Registration number:
Queensquare Farming Limited
for the Year Ended 31 August 2025
Queensquare Farming Limited
Contents
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Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Queensquare Farming Limited
Company Information
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Directors |
Mr J D Hancock Mr A D Brownsword Mrs A L F Brownsword-Matthews |
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Company secretary |
Mr N J Burrows |
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Registered office |
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Auditors |
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Queensquare Farming Limited
(Registration number: 07542111)
Abridged Balance Sheet as at 31 August 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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......................................... |
Queensquare Farming Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions permitting an abridged balance sheet and notes to be prepared and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Summary of significant accounting policies and key accounting estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the carrying amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 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.
The company makes esimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. No estimates or assumptuons were deemed to have a significant risk causing a material adjustmnet to carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for the sale of crops and receipt of government grants. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of crops and in the period to which government grants relate.
Queensquare Farming Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2025
Government grants
Government grants related to assets are credited to deferred income upon receipt of cash (provided conditions are met). The grant is released to the Profit and Loss account over the expected useful life of the asset, consistent with the depreciation policy of the asset.
Tangible assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land - NIL
Improvements to property - 20% reducing balance
Plant and machinery - 5% on cost and 20% reducing balance
Fixtures and fittings - 20% reducing balance
The freehold land recognised on the balance sheet consists almost entirely of agricultural land and no depreciation is provided on land on the basis that net residual realisable value of land will not be less than cost.
A review for impairment is carried out if events or changes in circumstances indicate the carrying value of fixed assets may not be recoverable.
Investment property
Intangible assets
Purchased Single Farm Payment entitlements are recognised at cost and amortised over their expected useful life at the following annual rates:
Single Farm Payment entitlements - 33.3% straight line
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Queensquare Farming Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2025
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Queensquare Farming Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2025
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.
Profit and loss account includes all current and prior period profits and losses.
The revaluation reserve is the surplus or deficit arising on the valuation of investment properties to fair value.
Financial instruments
Classification
Financial instruments are recognised in the company's statment of financial position when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans 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.
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.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Queensquare Farming Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2025
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Queensquare Farming Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2025
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Intangible assets |
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Total |
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Cost or valuation |
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At 1 September 2024 |
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Disposals |
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At 31 August 2025 |
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Amortisation |
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At 1 September 2024 |
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Amortisation eliminated on disposals |
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At 31 August 2025 |
- |
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Carrying amount |
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At 31 August 2025 |
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Tangible assets |
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Total |
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Cost or valuation |
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At 1 September 2024 |
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Additions |
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At 31 August 2025 |
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Depreciation |
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At 1 September 2024 |
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Charge for the year |
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At 31 August 2025 |
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Carrying amount |
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At 31 August 2025 |
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At 31 August 2024 |
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Included within the net book value of land and buildings above is £31,789,763 (2024 - £31,588,830) in respect of freehold land and buildings.
Queensquare Farming Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2025
Investment properties
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2025 |
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At 1 September |
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Fair value adjustments |
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At 31 August |
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Investment property was valued on an open market value basis on 31 August 2025 by the directors.
There has been no valuation of investment property by an independent valuer.
Investment property consists of the following:
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£ |
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Let farmland & buildings |
500,000 |
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Let residential property & other |
759,529 |
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1,259,529 |
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Fair value at 31 August 2025 is represented by: |
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£ |
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Cost |
940,000 |
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Valuation in 2017 |
237,500 |
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Valuation in 2020 |
13,000 |
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Valuation in 2021 |
41,780 |
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Valuation in 2022 |
57,424 |
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Valuation in 2023 |
(31,908) |
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Valuation in 2024 |
(4,254) |
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Valuation in 2025 |
5,987 |
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1,259,529 |
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Queensquare Farming Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2025
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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26,539,628 |
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26,539,628 |
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Audit report |
The name of the Senior Statutory Auditor who signed the audit report on