01 April 2022 31 March 2023 No principle activity is included 01886270 2022-04-01 01886270 2023-03-31 01886270 2022-04-01 2023-03-31 01886270 uk-bus:Director1 2022-04-01 2023-03-31 01886270 uk-bus:Director2 2022-04-01 2023-03-31 01886270 uk-bus:Director3 2022-04-01 2023-03-31 01886270 uk-bus:CompanySecretary1 2022-04-01 2023-03-31 01886270 uk-core:LandBuildings 2023-03-31 01886270 2022-03-31 01886270 2021-04-01 2022-03-31 01886270 uk-core:LandBuildings 2022-03-31 01886270 uk-core:PlantMachinery 2023-03-31 01886270 uk-core:PlantMachinery 2022-03-31 01886270 uk-core:CurrentInventories 2023-03-31 01886270 uk-core:CurrentInventories 2022-03-31 01886270 uk-core:CurrentFinancialInstruments uk-core:ContinuingOperations 2023-03-31 01886270 uk-core:CurrentFinancialInstruments uk-core:ContinuingOperations 2022-03-31 01886270 uk-core:ContinuingOperations 2023-03-31 01886270 uk-core:ContinuingOperations 2022-03-31 01886270 uk-core:ShareCapital uk-core:ContinuingOperations 2023-03-31 01886270 uk-core:ShareCapital uk-core:ContinuingOperations 2022-03-31 01886270 uk-core:RetainedEarningsAccumulatedLosses uk-core:ContinuingOperations 2023-03-31 01886270 uk-core:RetainedEarningsAccumulatedLosses uk-core:ContinuingOperations 2022-03-31 01886270 uk-core:Buildings 2022-04-01 2023-03-31 01886270 uk-core:PlantMachinery 2022-04-01 2023-03-31 01886270 uk-core:OtherVehicles 2022-04-01 2023-03-31 01886270 uk-core:CommercialMotorVehicles 2022-04-01 2023-03-31 01886270 uk-core:MotorCars 2022-04-01 2023-03-31 01886270 uk-core:LandBuildings uk-core:ContinuingOperations 2022-03-31 01886270 uk-core:LandBuildings uk-core:ContinuingOperations 2021-04-01 2022-03-31 01886270 uk-core:LandBuildings uk-core:ContinuingOperations 2023-03-31 01886270 uk-core:LandBuildings uk-core:ContinuingOperations 2022-04-01 2023-03-31 01886270 uk-core:CurrentFinancialInstruments 2023-03-31 01886270 uk-core:CurrentFinancialInstruments 2022-03-31 01886270 uk-core:HirePurchaseContracts 2023-03-31 01886270 uk-core:HirePurchaseContracts 2022-03-31 01886270 uk-core:FinanceLeases uk-core:Non-currentFinancialInstruments 2023-03-31 01886270 uk-core:FinanceLeases uk-core:Non-currentFinancialInstruments 2022-03-31 01886270 uk-bus:FRS102 2022-04-01 2023-03-31 01886270 uk-bus:FullAccounts 2022-04-01 2023-03-31 01886270 uk-bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01886270 uk-bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
  Company registration No. 01886270 (England and Wales)
   
   
   
   
   
   
   
   
   
   
   
   
   
  W. NEEDHAM & SONS FARMING LIMITED
   
  UNAUDITED FINANCIAL STATEMENTS
   
  FOR THE YEAR ENDED 31 March 2023
   
  PAGES FOR FILING WITH REGISTRAR
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
         
         
         
         
         
  W. NEEDHAM & SONS FARMING LIMITED
         
  COMPANY INFORMATION
         
         
  Directors Mr W J Needham    
    Mr W K Needham    
    Mrs C Needham    
         
  Company secretary Mrs C Needham    
         
  Company number 01886270    
         
  Registered Office Petsoe Manor Farm    
    Emberton    
    Olney    
    Bucks    
    MK46 5JN    
         
  Accountants Ellacotts LLP    
    Chartered Accountants    
    Vantage House    
    2700 Kettering Parkway    
    Kettering Venture Park    
    Kettering    
    Northamptonshire    
    NN15 6XR    
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
  W. NEEDHAM & SONS FARMING LIMITED
         
  FOR THE YEAR ENDED 31 MARCH 2023
         
  CONTENTS
         
         
         
         
         
  Index   Page
         
         
  Accountants' report   1
         
         
  Balance sheet   2 - 3
         
         
  Notes to the financial statements   4 - 10
       
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
   
   
   
   
   
   
  W. NEEDHAM & SONS FARMING LIMITED
   
  ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF W. NEEDHAM & SONS FARMING 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 W. Needham & Sons Farming 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 http://icaew.com/regulation.
   
  This report is made solely to the board of directors of W. Needham & Sons Farming 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 W. Needham & Sons Farming Limited and state those matters that we have agreed to state to the board of directors of W. Needham & Sons Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W. Needham & Sons Farming Limited and its board of directors as a body, for our work or for this report.
   
  It is your duty to ensure that W. Needham & Sons Farming 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 or loss of W. Needham & Sons Farming Limited. You consider that W. Needham & Sons Farming Limited is exempt from the statutory audit requirement for the year.
   
  We have not been instructed to carry out an audit or a review of the financial statements of W. Needham & Sons Farming 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.
   
   
   
   
   
   
   
  Ellacotts LLP
  Chartered Accountants
   
  Vantage House
  2700 Kettering Parkway
  Kettering Venture Park
  Kettering
  Northamptonshire
  NN15 6XR
   
  09 November 2023
   
  Page 1
             
             
             
             
             
  W. NEEDHAM & SONS FARMING LIMITED
             
  BALANCE SHEET
  AS AT 31 March 2023
    Note 2023 2022
      £ £ £ £
  Fixed assets
  Tangible assets
  Property 3 263,382 273,772
  Equipment 4 667,000 570,269
      930,382 844,041
             
  Current assets
  Stock 5 531,525 343,469
  Debtors 6 106,176 114,417
  Cash at bank and in hand   858,627 925,555
      1,496,328 1,383,441
  Creditors: amounts falling due within one year 7 250,461 235,586
  Net current assets   1,245,867 1,147,855
  Total assets less current liabilities   2,176,249 1,991,896
             
  Creditors: amounts falling due after more than one year 8 (37,523) (5,865)
             
  Provisions for liabilities and charges   (128,992) (110,928)
  Net assets   £2,009,734 £1,875,103
         
  Capital and reserves
  Called up share capital   250 250
  Other reserves   750 750
  Profit and loss account   2,008,734 1,874,103
  Total equity   £2,009,734 £1,875,103
         
   
  Page 2
             
             
             
             
             
  W. NEEDHAM & SONS FARMING LIMITED
             
  BALANCE SHEET (CONTINUED)
         
         
  The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
         
  For the financial year ending 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 Act 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
         
  The financial statements were approved by the board of directors and authorised for issue on 08 November 2023 and are signed on its behalf by:
 
         
  ................................................................
  Mr W J Needham
  Director
         
  Company Registered Number: 01886270
   
  Page 3
       
       
       
       
       
       
  W. NEEDHAM & SONS FARMING LIMITED
       
  NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
  FOR THE YEAR ENDED 31 MARCH 2023
       
 
1 Accounting policies
     
     
1a Company information
     
  W. Needham & Sons Farming Limited is a private company limited by shares incorporated in England and Wales. The registered office is given on the company information page.
     
1b 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 (FRS102), 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 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.
  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 £.
     
 
     
       
1c 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
       
   
  Page 4
       
       
       
       
       
       
  W. NEEDHAM & SONS FARMING LIMITED
       
  NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED)
  FOR THE YEAR ENDED 31 MARCH 2023
       
 
     
1d Tangible fixed assets
     
  Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
     
    %
  Leasehold improvements - straight line 4
  Freehold improvements - straight line 4
  Equipment - reducing balance 15
  Tractors - reducing balance 20
  Combine harvesters - reducing balance 15
  Motor vehicles and lorries - reducing balance 25
  Grainstore equipment - reducing balance 10
     
  No depreciation is provided for on freehold land and buildings.
     
  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.
     
       
1e Stock
       
  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.
       
       
1f 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.
       
   
  Page 5
       
       
       
       
       
       
  W. NEEDHAM & SONS FARMING LIMITED
       
  NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED)
  FOR THE YEAR ENDED 31 MARCH 2023
       
 
       
1g 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 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 the 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.
       
   
  Page 6
       
       
       
       
       
       
  W. NEEDHAM & SONS FARMING LIMITED
       
  NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED)
  FOR THE YEAR ENDED 31 MARCH 2023
       
 
       
1h Taxation
       
  The tax expense represents the sum of the tax currently payable and deferred tax.
       
  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.
       
       
1i Retirement benefits
       
  Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The assets of the scheme are held separately from those of the company.
       
1j Government grants
       
  Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
       
   
  Page 7
       
       
       
       
       
       
  W. NEEDHAM & SONS FARMING LIMITED
       
  NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED)
  FOR THE YEAR ENDED 31 MARCH 2023
       
       
2. Average employees
       
  The average monthly number of persons (including directors) employed by the company during the year was as follows:
    2023 2022
    Number Number
  Employees 5 5
   
 
           
3 Tangible fixed assets - Property
    Leasehold Freehold Land Freehold  
    Improvements and Buildings Improvements Total
    £ £ £ £
  Cost
  At 1 April 2022 347,902 136,859 19,928 504,689
  Additions - - 2,180 2,180
  At 31 March 2023 347,902 136,859 22,108 506,869
  Depreciation and impairment
  At 1 April 2022 217,762 - 13,155 230,917
  Provision for the year 11,812 - 758 12,570
  At 31 March 2023 229,574 - 13,913 243,487
  Carrying amount
  At 31 March 2023 £118,328 £136,859 £8,195 £263,382
  Carrying amount
  At 31 March 2022 £130,140 £136,859 £6,773 £273,772
   
   
  Page 8
       
       
       
       
       
       
  W. NEEDHAM & SONS FARMING LIMITED
       
  NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED)
  FOR THE YEAR ENDED 31 MARCH 2023
 
               
4 Tangible fixed assets - Equipment
          Motor Grain store  
    Equipment Tractors Combines vehicles equipment Total
    £ £ £ £ £ £
  Cost
  At 1 April 2022 602,530 366,460 269,450 122,561 51,205 1,412,206
  Additions 267,724 - - - - 267,724
  Disposals (79,875) (39,950) - - - (119,825)
  At 31 March 2023 790,379 326,510 269,450 122,561 51,205 1,560,105
  Depreciation and impairment
  At 1 April 2022 350,578 266,032 103,973 79,561 41,793 841,937
  Provision for the year 72,282 18,740 24,820 10,748 936 127,526
  Disposals (43,111) (33,247) - - - (76,358)
  At 31 March 2023 379,749 251,525 128,793 90,309 42,729 893,105
  Carrying amount
  At 31 March 2023 £410,630 £74,985 £140,657 £32,252 £8,476 £667,000
  Carrying amount
  At 31 March 2022 £251,952 £100,428 £165,477 £43,000 £9,412 £570,269
   
       
       
5. Stocks
    2023 2022
    £ £
  Farm valuation comprises:
       
  Livestock 8,849 17,490
  Produce 193,250 119,150
  Seeds, fertilisers and sprays 297,806 174,534
  Goods in store 1,200 -
  Hay, straw and silage 1,260 795
  Tillages 29,160 31,500
    £531,525 £343,469
   
   
  Page 9
       
       
       
       
       
       
  W. NEEDHAM & SONS FARMING LIMITED
       
  NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED)
  FOR THE YEAR ENDED 31 MARCH 2023
       
       
6. Debtors
    2023 2022
    £ £
  Amounts falling due within one year:
       
  Trade debtors 30,856 56,028
  Prepayments and accrued income 20,646 15,575
  Other debtors 29,259 29,343
  VAT recoverable 25,415 13,471
    £106,176 £114,417
   
       
       
7 Creditors
    2023 2022
    £ £
  Amounts falling due within one year:
       
  Finance leases and hire purchase contracts 24,747 5,865
  Trade creditors 78,108 54,641
  Corporation tax 9,833 44,734
  Directors loan account 102,627 96,401
  Other creditors 5,000 5,000
  Accruals and deferred income 30,146 28,945
    £250,461 £235,586
   
       
       
       
8 Creditors
    2023 2022
    £ £
       
  Amounts falling due after more than one year:
       
  Finance leases and hire purchase contracts £37,523 £5,865
   
   
  Page 10