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REGISTERED NUMBER: 05128079 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

WELLS FARM SUPPLIES LIMITED

WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELLS FARM SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: Mr M Lambert
Mrs G L Neilson





REGISTERED OFFICE: Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH





REGISTERED NUMBER: 05128079 (England and Wales)





ACCOUNTANTS: Aspen Waite Limited
Chartered Accountants
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)

BALANCE SHEET
31ST MAY 2023

31/5/23 31/5/22
Notes £    £   
FIXED ASSETS
Tangible assets 4 31,611 14,017

CURRENT ASSETS
Stocks 48,239 38,329
Debtors 5 713,140 582,717
Cash at bank and in hand 370,884 117,892
1,132,263 738,938
CREDITORS
Amounts falling due within one year 6 (772,153 ) (716,484 )
NET CURRENT ASSETS 360,110 22,454
TOTAL ASSETS LESS CURRENT
LIABILITIES

391,721

36,471

CREDITORS
Amounts falling due after more than one
year

7

(92,000

)

-

PROVISIONS FOR LIABILITIES 8 (5,475 ) -
NET ASSETS 294,246 36,471

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 294,245 36,470
294,246 36,471

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 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.

WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)

BALANCE SHEET - continued
31ST MAY 2023


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 and authorised for issue by the Board of Directors and authorised for issue on 6th October 2023 and were signed on its behalf by:





Mrs G L Neilson - Director


WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023

1. STATUTORY INFORMATION

Wells Farm Supplies 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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

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.

WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1st June 2022 123,052 - 123,052
Additions 22,564 1,012 23,576
At 31st May 2023 145,616 1,012 146,628
DEPRECIATION
At 1st June 2022 109,035 - 109,035
Charge for year 5,898 84 5,982
At 31st May 2023 114,933 84 115,017
NET BOOK VALUE
At 31st May 2023 30,683 928 31,611
At 31st May 2022 14,017 - 14,017

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Trade debtors 686,849 574,166
Other debtors 8,577 -
VAT 8,189 7,383
Prepayments and accrued income 9,525 1,168
713,140 582,717

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Bank loans and overdrafts 48,000 188,000
Trade creditors 421,786 372,187
Corporation tax 54,749 32,993
Social security and other taxes - 17,277
Other creditors 4,494 -
Directors' current accounts 1,057 2,000
Accrued expenses 242,067 104,027
772,153 716,484

WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/5/23 31/5/22
£    £   
Bank loans due 1-2 years 48,000 -
Bank loans due 2-5 years 44,000 -
92,000 -

8. PROVISIONS FOR LIABILITIES
31/5/23 31/5/22
£    £   
Deferred tax
Accelerated capital allowances 5,475 -

Deferred
tax
£   
Charge to Income Statement during year 5,475
Balance at 31st May 2023 5,475