REGISTERED NUMBER: 08070899 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31st March 2025

for

K Simpson & Sons Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K G Simpson

Mrs D L K Simpson

J G Simpson

J E Simpson

REGISTERED OFFICE:

High Gill Moor Farm

Bishop Thornton

Harrogate

North Yorkshire

HG3 3LF

REGISTERED NUMBER:

08070899 (England and Wales)

ACCOUNTANTS:

F E Metcalfe & Co Limited

Chartered Accountants

4 Old Market Place

Ripon

North Yorkshire

HG4 1EQ

FIXED ASSETS

Tangible assets

5

2,768,311

2,629,875

Investment property

6

180,000

193,000

2,948,311

2,822,875

CURRENT ASSETS

Stocks

7

1,097,797

1,048,770

Debtors

8

269,750

328,556

Cash at bank

611

5,766

1,368,158

1,383,092

CREDITORS

Amounts falling due within one year

9

624,247

651,449

NET CURRENT ASSETS

743,911

731,643

TOTAL ASSETS LESS CURRENT LIABILITIES

3,692,222

3,554,518

CREDITORS

Amounts falling due after more than one year

10

(2,439,996

)

(2,409,071

)

PROVISIONS FOR LIABILITIES

13

(178,000

)

(157,000

)

NET ASSETS

1,074,226

988,447

CAPITAL AND RESERVES

Called up share capital

14

60

60

Retained earnings

15

1,074,166

988,387

SHAREHOLDERS' FUNDS

1,074,226

988,447

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st December 2025 and were signed on its behalf by:

K G Simpson - Director

1.	STATUTORY INFORMATION

K Simpson & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements were prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") as issued in August 2014. The financial statements have been prepared under the historical cost convention.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The turnover represents net invoiced sales of livestock, produce, farm subsidies and contracting services excluding value added tax.

Turnover is measured at the fair value of the consideration received or receivable for goods sold and for services provided, net of VAT and any discounts. Turnover is recognised when the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold Property not provided on freehold land

Plant and machinery 10% reducing balance

Short leasehold buildings 4% on cost

Freehold building improvements 4% on cost

Tractors 15% reducing balance

Loadalls 25% reducing balance

Commercial vehicles 25% reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using a first in first out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

All stocks other than the Dairy Herd are included at the lower of cost and net realisable value after making due allowance of obsolete items.

Cost includes all costs of purchase or production including an element of overhead expenses.

Dairy Herd

Dairy cows and bulls are initially included in the balance sheet at either cost of production or purchase cost if not home bred. Adjustments are made on an annual basis through profit and loss for the net additions or disposals during the accounting period. Disposals are removed on a first in first out basis.

The Dairy Herd is included in the Balance Sheet at fair value and is based on the open market values of the cows and bulls at the year end date less sale and transport expenses.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account, unless the asset is carried at a revalued amount and the impairment loss is a decrease to a previous revaluation.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Interest receivable

Interest income is recognised using the effective interest method.

Rental receivable

Rental income is recognised as income on an accrual basis.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

A basic financial liability that is a loan from a person who is a director and a shareholder is recorded at the initial transaction price and is not measured at fair value.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Pension costs and other post retirement benefits

The company operates a defined contribution plan for the benefit of its employees. Contributions payable to the company's pension scheme are charged to the profit or loss account in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Building

property

leasehold

Improvements

£

£

£

COST

At 1st April 2024

1,839,991

358,774

53,485

Additions

-

74,397

-

Disposals

(18,500

)

-

-

At 31st March 2025

1,821,491

433,171

53,485

DEPRECIATION

At 1st April 2024

-

46,641

3,851

Charge for year

-

14,569

2,139

Eliminated on disposal

-

-

-

At 31st March 2025

-

61,210

5,990

NET BOOK VALUE

At 31st March 2025

1,821,491

371,961

47,495

At 31st March 2024

1,839,991

312,133

49,634

Tractors

Plant and

Commercial

and

machinery

vehicles

loadalls

Totals

£

£

£

£

COST

At 1st April 2024

355,544

34,674

291,641

2,934,109

Additions

68,876

-

156,115

299,388

Disposals

(33,000

)

-

(104,908

)

(156,408

)

At 31st March 2025

391,420

34,674

342,848

3,077,089

DEPRECIATION

At 1st April 2024

167,466

722

85,554

304,234

Charge for year

19,542

8,488

27,593

72,331

Eliminated on disposal

(15,463

)

-

(52,324

)

(67,787

)

At 31st March 2025

171,545

9,210

60,823

308,778

NET BOOK VALUE

At 31st March 2025

219,875

25,464

282,025

2,768,311

At 31st March 2024

188,078

33,952

206,087

2,629,875

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Tractors

Plant and

Commercial

and

machinery

vehicles

loadalls

Totals

£

£

£

£

COST

At 1st April 2024

-

34,674

253,500

288,174

Additions

44,000

-

156,115

200,115

Disposals

-

-

(81,500

)

(81,500

)

At 31st March 2025

44,000

34,674

328,115

406,789

DEPRECIATION

At 1st April 2024

-

722

59,077

59,799

Charge for year

-

8,488

26,212

34,700

Eliminated on disposal

-

-

(31,449

)

(31,449

)

At 31st March 2025

-

9,210

53,840

63,050

NET BOOK VALUE

At 31st March 2025

44,000

25,464

274,275

343,739

At 31st March 2024

-

33,952

194,423

228,375

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2024

193,000

Revaluations

(13,000

)

At 31st March 2025

180,000

NET BOOK VALUE

At 31st March 2025

180,000

At 31st March 2024

193,000

Fair value at 31st March 2025 is represented by:

£

Valuation in 2025

180,000

If investment property had not been revalued they would have been included at the following historical cost:

31.3.25

31.3.24

£

£

Cost

139,625

139,625

Investment property was valued on an open market value basis on 31st March 2025 by Mr K G Simpson, director .

Investment properties includes a fair value adjustment for the accounting period of £(13k) (2024: £12k) which is included in the Profit and Loss Account.

7.

STOCKS

31.3.25

31.3.24

£

£

Stocks

316,290

286,465

Dairy Herd

781,507

762,305

1,097,797

1,048,770

The Dairy Herd includes a fair value adjustment for the accounting period of £95,231 (2024: £36,075) which is included in the Profit and Loss Account.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

156,954

184,721

Other debtors

9,864

12,842

Directors' current accounts

93,424

114,704

Prepayments

9,508

16,289

269,750

328,556

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts (see note 11)

257,409

234,944

Hire purchase contracts

49,540

48,371

Trade creditors

275,162

302,553

Corporation Tax

19,037

37,755

Social security and other taxes

-

196

Other creditors

33

52

Deferred income

660

627

Accrued expenses

22,406

26,951

624,247

651,449

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans (see note 11)

2,381,890

2,340,157

Hire purchase contracts

58,106

68,914

2,439,996

2,409,071

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

1,867,518

1,754,781

Repayable by instalments

Bank loans more than 5 years payable by instalments

283,118

344,122

11.

LOANS

An analysis of the maturity of loans is given below:

31.3.25

31.3.24

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

190,221

167,756

Bank loans

67,188

67,188

257,409

234,944

Amounts falling due between one and two years:

Bank loans - 1-2 years

59,689

67,188

Amounts falling due between two and five years:

Bank loans - 2-5 years

171,565

174,066

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

1,867,518

1,754,781

Repayable by instalments

Bank loans more than 5 years payable by instalments

283,118

344,122

12.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank overdrafts

190,221

167,756

Bank loans

2,449,078

2,407,345

2,639,299

2,575,101

During the accounting period the Company had bank facilities which were secured by a Debenture dated 16th December 2021. The Debenture contains a fixed and floating charge over the assets of the Company.

This is in addition to the specific charges against some of the freehold property purchased by the company.

13.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

178,000

157,000

Deferred tax

£

Balance at 1st April 2024

157,000

Increase in provision re

accelerated capital allowances

24,250

Decrease in value of

investment properties

(3,250

)

Balance at 31st March 2025

178,000

The provision for the deferred tax liability has arisen due to the net book value of fixed assets being significantly higher than the tax written down value of assets for capital allowance purposes.

The difference in these values is expected to reduce in future periods and as a result the provision for deferred tax is due to a temporary timing difference and the provision will be lower in future periods.

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

60

Ordinary

£1

60

60

15.

RESERVES

The Profit and Loss reserves include £30,281 (2024:£40,031) which are not distributable.

16.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2025 and 31st March 2024:

31.3.25

31.3.24

£

£

K G Simpson

Balance outstanding at start of year

28,676

29,273

Amounts advanced

28,430

33,153

Amounts repaid

(33,750

)

(33,750

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,356

28,676

Mrs D L K Simpson

Balance outstanding at start of year

28,676

29,273

Amounts advanced

28,430

33,153

Amounts repaid

(33,750

)

(33,750

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,356

28,676

J E Simpson

Balance outstanding at start of year

28,676

29,273

Amounts advanced

28,430

33,153

Amounts repaid

(33,750

)

(33,750

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,356

28,676

J G Simpson

Balance outstanding at start of year

28,676

29,273

Amounts advanced

28,430

33,153

Amounts repaid

(33,750

)

(33,750

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,356

28,676

During the accounting period loan interest of £1,461 (2024:£1,294 )has been charged on the loan advances at 2.25%. The loans are unsecured and were all repaid on 6th April 2025.

17.	RELATED PARTY DISCLOSURES

The Company occupies land and buildings owned by KG and Mrs DLK Simpson free of charge during both accounting periods.