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REGISTERED NUMBER: 00630302 (England and Wales)













Financial Statements

for the Year Ended 31 December 2022

for

R.H. Ward (Welton) Limited

R.H. Ward (Welton) Limited (Registered number: 00630302)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


R.H. Ward (Welton) Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: J R Ward
K A Ward
L J Haxton



SECRETARY: K A Ward



REGISTERED OFFICE: Holme Farm
Welton Cliff
LINCOLN
Lincolnshire
LN2 3PU



REGISTERED NUMBER: 00630302 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: NatWest Bank Plc
225 High Street
LINCOLN
Lincolnshire
LN2 1AZ

R.H. Ward (Welton) Limited (Registered number: 00630302)

Statement of Financial Position
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 10,780,501 10,537,165
Investments 6 1,692 1,692
Investment property 7 1,051,489 965,229
11,833,682 11,504,086

CURRENT ASSETS
Stocks 525,032 469,196
Debtors 8 747,543 428,070
Investments 9 - 868
Cash at bank 1,732,111 1,668,360
3,004,686 2,566,494
CREDITORS
Amounts falling due within one year 10 1,245,106 883,067
NET CURRENT ASSETS 1,759,580 1,683,427
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,593,262

13,187,513

CREDITORS
Amounts falling due after more than
one year

11

(115,975

)

(123,179

)

PROVISIONS FOR LIABILITIES (585,190 ) (593,327 )
NET ASSETS 12,892,097 12,471,007

CAPITAL AND RESERVES
Called up share capital 68,120 68,120
Retained earnings 12,823,977 12,402,887
SHAREHOLDERS' FUNDS 12,892,097 12,471,007

R.H. Ward (Welton) Limited (Registered number: 00630302)

Statement of Financial Position - continued
31 December 2022


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:





J R Ward - Director


R.H. Ward (Welton) Limited (Registered number: 00630302)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

R.H. Ward (Welton) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

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.

Subsidy entitlements are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - at varying rates on cost
Short leasehold - 10% on cost
Plant and machinery - 15% to 25% on reducing balance and at varying rates on cost
Motor vehicles - 25% on reducing balance

Freehold land is not depreciated.
Assets in the course of construction are capitalised but not depreciated until they have been completed and brought into use.

Government grants
Government grants which have been accounted for under the accruals model, in respect of capital expenditure, are recognised within income on a systematic basis over the expected useful life of the asset.

Investment property
Investment property is property that is held to generate rental income and/or held for capital appreciation. Investment property is initially measured at cost and subsequently revalued to fair value at each reporting date with changes in fair value recognised in profit or loss in the year they arise.

R.H. Ward (Welton) Limited (Registered number: 00630302)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value.

The cost of harvested crops and tenantright includes all production overheads and depreciation and the attributable proportion of indirect overheads based on the normal level of activity. Net realisable value is based on estimated selling price, less the estimated cost of disposal.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

R.H. Ward (Welton) Limited (Registered number: 00630302)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held for use in operating leases are included in fixed assets and depreciated over their useful life. Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Current asset investments
Investments held as current assets are stated at the lower of cost and net realisable value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2022
and 31 December 2022 47,275
AMORTISATION
At 1 January 2022
and 31 December 2022 47,275
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

R.H. Ward (Welton) Limited (Registered number: 00630302)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. TANGIBLE FIXED ASSETS
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1 January 2022 8,735,091 259,298 5,168,821 42,008 14,205,218
Additions 395,993 - 192,208 5,000 593,201
Disposals - - (25,403 ) (5,300 ) (30,703 )
At 31 December 2022 9,131,084 259,298 5,335,626 41,708 14,767,716
DEPRECIATION
At 1 January 2022 516,725 256,785 2,866,301 28,242 3,668,053
Charge for year 99,920 - 245,179 4,250 349,349
Eliminated on disposal - - (25,022 ) (5,165 ) (30,187 )
At 31 December 2022 616,645 256,785 3,086,458 27,327 3,987,215
NET BOOK VALUE
At 31 December 2022 8,514,439 2,513 2,249,168 14,381 10,780,501
At 31 December 2021 8,218,366 2,513 2,302,520 13,766 10,537,165

Included in freehold property and plant & machinery are assets held for use in operating leases at a cost of £4,256,264 (2021 £4,255,044) and accumulated depreciation of £1,539,384 (2021 £1,459,195). Rental income from these operating leases amounted to £539,502 (2021 £539,654).

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2022
and 31 December 2022 1,692
NET BOOK VALUE
At 31 December 2022 1,692
At 31 December 2021 1,692

R.H. Ward (Welton) Limited (Registered number: 00630302)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2022 965,229
Additions 86,260
At 31 December 2022 1,051,489
NET BOOK VALUE
At 31 December 2022 1,051,489
At 31 December 2021 965,229

Rental income from investment properties used for short-term holiday lets and commercial lettings amounted to £63,139 (2021 £71,355). Provision has been made for deferred tax on the fair value reserve and amounts to £38,808 (2021 £29,494).

Fair value at 31 December 2022 is represented by:
£   
Valuation in 2020 285,940
Cost 765,549
1,051,489

If investment properties had not been revalued they would have been included at the following historical cost:

2022 2021
£    £   
Cost 765,550 679,289
Aggregate depreciation (44,163 ) (31,577 )

Investment properties were valued on an open market basis on 31 December 2022 by the directors .

The directors based their valuation on a mix of return on capital and the market for similar properties in the general area.

R.H. Ward (Welton) Limited (Registered number: 00630302)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 390,990 111,867
Other debtors 169,806 80,618
Flagleaf Farming loan 62,270 126,280
Directors' current accounts - 5,805
VAT - 26,162
Prepayments and accrued income 124,477 77,338
747,543 428,070

9. CURRENT ASSET INVESTMENTS
2022 2021
£    £   
Unlisted investments - 868

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Hire purchase contracts (see note 12)
52,312

44,799
Trade creditors 414,162 366,774
Corporation tax 177,816 41,991
Social security and other taxes 11,720 9,434
VAT 16,924 -
Other creditors 45,850 43,171
Directors' current accounts 396,000 213,361
Accruals and deferred income 123,396 157,536
Deferred government grants 6,926 6,001
1,245,106 883,067

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Hire purchase contracts (see note 12)
33,382

44,799
Deferred government grants 82,593 78,380
115,975 123,179

R.H. Ward (Welton) Limited (Registered number: 00630302)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 52,312 44,799
Between one and five years 33,382 44,799
85,694 89,598

Non-cancellable operating leases
2022 2021
£    £   
Within one year 982 970
Between one and five years 1,472 2,426
2,454 3,396

13. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Hire purchase contracts 85,694 89,598

Hire Purchase commitments are secured on the assets being financed.

14. CAPITAL COMMITMENTS
2022 2021
£    £   
Contracted but not provided for in the
financial statements 6,040 62,855

R.H. Ward (Welton) Limited (Registered number: 00630302)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
J R Ward
Balance outstanding at start of year 5,805 -
Amounts advanced 61,022 5,805
Amounts repaid (66,827 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,805

The amounts advanced are unsecured and repayable on demand. Interest on the overdrawn balance has been charged at the HMRC beneficial loan interest rate.

16. RELATED PARTY DISCLOSURES

Included in creditors falling due within one year at 31 December 2022 are directors' current account balances due to J R Ward amounting to £125,874 (2021 £Nil), K A Ward £130,901 (2021 £104,722) and L J Haxton £139,225 (2021 £108,639). These balances are unsecured, repayable on demand and interest free.