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REGISTERED NUMBER: 00810506 (England and Wales)















J. WHARTON (AGRICULTURE) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






J. WHARTON (AGRICULTURE) LIMITED (REGISTERED NUMBER: 00810506)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


J. WHARTON (AGRICULTURE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mrs A C Birchall
M J Daniells
J W Wharton
J S Wharton
Mrs F L Wharton



SECRETARY: Mrs F L Wharton



REGISTERED OFFICE: Valley House Valley Farm
North Lane
Swaby Alford
Lincolnshire
LN13 0BD



REGISTERED NUMBER: 00810506 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT



BANKERS: HSBC Bank Plc
84 High Street
Scunthorpe
North Lincolnshire
DN15 6HQ



SOLICITORS: Wilkin Chapman
Cartergate House
26 Chantry Lane
Grimsby
North East Lincolnshire
DN31 2LJ

J. WHARTON (AGRICULTURE) LIMITED (REGISTERED NUMBER: 00810506)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,373 -
Tangible assets 5 11,852,929 12,003,540
Investments 6 13,805 8,910
Investment property 7 1,202,000 1,202,000
13,073,107 13,214,450

CURRENT ASSETS
Valuation 1,556,720 1,512,244
Debtors 8 844,179 497,339
Cash in hand 166 128
2,401,065 2,009,711
CREDITORS
Amounts falling due within one year 9 5,337,023 5,490,070
NET CURRENT LIABILITIES (2,935,958 ) (3,480,359 )
TOTAL ASSETS LESS CURRENT LIABILITIES 10,137,149 9,734,091

CREDITORS
Amounts falling due after more than one year 10 (8,079 ) (16,158 )

PROVISIONS FOR LIABILITIES (746,548 ) (659,517 )
NET ASSETS 9,382,522 9,058,416

CAPITAL AND RESERVES
Called up share capital 12 135,409 135,409
Fair value - investment properties 13 586,931 586,931
Fair value reserve - listed investments 13 618 (3,208 )
Retained earnings 13 8,659,564 8,339,284
SHAREHOLDERS' FUNDS 9,382,522 9,058,416

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

J. WHARTON (AGRICULTURE) LIMITED (REGISTERED NUMBER: 00810506)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 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 by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





J S Wharton - Director


J. WHARTON (AGRICULTURE) LIMITED (REGISTERED NUMBER: 00810506)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

J. Wharton (Agriculture) 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 as modified by the revaluation of certain assets.

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

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.

Entitlements are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Nil and Straight line over 25 years
Plant and machinery etc - 7.5% on cost and at variable rates on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Valuation
Valuations are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. The cost of cultivations and other operations are assessed using CAAV Costings as appropriate and are valued consistently with prior years by an independent qualified valuer.

Deemed cost has been used where actual cost is not accurately ascertainable.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


J. WHARTON (AGRICULTURE) LIMITED (REGISTERED NUMBER: 00810506)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement 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 the income statement in the period to which they relate.

Investments
Unlisted investments are valued at historic cost. Listed investments are valued at fair value with any gain or loss reported through the income statement.

Other income
Other income is recognised in the period to which it relates.

Basic payment scheme
The basic payment scheme is recognised in the financial statements in accordance with current HM Revenue and Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

J. WHARTON (AGRICULTURE) LIMITED (REGISTERED NUMBER: 00810506)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2022 66,910
Additions 10,887
At 30 June 2023 77,797
AMORTISATION
At 1 July 2022 66,910
Charge for year 6,514
At 30 June 2023 73,424
NET BOOK VALUE
At 30 June 2023 4,373
At 30 June 2022 -

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2022 8,519,367 69,953 6,126,555 14,715,875
Additions 41,588 - 409,354 450,942
Disposals - - (232,940 ) (232,940 )
At 30 June 2023 8,560,955 69,953 6,302,969 14,933,877
DEPRECIATION
At 1 July 2022 49,135 24,224 2,638,976 2,712,335
Charge for year 7,909 2,798 556,361 567,068
Eliminated on disposal - - (198,455 ) (198,455 )
At 30 June 2023 57,044 27,022 2,996,882 3,080,948
NET BOOK VALUE
At 30 June 2023 8,503,911 42,931 3,306,087 11,852,929
At 30 June 2022 8,470,232 45,729 3,487,579 12,003,540

Cost or valuation at 30 June 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
Valuation in 2023 8,560,955 - - 8,560,955
Cost - 69,953 6,302,969 6,372,922
8,560,955 69,953 6,302,969 14,933,877

The fair value has been determined by the directors based on estimated open market values. There has been no valuation of land and buildings by an independent valuer.

J. WHARTON (AGRICULTURE) LIMITED (REGISTERED NUMBER: 00810506)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

6. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 July 2022 8,910
Revaluations 4,895
At 30 June 2023 13,805
NET BOOK VALUE
At 30 June 2023 13,805
At 30 June 2022 8,910

Cost or valuation at 30 June 2023 is represented by:

Listed
investments
£   
Valuation in 2023 13,805

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 1,202,000
NET BOOK VALUE
At 30 June 2023 1,202,000
At 30 June 2022 1,202,000

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2023 1,202,000

The fair value has been determined by the directors based on estimated open market values. There has been no valuation of investment property by an independent valuer.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 463,082 168,632
Other debtors 381,097 328,707
844,179 497,339

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 28,728 11,115
Trade creditors 186,197 261,746
Taxation and social security 15,745 15,480
Other creditors 5,106,353 5,201,729
5,337,023 5,490,070

J. WHARTON (AGRICULTURE) LIMITED (REGISTERED NUMBER: 00810506)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 8,079 16,158

11. LEASING AGREEMENTS
The total amount of financial commitments, guarantees and contingencies due within twelve months that are not included in the statement of financial position is £178,321 (2022 - £243,329).

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
135,409 Ordinary £1 135,409 135,409

13. RESERVES
Fair
Fair value
value - reserve -
Retained investment listed
earnings properties investments Totals
£    £    £    £   

At 1 July 2022 8,339,284 586,931 (3,208 ) 8,923,007
Profit for the year 324,106 - - 324,106
Movement on fair value, net of
deferred tax

(3,826

)

-

3,826

-

At 30 June 2023 8,659,564 586,931 618 9,247,113