REGISTERED NUMBER: 02239230 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

G.B.I. FARMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr R W G Brown

Mr C B W Brown

Mr A P Brown

SECRETARY:

Mr A P Brown

REGISTERED OFFICE:

C/o George Browns

Unit 5b Ridgeway Course

Grovebury Road

Leighton Buzzard

Bedfordshire

LU7 4SF

BUSINESS ADDRESS:

Furzen Farm

Verney Junction

Winslow

Buckinghamshire

MK18 2JY

REGISTERED NUMBER:

02239230 (England and Wales)

AUDITORS:

FKCA Limited

Statutory Auditor

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Tangible assets

4

363,531

417,909

CURRENT ASSETS

Stocks

5

373,711

385,735

Debtors

6

1,825,484

1,449,192

Cash at bank

939

969

2,200,134

1,835,896

CREDITORS

Amounts falling due within one year

7

259,189

182,264

NET CURRENT ASSETS

1,940,945

1,653,632

TOTAL ASSETS LESS CURRENT LIABILITIES

2,304,476

2,071,541

PROVISIONS FOR LIABILITIES

8

36,871

45,656

NET ASSETS

2,267,605

2,025,885

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

2,266,605

2,024,885

SHAREHOLDERS' FUNDS

2,267,605

2,025,885

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 Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Mr R W G Brown - Director

1.	STATUTORY INFORMATION

G.B.I. Farms 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost less estimates residual value of each asset over its estimates useful life.

Agricultural buildings

-

Straight line over 25 years

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance, 15% on reducing balance and 10% on reducing balance

No depreciation is provided in respect of freehold land.

Stocks

Non-biological stocks (cereals) are stated at deemed cost at date of harvest less costs to complete and sell where applicable.

At each reporting date, as assessment is made for impairment. Any excess of the carrying amounts of stocks over its estimated selling price less costs to complete and sell is recognised as as impairment loss in profit or loss. Reversals of impairment losses are also recongnised in profit or loss.

Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

-

the entity has control over the asset as a result of past events;

-

it is probable that future economic benefits associated with the asset will flow to the entity; and

-

the fair value or costs of the asset can me measured reliably.

Biological assets, livestock and cereal, are measured using the fair value model on initial recognition and at each reporting date. Changes in fair value, less cost to sell, are recognised in profit or loss.

Where the company opts to measure agricultural produce harvested from the biological asset, it is measured at fair value less costs to sell at the point of harvest. The measurement becomes the cost at the date the company applies Section 13 Inventories to the agricultural produce.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current Tax

The tax current payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from the goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Agricultural

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

572,507

603,687

1,176,194

DEPRECIATION

At 1 January 2024

365,128

393,157

758,285

Charge for year

17,564

36,814

54,378

At 31 December 2024

382,692

429,971

812,663

NET BOOK VALUE

At 31 December 2024

189,815

173,716

363,531

At 31 December 2023

207,379

210,530

417,909

5.

STOCKS

2024

2023

£

£

Stocks

227,846

253,942

Biological assets

145,865

131,793

373,711

385,735

Biological assets

Livestock

Cereal

Total

£

£

£

At 1 January 2024

117,793

14,000

131,793

Gain / (loss) from change in fair value

98,864

212,721

311,585

Increase from purchases

6,257

86,088

92,345

Decrease attributable to sales

(77,049

)

-

(77,049

)

Decrease resulting from harvest

-

(312,809

)

(312,809

)

At 31 December 2024

145,865

-

145,865

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

34,492

34,469

Amounts owed by group undertakings

1,790,992

1,408,851

Other debtors

-

5,872

1,825,484

1,449,192

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

54,695

18,082

Amounts owed to group undertakings

138,744

114,321

Corporation tax

9,047

-

Taxation and social security

11,783

-

Accrued expenses

44,920

49,861

259,189

182,264

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

36,871

45,656

Deferred

tax

£

Balance at 1 January 2024

45,656

Credit to Income Statement during year

(8,785

)

Balance at 31 December 2024

36,871

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary share capital

£1

1,000

1,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Mason BSc FCA (Senior Statutory Auditor)

for and on behalf of FKCA Limited

11.	RELATED PARTY DISCLOSURES

At the year end, the company has a loan due from it's parent company of £1,790,992 (2023 - £1,408,851). This loan has no fixed date of repayment, is repayable on demand and no interest is charged on the loan. At the year end, there was a trade debtor balance due from the parent totalling £2,225 (2023: £3,197).

During the year labour costs of £28,421 (2023 - £27,932) were recharged from the parent company.

The farm land and property used by the company is rented from the parent company and the cost for this is included in the management charges paid in the year totalling £32,800 (2023: £37,800).

At the year end, the company owed the ultimate parent undertaking £138,744 (2023 - £114,321). This loan has no fixed date of repayment, is repayable on demand and no interest is charged on the loan.

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is George Brown's Implements (Holdings) Limited, the company which prepares the group's consolidated financial statements, by virtue of its 99.99% stake in the issued share capital of the parent undertaking (George Brown Limited). Copies of the consolidated financial statements for the Year can be obtained from Unit 5b, Grovebury Road, Leighton Buzzard, Bedfordshire, LU7 4SF.