Company registration number 01069523 (England and Wales)
WALLACE BEBB FARMS LIMITED
Unaudited financial statements
For the year ended 31 March 2023
Pages for filing with registrar
WALLACE BEBB FARMS LIMITED
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WALLACE BEBB FARMS LIMITED
Balance sheet
As at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,995,232
4,064,459
Current assets
Stocks
537,799
225,088
Debtors
5
182,964
253,271
Cash at bank and in hand
105
118
720,868
478,477
Creditors: amounts falling due within one year
6
(967,045)
(704,731)
Net current liabilities
(246,177)
(226,254)
Total assets less current liabilities
3,749,055
3,838,205
Creditors: amounts falling due after more than one year
7
(1,786,170)
(1,948,136)
Net assets
1,962,885
1,890,069
Capital and reserves
Called up share capital
775,035
775,035
Revaluation reserve
842,230
842,230
Profit and loss reserves
345,620
272,804
Total equity
1,962,885
1,890,069

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

WALLACE BEBB FARMS LIMITED
Balance sheet (continued)
As at 31 March 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2023 and are signed on its behalf by:
Mr M W Bebb
Director
Company Registration No. 01069523
WALLACE BEBB FARMS LIMITED
Notes to the financial statements
For the year ended 31 March 2023
- 3 -
1
Accounting policies
Company information

WALLACE BEBB FARMS LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is Bronafon, Llansantffraid, Powys, SY22 6TB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements the directors have considered the impact of the 'Cost of Living Crisis' and are satisfied that the company has adequate resources available to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
-
Farm equipment
15% reducing balance
Poultry equipment
5% straight line
Biomass boilers
5% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

WALLACE BEBB FARMS LIMITED
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WALLACE BEBB FARMS LIMITED
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

WALLACE BEBB FARMS LIMITED
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
4
Tangible fixed assets
Land and buildings Freehold
Farm equipment
Poultry equipment
Biomass boilers
Total
£
£
£
£
£
Cost
At 1 April 2022
3,372,061
772,981
499,702
349,366
4,994,110
Additions
-
0
2,629
-
0
-
0
2,629
Disposals
-
0
(79,800)
-
0
-
0
(79,800)
At 31 March 2023
3,372,061
695,810
499,702
349,366
4,916,939
Depreciation and impairment
At 1 April 2022
-
0
691,498
132,826
105,327
929,651
Depreciation charged in the year
-
0
9,655
24,985
17,469
52,109
Eliminated in respect of disposals
-
0
(60,053)
-
0
-
0
(60,053)
At 31 March 2023
-
0
641,100
157,811
122,796
921,707
Carrying amount
At 31 March 2023
3,372,061
54,710
341,891
226,570
3,995,232
At 31 March 2022
3,372,061
81,483
366,876
244,039
4,064,459
WALLACE BEBB FARMS LIMITED
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
82,246
108,119
Other debtors
100,718
145,152
182,964
253,271
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
359,577
360,787
Obligations under finance leases
-
0
6,727
Intercompany loan
59,980
61,915
Trade creditors
171,650
162,380
Other creditors
15,432
12,746
Accruals and deferred income
360,406
100,176
967,045
704,731
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,745,988
1,890,636
Other creditors
40,182
57,500
1,786,170
1,948,136
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
944,711
1,076,553
8
Secured Debts

The Hire Purchase liabilities are secured against the assets to which they relate.

 

The Bank Loans and Overdrafts are secured against the Freehold Property.

9
Related party transactions
Transactions with related parties

The Inter Company Loan included in creditors is in respect of The Liberty Food Company Limited, which is a subsidiary of a company that two of the Directors own 100% of the share capital.

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