Registration number:
Year Ended
Cadogan Estates (Agricultural Holdings) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Cadogan Estates (Agricultural Holdings) Limited
Company Information
Directors |
The Rt Hon Earl Cadogan KBE DL The Hon J H M Bruce J D Gordon C V Ellingworth C K Antelme |
Company secretary |
J L Richards |
Registered office |
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Page 1 |
Cadogan Estates (Agricultural Holdings) Limited
(Registration number: 00823770)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
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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 |
- |
720,494 |
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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 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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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.
Approved and authorised by the
.........................................
J D Gordon
Director
Page 2 |
Cadogan Estates (Agricultural Holdings) Limited
Notes to the Financial Statements
Year Ended 31 December 2019
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis as the parent company has agreed to support the company for at least 12 months from the date the financial statements are approved. The impact of the COVID-19 pandemic (coronavirus) on the ability of the company to continue as a going concern has been assessed by the directors. Since the outbreak, the company has experienced a minimal reduction in sales from some income streams due to restrictions placed on its customers. There is also some uncertainty regarding the impact of the pandemic on property valuation. The directors do not anticipate the impact to be material and therefore the going concern basis remains appropriate.
Revenue recognition
Turnover consists of income from farming, recognised at the point when goods are delivered to the customer, and letting of sporting rights and rental income which is recognised on an accruals basis. Subsidies are recognised once all eligibility requirements have been met. Turnover is stated net of VAT.
Page 3 |
Cadogan Estates (Agricultural Holdings) Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. 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 at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Fixed assets are depreciated to write off the cost over their useful economic lives, as follows:
Asset class |
Depreciation method and rate |
Vehicles, plant and machinery |
20% reducing balance |
Furniture and fittings |
10% straight line |
Investment property
No depreciation is provided for in respect of investment properties in accordance with the Financial Reporting
Standard 102. Such properties are held for their investment potential and not for consumption within the business.
Investments
Subsidiaries are measured at cost less impairment. Other investments where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Stocks
Stocks comprise farm livestock and foodstuffs. Stocks are held at fair value less cost to sell.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Page 4 |
Cadogan Estates (Agricultural Holdings) Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Staff numbers |
The average number of persons employed by the company during the year was
Tangible assets |
Other property, plant and equipment |
Total |
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Cost |
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At 1 January 2019 |
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Additions |
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Disposals |
( |
( |
At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Page 5 |
Cadogan Estates (Agricultural Holdings) Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Investment properties |
2019 |
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At 1 January 2019 |
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Additions |
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Fair value adjustments |
( |
At 31 December 2019 |
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The freehold investment properties class of fixed assets was revalued on 31 December 2019 by CKD Galbraith LLP. The basis of this valuation was open market value. This class of assets has a current value of £7,310,000 (2018 - £7,310,000) and a carrying amount at historic cost of £4,633,135 (2018 - £4,609,705).
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January and 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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The investment in subsidiaries represents a 100% controlling stake in CEAH (Hydro) Limited.
Page 6 |
Cadogan Estates (Agricultural Holdings) Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2019 |
720,494 |
720,494 |
Disposals |
(720,494) |
(720,494) |
At 31 December 2019 |
- |
- |
Carrying amount |
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At 31 December 2019 |
- |
- |
At 31 December 2018 |
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720,494 |
The disposals of £720,494 relate to a transfer to Cadogan Settled Estates Limited.
Debtors |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Page 7 |
Cadogan Estates (Agricultural Holdings) Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Creditors |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Capital and reserves |
Share Capital
This reserve represents the nominal value of shares that have been issued.
Profit and loss account
The profit and loss account is made up of accumulated profits and losses including revaluations of investment properties and investments.
Revaluations of investment property above cost and the associated deferred tax balances are not distributable until realised.
At 31 December 2019 there were non-distributable reserves of £4,457,689 (2018 - £4,425,318) from revaluations of investment properties and movements in the fair value of investments and a deficit on the distributable P&L reserve of (£3,462,954) (2018 - (£3,221,591)).
Related party transactions |
Transactions with directors |
During the year Cadogan Estates (Agricultural Holdings) Limited paid expenses totalling £51,397 (2018 - £32,831) on behalf of the Rt Hon Earl Cadogan, a director of the company. The Earl repaid expenses totalling £47,672 (2018 - £46,431). At the balance sheet date the amount owed to the company was £24,200 (2018 - £20,475). This loan is interest free and repayable on demand.
Summary of transactions with parent
Page 8 |
Cadogan Estates (Agricultural Holdings) Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Parent and ultimate parent undertaking |
The company's immediate parent is
9 New Square
Lincoln's Inn
London
WC2A 3QN
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
Audit report |
The audit report on the full accounts was signed by
Page 9 |