| REGISTERED NUMBER: |
| K.P.2 Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| REGISTERED NUMBER: |
| K.P.2 Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| K.P.2 Limited (Registered number: 03248221) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 5 |
| K.P.2 Limited |
| Company Information |
| for the Year Ended 31 March 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| trading as The Hutchinson Partnership |
| Chartered Accountants |
| The Bull Pen |
| Grove Farm |
| Portway, Burghill |
| Hereford |
| HR4 8NF |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| K.P.2 Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K.P.2 Limited for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of K.P.2 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of K.P.2 Limited and state those matters that we have agreed to state to the Board of Directors of K.P.2 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K.P.2 Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that K.P.2 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of K.P.2 Limited. You consider that K.P.2 Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of K.P.2 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| trading as The Hutchinson Partnership |
| Chartered Accountants |
| The Bull Pen |
| Grove Farm |
| Portway, Burghill |
| Hereford |
| HR4 8NF |
| K.P.2 Limited (Registered number: 03248221) |
| Balance Sheet |
| 31 March 2025 |
| 2025 | 2024 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Allotted, issued and fully |
| paid share capital |
| Capital redemption reserve |
| Non-distributable reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| K.P.2 Limited (Registered number: 03248221) |
| Balance Sheet - continued |
| 31 March 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| K.P.2 Limited (Registered number: 03248221) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| K.P.2 Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare the accounts on the going concern basis. |
| Turnover |
| Turnover represents broiler sales, milk sales, livestock sales and renewable energy income, stated net of discounts, rebates, value added tax and other sales taxes. |
| The company recognises revenue when the significant risks and rewards of ownership have passed to the buyer, when the amount of revenue can be measured reliably, when it is probable that the economic benefits associated with the transaction will flow to the entity and when the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from services is recognised in the accounting periods in which the services are rendered. |
| The following criteria must therefore be met before revenue is recognised: |
| Broiler sales are recognised when the chickens are collected from the farm. |
| Milk sales are recognised when the milk is collected from the farm. |
| Livestock sales are recognised when the animals are sold at market or delivered to the abattoir. |
| Renewable energy income from electricity exported is recognised in the period the electricity is generated. Feed-in Tariff income is recognised in the period the energy to which the tariff relates is generated. Renewable Heat Incentive income is recognised in the period the heat is generated. |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Tractors and harvesters | - |
| Motor vehicles | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| K.P.2 Limited (Registered number: 03248221) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Biological assets |
| The company has the following biological assets which are valued as disclosed :- |
| Poultry - included in stock and valued at cost, these have not been depreciated as they have a useful life of less than one year. |
| Dairy cows - included in stock and valued at their estimated cost with reference to current market values. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
| Hire purchase and leasing 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 and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Trading and Profit and Loss Account in the period to which they relate. |
| 3. | EMPLOYEES |
| The average number of employees during the year was |
| K.P.2 Limited (Registered number: 03248221) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Tractors |
| and | Motor |
| harvesters | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Included within tractors and harvesters are assets subject to hire purchase contracts with a net book value of £82,500 (2024: £NIL). |
| K.P.2 Limited (Registered number: 03248221) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Fair value at 31 March 2025 is represented by: |
| £ |
| Valuation in 2024 | 242,439 |
| Cost | 397,561 |
| 640,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2025 | 2024 |
| as restated |
| £ | £ |
| Cost | 397,561 | 397,561 |
| Investment property was valued on an open market basis on 31 March 2025 by the directors . |
| 6. | DEBTORS |
| 2025 | 2024 |
| as restated |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts owed by associates | 345,108 | 545,131 |
| VAT |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| S455 Tax | 201,003 | 201,003 |
| Aggregate amounts |
| K.P.2 Limited (Registered number: 03248221) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| as restated |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Corporation tax payable |
| Social security and other taxes |
| Other creditors |
| Amounts owed to associates | 76,070 | 40,331 |
| Directors' current accounts | 80,733 | 100,916 |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| as restated |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more than 5 years |
| by instalments |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years |
| by instalments | 3,864,799 | 1,947,070 |
| 3,864,799 | 1,947,070 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| as restated |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 68,678 | - |
| The bank loans are secured against a fixed charge over the company's assets. |
| Hire purchase liabilities are secured against the specific assets for which finance was raised. |
| K.P.2 Limited (Registered number: 03248221) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 10. | PROVISIONS FOR LIABILITIES |
| 2025 | 2024 |
| as restated |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Investment property |
| revaluation |
| 546,141 | 545,895 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2024 |
| Accelerated capital allowances | 246 |
| Balance at 31 March 2025 |
| 11. | RELATED PARTY DISCLOSURES |
| Included in creditors are loans from directors totalling £80,733 (2024: £100,916). These loans are interest free, unsecured and repayable on demand. |
| During the year, the company recharged their services to related partnerships and received income totalling £304,772 (2024: £164,251). The company also paid recharges of £6,400 (2024: £6,400). |
| At the year end, the net amount owing from those partnerships was £703,227 (2024: £888,031). Interest of £11,113 (2024: £17,909) has been charged during the year on the overdrawn partnership loan balance. |
| During the year, the company received rent from a related company totalling £875 (2024: £2,125) and also made purchases from this company of £3,241 (2024: £3,998). |
| At the year end, the net amount owing to this company was £788 (2024: £5,789). |