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Registration number: 04726620

A R Worboys Limited

Unaudited Financial Statements

for the Year Ended 30 March 2023

 

A R Worboys Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

A R Worboys Limited

(Registration number: 04726620)
Balance Sheet as at 30 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

203,196

518,176

Current assets

 

Stocks

6

-

105,821

Debtors

7

168,270

341,469

Cash at bank and in hand

 

99,455

9,902

 

267,725

457,192

Creditors: Amounts falling due within one year

8

(211,072)

(667,249)

Net current assets/(liabilities)

 

56,653

(210,057)

Total assets less current liabilities

 

259,849

308,119

Creditors: Amounts falling due after more than one year

8

(88,829)

(222,421)

Provisions for liabilities

(38,608)

(53,231)

Net assets

 

132,412

32,467

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

53,037

53,037

Retained earnings

79,275

(20,670)

Shareholders' funds

 

132,412

32,467

For the financial year ending 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 December 2023
 

 

A R Worboys Limited

(Registration number: 04726620)
Balance Sheet as at 30 March 2023

.........................................
Mr Andrew Worboys
Director

 

A R Worboys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Manor Farm
Lower Caldecote
Biggleswade
Bedfordshire
SG18 9BB

These financial statements were authorised for issue by the director on 22 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current assets of £56,653 (Liabiliteis of 2022: £210,057). On this basis the directors feel it is appropriate to prepare these financial statements using the going concern assumption.

 

A R Worboys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, Fittings & Equipment

15% Reducing Balance

Plant & Machinery

15% Reducing Balance

Motor Vehicles

15% Reducing Balance

 

A R Worboys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 Years

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

A R Worboys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

 

A R Worboys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 31 March 2022

34,615

34,615

At 30 March 2023

34,615

34,615

Amortisation

At 31 March 2022

34,615

34,615

At 30 March 2023

34,615

34,615

Carrying amount

At 30 March 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 31 March 2022

5,018

243,291

597,442

845,751

Additions

-

15,000

30,264

45,264

Disposals

(1,580)

(187,657)

(432,677)

(621,914)

At 30 March 2023

3,438

70,634

195,029

269,101

Depreciation

At 31 March 2022

3,682

72,846

251,046

327,574

Charge for the year

116

9,273

25,045

34,434

Eliminated on disposal

(1,016)

(66,533)

(228,554)

(296,103)

At 30 March 2023

2,782

15,586

47,537

65,905

Carrying amount

At 30 March 2023

656

55,048

147,492

203,196

At 30 March 2022

1,335

170,445

346,396

518,176


Hire purchase agreements

Included within the net book value of £203,197 is £149,713 (2022: £427,740) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounts to £25,917 (2022: £68,801).

 

A R Worboys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

-

105,821

7

Debtors

Current

2023
£

2022
£

Trade debtors

6,428

8,388

Prepayments

169

194,150

Other debtors

161,673

138,931

 

168,270

341,469

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

33,513

111,624

Trade creditors

 

4,680

6,801

Taxation and social security

 

11,604

428

Accruals and deferred income

 

2,360

2,360

Other creditors

 

158,915

546,036

 

211,072

667,249

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £33,513 (2022 - £109,720).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

88,829

222,421

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £88,829 (2022 - £211,785).

 

A R Worboys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share Capital of £1 each

100

100

100

100

         

10

Related party transactions

At the balance sheet date, the company owe £468 (2022: £122) to A Worboys. There are no terms of repayment or interest on this loan.
At the balance sheet date, the company owed £nil (2022: £218,388) to A 1 Straw Supplies Ltd, where A Worboys is the director. There are no terms of interest due to it being normal commercial terms.

11

Ultimate controlling party

The ultimate controlling party is Andrew Worboys, by virtue of his shareholding.