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REGISTERED NUMBER: 06466859 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

WALNES LIMITED

WALNES LIMITED (REGISTERED NUMBER: 06466859)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WALNES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: A T Cooper
T J Bater
Mrs J E Golder





SECRETARY: Mrs J E Golder





REGISTERED OFFICE: 89 High Street
Hadleigh
Ipswich
Suffolk
IP7 5EA





REGISTERED NUMBER: 06466859 (England and Wales)





ACCOUNTANTS: Walter Wright
Chartered Accountants
89 High Street
Hadleigh
Ipswich
Suffolk
IP7 5EA

WALNES LIMITED (REGISTERED NUMBER: 06466859)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,766,324 2,714,866
Investments 6 22,085 22,085
2,788,409 2,736,951

CURRENT ASSETS
Stocks 521,173 480,399
Debtors 7 560,331 478,026
Cash at bank and in hand 838,274 848,299
1,919,778 1,806,724
CREDITORS
Amounts falling due within one year 8 1,350,962 1,333,450
NET CURRENT ASSETS 568,816 473,274
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,357,225

3,210,225

CREDITORS
Amounts falling due after more than one
year

9

(173,032

)

(479,725

)

PROVISIONS FOR LIABILITIES (136,034 ) (118,016 )
NET ASSETS 3,048,159 2,612,484

CAPITAL AND RESERVES
Called up share capital 930 1,000
Share premium 11 44,930 44,930
Capital redemption reserve 11 286,385 356,570
Retained earnings 11 2,715,914 2,209,984
SHAREHOLDERS' FUNDS 3,048,159 2,612,484

WALNES LIMITED (REGISTERED NUMBER: 06466859)

BALANCE SHEET - continued
31 MARCH 2023


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

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

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 10 November 2023 and were signed on its behalf by:





A T Cooper - Director


WALNES LIMITED (REGISTERED NUMBER: 06466859)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Walnes 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 represents the sales of goods and services, is recognised on dispatch of the goods or provision of the service and excludes value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of five years.

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.

Computer software is being amortised evenly over its estimated useful life of two years.

Tangible fixed assets
The directors consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to the net book value. As a result the corresponding depreciation would not be material and therefore is not charged in the profit & loss account. The directors perform an annual impairment review to ensure that the recoverable amount is not lower than the carrying value.
The value of solar panels is included in the cost of the freehold property. These are being depreciated over the next 15 years on a straight line basis of £7,833 per year.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


WALNES LIMITED (REGISTERED NUMBER: 06466859)

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


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 9,500 10,065 19,565
AMORTISATION
At 1 April 2022
and 31 March 2023 9,500 10,065 19,565
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 - - -

WALNES LIMITED (REGISTERED NUMBER: 06466859)

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


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 2,493,690 511,592 3,005,282
Additions 41,503 91,801 133,304
Disposals - (33,360 ) (33,360 )
At 31 March 2023 2,535,193 570,033 3,105,226
DEPRECIATION
At 1 April 2022 39,545 250,871 290,416
Charge for year 8,727 64,412 73,139
Eliminated on disposal - (24,653 ) (24,653 )
At 31 March 2023 48,272 290,630 338,902
NET BOOK VALUE
At 31 March 2023 2,486,921 279,403 2,766,324
At 31 March 2022 2,454,145 260,721 2,714,866

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 22,085
NET BOOK VALUE
At 31 March 2023 22,085
At 31 March 2022 22,085

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Suffolk Seed Laboratory Ltd
Registered office: 89 High Street, Hadleigh, Ipswich, Suffolk. IP7 5EA
Nature of business: Seed testing
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 208,022 173,177
Profit for the year 34,845 32,977

WALNES LIMITED (REGISTERED NUMBER: 06466859)

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


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 537,582 457,563
Other debtors 22,749 20,463
560,331 478,026

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loan - 43,334
Hire purchase contracts 11,737 -
Trade creditors 725,408 725,576
Taxation and social security 141,051 66,343
Other creditors 472,766 498,197
1,350,962 1,333,450

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loan - 238,334
Hire purchase contracts 14,671 -
Other creditors 158,361 241,391
173,032 479,725

Amounts falling due in more than five years:

Repayable by instalments
Bank loan - 65,009

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan - 281,668
Hire purchase contracts 26,408 -
26,408 281,668

The bank loan is secured by:
- a first priority Legal Charge over Moat Farm, Earl Soham, Suffolk.
- a first priority Legal Charge over the land at Plot 1 Yew Tree Court, Framlingham Road, Earl Soham, Suffolk.
- a Debenture of the company
The SSAS loan is secured by: a legal charge over the land at Yew Tree Court.

WALNES LIMITED (REGISTERED NUMBER: 06466859)

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


11. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2022 2,209,984 44,930 356,570 2,611,484
Profit for the year 568,078 - - 568,078
Dividends (62,148 ) - - (62,148 )
Purchase of own shares - - (70,185 ) (70,185 )
At 31 March 2023 2,715,914 44,930 286,385 3,047,229

The capital redemption reserve is not distributable.