Caseware UK (AP4) 2022.0.179 2022.0.179 2022-04-01truefalseNo description of principal activity44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07841711 2022-04-01 2023-03-31 07841711 2021-04-01 2022-03-31 07841711 2023-03-31 07841711 2022-03-31 07841711 c:Director1 2022-04-01 2023-03-31 07841711 c:Director2 2022-04-01 2023-03-31 07841711 d:Buildings 2022-04-01 2023-03-31 07841711 d:Buildings 2023-03-31 07841711 d:Buildings 2022-03-31 07841711 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07841711 d:Buildings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 07841711 d:PlantMachinery 2022-04-01 2023-03-31 07841711 d:PlantMachinery 2023-03-31 07841711 d:PlantMachinery 2022-03-31 07841711 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07841711 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 07841711 d:OfficeEquipment 2022-04-01 2023-03-31 07841711 d:OfficeEquipment 2023-03-31 07841711 d:OfficeEquipment 2022-03-31 07841711 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07841711 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 07841711 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07841711 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 07841711 d:CurrentFinancialInstruments 2023-03-31 07841711 d:CurrentFinancialInstruments 2022-03-31 07841711 d:Non-currentFinancialInstruments 2023-03-31 07841711 d:Non-currentFinancialInstruments 2022-03-31 07841711 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07841711 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07841711 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07841711 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 07841711 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 07841711 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 07841711 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 07841711 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 07841711 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 07841711 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 07841711 d:ShareCapital 2023-03-31 07841711 d:ShareCapital 2022-03-31 07841711 d:RetainedEarningsAccumulatedLosses 2023-03-31 07841711 d:RetainedEarningsAccumulatedLosses 2022-03-31 07841711 c:OrdinaryShareClass1 2022-04-01 2023-03-31 07841711 c:OrdinaryShareClass1 2023-03-31 07841711 c:OrdinaryShareClass1 2022-03-31 07841711 c:FRS102 2022-04-01 2023-03-31 07841711 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07841711 c:FullAccounts 2022-04-01 2023-03-31 07841711 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07841711 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 07841711 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 07841711 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 07841711 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 07841711 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07841711 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 07841711 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 07841711 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 07841711 6 2022-04-01 2023-03-31 07841711 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 07841711 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-03-31 07841711 d:LeasedAssetsHeldAsLessee 2023-03-31 07841711 d:LeasedAssetsHeldAsLessee 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07841711










S. W. Attwood (Farms) Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2023

 
S. W. Attwood (Farms) Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of S. W. Attwood (Farms) 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 financial statements of S. W. Attwood (Farms) Limited for the year ended 31 March 2023 which comprise  the Balance sheet and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of S. W. Attwood (Farms) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of S. W. Attwood (Farms) Limited  and state those matters that we have agreed to state to the Board of directors of S. W. Attwood (Farms) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S. W. Attwood (Farms) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that S. W. Attwood (Farms) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S. W. Attwood (Farms) Limited. You consider that S. W. Attwood (Farms) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of S. W. Attwood (Farms) 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 financial statements.

  




Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
7 November 2023
Page 1

 
S. W. Attwood (Farms) Limited
Registered number: 07841711

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,079,311
3,744,711

Investments
 5 
10
10

  
6,079,321
3,744,721

Current assets
  

Stocks
  
631,002
412,435

Debtors: amounts falling due within one year
 6 
1,191,524
1,191,155

  
1,822,526
1,603,590

Creditors: amounts falling due within one year
 7 
(3,016,758)
(1,847,346)

Net current liabilities
  
 
 
(1,194,232)
 
 
(243,756)

Total assets less current liabilities
  
4,885,089
3,500,965

Creditors: amounts falling due after more than one year
 8 
(1,525,991)
(1,189,341)

Provisions for liabilities
  

Deferred tax
  
(457,675)
(342,216)

  
 
 
(457,675)
 
 
(342,216)

Net assets
  
2,901,423
1,969,408


Capital and reserves
  

Called up share capital 
 12 
2
2

Profit and loss account
  
2,901,421
1,969,406

  
2,901,423
1,969,408


Page 2

 
S. W. Attwood (Farms) Limited
Registered number: 07841711

Balance sheet (continued)
As at 31 March 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 November 2023.





S W Attwood
J F Attwood
Director
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
S. W. Attwood (Farms) Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

1.


General information

S. W. Attwood (Farms) Limited ("the company") is a private company limited by shares and is incorporated in England and Wales with the registration number 07841711.  The address of the registered office, and trading address,  is New Hook Farm, Lower Road Eastchurch, Sheerness, Kent, ME12 3SU. The company's principal activity is that of agricultural contractors, supplying plant and labour for hire, and making straw sales. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
S. W. Attwood (Farms) Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
S. W. Attwood (Farms) Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
15% Reducing balance
Office equipment
-
33.33% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
S. W. Attwood (Farms) Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 7

 
S. W. Attwood (Farms) Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

4.


Tangible fixed assets





Freehold property
Plant & machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
1,796,989
2,978,893
-
4,775,882


Additions
1,743,767
1,017,578
297
2,761,642


Disposals
-
(335,877)
-
(335,877)



At 31 March 2023

3,540,756
3,660,594
297
7,201,647



Depreciation


At 1 April 2022
-
1,031,171
-
1,031,171


Charge for the year on owned assets
-
59,292
89
59,381


Charge for the year on financed assets
-
282,615
-
282,615


Disposals
-
(250,831)
-
(250,831)



At 31 March 2023

-
1,122,247
89
1,122,336



Net book value



At 31 March 2023
3,540,756
2,538,347
208
6,079,311



At 31 March 2022
1,796,989
1,947,722
-
3,744,711

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
2,193,771
1,682,593

2,193,771
1,682,593


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2022
10



At 31 March 2023
10




Page 8

 
S. W. Attwood (Farms) Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

6.


Debtors

2023
2022
£
£


Trade debtors
1,064,918
1,110,043

Other debtors
46,390
3,147

Prepayments and accrued income
80,216
77,965

1,191,524
1,191,155



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
378,926
438,399

Bank loans
47,448
46,181

Other loans
976,419
-

Trade creditors
178,943
195,465

Other taxation and social security
814
3,848

Obligations under finance lease and hire purchase contracts
437,699
367,436

Other creditors
989,654
789,378

Accruals and deferred income
6,855
6,639

3,016,758
1,847,346


Secured Loans
Bank loans and overdraft balances total balance of £600,611 (2022: £704,857) which are secured by way of a fixed and floating charge over all present and future assets of the company.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
174,237
220,277

Net obligations under finance leases and hire purchase contracts
1,351,754
969,064

1,525,991
1,189,341


Page 9

 
S. W. Attwood (Farms) Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
47,448
46,181

Other loans
976,419
-


1,023,867
46,181

Amounts falling due 1-2 years

Bank loans
48,758
47,448


48,758
47,448

Amounts falling due 2-5 years

Bank loans
125,479
142,892


125,479
142,892

Amounts falling due after more than 5 years

Bank loans
-
29,937

-
29,937

1,198,104
266,458



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
437,699
355,720

Between 1-5 years
1,351,754
954,120

1,789,453
1,309,840

Page 10

 
S. W. Attwood (Farms) Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

11.


Deferred taxation




2023


£






At beginning of year
(342,216)


Charged to profit or loss
(115,459)



At end of year
(457,675)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(616,325)
(342,216)

Tax losses carried forward
158,650
-

(457,675)
(342,216)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £850 (2022: £622) . Contributions totalling £9 (2022: £29) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

During the year S. W. Attwood (Farms) Limited had an interest free loan from New Homes and Land Ltd, a company in which JF Attwood and SW Attwood are also directors, as at 31 March 2023 S. W. Attwood (Farms) Limited owed £976,588 (2022: £726,588). This loan is repayable on demand.


Page 11