A H Warren Trust (Property) Limited

Notes to the 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:
Coombe Farm
Crewkerne
Somerset
TA18 8RR
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been 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 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.

These financial statements are presented in Sterling (£).

Key sources of estimation uncertainty and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period. If the revision affects both current and future periods then it is recognised in both the current and future periods.

The judgement that has had the most significant effect on amounts recognised in the financial statements is the revaluation of the investment properties. The company engages independent valuation specialists to assist in determining fair values of these assets. The carrying amount is £48,338,359 (2024 - £42,992,479).

Turnover recognition

Turnover comprises rents received net of VAT and trade discounts and is recognised in the period for which it is receivable.

A H Warren Trust (Property) Limited

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

Tax

Deferred income tax is recognised on timing 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.

Deferred tax liabilities are recognised within provisions for liabilities in the balance sheet.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors includes loans that the company has provided on a short term basis. Such loans are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Included in other debtors is expenditure incurred in relation to capital projects. The capex debtors are recognised initially at the transaction price and are subsequently measured at cost less provision for impairment. Debtor amounts accumulate until the project is considered complete at which point the debtors are transferred to investment property. Any impairment in the value of capex debtors is recognised in the profit or loss.

A H Warren Trust (Property) Limited

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

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade Creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Group loans are initially recognised at the transaction price and subsequently measured at amortised cost using the effective interest interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

A H Warren Trust (Property) Limited

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

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss reserve includes all current and prior period profits and losses.

Revaluation reserve is the surplus or deficit arising on the valuation of investment properties to fair value less the associated provision for deferred tax.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2024 - 3).

4	Investment properties

	2025  £
At 1 April 2024	42,992,479
Additions	25,000
Disposals	(8,774)
Fair value adjustments	5,329,654
At 31 March 2025	48,338,359

Investment properties, all of which are freehold, are carried at fair value. To assess the fair value, the directors obtain regular independent professional valuations of the properties. The most recent revaluation was undertaken by the directors at 31 March 2025, based on a valuation of a large sample of properties carried out during the year by Joanna Down MRICS of Greenslade Taylor Hunt.

A H Warren Trust (Property) Limited

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

5

Debtors

Current	2025 £	2024 £
Trade debtors	68,408	93,659
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,770	-
Prepayments	15,492	5,959
Other debtors	99,222	66,711
	184,892	166,329

6

Creditors

Due within one year	2025 £	2024 £
Trade creditors	11,718	10,504
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,055,822	921,579
Taxation and social security	9,117	3,313
Other creditors	27,005	25,558
	1,103,662	960,954
Due after one year
Amounts owed to group undertakings	10,815,153	10,815,153

7	Related party transactions

The company has taken advantage of the exemption permitted by section 33 Related party disclosure of the FRS 102 standard, not to provide disclosures of transactions and balances entered into with other wholly owned members of the group.

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Guarantees

As part of the banking arrangements for the group, unlimited guarantees are in place between A H Warren Trust (Holdings) Limited, A H Warren Trust Limited, Coombe Farm Sporting Limited and Coombe Farm Organic Milk Pool Limited. At the balance sheet date, the maximum liability under the cross group guarantee for the company was £1,502,561 (2024 - £1,536,808). The bank has also secured the lending to the group on freehold property owned by A H Warren Trust (Property) Limited.

A H Warren Trust (Property) Limited

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

9	Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is A H Warren Trust (Holdings) Limited, incorporated in Engalnd and Wales.

The address of A H Warren Trust (Holdings) Limited is:
Coombe Farm
Crewkerne
Somerset
TA18 8RR

10	Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 November 2025 was Matthew Chandler FCA, who signed for and on behalf of Albert Goodman LLP.