair value 1,372,825

Assets held at fair value:

Beef Total
£ £
Valuation
At 01 April 2024 1,189,150 1,189,150
Increase due to purchases/ transfers in 391,650 391,650
Decrease attributable to sales/ transfers out ( 533,200) ( 533,200)
Changes in FV less estimate costs to sell 325,225 325,225
Fair value at 31 March 2025 1,372,825 1,372,825

6. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2024 7,550 7,550
At 31 March 2025 7,550 7,550
Carrying value at 31 March 2025 7,550 7,550
Carrying value at 31 March 2024 7,550 7,550

7. Debtors

2025 2024
£ £
Trade debtors 404,242 183,122
Prepayments 5,450 62,360
VAT recoverable 30,337 36,044
Other debtors 414,196 252,644
854,225 534,170

8. Creditors: amounts falling due within one year

2025 2024
£ £
Bank overdrafts 135,061 166,144
Trade creditors 747,239 659,980
Accruals 176,662 57,923
Obligations under finance leases and hire purchase contracts 123,099 117,752
Other creditors 2,966,412 3,257,928
4,148,473 4,259,727

9. Creditors: amounts falling due after more than one year

2025 2024
£ £
Obligations under finance leases and hire purchase contracts 250,103 92,179
Other creditors 53,837 96,042
303,940 188,221

10. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
461,400 Class 1 ordinary shares of £ 1.00 each (2024: 1,000 shares of £ 1.00 each) 461,400 1,000

During the year, £460,400 of loans were converted into share capital.

11. Related party transactions

Other creditors includes £360,916 (2024: £1,458,953) owed to one of the directors at the year end. Amounts due are unsecured and interest free.