Burwarton Estates Company Ltd

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—7

1. General Information

Burwarton Estates Company Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 00813535 . The registered office is Estate Office, Burwarton, Bridgnorth, WV16 6QQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

Company Information

Burwarton Estates Company Limited is a private company limited by shares and incorporated in England and Wales. The registered office is Estate Office, Burwarton, Bridgnorth, Shropshire WV16 6QQ.

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), the requirements of the Companies Act 2006 as applicable to companies subject to the small companies’ regime, and under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 amounts are rounded to the nearest £.

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

Turnover

Turnover represents management, farming and rental income and is recognised at the fair value of the consideration received or receivable for services provided in the ordinary nature of the business.

Investment income

Investment income is accounted for on a receivable basis.

Tangible fixed assets and depreciation

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

Depreciation is calculated so as to write off the cost or revaluation of a tangible fixed asset, less its estimated residual value, over the useful economic life of the asset. It has been provided on a reducing balance basis at the following rates:

Freehold land No depreciation

Tractors 30%

Cars 25%

Office Equipment 25% Straight line

Office Furniture 10%

Fixtures and Fittings 20%

Plant and Machinery 25%

Baysdale Electricity Supply 10% Straight line

Biomass Boiler 25 Years straight line

Depreciation is charged on a monthly basis.

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 recognised in the income statement.

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the condition expected at the end of its useful life.

No depreciation is provided against either freehold land or buildings occupied by the farm and farm workers on the basis that the properties have not been revalued and are maintained in a good state of repair so as to prolong their useful life and are in excess of their residual value and any depreciation would not be material.

Investment properties

Investment properties are initially measured at costs and subsequently measured at fair value whilst a reliable measure of fair value is available without undue cost or effort. Changes in fair value are recognised in the profit and loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

...CONTINUED

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Burwarton Estates Company Ltd

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2026

2.1. Basis of Preparation of Financial Statements - continued

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its fixed 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).

Leasing

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Cash and cash equivalents

Cash and cash equivalents 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. Long term bank overdrafts are shown within borrowings in current liabilities.

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 assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs.

Other financial assets such as listed investments are valued at fair value.

Loans and receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Financial liabilities

Basic financial liabilities are initially measured 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. Other financial liabilities classified as fair value through profit or loss are measured at fair value.

Equity instruments

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Inventories

Inventories have been valued at the lower of cost and estimated selling price less costs to sell. No goods are manufactured.

Biological assets

Biological assets, living plants (including growing timber) and livestock are included at the lower of cost and estimated selling price.

...CONTINUED

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Burwarton Estates Company Ltd

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2026

2.1. Basis of Preparation of Financial Statements - continued

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Pension costs

The company operates a defined benefit and a defined contribution scheme (auto-enrolment) for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.

The defined benefit scheme is multi-employer and has a deficit. Details of the companies’ liability in respect of its share of the deficit are included in the notes to the accounts. As there is insufficient information to use defined benefit accounting, this multi-employer plan is being accounted for as a defined contribution plan.

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.

Government grants

The company receives grants and agricultural subsidies which are credited to the accounts in the period to which they relate.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 12 (2025: 12)

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Burwarton Estates Company Ltd

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2026

4. Tangible Assets

	Land & Buildings	Investment Properties	Plant & Machinery etc.	Total
	£	£	£	£
Cost
As at 6 April 2025	4,600,000	1,990,000	506,385	7,096,385
Additions	-	-	31,440	31,440
Disposals	-	-	(29,500 )	(29,500 )

As at 5 April 2026	4,600,000	1,990,000	508,325	7,098,325

Depreciation
As at 6 April 2025	-	-	388,425	388,425
Provided during the period	-	-	15,246	15,246
Disposals	-	-	(23,650 )	(23,650 )

As at 5 April 2026	-	-	380,021	380,021

Net Book Value
As at 5 April 2026	4,600,000	1,990,000	128,304	6,718,304

As at 6 April 2025	4,600,000	1,990,000	117,960	6,707,960

5. Investments

	Listed	Unlisted	Total
	£	£	£
Cost or Valuation
As at 6 April 2025	1,676,203	9,500	1,685,703
Additions	442,667	-	442,667
Disposals	(144,900 )	-	(144,900 )
Fair value adjustments	353,648	-	353,648
Other	6,647	-	6,647

As at 5 April 2026	2,334,265	9,500	2,343,765

Provision
As at 6 April 2025	-	-	-

As at 5 April 2026	-	-	-

Net Book Value
As at 5 April 2026	2,334,265	9,500	2,343,765

As at 6 April 2025	1,676,203	9,500	1,685,703

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Burwarton Estates Company Ltd

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2026

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	140	7,298
Other debtors	90,866	119,662

	91,006	126,960

Included in other debtors are balance with other entities under mutual control of £63, 087 (2025: £90,260).

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	9,973	13,659
Other creditors	27,700	25,702
Taxation and social security	32,567	43,135

	70,240	82,496

8. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	196,708	196,708

9. Pension Commitments

Employees of the company and of the 11th Viscount Boyne Estates, the 10th Viscount Boyne's 1991 Settlement, the Rosemary, Viscountess Boyne Estate and Burwarton Farms, are provided with a pension scheme of the defined benefit type. Actuarial valuations carried out relate to the scheme as a whole and not to the company alone. As there is insufficient information to use defined benefit accounting, this multi-employer plan is being accounted for as a defined contribution plan.

A valuation of the pension scheme was carried out as at 1 June 2022 by the actuary firm, First Actuarial, with the initial report being received in May 2023 and the final report in July 2023. The actuarial valuation of the scheme revealed a funding surplus of £171,000 (technical provisions minus the value of Scheme Assets basis). The previous valuation as at 1 June 2019 showed a shortfall of £210,000 (on the same basis). As the scheme is in surplus, no recovery plan has been required and the company has no additional commitments to the pension scheme.

On 3rd October 2024, the Trustees of Burwarton Estates Retirement Fund and the Employers signed the Employers Closure Proposal and following that the Scheme closed to future accrual with effect from 30th November 2024. From that date, any active members of the scheme became deferred members. Following extensive actuarial (First Actuarial) and legal (Pinsent Masons) advice, the Scheme Trustees and Employers started the process to enable them to wind up the scheme. On 24th April 2025 the Trustees signed a contract with Just Retirement Limited to buy-in to the Scheme and the Trustees paid Just Retirement £1,906,496 on 6th May 2025 (subsequently cleared on 8th May 2025). Following this buy-in contract, the scheme’s liabilities are now matched with an insurance policy and so the investment risk and potential liabilities of the scheme have largely been removed.

The Trustees and Employers are continuing to liaise via the Actuaries, First Actuarial, with Just Retirement concerning the financial details of the scheme with both parties intending to agree the final figure for the buy-out soon and an adjusted premium will then be calculated and once paid and completed, the liabilities for the pension scheme will pass to Just Retirement Limited. On buy-out Just Retirement will set up individual annuities for the pensioners and deferred pensioners in their own names. The final figure for the buy-out has not been finalised at the timing of signing these accounts but Just Retirement have confirmed that they ‘are on track for a buy-out in February 2027’ and the final premium figure is expected to be available late in November 2026.

On 7th August 2026, the Principal Employer (the 11th Viscount Boyne Estate) gave the Trustees notice that the Scheme would wind up in accordance with Rule 47 of the Burwarton Estates Retirement Funds’ rules and the Trustees signed to acknowledged receipt on that day. The actuaries, First Actuarial, have confirmed that as the wind up was triggered before 1st September 2026 (i.e. within 15 months of the triennial valuation date of 1 June 2025), then the triennial valuation will not be required as at 1 June 2025.

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		6,718,304		6,707,960
Investments	5		2,343,765		1,685,703

			9,062,069		8,393,663
CURRENT ASSETS
Stocks		245,101		259,067
Debtors	6	91,006		126,960
Cash at bank and in hand		411,377		598,823

		747,484		984,850
Creditors: Amounts Falling Due Within One Year	7	(70,240 )		(82,496 )

NET CURRENT ASSETS (LIABILITIES)			677,244		902,354

TOTAL ASSETS LESS CURRENT LIABILITIES			9,739,313		9,296,017

PROVISIONS FOR LIABILITIES
Deferred Taxation			(468,871 )		(373,072 )

NET ASSETS			9,270,442		8,922,945

CAPITAL AND RESERVES
Called up share capital	8		196,708		196,708
Share premium account			137,005		137,005
Revaluation reserve			4,169,937		4,169,937
Fair value reserve			1,785,032		1,527,913
Income Statement			2,981,760		2,891,382

SHAREHOLDERS' FUNDS			9,270,442		8,922,945