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Registration number: 14683886

Gibbins Agriculture Limited
Annual Report and Unaudited Filleted Abridged Financial Statements
for the Year Ended 31 March 2025

Gibbins Agriculture Limited

Contents

Abridged Balance Sheet | 1
Notes to the Unaudited Abridged Financial Statements | 2 to 5

Gibbins Agriculture Limited

(Registration number: 14683886)
Abridged Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 920,594 | 989,218
Other financial assets | 5 | 231,279 | 252,798
|  | 1,151,873 | 1,242,016
Current assets |  |  |
Stocks | 6 | 135,020 | 136,830
Debtors |  | 148,325 | 104,965
Cash at bank and in hand |  | 47,185 | 25,893
|  | 330,530 | 267,688
Creditors: Amounts falling due within one year | 7 | (787,142) | (804,488)
Net current liabilities |  | (456,612) | (536,800)
Total assets less current liabilities |  | 695,261 | 705,216
Creditors: Amounts falling due after more than one year | 8 | (631,105) | (682,524)
Provisions for liabilities |  | (103,851) | (40,742)
Net liabilities |  | (39,695) | (18,050)
Capital and reserves |  |  |
Called up share capital |  | 103 | 103
Profit and loss account |  | (39,798) | (18,153)
Total equity |  | (39,695) | (18,050)

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.

| The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
| The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 2 October 2025 and signed on its behalf by:

Mr R C Gibbins Director | Mrs E L Gibbins Director | Mr P C Gibbins Director

Gibbins Agriculture Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025

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:
The Elms
Twynhayes Farm
Clyst Hydon
Cullompton
Devon
EX15 2ND

These financial statements were authorised for issue by the Board on 2 October 2025.

2 | Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Tax

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

The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.

Gibbins Agriculture Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025

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.

Depreciation

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

Asset class | Depreciation method and rate
Plant and machinery | 20% reducing balance
Motor vehicles | 25% reducing balance

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.

Biological assets

Biological assets, living plants and animals are included at the lower of cost and estimated selling price less costs to sell.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2024 - 7).

Gibbins Agriculture Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025

4 | Tangible assets

| Total £
Cost or valuation
At 1 April 2024 | 1,234,197
Additions | 407,433
Disposals | (271,500)
At 31 March 2025 | 1,370,130
Depreciation
At 1 April 2024 | 244,979
Charge for the period | 259,603
Eliminated on disposal | (55,046)
At 31 March 2025 | 449,536
Carrying amount
At 31 March 2025 | 920,594
At 31 March 2024 | 989,218

Included within the net book value of land and buildings above is £6,793 (2024 - £Nil) in respect of freehold land and buildings.

5 | Other financial assets (current and non-current)

| 2025 £ | 2024 £
Non-current financial assets
Biological assets at cost less depreciation | 231,279 | 252,798

6 | Stocks

| 2025 £ | 2024 £
Livestock | 86,840 | 78,007
Stock | 48,180 | 58,823
| 135,020 | 136,830

7 | Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £42,271.

8 | Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £631,105

Creditors include bank loans repayable by instalments of £631,105 due after more than five years.

Gibbins Agriculture Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025

9 | Prior year adjustments

Prior Year Adjustment

In accordance with FRS 102 Section 1A, the company has made a prior year adjustment to its financial statements for the year ended 31 March 2024. The adjustment is primarily due to the recognition of more taxable trading income that had previously been recognised through the directors' loan account. This has resulted in an adjustment to the directors' loan account and a restatement of retained earnings.
The nature of the prior year adjustment is as follows:
1. Directors' loan account: The directors' loan accounts has been adjusted to reflect the correct balance of the assets and liabilities belonging to the company.
2. Retained earnings: As a result of the adjustments to the directors' loan account, retained earnings have been restated. This restatement reflects the correction of prior period errors and ensures the financial statements present a true and fair view.
The effect of the prior year adjustment is reflected in the restated comparative figures, as follows:

| As previously stated £ | Adjustment £ | Restated figures 31 March 2023 £
Directors' loan account | 601,781 | (26,365) | 575,416
Profit and loss account | 37,531 | (26,365) | 11,167

The adjustments were made to ensure compliance with FRS 102 and to provide a more accurate representationof the company's financial position in the prior year.
The comparative figures for the prior year are presented in accordance with the adjustments described above, and no other changes to the company's accounting policies or financial statements for the current year have been made.