Year Ended
Registration number:
Whitsbury Farm & Stud Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Whitsbury Farm & Stud Limited
Company Information
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Directors |
Mr C J Harper Mrs N W Harper Mr E J Harper |
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Company secretary |
Mr E J Harper |
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Registered office |
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Bankers |
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Auditors |
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Whitsbury Farm & Stud Limited
Strategic Report for the Year Ended 31 August 2025
The directors present their strategic report for the year ended 31 August 2025.
Principal activity
The principal activity of the company is bloodstock breeding within the United Kingdom
Fair review of the business
Turnover increased by 14.2% on the previous year to £14,552,582 after a another good performance at the bloodstock sales. The company made a profit before tax of £6,815,626.
The company purchased freehold and investment property for £16,255,634, funded by bank loans of £10,065,000.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
14,552,582 |
12,743,469 |
|
Gross profit |
£ |
9,625,608 |
7,890,708 |
|
Gross margin |
% |
66 |
62 |
Principal risks and uncertainties
Market risk – The breeding and racing industry is a unique one. Whilst a stallion remains in demand, the market is good, but trends and fashion can change quickly. We continue to strive to have the best stallions and progeny.
The farming market is a much more secure industry in that land is finite and will always be in demand. Farming is a price taker and at risk to global events. Staying diversified helps to combat this.
Trade debtors – With long lead times on progeny, debtors can be a risk. These are monitored closely to minimise bad debts.
Reputation – This remains our priority. The company prides itself on its quality and level of service and strives to ensure that management and staff undertake their roles with this as a priority.
Labour – We maintain a policy of offering every opportunity to our workforce both old and new. We ensure that equal opportunities are offered to job applicants.
Potential concerns – The racing industry is dependant on a strong economy to keep it buoyant. The farming business can be impacted by global micro and macro economic conditions. The directors have appropriate processes in place to constantly monitor any situation that may arise and to minimise any risks.
Approved and authorised by the
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Whitsbury Farm & Stud Limited
Directors' Report for the Year Ended 31 August 2025
The directors present their report and the financial statements for the year ended 31 August 2025.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
- The financial risk managment objectives and policies of the company.
- The exposure of the company to price risk, credit risk, liquidity risk and cash flow risk.
Going concern
The company has net current assets of £5,776,120 at year end and continues to be profitable, and cash generative post year end. The directors have considered the availability of committed bank facilities for a period of at least 12 months from the date of approval of these financial statements. They are satisfied that it is appropriate to adopt the going concern basis in preparing the financial statements.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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......................................... |
Whitsbury Farm & Stud Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Whitsbury Farm & Stud Limited
Independent Auditor's Report to the Members of Whitsbury Farm & Stud Limited
Opinion
We have audited the financial statements of Whitsbury Farm & Stud Limited (the 'company') for the year ended 31 August 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Whitsbury Farm & Stud Limited
Independent Auditor's Report to the Members of Whitsbury Farm & Stud Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Whitsbury Farm & Stud Limited
Independent Auditor's Report to the Members of Whitsbury Farm & Stud Limited
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to Whitsbury Farm & Stud Limited. This was gained through appropriate audit engagement team selection (ensuring competence and capability to recognise non-compliance) and discussions with management. This covered any knowledge or evidence of actual and potential fraud, litigation and claims, which was followed up with corroborative audit review work. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts. Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations relating to breaches around health and safety regulations. We considered the extent to which non-compliance with these laws and regulations may have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as The Companies Act 2006 and relevant tax legislation.
We also discussed with management to what extent the business is exposed to fraud – either inherently because of nature of operations, assets or because of weaknesses in internal controls. From these discussions we have evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The key incentive identified is to ensure a good financial position to third parties and we determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates.
Based on this understanding we designed our audit procedures to identify non-compliance with relevant laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud, of which there were none.
• Reviewed legal and professional costs to identify any possible non compliance.
In response to the identified risk, as part of our audit work we:
• We sampled sales from documentation outside the accounting system to ensure they are complete in the accounts. We have performed cut off testing to ensure the revenue is recongised in the correct financial year.
• Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Whitsbury Farm & Stud Limited
Independent Auditor's Report to the Members of Whitsbury Farm & Stud Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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Hitchcock House
Hilltop Park
Devizes Road
Wiltshire
SP3 4UF
Whitsbury Farm & Stud Limited
Profit and Loss Account
Year Ended 31 August 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
7,208,187 |
4,683,934 |
|
|
Income from other Fixed assets investments |
|
( |
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(392,561) |
5,801 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
Whitsbury Farm & Stud Limited
Balance Sheet
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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Investments |
|
|
|
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Other financial assets |
70,321 |
48,503 |
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|
|
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||
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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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||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
100,000 |
100,000 |
|
|
Revaluation reserve |
1,247,533 |
- |
|
|
Profit and loss account |
39,822,219 |
36,079,751 |
|
|
Shareholders' funds |
41,169,752 |
36,179,751 |
Included within Profit and loss account are non distributable reserves amounting to £14,848,984 (2024: £16,077,416).
Approved and authorised by the
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Company Registration Number: 01329943
Whitsbury Farm & Stud Limited
Statement of Changes in Equity
Year Ended 31 August 2025
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Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
|
At 1 September 2024 |
|
- |
|
|
|
Profit for the year |
- |
- |
|
|
|
Transfers between reserves |
- |
|
( |
- |
|
Dividends |
- |
- |
( |
( |
|
At 31 August 2025 |
|
|
|
|
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 September 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
At 31 August 2024 |
100,000 |
36,079,751 |
36,179,751 |
Transfers between reserves
During the year ended 31 August 2025, some investment properties were recategorised as freehold land and buildings as no longer let, these assets were transferred at their fair value of £1,570,000, less historical cost net book value of £9,822 and depreciation charge of £1,250 and deferred tax of £313,895, resulting in the transfer between reserves of £1,247,533.
Whitsbury Farm & Stud Limited
Statement of Cash Flows
Year Ended 31 August 2025
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Note |
2025 |
2024 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Changes in fair value of investments through profit and loss |
( |
( |
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
Foreign exchange gains/losses |
- |
|
|
|
|
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||
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Working capital adjustments |
|||
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Decrease in stocks |
|
|
|
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Decrease/(increase) in trade debtors |
|
( |
|
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Increase in trade creditors |
|
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisition of subsidiaries |
- |
( |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Acquisition of investment properties |
( |
( |
|
|
Proceeds from sale of investment properties |
|
- |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
|
|
|
Payments to finance lease creditors |
- |
( |
|
|
Dividends paid |
( |
- |
|
|
Net cash flows from financing activities |
|
|
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 September |
|
|
|
|
Cash and cash equivalents at 31 August |
(876,946) |
1,110,853 |
|
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
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 |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company has net current assets of £5,776,120 at year end and continues to be profitable, and cash generative post year end. The directors have considered the availability of committed bank facilities for a period of at least 12 months from the date of approval of these financial statements. They are satisfied that it is appropriate to adopt the going concern basis in preparing the financial statements.
Judgements
There are no key judgements. |
Key sources of estimation uncertainty
Investment property is valued by the directors at year end using observable market values of similar properties. Details on the basis of the valuation can be found in the accounting policy. The carrying amount is £32,065,064 (2024 -£28,925,747).
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, credit notes and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Nomination income is recognised once the service has been provided and the mare is in foal.
Bloodstock sales are recognised once agreement on the sale has been made. Amounts not invoiced before the year end are included in accrued income.
Agricultural and environmental subsidies are accounted for at the earlier of the date that obligations under the scheme have been met or end of scheme year.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses; except for freehold land and building recategorised at fair value from investment properties, which is considered deemed cost.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Land and buildings |
2.5% per annum straight line on buildings only |
|
Assets under construction |
Not depreciated until the asset is brought into use |
|
Other property, plant and equipment |
20% per annum straight line |
Investment property
Investments
Other investments are initially measured at cost and then valued at fair value with gains and losses recognised in profit or loss. Fair value is determined by reference to published market listings. Deferred tax arising on the difference between cost and carrying value is booked in profit or loss.
Unlisted investments are valued at cost less any impairment as no fair value is readily available.
Income from investments is recognised in the period in which it becomes due. Specifically, dividends are recognised when they are declared, interest and other income when it becomes receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Except for stallions and brood mares which are valued at cost less amortisation over the period from the date they begin breeding to their expected retirement age, which for stallions is expected to be age 10 and for brood mares is expected to be age 18. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank borrowings; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank borrowings, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank borrowings are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Turnover |
The analysis of the company's Turnover for the year by class of business is as follows:
|
2025 |
2024 |
|
|
Bloodstock and other sale of goods |
10,254,522 |
8,835,401 |
|
Nomination income |
4,159,449 |
3,735,579 |
|
Grants and subsidies |
|
|
|
Management charges |
|
|
|
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Rental income |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Government grants |
The amount of grants recognised in the financial statements was £
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Stud |
|
|
|
Administration and support |
|
|
|
Directors |
|
|
|
Other departments |
|
|
|
|
|
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
231,709 |
652,556 |
Directors' non-cash benefits in both the current and comparative periods mainly comprise accommodation and healthcare benefits. In addition, in the year ended 31 August 2024 two directors received loan write-off benefits totalling £400,000.
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
- |
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
- |
|
|
Other finance income |
|
|
|
|
|
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
- |
|
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease from effect of dividends from UK companies |
( |
( |
|
Tax increase/(decrease) from other tax effects |
|
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
|
|
Capital gains on fair value movement in freehold land and buildings |
- |
|
|
Capital gains/(losses) on fair value movement in investment property |
- |
|
|
Short term timing differences |
- |
( |
|
- |
|
|
2024 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
|
|
Capital gains/(losses) on fair value movement in investment property |
- |
|
|
Short term timing differences |
- |
( |
|
- |
|
|
Intangible assets |
Trademarks, patents and licences comprised purchased agricultural basic payment subsidy entitlements, that by 31 August 2023 had been fully amortised in anticipation becoming of negligible value. On 31 December 2023 agricultural subsidy payments were de-linked from entitlements attached to land and consequently these intangible assets are deemed to have been disposed.
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Tangible assets |
|
Land and buildings |
Properties under construction |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 September 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
|
Transfers |
|
( |
- |
|
|
At 31 August 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 September 2024 |
|
- |
|
|
|
Charge for the year |
|
- |
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 31 August 2025 |
|
- |
|
|
|
Carrying amount |
||||
|
At 31 August 2025 |
|
|
|
|
|
At 31 August 2024 |
|
|
|
|
Included within the net book value of land and buildings above is £17,320,106 (2024 - £5,085,049) in respect of freehold land and buildings.
Freehold land, which is not depreciated, included within land and buildings comprises land carried at historical cost of £10,034,605 (2024 - £398,757).
During the year ended 31 August 2025 freehold buildings were recategorised from investment properties as no longer let are carried at their director's market value of £1,570,000. This has been treated as deemed cost.
|
Investment properties |
|
£ |
|
|
At 1 September |
|
|
Additions |
|
|
Disposals |
( |
|
Transfers to and from Tangible assets |
( |
|
At 31 August |
|
There has been no valuation of investment property by an independent valuer.
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Investments |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 September 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 August 2025 |
|
|
At 31 August 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Whitsbury Manor Stud, Whitsbury, Fordingbridge, Hampshire, SP6 3QP England and Wales |
|
|
|
|
Subsidiary undertakings |
|
Whitsbury Manor Stud Limited The principal activity of Whitsbury Manor Stud Limited is |
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Details of trade and other debtors
£82,397 (2024 -£51,241) of taxation recoverable is classified as non current. Taxation paid on loans to participators is repayable 9 months after the end of the financial period in which the loan is repaid.
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
|
Bank overdrafts |
( |
- |
|
Cash and cash equivalents in statement of cash flows |
(876,946) |
1,110,853 |
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
- |
|
|
|
Accruals |
|
|
|
|
Corporation tax |
751,129 |
471,552 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
- |
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
- |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Bank overdrafts |
|
- |
|
|
|
|
Bank borrowings
|
Secured by legal charges over the company's freehold property, a floating charge over the company's assets and a personal guarantee from two directors for £500,000 plus costs |
|
Secured by legal charges over the company's freehold property, a floating charge over the company's assets and a personal guarantee from two directors for £500,000 plus costs |
|
Secured by legal charges over the company's freehold property, a floating charge over the company's assets and a personal guarantee from two directors for £500,000 plus costs |
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Secured by legal charges over the company's freehold property, a floating charge over the company's assets and a personal guarantee from two directors for £500,000 plus costs |
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 September 2024 |
|
|
|
Increase / (decrease) in existing provisions |
|
|
|
At 31 August 2025 |
|
|
|
|
||
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100,000 |
|
100,000 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividend of £ |
|
- |
||
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Related party transactions |
Summary of transactions with key management
During the year the company was charged rent of £30,000 (2024 - £30,000) by a director.
Summary of transactions with entities with joint control or significant interest
Included in other debtors is a balance of £342,755 (2024 - £635,237) due from a company controlled by a director. During the year management charges were charged to this company of £120,000 (2024 - £146,300).
Loans to related parties
Balance owed by C J and N W Harper to the company at year end was £183,093 (2024: 95,018).
Balance owed by E J Harper to the company at year end was £61,044 (2024: £56,808).
|
Key management |
||
|
2025 |
2024 |
|
|
At start of period |
|
- |
|
Advanced |
|
|
|
Repaid |
( |
( |
|
At end of period |
|
|
|
|
||
Terms of loans to related parties
Loans from related parties
|
Subsidiary |
||
|
2025 |
2024 |
|
|
At start of period |
|
- |
|
Advanced |
- |
|
|
At end of period |
|
|
|
|
||
Terms of loans from related parties
Whitsbury Farm & Stud Limited
Notes to the Financial Statements
Year Ended 31 August 2025
|
Other investments |
|
Financial assets at fair value through profit and loss |
Financial assets at cost less impairment |
Total |
|
|
Non-current financial assets |
|||
|
Cost or valuation |
|||
|
At 1 September 2024 |
48,293 |
210 |
48,503 |
|
Fair value adjustments |
21,818 |
- |
21,818 |
|
At 31 August 2025 |
70,111 |
210 |
70,321 |
|
Carrying amount |
|||
|
At 31 August 2025 |
|
|
70,321 |
|
At 31 August 2024 |
|
|
48,503 |
|
Analysis of changes in net debt |
|
At 1 September 2024 |
Financing cash flows |
At 31 August 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
1,110,853 |
(1,076,882) |
33,971 |
|
Overdrafts |
- |
(910,917) |
(910,917) |
|
1,110,853 |
(1,987,799) |
(876,946) |
|
|
Borrowings |
|||
|
Bank borrowings |
(3,019,500) |
(7,761,000) |
(10,780,500) |
|
( |
( |
( |
|
|
|
|||