Company No: 01593961 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	5,761,581		5,998,531
Investment property	4	23,875,000		23,846,222
Investments	5	1,273,943		1,343,309
		30,910,524		31,188,062
Current assets
Stocks		0		1,643
Debtors	6	409,989		329,390
Investments	7	7,947,748		8,506,747
Cash at bank and in hand		4,538,293		4,327,611
		12,896,030		13,165,391
Creditors: amounts falling due within one year	8	( 319,367)		( 334,397)
Net current assets		12,576,663		12,830,994
Total assets less current liabilities		43,487,187		44,019,056
Provision for liabilities		( 4,170,148)		( 4,352,211)
Net assets		39,317,039		39,666,845
Capital and reserves
Called-up share capital		460,103		460,103
Other reserves		40,000		40,000
Profit and loss account		38,816,936		39,166,742
Total shareholders' funds		39,317,039		39,666,845

Included within the profit and loss reserves are non-distributable reserves of £17,129,674 (2024 - £17,826,905)

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 members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of North Kent Farms Limited (registered number: 01593961) were approved and authorised for issue by the Board of Directors on 05 November 2025. They were signed on its behalf by:

G C Tremlett Director

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

North Kent 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 Chicksgrove Manor Chicksgrove, Tisbury, Salisbury, SP3 6NA, United Kingdom.

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

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

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

Land and buildings	20 years straight line
Plant and machinery	15 - 25 % reducing balance

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.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Government grants

Government grants, specifically agricultural and environmental scheme subsidies, are accounted for and released to the profit and loss account at the earliest of the date of completion of obligations applicable to the grant, or the end of the scheme period.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Defined contribution pension obiligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognized as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognized as prepayment.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		4

3. Tangible assets

	Land and buildings		Plant and machinery		Total
	£		£		£
Cost
At 01 April 2024	6,869,126		36,056		6,905,182
Transfers	0		( 21,796)		( 21,796)
At 31 March 2025	6,869,126		14,260		6,883,386
Accumulated depreciation
At 01 April 2024	874,069		32,582		906,651
Charge for the financial year	236,223		726		236,949
Disposals	0		( 21,795)		( 21,795)
At 31 March 2025	1,110,292		11,513		1,121,805
Net book value
At 31 March 2025	5,758,834		2,747		5,761,581
At 31 March 2024	5,995,057		3,474		5,998,531

Included within the net book value of land and buildings above is £5,758,834 (2024- £5,995,057) in respect of freehold land and buildings.

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	23,846,222
Fair value movement	28,778
As at 31 March 2025	23,875,000

Valuation

The investment properties were revalued in September 2024 by Mr T French MRICS FAAV who is external to the company. This class of assets has a current value of £23,875,000 (2024: £23,846,222) and a carrying amount at historical cost of £5,600,113 (2024: £5,600,113). The depreciation on this historical cost is £0 (2024: £0).

5. Fixed asset investments

	2025		2024
	£		£
Subsidiary undertakings	1,224,215		1,321,105
Other investments and loans	49,728		22,204
	1,273,943		1,343,309

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	1,321,105
Revaluation loss	(96,890)
At 31 March 2025	1,224,215
Carrying value at 31 March 2025	1,224,215
Carrying value at 31 March 2024	1,321,105

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	22,204		22,204
Additions	27,524		27,524
At 31 March 2025	49,728		49,728
Carrying value at 31 March 2025	49,728		49,728
Carrying value at 31 March 2024	22,204		22,204

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2025	Ownership 31.03.2024
David King ( Farms) Limited	England and Wales	Dormant company	Ordinary	100.00%	100.00%
Hook Place Developments Limited	England and Wales	Dormant company	Ordinary	100.00%	100.00%
North Kent Farms (NZ) Limited	New Zealand	Farming	Ordinary	100.00%	100.00%

6. Debtors

	2025		2024
	£		£
Trade debtors	228,352		220,801
Prepayments	62,837		50,536
Other debtors	118,800		58,053
	409,989		329,390

7. Current asset investments

	2025		2024
	£		£
Listed investments – at fair value	7,947,748		8,506,747

The fair value of listed investments, which are all traded in active markets, was determined with reference to the quoted market price at the reporting date.

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	1,191		4,788
Amounts owed to Group undertakings	10,002		10,002
Accruals and deferred income	41,280		18,357
Corporation tax	86,435		122,324
Other taxation and social security	54,016		49,715
Other creditors	126,443		129,211
	319,367		334,397

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	1,475		1,475

The amount of non- cancellable operating lease payments recognised as an expense during the year was £1,475 (2024 - £1,475)

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

Creditors include aggregate interest-free loans of £10,002 (2024 - £10,002) owing from two UK subsidiary companies that are repayable on demand.