REGISTERED NUMBER: 11718511 (England and Wales)

Financial Statements for the Year Ended 31 August 2025

for

Kelston Farms Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs A L F Brownsword-Matthews

Mr D J Matthews

SECRETARY:

Mr N Burrows

REGISTERED OFFICE:

4 Queen Square

Bath

United Kingdom

BA1 2HA

REGISTERED NUMBER:

11718511 (England and Wales)

AUDITORS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

23,250,234

23,254,207

Investment property

5

1,829,313

1,780,000

25,079,547

25,034,207

CURRENT ASSETS

Stocks

624,070

740,843

Debtors

126,019

162,192

Cash at bank

332,325

258,609

1,082,414

1,161,644

CREDITORS

Amounts falling due within one year

3,911,080

4,089,544

NET CURRENT LIABILITIES

(2,828,666

)

(2,927,900

)

TOTAL ASSETS LESS CURRENT LIABILITIES

22,250,881

22,106,307

PROVISIONS FOR LIABILITIES

6

3,725

-

NET ASSETS

22,247,156

22,106,307

CAPITAL AND RESERVES

Called up share

7

10,862,936

10,862,936

Share premium

10,862,936

10,862,936

Retained earnings

521,284

380,435

SHAREHOLDERS' FUNDS

22,247,156

22,106,307

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2026 and were signed on its behalf by:

Mrs A L F Brownsword-Matthews - Director

1.	STATUTORY INFORMATION

Kelston Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These 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 of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis. The Directors consider this basis to be appropriate despite the fact that the balance sheet shows net current liabilities at 31st August 2025. One of the directors has made a loan to the company to assist with working capital requirements. This loan is repayable on demand but the directors have indicated that the loan will not be repaid until funds permit and certainly not to the detriment of the company's operations.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced sales of goods excluding value added tax. Income from Basic Payment Scheme (BPS) entitlements is recognised as income of the accounting period in which all eligibility criteria for the season in question are met. The land must be eligible for subsidy for the entire calendar year, hence the income is not recognised until 31 December. From 2024, BPS payments are being replaced by delinked payments for which there are no eligibility criteria; delinked payments are treated as income support payments and recognised in the profit or loss in the period in which they are receivable.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

- not provided

Improvements to property

- 0 - 10% on reducing balance

Plant and machinery

- 20% on reducing balance

The freehold property 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.

Improvements to property have not been depreciated on the basis they relate to the land. No depreciation is provided on the land due to net realisable value not being less than cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement 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.

Taxation

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.

Deferred tax

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 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.

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2024

and 31 August 2025

50,000

AMORTISATION

At 1 September 2024

and 31 August 2025

50,000

NET BOOK VALUE

At 31 August 2025

-

At 31 August 2024

-

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2024

23,265,501

Additions

37,637

Reclassification/transfer

(27,837

)

At 31 August 2025

23,275,301

DEPRECIATION

At 1 September 2024

11,294

Charge for year

13,773

At 31 August 2025

25,067

NET BOOK VALUE

At 31 August 2025

23,250,234

At 31 August 2024

23,254,207

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2024

1,780,000

Revaluations

31,476

Impairments

(10,000

)

Reclassification/transfer

27,837

At 31 August 2025

1,829,313

NET BOOK VALUE

At 31 August 2025

1,829,313

At 31 August 2024

1,780,000

Fair value at 31 August 2025 is represented by:

£

Valuation in 2024

(62,780

)

Valuation in 2025

21,475

Cost

1,870,618

1,829,313

Investment property was valued on an open market basis on 31 August 2025 by the directors.

6.	PROVISIONS FOR LIABILITIES

31.8.25

£

Deferred tax

3,725

Deferred

tax

£

Balance at 1 September 2024

(3,588

)

Accelerated capital allowances

1,944

Gain on investment properties

5,369

Balance at 31 August 2025

3,725

7.	CALLED UP SHARE

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.25

31.8.24

value:

£

£

21,725,872

Ordinary

£0.50

10,862,936

10,862,936

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Denise Lindsell FCA (Senior Statutory Auditor)

for and on behalf of Hardcastle Burton LLP