Company No: 03505722 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	J C S Chenevix-Trench
	R E L Scrope
	K J Steele

REGISTERED OFFICE	Estate Office
	Madresfield Court
	Malvern
	WR13 5AJ
	United Kingdom

COMPANY NUMBER

03505722 (England and Wales)

BANKERS	Handelsbanken Plc
	25 Basinghall Street
	London
	EC2V 5HA

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	4	34,300		57,790
Tangible assets	5	6,590,720		4,946,903
Biological assets	6	3,715		3,715
Investments	7	0		42,037
		6,628,735		5,050,445
Current assets
Stocks	8	321,430		357,117
Debtors	9	2,396,048		1,941,525
Cash at bank and in hand		3,179,630		287,366
		5,897,108		2,586,008
Creditors: amounts falling due within one year	10	( 3,530,006)		( 1,837,733)
Net current assets		2,367,102		748,275
Total assets less current liabilities		8,995,837		5,798,720
Net assets		8,995,837		5,798,720
Capital and reserves
Called-up share capital		7,721,732		4,080,252
Share premium account		19,547		0
Profit and loss account		1,254,558		1,718,468
Total shareholders' funds		8,995,837		5,798,720

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Halkin Development Limited (registered number: 03505722) were approved and authorised for issue by the Board of Directors on 14 November 2025. They were signed on its behalf by:

J C S Chenevix-Trench 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

Halkin Development 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 Estate Office, Madresfield Court, Malvern, WR13 5AJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements	7 - 10 years straight line
Other intangible assets	10 years straight line

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 or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	10 - 20 years straight line
Vehicles	20 % reducing balance
Tools and equipment	20 % reducing balance
Office equipment	20 % reducing balance
Other property, plant and equipment	20 % 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

Farm stocks comprise the cost of cultivations, livestock and other stocks on hand at the year end. Livestock is valued using a set percentage of market value. Sheep and pigs are held at 75% of market values and cattle is held at 60% of market value. Cultivations are measured based on directly-attributable input costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Investments
Investments relate to interest in joint ventures. These are measured as member's capital introduced to the partnership less any subsequent drawings on capital made by the members and the member's share of accumulated profits.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	21		11

3. Other operating income

	2025		2024
	£		£
Grazing licence	6,853		7,126
Nominal employee rent	336		168
Farm rent received	4,800		0
	11,989		7,294

4. Intangible assets

	Entitlements		Other intangible assets		Total
	£		£		£
Cost
At 01 April 2024	40,000		49,000		89,000
At 31 March 2025	40,000		49,000		89,000
Accumulated amortisation
At 01 April 2024	21,410		9,800		31,210
Charge for the financial year	4,086		4,900		8,986
Provision for impairment	14,504		0		14,504
At 31 March 2025	40,000		14,700		54,700
Net book value
At 31 March 2025	0		34,300		34,300
At 31 March 2024	18,590		39,200		57,790

5. Tangible assets

	Leasehold improve- ments		Vehicles		Tools and equipment		Office equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2024	4,445,018		89,340		779,740		3,156		248,939		5,566,193
Additions	1,794,469		0		133,812		0		0		1,928,281
Disposals	0		0		( 60,750)		0		0		( 60,750)
At 31 March 2025	6,239,487		89,340		852,802		3,156		248,939		7,433,724
Accumulated depreciation
At 01 April 2024	166,616		21,442		408,512		2,218		20,502		619,290
Charge for the financial year	116,359		13,580		89,071		188		46,354		265,552
Disposals	0		0		( 41,838)		0		0		( 41,838)
At 31 March 2025	282,975		35,022		455,745		2,406		66,856		843,004
Net book value
At 31 March 2025	5,956,512		54,318		397,057		750		182,083		6,590,720
At 31 March 2024	4,278,402		67,898		371,228		938		228,437		4,946,903

6. Biological assets

	2025
	£
Biological assets at fair value	3,715

Assets held at fair value:

	Other crops		Total
	£		£
Valuation
At 01 April 2024	3,715		3,715
Fair value at 31 March 2025	3,715		3,715

7. Fixed asset investments

	Investments in joint ventures		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	42,037		42,037
Disposals	( 42,037)		( 42,037)
At 31 March 2025	0		0
Carrying value at 31 March 2025	0		0
Carrying value at 31 March 2024	42,037		42,037

The investment is the company's interest in Halkin Roberts LLP, a joint venture between the company and Guthrie Roberts Limited.

8. Stocks

	2025		2024
	£		£
Livestock	257,244		270,285
Crops	1,750		39,827
Other stock	62,436		47,005
	321,430		357,117

9. Debtors

	2025		2024
	£		£
Trade debtors	67,957		64,405
Amounts owed by related parties (note 12)	2,103,862		1,472,829
Other debtors	224,229		404,291
	2,396,048		1,941,525

10. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	904,230		504,966
Amounts owed to related parties (note 12)	2,506,528		1,256,151
Other taxation and social security	12,595		8,993
Other creditors	106,653		67,623
	3,530,006		1,837,733

11. Financial commitments

Commitments

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

	2025		2024
	£		£
within one year	157,500		155,000
between one and five years	406,250		532,000
after five years	450,000		450,000
Total future minimum lease payments under non-cancellable operating leases	1,013,750		1,137,000

The company has entered into non-cancellable operating leases as lessee for which the total of future minimum lease payments are shown above.

The amount of non-cancellable operating lease payments recognised as an expense during the year was £159,652 (2024- £153,000).

12. Related party transactions

On 10 May 2024, the company allotted 3,641,480 £1 Ordinary shares to J C S Chevenix-Trench, who served as a director of the company during the year, for £3,661,027, payable in instalments. J C S Chenevix-Trench paid instalments totalling £3,477,975 during the year, leaving £183,052 outstanding at 31 March 2025. This was paid in a final instalment in October 2025, after the year end.

J C S Chenevix-Trench also made interest-fee loans to the company during the year totalling £1,272,025, which remained outstanding at 31 March 2025.

J C S Chenevix-Trench is also a trustee of Lord Beauchamp's 1963 Settlement.

The company owed £9,503 (2024 - £11,151) to Lord Beauchamp's 1963 Settlement at the year end. This was after the company made payments to and paid invoices on behalf of the trust of £19,038, and the trust made payments to and paid invoices on behalf of the company of £17,390.

The company owed £1,225,000 (2024 - £1,245,000) to its shareholder, The Beauchamp 2006 Settlement, following a total further loan advances of £400,000, followed by repayments totalling of £420,000 during the year.

The loans by the trust are interest free and repayable on demand.