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Company No: 09901908 (England and Wales)

# RUSHMORE FARMS LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

RUSHMORE FARMS LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

RUSHMORE FARMS LIMITED

## BALANCE SHEET

As at 31 March 2025
RUSHMORE FARMS LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Tangible assets | 5 | 0 |  | 422,087
Investments | 6 | 0 |  | 314,688
|  | 0 |  | 736,775
Current assets |  |  |  |
Stocks |  | 0 |  | 678,738
Debtors | 7 | 2,753,761 |  | 1,407,207
Cash at bank and in hand |  | 0 |  | 400,596
|  | 2,753,761 |  | 2,486,541
Creditors: amounts falling due within one year | 8 | 0 |  | ( 291,736)
Net current assets |  | 2,753,761 |  | 2,194,805
Total assets less current liabilities |  | 2,753,761 |  | 2,931,580
Provision for liabilities |  | 0 |  | ( 6,534)
Net assets |  | 2,753,761 |  | 2,925,046
Capital and reserves |  |  |  |
Called-up share capital |  | 101,002 |  | 101,002
Share premium account |  | 800,777 |  | 800,777
Revaluation reserve |  | 0 |  | 23,479
Profit and loss account |  | 1,851,982 |  | 1,999,788
Total shareholder's funds |  | 2,753,761 |  | 2,925,046

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Rushmore Farms Limited (registered number: 09901908) were approved and authorised for issue by the Board of Directors on 12 March 2026. They were signed on its behalf by:

P J Gready Director |

RUSHMORE FARMS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
RUSHMORE FARMS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Rushmore Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Rushmore Estate Office, Tollard Royal, Salisbury, Wiltshire, SP5 5PT.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

##### Going concern

During 2025, the directors made the decision that the Company would cease trading and that any residual trading activities would be transferred. The transfer was finalised in March 2025 when the assets and liabilities of Rushmore Farms Limited were acquired by Tollard Royal Enterprises Limited at their net book value, as follows:
- Tangible assets: £418,852
- Investments: £1,179,446
- Stock: £725,486
- Debtors: £1,004,558
- Cash at hand: £213,491
- Creditors: £-788,072
Net assets of £2,753,761 have been added to debtors. Subsequently, Rushmore Farms Limited became dormant.

##### Turnover

Turnover represents the sale of livestock and arable produce during the year. Turnover also includes income relating to both the Basic Payment and grazing licenses which is recognised when the income becomes due.

##### Taxation

Current tax
The tax expense represents the sum of the tax currently payable and any deferred tax.
The current tax charge is based on the 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 balance sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

##### Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset, less their estimated residual value, over its estimated useful life:

Land and buildings | not depreciated
Plant and machinery | 15 % reducing balance
Vehicles | 15 % reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

##### Fixed asset investments

Listed investments are included at mid-market value at the balance sheet date with any revaluation during the year being included in the profit and loss account and then subsequently transferred to the revaluation reserve through the statement of changes in equity.

##### Stocks

Stocks are stated at the lower of cost and net realisable value.

##### Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

##### Intangible assets

Intangible assets are stated at cost less amortisation. All intangible assets are considered to have a finite useful life. Owned Basic Payment entitlements were being amortised over their estimated useful economic life of 6 years, to nil by the period ended 31 March 2022.

#### 2. Prior year adjustment

The comparative figures for debtors and share premium have been restated to correct a historical discrepancy which arose from when Rushmore Farms Partnership was incorporated. Both figures have been reduced by £168,000 and consequently total shareholders' funds have been reduced by this amount compared to the amount shown in the 2024 accounts.

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 4. Intangible assets

| Other intangible assets |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2024 | 351,120 |  | 351,120
Disposals | ( 351,120) |  | ( 351,120)
At 31 March 2025 | 0 |  | 0
Accumulated amortisation |  |  |
At 01 April 2024 | 351,120 |  | 351,120
Disposals | ( 351,120) |  | ( 351,120)
At 31 March 2025 | 0 |  | 0
Net book value |  |  |
At 31 March 2025 | 0 |  | 0
At 31 March 2024 | 0 |  | 0

#### 5. Tangible assets

| Land and buildings |  | Plant and machinery |  | Vehicles |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2024 | 370,547 |  | 65,824 |  | 51,736 |  | 488,107
Additions | 0 |  | 0 |  | 8,200 |  | 8,200
Disposals | 0 |  | 0 |  | ( 6,600) |  | ( 6,600)
Transfers | ( 370,547) |  | ( 65,824) |  | ( 53,336) |  | ( 489,707)
At 31 March 2025 | 0 |  | 0 |  | 0 |  | 0
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2024 | 0 |  | 41,515 |  | 24,505 |  | 66,020
Charge for the financial year | 0 |  | 3,646 |  | 4,637 |  | 8,283
Disposals | 0 |  | 0 |  | ( 3,448) |  | ( 3,448)
Transfers | 0 |  | ( 45,161) |  | ( 25,694) |  | ( 70,855)
At 31 March 2025 | 0 |  | 0 |  | 0 |  | 0
Net book value |  |  |  |  |  |  |
At 31 March 2025 | 0 |  | 0 |  | 0 |  | 0
At 31 March 2024 | 370,547 |  | 24,309 |  | 27,231 |  | 422,087

#### 6. Fixed asset investments

| Listed investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 April 2024 | 314,688 |  | 314,688
Additions | 875,160 |  | 875,160
Disposals | ( 272) |  | ( 272)
Movement in fair value | ( 10,130) |  | ( 10,130)
Transfers | ( 1,179,446) |  | ( 1,179,446)
At 31 March 2025 | 0 |  | 0
Carrying value at 31 March 2025 | 0 |  | 0
Carrying value at 31 March 2024 | 314,688 |  | 314,688

#### 7. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 0 |  | 5,065
Amounts owed by related parties | 2,753,761 |  | 1,320,000
Other debtors | 0 |  | 82,142
| 2,753,761 |  | 1,407,207

#### 8. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 0 |  | 123,420
Taxation and social security | 0 |  | 31,055
Other creditors | 0 |  | 137,261
| 0 |  | 291,736

#### 9. Related party transactions

At the balance sheet date, £nil was due from the Trustees of M A L F Pitt Rivers No.3 Discretionary Settlement (2024: £1,220,000) of which one of the directors of Rushmore Farms Limited is a Trustee and £2,753,761 was due from Tollard Royal Enterprises Limited (2024: £100,000), of which both of the directors of Rushmore Farms Limited are directors. All amounts are interest free and repayable on demand.

#### 10. Ultimate controlling party

On 31 March 2025, the share capital in Rushmore Farms Limited was acquired by Tollard Royal Enterprises Limited, a company registered in England and Wales, who then became the controlling party.
The trustees of M A L F Pitt Rivers No.3 Discretionary Settlement are the ultimate controlling party through their ownership of Tollard Royal Enterprises Limited.