Robert Collingham (Combs Farm) Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—9

1. General Information

Robert Collingham (Combs Farm) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00840628 . The registered office is Combs Farm, Farnsfield, Notts, NG22 8EW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), and the requirements of the Companies Act 2006 as applicable to companiues subject to the small companies regime. The disclosure requirements of section 1A of FRS102 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. Montary 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 freehold properties and to include investment properties and certain financial instruments as fair value. The principal accounting polices adopted are set out below.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets consists of entitlements to the basic payment scheme operated by Rural Payment Agency. The entitlements are recognised at fair value and written off on a straight line basis over a period to 31 December 2019 when the scheme ends.

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Robert Collingham (Combs Farm) Limited

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2025

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	Not depreciated
Leasehold	2% to 10% straight line
Plant & Machinery	15% reducing balance
Motor Vehicles	20% reducing balance
Computer Equipment	5% striaght line

The gain 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 the profit and loss.

2.6. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.8. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Robert Collingham (Combs Farm) Limited

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2025

2.9. 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.

Cash and cash equivalents

Cash and cash equivalents are basic financil 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.

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 interestmethod 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 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.

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Robert Collingham (Combs Farm) Limited

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2025

2.10. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.11. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.12. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.13. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2024: 5)

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Robert Collingham (Combs Farm) Limited

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2025

4. Intangible Assets

	Other intangible assets
	£
Cost
As at 6 April 2024	19,826

As at 5 April 2025	19,826

Amortisation
As at 6 April 2024	19,826

As at 5 April 2025	19,826

Net Book Value
As at 5 April 2025	-

As at 6 April 2024	-

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£
Cost or Valuation
As at 6 April 2024	2,855,088	1,175,410	78,370	4,108,868
Additions	-	17,390	-	17,390

As at 5 April 2025	2,855,088	1,192,800	78,370	4,126,258

Depreciation
As at 6 April 2024	202,364	639,941	53,336	895,641
Provided during the period	2,347	87,714	5,404	95,465

As at 5 April 2025	204,711	727,655	58,740	991,106

Net Book Value
As at 5 April 2025	2,650,377	465,145	19,630	3,135,152

As at 6 April 2024	2,652,724	535,469	25,034	3,213,227

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

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Robert Collingham (Combs Farm) Limited

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2025

Cost or valuation as at 5 April 2025 represented by:

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£
At cost	2,855,088	1,192,800	78,370	4,126,258

	2,855,088	1,192,800	78,370	4,126,258

Investment properties were revalued on an open market basis on 5 April 2022 by the directors, having regard to the market value based on evidence for similar properties ssold in the area.

The original cost of the investment properties was £1,968,942 (2024 £1,367,958) with revaluations taking place in the financial statements year ended 5 April 2015 of £982,042, 5 April 2020 of £1,000,000 and 5 April 2022 of £199,016.

6. Investment Property

	2025
	£
Fair Value
As at 6 April 2024	3,870,000
Revaluations	(860,000)

As at 5 April 2025	3,010,000

7. Stocks

	2025	2024
	£	£
Stock - Seeds, fertiliser, Sprays and farm consumables	27,425	23,942
Stock - Farm tillages	14,164	14,164
Stock - Goods for resale	8,200	10,700
Stock - Livestock	2,820	2,320

	52,609	51,126

8. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	48,302	24,760
Other debtors	111,048	60,642

	159,350	85,402

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Robert Collingham (Combs Farm) Limited

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2025

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	52,071	29,224
Trade creditors	43,382	28,316
Bank loans and overdrafts	348,865	1,803,996
Other creditors	110,515	164,396
Taxation and social security	195,608	107,621

	750,441	2,133,553

10. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	45,916	37,992
Bank loans	2,497,683	1,926,907

	2,543,599	1,964,899

11. Secured Creditors

Of the creditors the following amounts are secured.

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	97,987	67,216
Bank loans and overdrafts	2,846,297	3,730,897

12. Deferred Taxation

The provision for deferred taxation is made up of accelerated capital allowances and tax on revaluations

	2025	2024
	£	£
Other timing differences	231,042	476,185

13. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	5,000	5,000

14. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	75,000	75,000

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		3,135,152		3,213,227
Investment Properties	6		3,010,000		3,870,000

			6,145,152		7,083,227
CURRENT ASSETS
Stocks	7	52,609		51,126
Debtors	8	159,350		85,402
Cash at bank and in hand		8,279		10,980

		220,238		147,508
Creditors: Amounts Falling Due Within One Year	9	(750,441 )		(2,133,553 )

NET CURRENT ASSETS (LIABILITIES)			(530,203 )		(1,986,045 )

TOTAL ASSETS LESS CURRENT LIABILITIES			5,614,949		5,097,182

Creditors: Amounts Falling Due After More Than One Year	10		(2,543,599 )		(1,964,899 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	12		(231,042 )		(476,185 )

NET ASSETS			2,840,308		2,656,098

CAPITAL AND RESERVES
Called up share capital	13		5,000		5,000
Revaluation reserve			1,163,456		1,696,886
Other reserves			10,271		10,271
Profit and Loss Account			1,661,581		943,941

SHAREHOLDERS' FUNDS			2,840,308		2,656,098