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Registered number: 10586559
BLACKSTOWN FARM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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BLACKSTOWN FARM LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditors
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BLACKSTOWN FARM LIMITED
REGISTERED NUMBER: 10586559
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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BLACKSTOWN FARM LIMITED
REGISTERED NUMBER: 10586559
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2025.
................................................
W E Graham
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The notes on pages 3 to 10 form part of these financial statements.
Page 2
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BLACKSTOWN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Blackstown Farm Limited (10586559) is incorporated in England and Wales and limited by shares. The principal activity of the company is the rental of farming land and buildings owned by the company.
The address of the registered office is given in the company information of these financial statements.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
The company has incurred a loss of £212,050 and has a net liabilities position of £1,995,402. Included in creditors is a £7,128,311 loan from its parent company. The parent company, Blackstown Holdings Limited, which is controlled by the directors has substantial assets and income from Group companies, and has confirmed that it will continue to support the company for the foreseeable future and will not withdraw their loan to the detriment of the company's other creditors. Accordingly, the Directors believe that the Group and the company has adequate resources for the next twelve months and the directors are confident about the company's ability to trade as a going concern and meet its financial obligations.
Turnover comprises revenue recognised by the company in respect of rental income, harvested crop and lamb sales receivable during the year, exclusive of Valuer Added Tax and trade discounts.
Rental income is recognised based on occupancy and adjustments is made for any amounts received in advance or arrears.
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Operating leases: the Company as lessor
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessor's benefit from the use of the leased asset.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Page 3
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BLACKSTOWN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Fixtures and Fittings - Items Under £500 - 50% Straight Line
- Items Above £500 - 15% Reducing Balance
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value and deferred taxation thereon are recognised in the Statement of Comprehensive Income and included within profit and loss reserve as undistributable reserves thereafter.
Page 4
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BLACKSTOWN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Investments in precious metals are carried at fair value determined annually by external valuers and derived from the current market price, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
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Page 5
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BLACKSTOWN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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The precious metals are valued as at 31 December 2024 using quoted prices in active markets.
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Page 6
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BLACKSTOWN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Freehold investment property
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The farming land and buildings were revalued as at 31 December 2024 by Shaun Irvine MRICS CAAV of J. A. McClelland & Sons (Aucts) Limited on an open market existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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Raw materials and consumables
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Page 7
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BLACKSTOWN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Page 8
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BLACKSTOWN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Deferred tax on revaluation gains
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Allotted, called up and fully paid
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1,000 (2023 - 1,000) Ordinary shares of £1.00 each
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Profit and loss account
The profit and loss account represents profits and losses net of adjustments. It includes the cumulative effect of revaluations of investment properties and deferred taxation thereon totalling £621,124 which is not available for distribution as dividends until the properties are sold.
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Related party transactions
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The company is a wholly owned subsidiary and accordingly has taken the exemptions provided within paragraph 33.1A of FRS102 and therefore transactions with group companies have not been disclosed.
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Page 9
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BLACKSTOWN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is a wholly owned subsidiary of Blackstown Holdings Limited, a company incorporated in England and Wales, which is under the control of Dr K E Graham and W E Graham who are the directors of the company.
Blackstown Holdings Limited is the parent of the largest group in which the Company is consolidated. Copies of the accounts of Blackstown Holdings Limited are available at the Companies House website.
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 20 September 2025 by Philip Munk FCA, FCCA (Senior Statutory Auditor) on behalf of TWP Accounting LLP.
This report is made solely to the company’s members, as a body, in accordance with Sections 495 and 496 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.
Page 10
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