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REGISTERED NUMBER: 00626035 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

WELFORD FARMS LIMITED

WELFORD FARMS LIMITED (REGISTERED NUMBER: 00626035)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELFORD FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: J H L Puxley
Mrs D A Puxley





SECRETARY: Mrs D A Puxley





REGISTERED OFFICE: 25 St Thomas Street
Winchester
Hampshire
SO23 9HJ





REGISTERED NUMBER: 00626035 (England and Wales)





ACCOUNTANTS: Martin and Company
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

WELFORD FARMS LIMITED (REGISTERED NUMBER: 00626035)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,328,780 2,376,140
Investments 5 1,750,313 1,602,677
4,079,093 3,978,817

CURRENT ASSETS
Debtors 6 63,111 56,378
Cash at bank 146,576 85,512
209,687 141,890
CREDITORS
Amounts falling due within one year 7 331,638 249,916
NET CURRENT LIABILITIES (121,951 ) (108,026 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,957,142

3,870,791

CREDITORS
Amounts falling due after more than one year 8 (920,897 ) (1,022,750 )

PROVISIONS FOR LIABILITIES (44,544 ) (48,872 )
NET ASSETS 2,991,701 2,799,169

CAPITAL AND RESERVES
Called up share capital 863,690 863,690
Retained earnings 2,128,011 1,935,479
SHAREHOLDERS' FUNDS 2,991,701 2,799,169

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

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

WELFORD FARMS LIMITED (REGISTERED NUMBER: 00626035)

BALANCE SHEET - continued
31ST MARCH 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 8th November 2023 and were signed on its behalf by:




J H L Puxley - Director



Mrs D A Puxley - Director


WELFORD FARMS LIMITED (REGISTERED NUMBER: 00626035)

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


1. STATUTORY INFORMATION

Welford Farms 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.

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.
Freehold land and property - at variable rates on reducing balance and nil
Plant and machinery - 15% on reducing balance and 10% on reducing balance

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.

Pension costs and other post-retirement benefits
The company makes contributions to a group personal pension plan for the benefit of certain employees and to the personal pension plan of one employee. In addition the company operates a small self administered pension scheme for the benefit of the directors. Contributions payable for the year are charged in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

WELFORD FARMS LIMITED (REGISTERED NUMBER: 00626035)

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


4. TANGIBLE FIXED ASSETS
Freehold
land and Plant and
property machinery Totals
£    £    £   
COST
At 1st April 2022
and 31st March 2023 2,552,037 577,013 3,129,050
DEPRECIATION
At 1st April 2022 470,225 282,685 752,910
Charge for year 17,898 29,462 47,360
At 31st March 2023 488,123 312,147 800,270
NET BOOK VALUE
At 31st March 2023 2,063,914 264,866 2,328,780
At 31st March 2022 2,081,812 294,328 2,376,140

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st April 2022 1,602,677
Additions 264,399
Disposals (116,763 )
At 31st March 2023 1,750,313
NET BOOK VALUE
At 31st March 2023 1,750,313
At 31st March 2022 1,602,677

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 29,757 23,024
Amounts owed by group undertakings 25,050 25,050
Other debtors 8,304 8,304
63,111 56,378

WELFORD FARMS LIMITED (REGISTERED NUMBER: 00626035)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 38,000 38,000
Other loans 58,204 56,923
Trade creditors 1,220 408
Tax 52,362 46,266
Social security and other taxes 913 913
VAT 10,951 9,087
Directors' current accounts 163,038 91,369
Accruals and deferred income 6,950 6,950
331,638 249,916

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 39,400 39,400
Bank loans - 2-5 years 121,800 121,800
Bank loan > 5 yrs 759,697 803,346
Other loans - 58,204
920,897 1,022,750

Amounts falling due in more than five years:

Repayable by instalments
Bank loan > 5 yrs 759,697 803,346

The bank loans are repayable by instalment over 20 years.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 958,897 1,002,546

The bank loan is secured by a legal charge over the Land at Welford Estate, Welford, Newbury, Berkshire, RG20 8HU and The Old Kennels, Welford, Newbury, Berkshire, RG20 8HU.