Company No: 02863489 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,944,731		1,945,161
		1,944,731		1,945,161
Current assets
Stocks		74,679		57,055
Debtors	4	157,751		213,604
Cash at bank and in hand		232		2,018
		232,662		272,677
Creditors: amounts falling due within one year	5	( 179,072)		( 200,037)
Net current assets		53,590		72,640
Total assets less current liabilities		1,998,321		2,017,801
Net assets		1,998,321		2,017,801
Capital and reserves
Called-up share capital		3,138		3,138
Share premium account		1,142,547		1,142,547
Revaluation reserve		1,156,336		1,156,336
Profit and loss account		( 303,700 )		( 284,220 )
Total shareholder's funds		1,998,321		2,017,801

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 member has 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 Upper Coln Farm and Stud Limited (registered number: 02863489) were approved and authorised for issue by the Board of Directors on 30 November 2025. They were signed on its behalf by:

M H Tufnell 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

Upper Coln Farm and Stud 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 Calmsden Manor, Calmsden, Cirencester, Gloucestershire, GL7 5ET, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Upper Coln Farm and Stud Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Turnover

Turnover represents income from arable sales during the year net of Value Added Tax and trade discounts. Sale of goods are recognised when goods are delivered and the title has passed. Turnover also includes Basic Payment Scheme receipts which are recognised on a calendar year basis.

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 enacted or substantively enacted 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

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:

Land and buildings	20 years straight line
Fixtures and fittings	10 % 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 (deemed cost, where actual costs are not accurately ascertainable) and net realisable value.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Land and buildings		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2024	1,945,468		65,127		2,010,595
At 31 March 2025	1,945,468		65,127		2,010,595
Accumulated depreciation
At 01 April 2024	4,606		60,828		65,434
Charge for the financial year	0		430		430
At 31 March 2025	4,606		61,258		65,864
Net book value
At 31 March 2025	1,940,862		3,869		1,944,731
At 31 March 2024	1,940,862		4,299		1,945,161

Revaluation of tangible assets

Land (excluding woodland) purchased at a cost of £480,751 was revalued to its open market value of £1,637,087 by Knight Frank LLP, Chartered Facilities Management Surveyors, on 1 August 2007. Subsequent land additions (including woodland) have been included at cost.

If the land (including woodland) had not been included at valuation it would have been included under the historical cost convention as follows:

	2025		2024
	£		£
Historical cost	789,132		789,132
Accumulated depreciation	(4,606)		(4,606)
Carrying value	784,526		784,526

4. Debtors

	2025		2024
	£		£
Trade debtors	39,801		58,795
Prepayments and accrued income	50,801		96,249
Deferred tax asset	59,067		52,574
VAT recoverable	8,082		5,986
	157,751		213,604

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	76,857		37,611
Amounts owed to directors	34		0
Other loans	86,873		113,193
Accruals	15,308		49,233
	179,072		200,037