The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Kemble Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bathurst Estate Office, Cirencester Park, Cirencester, Gloucestershire, GL7 2BU.

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 amounts 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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover represents income from the company's principal business operation of farming, including crop and livestock sales, farming grant income, contracting services and income from energy generation. Turnover is shown net of VAT. Other operating income includes revenue from secondary activities such as renting out unused buildings and land.

Goodwill arising on the acquisition of assets represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 12 months straight line.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

Where the company opts to measure a biological asset under the fair value model on initial recognition it must carry the asset at fair value at each reporting date. Changes in fair value less costs to sell are recognised in profit or loss.

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 at the reporting end date. Changes in fair value are recognised in profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 statement of financial position 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.

Basic financial assets, which include debtors, 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.

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, 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 payments 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. Amounts 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.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Government grants are recognised in the period to which they relate once all conditions for their receipt have been met.

The grant in respect of the biogas unit is released to the profit and loss account over its expected useful economic life of 20 years.

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

Investment property was valued on an open market basis on 31 March 2025 by a third party who is a Member of the Institute of Chartered Surveyors and a Fellow of the Central Association of Agricultural Valuers.

On 30 October 2024, the company acquired 100% of the share capital of Michaelmas Farming Limited, for consideration of £9,060,729, from its parent company Bathurst Estate Holdings Limited as part of a group restructure. The consideration remains unpaid and is shown within amounts due to group undertakings in creditors.

Following the acquisition, the farming trade and assets of Michaelmas Farming Limited were hived up to Kemble Farms Limited. The tangible fixed assets and stock were transferred by way of dividend in specie, and this dividend has been treated as a return of the investment and credited against the cost of the investment.

The bank loans are secured by a first and second legal charge over the commercial freehold titles to part Kemble Farm and Lodge Yard, Cirencester, Gloucestershire GL7 6AD, land at Kemble Farm, Cirencester, Gloucestershire GL7 6AD, land on the west side of Mill Farm, Ewen, Cirencester and land lying to the south of Mill Farm, Cirencester. These securities are in favour of the National Westminster Bank PLC dated 6 September 2018, Agricultural Mortgage Corporation PLC, dated 30 September 2004 and 16 April 1999, and Lloyds Bank PLC, dated 19 April 1999.

Other creditors include the unamortised balance of a government grant being £15,823 (2024: £31,664) to be amortised after more than one year and £15,851 (2024: £15,861) within one year. This grant is being written off to the profit and loss account over the estimated useful life of the asset to which it relates.

On 30 October 2024, following the acquisition of the entire share capital of Michaelmas Farming Limited, the farming trade and assets of Michaelmas Farming Limited were hived up into Kemble Farms Limited. The tangible fixed assets and stock were transferred by way of dividend in specie, and the fair values of these assets are shown below.

The dividend has been treated as a return of the investment in Michaelmas Farming Limited as shown in note 7.

During the year the company sold services to and purchased goods and services from Cirencester Park Farms Limited, a company with directors and ownership in common. Total sales and purchases during the year amounted to £64,761 (2024: £66,230) and £178,760 (2024: £nil) respectively. During the year Cirencester Park Farms Limited advanced £nil (2024: £220,538) to the company. At the year end £239,777(2024: £227,721) was owed to Cirencester Park Farms Limited.

During the year the company made sales of £97,732 (2024: £425,497) for agricultural equipment and rent for agricultural land to Bathurst Estate Farming Limited, a company with directors and ownership in common. In addition, the company purchased goods and services from Bathurst Estate Farming Limited totalling £1,400,650 (2024: £1,223,192). At the year end £29,728 (2024: £370,130) was owed to Bathurst Estate Farming Limited.

During the year the company sold services to Steadings Farming Limited, a company with directors and ownership in common. Total sales amounted to £18,463 (2024: £4,809) and total purchases amounted to £1,207 (2024: £nil). At the year end £120,000 (2024: £120,000) was owed by Steadings Farming Limited in respect of the loan. The balance is payable on demand and no interest is charged on this loan.

During the year the company purchased goods of £13,370 (2024: £294,356) from Michaelmas Farming Limited, a company with directors and ownership in common. At the year end £4,307 was owed from (2024: £340,226 owed to) Michaelmas Farming Limited.

During the year the company purchased goods and services totalling £30,111 (2024: £nil) from The Earl's Fund of which James Hervey-Bathurst and Roger Seelig are Trustees of the Settlement. At the year end £111 (2024: £nil) was owed to The Earl's Fund.