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Registration number: 03574319

Attwell Farm Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Attwell Farm Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Attwell Farm Limited

Company Information

Directors

Mr C M Attwell

Mr M W Attwell

Mr D J Attwell

Mrs J S Attwell

Company secretary

Mrs S Attwell

Registered office

Seafield Farm
Seafield Lane
Beoley
Redditch
Worcestershire
B98 9DB

Accountants

Mitchell Meredith Limited
Chartered Accountants
The Exchange
Fiveways
Temple Street
Llandrindod Wells
Powys
LD1 5HG

 

Attwell Farm Limited

(Registration number: 03574319)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

2,021,481

488,095

Investments

5

452,250

452,250

 

2,473,731

940,345

Current assets

 

Stocks

6

259,720

237,770

Debtors

7

60,337

131,706

Cash at bank and in hand

 

73,565

148,002

 

393,622

517,478

Creditors: Amounts falling due within one year

8

(414,807)

(986,857)

Net current liabilities

 

(21,185)

(469,379)

Total assets less current liabilities

 

2,452,546

470,966

Creditors: Amounts falling due after more than one year

8

(1,004,927)

(63,634)

Provisions for liabilities

(60,141)

-

Net assets

 

1,387,478

407,332

Capital and reserves

 

Called up share capital

650,000

2

Profit and loss account

737,478

407,330

Shareholders' funds

 

1,387,478

407,332

 

Attwell Farm Limited

(Registration number: 03574319)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 has been taken.

Approved and authorised by the Board on 8 August 2022 and signed on its behalf by:
 


Mr M W Attwell
Director

 

Attwell Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Seafield Farm
Seafield Lane
Beoley
Redditch
Worcestershire
B98 9DB
United Kingdom

These financial statements were authorised for issue by the Board on 8 August 2022.

2

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.

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Attwell Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet 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

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

over term of lease

Farm park

over 15 years and 10% on cost

Motor vehicles

20% on reducing balance

Plant and machinery

15% on reducing balance and straight line over 15 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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 at the transaction price. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price.

 

Attwell Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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 at the transaction price.

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2020 - 17).

 

Attwell Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Farm park
 £

Motor vehicles
 £

Plant and machinery
£

Cost or valuation

At 1 January 2021

118,502

237,143

152,251

634,501

Additions

1,515,906

100,570

-

8,487

Disposals

-

(6,000)

(56,936)

(200)

At 31 December 2021

1,634,408

331,713

95,315

642,788

Depreciation

At 1 January 2021

7,518

47,257

98,869

500,658

Charge for the year

10,457

28,067

6,962

21,320

Eliminated on disposal

-

-

(38,365)

-

At 31 December 2021

17,975

75,324

67,466

521,978

Carrying amount

At 31 December 2021

1,616,433

256,389

27,849

120,810

At 31 December 2020

110,984

189,886

53,382

133,843

Total
£

Cost or valuation

At 1 January 2021

1,142,397

Additions

1,624,963

Disposals

(63,136)

At 31 December 2021

2,704,224

Depreciation

At 1 January 2021

654,302

Charge for the year

66,806

Eliminated on disposal

(38,365)

At 31 December 2021

682,743

Carrying amount

At 31 December 2021

2,021,481

At 31 December 2020

488,095

 

Attwell Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Included within the net book value of land and buildings above is £1,445,922 (2020 - £Nil) in respect of freehold land and buildings and £170,511 (2020 - £110,984) in respect of short leasehold land and buildings.
 

5

Investments

2021
£

2020
£

Investments in subsidiaries

452,250

452,250

Subsidiaries

£

Cost or valuation

At 1 January 2021

452,250

Provision

Carrying amount

At 31 December 2021

452,250

At 31 December 2020

452,250

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

     

2021

2020

Subsidiary undertakings

Worcestershire Food Science Park Limited

Seafield Farm
Seafield Lane
Beoley
Redditch
Worcestershire
B98 9DB

England and Wales

Ordinary shares

100%

100%

Subsidiary undertakings

Worcestershire Food Science Park Limited

The principal activity of Worcestershire Food Science Park Limited is property rental.

 

Attwell Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Stocks

2021
£

2020
£

Stocks

259,720

237,770

7

Debtors

2021
£

2020
£

Trade debtors

39,389

111,750

Prepayments

10,952

10,725

VAT

9,996

9,231

60,337

131,706

 

Attwell Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

9

60,930

33,703

Trade creditors

 

114,601

130,012

Owed by/(from) group undertakings

115,553

82,402

Directors' current account

21,217

673,282

Taxation and social security

 

6,024

1,657

Other creditors

 

96,482

65,801

 

414,807

986,857

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

1,004,927

63,634

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

1,004,927

50,000

HP and finance lease liability

-

13,634

1,004,927

63,634

2021
£

2020
£

Current loans and borrowings

Bank borrowings

47,297

-

HP and finance lease liability

13,633

33,703

60,930

33,703

 

Attwell Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £18,947 (2020 - £-).