REGISTERED NUMBER: 00760415 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2025

FOR

MICHAEL H KEENE & SON LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

Mrs M A Keene

E M Keene

Secretary:

Mrs M A Keene

Registered office:

The Moat

Anthonys Cross

Newent

Gloucestershire

GL18 1JG

Registered number:

00760415 (England and Wales)

Fixed assets

Tangible assets

4

8,004,042

7,154,348

Investments

5

2,102

2,102

8,006,144

7,156,450

Current assets

Stocks

6

559,331

558,779

Debtors

7

5,940,508

3,722,813

Cash at bank and in hand

253,245

4,304

6,753,084

4,285,896

Creditors

Amounts falling due within one year

8

2,328,414

758,398

Net current assets

4,424,670

3,527,498

Total assets less current liabilities

12,430,814

10,683,948

Creditors

Amounts falling due after more than one year

9

(1,366,015

)

(1,559,148

)

Provisions for liabilities

12

(115,900

)

(132,500

)

Accruals & deferred income

13

(5,309

)

(15,938

)

Net assets

10,943,590

8,976,362

Capital and reserves

Called up share capital

14

2,425,620

2,725,620

Share premium

44,360

44,360

Capital redemption reserve

300,300

300

Retained earnings

8,173,310

6,206,082

Shareholders' funds

10,943,590

8,976,362

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 29th September 2025 and were signed on its behalf by:

E M Keene - Director

1.	Statutory information

Michael H Keene & Son 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.

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Michael H Keene & Son Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

0 & 2% SL

Short leasehold land & buildings

12.5% SL

Motor vehicles

25% SL

Plant & equipment

10-25% SL & RB

Apple trees

12.5% SL

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stock

Stock has been valued at the lower of cost and net realisable value. Growing crops have been valued according to the cost of the feeds, seeds and fertilisers applied, together with any contracting charges incurred.

Net realisable value is estimated at selling price less further costs expected to be incurred to completion and disposal.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research & development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Pension costs & other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Fixed asset investments are shown at cost less provision for permanent diminution in value.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

3.	Employees (including officers)

The average number of employees during the year was 13 (2024 - 14 ) .

4.	Tangible fixed assets

Freehold

land &

Plant &

Motor

buildings

equipment

vehicles

Totals

£

£

£

£

Cost

At 1st April 2024

7,421,315

3,257,966

67,254

10,746,535

Additions

970,041

65,024

62,400

1,097,465

At 31st March 2025

8,391,356

3,322,990

129,654

11,844,000

Depreciation

At 1st April 2024

809,565

2,748,994

33,628

3,592,187

Charge for year

50,207

165,150

32,414

247,771

At 31st March 2025

859,772

2,914,144

66,042

3,839,958

Net book value

At 31st March 2025

7,531,584

408,846

63,612

8,004,042

At 31st March 2024

6,611,750

508,972

33,626

7,154,348

Included in cost of land and buildings is freehold land of £5.9m (2024 - £4.9m) which is not depreciated.

The net book value of tangible fixed assets includes £ 144,055 (2024 - £ 240,205 ) in respect of assets held under hire purchase contracts.

5.	Fixed asset investments

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Cost

At 1st April 2024

and 31st March 2025

100

2,002

2,102

Net book value

At 31st March 2025

100

2,002

2,102

At 31st March 2024

100

2,002

2,102

The company's investments at the Balance sheet date in the share capital of companies include the

following:

Michael H Keene & Son Services Limited

Registered office: The Moat, Anthonys Cross, Newent, Gloucestershire, England, GL18 1JG

Nature of business: Management consultancy

% holding

% holding

100

100

Year ended

Year ended

31.03.25

31.03.24

£

£

Aggregate capital & reserves

25,295

14,306

6.

Stocks

31.3.25

31.3.24

£

£

Cultivations

131,784

127,117

Produce in store

427,547

431,662

559,331

558,779

7.

Debtors: amounts falling due within one year

31.3.25

31.3.24

£

£

Trade debtors

96,558

10,730

Amounts owed by group undertakings

3,592,267

3,511,932

Amounts owed by related parties

-

120,000

Other debtors & prepayments

2,232,049

80,151

Corporation tax

19,634

-

5,940,508

3,722,813

8.

Creditors: amounts falling due within one year

31.3.25

31.3.24

£

£

Bank loans & overdrafts

147,000

356,631

Other loans

1,746,113

-

Hire purchase contracts (see note 10)

89,267

64,067

Trade creditors

61,442

87,960

Corporation tax

89,200

26,400

Other creditors & accruals

67,401

133,282

Directors' loan accounts

127,991

90,058

2,328,414

758,398

9.

Creditors: amounts falling due after more than one year

31.3.25

31.3.24

£

£

Bank loans two to five years

910,827

1,039,135

Bank loans more than five years

455,188

475,380

Hire purchase contracts (see note 10)

-

44,633

1,366,015

1,559,148

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than five years

455,188

475,380

10.	Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

31.3.25

31.3.24

£

£

Net obligations repayable:

Within one year

89,267

64,067

Between one and five years

-

44,633

89,267

108,700

11.	Secured debts

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

1,513,015

1,665,862

The bank loans are secured by a fixed and floating charge over property of the company.

12.	Provisions for liabilities

31.3.25

31.3.24

£

£

Deferred tax

115,900

132,500

Deferred tax

£

Balance at 1st April 2024

132,500

Utilised during year

(16,600

)

Balance at 31st March 2025

115,900

13.	Accruals & deferred income

31.03.25

31.03.24

£

£

Brought forward

15,938

23,244

Amortisation

(10,629

)

(7,306

)

Carried forward

5,309

15,938

14.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.03.25

31.03.24

value:

£

£

247,456

Ordinary shares

£1

247,456

247,456

2,100,000

Deferred shares

£1

2,100,000

2,400,000

39,072

Preference shares

£1

39,072

39,072

39,072

Preference B shares

£1

39,072

39,072

10

T1 shares

£1

10

10

10

T2 shares

£1

10

10

2,425,620

2,725,620

15.	Contingent liabilities

There were no contingent liabilities at 31st March 2025.

16.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Directors

During the year, the directors used a current account with the company to record amounts due to them and amounts drawn by them. The balance owed by the company at the end of the year was £127,991 (31.03.2024: £90,058).

The company was charged rent totalling £16,979 (31.03.2024: £16,979) for the farm by the directors.

The following transactions took place with related parties on normal commercial terms during the year:

Other related

parties

£

Interest charged

5,400