Company registration number 00589293 (England and Wales)
KENNETH SPENCER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
KENNETH SPENCER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
KENNETH SPENCER LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
-
0
Tangible assets
4
3,700,540
3,471,320
Biological assets
5
82,869
82,953
Investment property
6
2,317,925
2,317,925
Investments
2,153,773
2,117,783
8,255,107
7,989,981
Current assets
Stocks
160,745
117,576
Debtors
7
254,262
189,882
Cash at bank and in hand
3,347,740
2,876,927
3,762,747
3,184,385
Creditors: amounts falling due within one year
8
(1,251,183)
(1,578,273)
Net current assets
2,511,564
1,606,112
Total assets less current liabilities
10,766,671
9,596,093
Creditors: amounts falling due after more than one year
9
(459,040)
(11,093)
Provisions for liabilities
(557,380)
(546,028)
Net assets
9,750,251
9,038,972
Capital and reserves
Called up share capital
70,000
70,000
Revaluation reserve
10
2,035,117
2,035,117
Capital redemption reserve
20,000
20,000
Profit and loss reserves
7,625,134
6,913,855
Total equity
9,750,251
9,038,972
KENNETH SPENCER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 December 2025 and are signed on its behalf by:
Mr C J Spencer
Director
Company registration number 00589293 (England and Wales)
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Kenneth Spencer Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Martin's Farm, Zeals, WARMINSTER, Wiltshire, BA12 6NZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised at the point of sale.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

BPS entitlements
20% straight line basis
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

Tangible fixed assets are stated at cost or valuation less depreciation.

No depreciation is provided on the freehold land or investment properties.

Included in plant and machinery are photovoltaic solar panels which are being depreciated over a useful life of 25 years (straight line basis at 4%). All other plant and machinery items are being depreciated at the 15% reducing balance basis as per the company's depreciation policy.

Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings freehold
2% straight line basis
Land and buildings leasehold
10% reducing balance basis
Plant and machinery
15% reducing balance basis
Motor vehicles
25% reducing balance basis

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.

1.5
Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

- the entity has control over the asset as a result of past events;

- it is probable that future economic benefits associated with the asset will flow to the entity; and

- the fair value or cost of the asset can be measured reliably.

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at lower of cost and estimated selling price less costs to complete and sell.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Dairy
20% straight line basis
1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 7 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
16
16
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
3
Intangible fixed assets
BPS entitlements
£
Cost
At 1 April 2024
35,992
Disposals
(35,992)
At 31 March 2025
-
0
Amortisation and impairment
At 1 April 2024
35,992
Disposals
(35,992)
At 31 March 2025
-
0
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0
4
Tangible fixed assets
Land and buildings freehold
Land and buildings leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
2,636,476
17,812
1,834,165
672,995
5,161,448
Additions
225,343
-
0
64,919
201,000
491,262
Disposals
-
0
-
0
(23,650)
(142,000)
(165,650)
At 31 March 2025
2,861,819
17,812
1,875,434
731,995
5,487,060
Depreciation and impairment
At 1 April 2024
164,694
17,527
1,148,199
359,708
1,690,128
Depreciation charged in the year
6,416
28
109,090
61,986
177,520
Eliminated in respect of disposals
-
0
-
0
(21,222)
(59,906)
(81,128)
At 31 March 2025
171,110
17,555
1,236,067
361,788
1,786,520
Carrying amount
At 31 March 2025
2,690,709
257
639,367
370,207
3,700,540
At 31 March 2024
2,471,782
285
685,966
313,287
3,471,320
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
5
Biological assets
Dairy
£
Cost
At 1 April 2024
93,005
Additions - procreation or planting
24,840
Disposals
(27,363)
At 31 March 2025
90,482
Depreciation and impairment
At 1 April 2024
10,052
Depreciation charged for the year
1,324
Disposals
(3,763)
At 31 March 2025
7,613
Carrying amount
At 31 March 2025
82,869
At 31 March 2024
82,953
6
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
2,317,925

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2020 by the directors, who are connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. During the year ended 31 March 2025 the directors reviewed the investment properties and determined that there has not been any change to the market values of these properties.

7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
186,425
147,755
Other debtors
67,837
42,127
254,262
189,882
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
5,044
40,648
Trade creditors
53,141
77,739
Taxation and social security
271,753
133,809
Other creditors
921,245
1,326,077
1,251,183
1,578,273

The hire purchase liabilities of £28,809 (202 4 - £Nil) are secured on the assets to which they relate.

9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
459,040
11,093

The hire purchase liabilities of £70,040 (202 4 - £Nil) are secured on the assets to which they relate.

10
Revaluation reserve
2025
2024
£
£
At the beginning and end of the year
2,035,117
2,035,117
11
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors loan
2.25
-
13,200
129
13,329
-
13,200
129
13,329
2025-03-31 2024-04-01 false false false 10 December 2025 CCH Software CCH Accounts Production 2025.300 No description of principal activity Mr C J Spencer The Hon Mrs C A Spencer Mr T J Spencer Mr C J Spencer 00589293 2024-04-01 2025-03-31 00589293 2025-03-31 00589293 2024-03-31 00589293 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-03-31 00589293 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-03-31 00589293 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 00589293 core:LandBuildings 2025-03-31 00589293 core:PlantMachinery 2025-03-31 00589293 core:MotorVehicles 2025-03-31 00589293 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00589293 core:LandBuildings 2024-03-31 00589293 core:PlantMachinery 2024-03-31 00589293 core:MotorVehicles 2024-03-31 00589293 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 00589293 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 00589293 core:CurrentFinancialInstruments 2025-03-31 00589293 core:CurrentFinancialInstruments 2024-03-31 00589293 core:Non-currentFinancialInstruments 2025-03-31 00589293 core:Non-currentFinancialInstruments 2024-03-31 00589293 core:ShareCapital 2025-03-31 00589293 core:ShareCapital 2024-03-31 00589293 core:RevaluationReserve 2025-03-31 00589293 core:RevaluationReserve 2024-03-31 00589293 core:CapitalRedemptionReserve 2025-03-31 00589293 core:CapitalRedemptionReserve 2024-03-31 00589293 core:RetainedEarningsAccumulatedLosses 2025-03-31 00589293 core:RetainedEarningsAccumulatedLosses 2024-03-31 00589293 bus:CompanySecretaryDirector1 2024-04-01 2025-03-31 00589293 core:IntangibleAssetsOtherThanGoodwill 2024-04-01 2025-03-31 00589293 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 00589293 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-04-01 2025-03-31 00589293 core:PlantMachinery 2024-04-01 2025-03-31 00589293 core:MotorVehicles 2024-04-01 2025-03-31 00589293 core:BearerBiologicalAssetClass1 2024-04-01 2025-03-31 00589293 2023-04-01 2024-03-31 00589293 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-03-31 00589293 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-04-01 2025-03-31 00589293 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00589293 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-03-31 00589293 core:PlantMachinery 2024-03-31 00589293 core:MotorVehicles 2024-03-31 00589293 2024-03-31 00589293 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-03-31 00589293 core:BearerBiologicalAssetClass1 2024-03-31 00589293 core:BearerBiologicalAssetClass1 2025-03-31 00589293 core:BearerBiologicalAssetClass1 core:ImmatureBiologicalAssets 2024-04-01 2025-03-31 00589293 core:BearerBiologicalAssetClass1 2024-03-31 00589293 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 00589293 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 00589293 bus:FRS102 2024-04-01 2025-03-31 00589293 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 00589293 bus:Director1 2024-04-01 2025-03-31 00589293 bus:Director2 2024-04-01 2025-03-31 00589293 bus:Director3 2024-04-01 2025-03-31 00589293 bus:CompanySecretary1 2024-04-01 2025-03-31 00589293 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP