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

Steadings Farming 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.

Turnover represents the amount derived from the sale of combinable crops and receipt of farming subsidies, net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

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:

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

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.

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.

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.

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.

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 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 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 at the fair value of the asset received 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.

The average monthly number of persons (including directors) employed by the company during the year was nil (2024: nil).

The ultimate controlling party is Bathurst Trust (PTC) Limited, the majority shareholder, a company registered in Bermuda.

During the year the company made purchases of £nil (2024: £nil) for agricultural contracting and managerial services and £1,896 (2024: £8,411) for agricultural inputs and other purchases made through Cirencester Park Farms Limited, a company with directors and ownership in common. During the year the company made sales of £9,677 (2024: £432) to Cirencester Park Farms Limited. All purchases and sales were made at arm's length. At the year end £1,009 was owed from Cirencester Park Farms Limited (2024: £4,648 owed to Cirencester Park Farms Limited)

During the year, the company's shareholder, Bathurst Trust (PTC) Limited loaned Steadings Farming Limited £nil(2024: £nil). During the year, the company repaid £nil (2024: £300,000) to Bathurst Trust (PTC) Limited. At the year end the company owed Bathurst Trust (PTC) limited £10,000 (2024: £10,000) in respect of the loan, the balance is payable on demand. No interest is charged on this loan.

In addition, the company paid £66,301 (2024: £53,041) to Bathurst Trust (PTC) Limited in respect of rents and other expenses. At the year end £nil (2024: £nil) was owed to Bathurst Trust (PTC) Limited in respect of expenses incurred.

During the year the company made purchases of £89,383 (2024: £76,723) for agricultural contracting and managerial services from Bathurst Estate Farming Limited, a company with directors and ownership in common. All purchases were made at arm's length. At the year end £nil (2024: £2,589) was owed to Bathurst Estate Farming Limited.

During the year the company paid rent of £15,927 (2024: £15,927) to Bathurst Development Limited, a company with directors and ownership in common. All purchases were made at arm's length. At the year end £3,982 (2024: £3,982) was owed to Bathurst Development Limited.

During the year the company paid rent of £13,260 (2024: £nil) and made purchases of £5,203 (2024: £4,630) for agricultural inputs and other purchases made through Kemble Farms Limited, a company with directors and ownership in common. During the year the company made sales of £1,207 (2024: £nil) to Kemble Farms Limited. All purchases and sales were made at arm's length. During the year, Kemble Farms Limited loaned the company £nil (2024: £nil). At the year end the company owed Kemble Farms Limited £120,000 (2024: £120,000) in respect of the loan, the balance is payable on demand. No interest is charged on this loan.

During the year the company made purchases of £1,579.20 (2024: £nil) for agricultural inputs and other purchases made through Michaelmas Farming Limited, a company with directors and ownership in common.

During the year the company paid managerial services of £5,317 (2024: £nil) to Earl Bathurst Estate Settlement (1963), a trust with directors, trustees and ownership in common.