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REGISTRAR OF COMPANIES

Registration number: 05155017

R Wain and Sons Limited

Unaudited Financial Statements

31 March 2023

image-name

 

R Wain and Sons Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
R Wain and Sons Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R Wain and Sons Limited for the year ended 31 March 2023 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of R Wain and Sons Limited, as a body, in accordance with the terms of our engagement letter dated 30 June 2021. Our work has been undertaken solely to prepare for your approval the accounts of R Wain and Sons Limited and state those matters that we have agreed to state to the Board of Directors of R Wain and Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R Wain and Sons Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that R Wain and Sons Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of R Wain and Sons Limited. You consider that R Wain and Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of R Wain and Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

6 September 2023

 

R Wain and Sons Limited

(Registration number: 05155017)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

7,554

-

Tangible assets

5

1,575,740

1,351,826

 

1,583,294

1,351,826

Current assets

 

Stocks

1,000,313

813,271

Debtors

6

574,614

438,550

 

1,574,927

1,251,821

Creditors: Amounts falling due within one year

7

(961,807)

(850,928)

Net current assets

 

613,120

400,893

Total assets less current liabilities

 

2,196,414

1,752,719

Creditors: Amounts falling due after more than one year

7

(1,058,839)

(964,539)

Provisions for liabilities

(88,014)

(29,017)

Net assets

 

1,049,561

759,163

Capital and reserves

 

Allotted, called up and fully paid share capital

6

6

Profit and loss account

1,049,555

759,157

Total equity

 

1,049,561

759,163

 

R Wain and Sons Limited

(Registration number: 05155017)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 September 2023 and signed on its behalf by:
 

.........................................

R J Wain

Director

.........................................

A R Wain

Company secretary and director

 

R Wain and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
Simonswood
Pexhill Road
Siddington
MACCLESFIELD
SK11 9JP

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

R Wain and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Basic payment scheme amortisation

The amount paid in connection with the purchase of the basic payment scheme entitlement is being amortised over the useful economic life of that entitlement. In addition, an annual impairment review is being performed.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

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

Not depreciated

Plant and equipment

10% reducing balance basis

Tractors

20% reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Basic payment scheme

2 years straight line

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

 

R Wain and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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.

Other exceptional items

Included in general administrative expenses in the prior period was an other exceptional item of £120,000 relating to an accrual for a legal claim against sales of cattle in previous years. The accrual has been reversed in the current period as the claim has been settled.

 

R Wain and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 13 (2022 - 11).

 

R Wain and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

Additions

12,950

12,950

At 31 March 2023

12,950

12,950

Amortisation

Amortisation charge

5,396

5,396

At 31 March 2023

5,396

5,396

Carrying amount

At 31 March 2023

7,554

7,554

At 31 March 2022

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Tractors
 £

Total
£

Cost or valuation

At 1 April 2022

943,446

754,981

238,153

1,936,580

Additions

24,579

179,107

101,505

305,191

Disposals

-

(6,433)

(18,750)

(25,183)

At 31 March 2023

968,025

927,655

320,908

2,216,588

Depreciation

At 1 April 2022

-

451,053

133,701

584,754

Charge for the year

-

41,489

37,808

79,297

Eliminated on disposal

-

(4,453)

(18,750)

(23,203)

At 31 March 2023

-

488,089

152,759

640,848

Carrying amount

At 31 March 2023

968,025

439,566

168,149

1,575,740

At 31 March 2022

943,446

303,928

104,452

1,351,826

 

R Wain and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

264,018

185,820

Other debtors

310,596

252,730

574,614

438,550

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

709,193

575,451

Trade creditors

 

169,349

113,404

Taxation and social security

 

7,478

4,945

Corporation tax liability

 

37,484

-

Other creditors

 

38,303

157,128

 

961,807

850,928

Due after one year

 

Loans and borrowings

8

1,058,839

964,539

2023
£

2022
£

After more than five years by instalments

485,832

610,225

485,832

610,225

 

R Wain and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

111,369

73,362

Bank overdrafts

382,631

359,637

Finance lease liabilities

67,942

25,803

Other borrowings

147,251

116,649

709,193

575,451

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

111,369

73,362

Bank overdrafts

382,631

359,637

Finance lease liabilities

67,942

25,803

561,942

458,802

Bank borrowings and overdrafts are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

940,064

921,394

Finance lease liabilities

118,775

43,145

1,058,839

964,539

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

940,064

921,394

Finance lease liabilities

118,775

43,145

1,058,839

964,539

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

R Wain and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

9

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 £1,860 (2022 - £4,649).

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2023
£

A R Wain

Loan

112,784

58,719

(14,044)

-

-

2,630

160,089

               
         

H D Wain

Loan

40,367

34,948

-

-

-

1,203

76,518

               
         

P R Wain

Loan

3,918

162

-

-

-

-

4,080

               
         

 

2022

At 1 April 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2022
£

A R Wain

Loan

197,348

37,979

(106,849)

-

(18,000)

2,306

112,784

               
         

H D Wain

Loan

126,134

38,142

(106,803)

-

(18,000)

894

40,367

               
         

P R Wain

Loan

3,084

3,879

(3,045)

-

-

-

3,918

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% on balances over £10,000.