Company Registration No. 01487875 (England and Wales)
Bisterne Farms
Unaudited financial statements
for the year ended 31 March 2025
Pages for filing with the Registrar
Bisterne Farms
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Bisterne Farms
Balance sheet
As at 31 March 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,150,613
1,101,541
Biological assets
5
374,000
374,000
Investments
6
386,262
79,601
1,910,875
1,555,142
Current assets
Biological assets
5
214,654
203,197
Stocks
185,206
244,126
Debtors
7
163,235
103,332
Cash at bank and in hand
1,846,919
1,480,573
2,410,014
2,031,228
Creditors: amounts falling due within one year
8
(1,117,128)
(780,741)
Net current assets
1,292,886
1,250,487
Total assets less current liabilities
3,203,761
2,805,629
Provisions for liabilities
(73,296)
(52,497)
Net assets
3,130,465
2,753,132
Capital and reserves
Called up share capital
118,000
118,000
Share premium account
306,597
306,597
Revaluation reserve
65,695
50,436
Profit and loss reserves
2,640,173
2,278,099
Total equity
3,130,465
2,753,132

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.

T he 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.

Bisterne Farms
Balance sheet (continued)
As at 31 March 2025
2
The financial statements were approved by the board of directors and authorised for issue on 13 February 2026 and are signed on its behalf by:
Giles Mills
Director
Company Registration No. 01487875
Bisterne Farms
Notes to the financial statements
For the year ended 31 March 2025
3
1
Accounting policies
Company information

Bisterne Farms is a private unlimited company incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, United Kingdom, BH2 5QY.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the farming trade, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
2% straight line
Other fixed assets
4 years straight line, 20% and 25% reducing balance

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.

1.4
Biological assets

Biological assets held by the company relate to livestock and growing crops.

Livestock are measured at fair value less cost to sell. The fair value of the livestock is determined based on market prices of livestock of similar age, breed and genetic merit.

Growing crops are measured at fair value less costs to sell.

Assets which are held for resale are included in current assets. Livestock held for the production of further agricultural produce are included as fixed assets.

Bisterne Farms
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
4
1.5
Impairment of fixed assets

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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Where accurate cost figures are not available, the deemed cost of production has been used. For crops in store, this is 75% of market value.

1.7
Cash and cash equivalents

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.

1.8
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.

Bisterne Farms
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
5
Basic financial assets

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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 paymen ts 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. A m ounts 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.

1.9
Equity instruments

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.

1.10
Taxation

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

Current 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.

Bisterne Farms
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
6
Deferred tax

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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Bisterne Farms
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
7
1.14
Government grants

Government grants are recognised at the fair value of the asset receive d 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.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.16

Delinked payment scheme

Income is only recognised once the ten-month basis period for the year of the claim has come to an end. Once this recognition point has passed, then income accrues evenly up to 31 March in each claim year.

In the event that the conditions for the receipt of the Delinked Payment Scheme have not been met, income recognition is deferred until such time as those conditions can be assumed to have been met, and there is reasonable assurance that the Delinked Payment Scheme income will be received.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2025
2024
Number
Number
Total
6
4
Bisterne Farms
Notes to the financial statements (continued)
For the year ended 31 March 2025
8
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Total
£
£
£
Cost
At 1 April 2024
1,716,091
1,133,142
2,849,233
Additions
114,272
4,033
118,305
At 31 March 2025
1,830,363
1,137,175
2,967,538
Depreciation and impairment
At 1 April 2024
693,111
1,054,580
1,747,691
Depreciation charged in the year
22,929
46,305
69,234
At 31 March 2025
716,040
1,100,885
1,816,925
Carrying amount
At 31 March 2025
1,114,323
36,290
1,150,613
At 31 March 2024
1,022,980
78,562
1,101,542

5
Biological assets
Growing Crops
£
Fair value
At 1 April 2024
83,053
Additions - planting
72,254
Harvest
(83,053)
At 31 March 2025
72,254
Livestock
Fair value
£
At 1 April 2024
494,144
Additions - purchases
-
Additions - transfers
214,423
Disposals - sales
(184,737)
Disposals - deaths
(7,854)
Fair value movement
424
At 31 March 2025
516,400
Bisterne Farms
Notes to the financial statements (continued)
For the year ended 31 March 2025
5
Biological assets (continued)
9
Shown as:
Fixed assets
374,000
Current assets
214,654
588,654
6
Fixed asset investments
2025
2024
£
£
Other investments other than loans
386,262
79,601

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £298,669 (2024: £Nil).

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
79,601
Additions
298,669
Revaluation to fair value
7,992
At 31 March 2025
386,262
Carrying amount
At 31 March 2025
386,262
At 31 March 2024
79,601
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
30,526
40,607
Other debtors
132,709
62,725
163,235
103,332
Bisterne Farms
Notes to the financial statements (continued)
For the year ended 31 March 2025
10
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
587,517
258,378
Amounts due to group undertakings
217,560
218,772
Taxation and social security
105,298
74,401
Other creditors
206,753
229,190
1,117,128
780,741
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
136,925
142,635
10
Parent company

The entire share capital of the company is owned by Bisterne Farms Holdings Limited which has the same registered office.

The ultimate controlling party is G M H Mills, the director, by virtue of his 100% shareholding of Bisterne Farms Holdings Limited.

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