| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| For The Year Ended 5th April 2025 |
| for |
| Kingstone Farms Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| For The Year Ended 5th April 2025 |
| for |
| Kingstone Farms Limited |
| Kingstone Farms Limited (Registered number: 05256924) |
| Contents of the Financial Statements |
| For The Year Ended 5th April 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Kingstone Farms Limited |
| Company Information |
| For The Year Ended 5th April 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 4 Old Market Place |
| Ripon |
| North Yorkshire |
| HG4 1EQ |
| Kingstone Farms Limited (Registered number: 05256924) |
| Balance Sheet |
| 5th April 2025 |
| 5.4.25 | 5.4.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Kingstone Farms Limited (Registered number: 05256924) |
| Balance Sheet - continued |
| 5th April 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Kingstone Farms Limited (Registered number: 05256924) |
| Notes to the Financial Statements |
| For The Year Ended 5th April 2025 |
| 1. | STATUTORY INFORMATION |
| Kingstone Farms Limited is a |
| 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 are presented in sterling which is the functional currency of the company and are rounded to the nearest £. |
| Turnover |
| The turnover represents net invoiced sales of livestock, produce, farm subsidies 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: |
| Buildings 2% or 5% straight line |
| Tractors and loadalls 10% reducing balance |
| Plant and machinery 10% and 25% reducing balance |
| Commercial vehicles 25% reducing balance |
| Stocks |
| 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 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. |
| 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 less sale and transport expenses. |
| Kingstone Farms Limited (Registered number: 05256924) |
| Notes to the Financial Statements - continued |
| For The Year Ended 5th April 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| 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 |
| 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. |
| 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. |
| 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. |
| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Kingstone Farms Limited (Registered number: 05256924) |
| Notes to the Financial Statements - continued |
| For The Year Ended 5th April 2025 |
| 5. | TANGIBLE FIXED ASSETS |
| Tractors |
| Plant and | and | Commercial |
| Buildings | machinery | loadalls | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 6th April 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 5th April 2025 |
| DEPRECIATION |
| At 6th April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 5th April 2025 |
| NET BOOK VALUE |
| At 5th April 2025 |
| At 5th April 2024 |
| 6. | STOCKS |
| 5.4.25 | 5.4.24 |
| £ | £ |
| Stocks | 147,960 | 153,013 |
| Dairy Herd | 366,538 | 314,916 |
| The Dairy Herd includes a fair value adjustment for the accounting period of £25,662 (2024: £9,543) which is included in the Profit and Loss Account. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 5.4.25 | 5.4.24 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors loan accounts |
| Prepayments |
| Kingstone Farms Limited (Registered number: 05256924) |
| Notes to the Financial Statements - continued |
| For The Year Ended 5th April 2025 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 5.4.25 | 5.4.24 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Corporation Tax |
| Social security and other taxes |
| Other creditors |
| Directors' loan accounts |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 5.4.25 | 5.4.24 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 5.4.25 | 5.4.24 |
| £ | £ |
| During both accounting periods the Company had bank facilities which were personally secured by the directors. |
| 11. | PROVISIONS FOR LIABILITIES |
| 5.4.25 | 5.4.24 |
| £ | £ |
| Deferred taxation | 116,500 | 98,300 |
| Deferred tax |
| £ |
| Balance at 6th April 2024 |
| Increase in provision re |
| accelerated capital allowances | 18,200 |
| Balance at 5th April 2025 |
| 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. |
| Kingstone Farms Limited (Registered number: 05256924) |
| Notes to the Financial Statements - continued |
| For The Year Ended 5th April 2025 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 5.4.25 | 5.4.24 |
| value: | £ | £ |
| Ordinary | £1 | 70 | 70 |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 5th April 2025 and 5th April 2024: |
| 5.4.25 | 5.4.24 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The loan is interest free and unsecured and was repaid on 14th April 2025. |
| 14. | RELATED PARTY DISCLOSURES |
| N and Mrs P M Shepherd are directors and shareholders of Kingstone Farms Limited. |
| The Company occupies land and buildings owned by the directors free of charge during both accounting periods. |
| The directors loans shown in the creditors notes are interest free. |