REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2022 |
for |
R.H. Ward (Welton) Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
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 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Investments | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
R.H. Ward (Welton) Limited (Registered number: 00630302) |
Statement of Financial Position - continued |
31 December 2022 |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
and 31 December 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
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 |
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 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2022 |
Additions |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
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 |
Other debtors |
Flagleaf Farming loan | 62,270 | 126,280 |
Directors' current accounts | - | 5,805 |
VAT |
Prepayments and accrued income |
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) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 16,924 | - |
Other creditors |
Directors' current accounts | 396,000 | 213,361 |
Accruals and deferred income |
Deferred government grants |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 12) |
Deferred government grants |
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 |
Between one and five years |
Non-cancellable | operating leases |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
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 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |