REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
WHIPLEY MANOR FARM LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
WHIPLEY MANOR FARM LIMITED |
WHIPLEY MANOR FARM LIMITED (REGISTERED NUMBER: 00356859) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WHIPLEY MANOR FARM LIMITED |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Office Suite 1 |
Haslemere House |
Lower Street |
Haslemere |
Surrey |
GU27 2PE |
WHIPLEY MANOR FARM LIMITED (REGISTERED NUMBER: 00356859) |
Balance Sheet |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
WHIPLEY MANOR FARM LIMITED (REGISTERED NUMBER: 00356859) |
Balance Sheet - continued |
31 May 2023 |
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 |
WHIPLEY MANOR FARM LIMITED (REGISTERED NUMBER: 00356859) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Whipley Manor Farm Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The estimates and assumptions which have the most significant effect on amounts recognised in the financial statements are as follows: |
Useful lives of depreciable assets |
Management reviews its estimate of the useful lives of depreciable assets at each reporting date based on the expected utility of the assets. Uncertainties in these estimates relate to 'technological obsolescence' and any changes to the condition of motor vehicles and other plant and machinery. The accumulated depreciation at 31 May 2023 amounted to £320,509 |
Turnover |
Turnover represents invoiced sales of goods and services. Turnover is recognised at the date that the service is provided. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Improvements to property | 2.5% reducing balance |
Plant and machinery | 15% reducing balance and 25% straight line |
Tractors | 15% reducing balance |
Motor vehicles | 25% reducing balance |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. |
WHIPLEY MANOR FARM LIMITED (REGISTERED NUMBER: 00356859) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
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 profit or loss in the period to which they relate. |
Debtors |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. |
Cash at bank and in hand |
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
Creditors and provisions |
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 June 2022 |
Additions |
Disposals | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
WHIPLEY MANOR FARM LIMITED (REGISTERED NUMBER: 00356859) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor |
Tractors | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
Additions |
Disposals | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
WHIPLEY MANOR FARM LIMITED (REGISTERED NUMBER: 00356859) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2019 | 121,623 |
Valuation in 2021 | 237,365 |
Valuation in 2022 | 220,014 |
Cost | 1,490,998 |
2,070,000 |
Investment property was valued on an open market basis on 31 May 2022 by the directors . |
7. | STOCKS |
2023 | 2022 |
£ | £ |
Animal feed & stores | 245,150 | 234,923 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Included in Other creditors at the year end date was £50,952 (2022: £50,952) owed to A S Elliott director of the company . The loan is interest free and there are no fixed terms for repayment. |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 1,252,313 | 1,349,848 |
WHIPLEY MANOR FARM LIMITED (REGISTERED NUMBER: 00356859) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The National Westminster bank has a legal charge against 240 acres of land at Whipley Manor Farm and a debenture against Whipley Manor Farm Limited. |
12. | OTHER FINANCIAL COMMITMENTS |
The total amount of commitments at the year end date not provided in the balance sheet amounted to £Nil (2022: £1,920). |
13. | RELATED PARTY DISCLOSURES |
The company leases farmland and properties from a bare trust whose beneficiaries include A S Elliott , a director of the company during the year. The leasing charges are made on normal commercial terms, and amounted to £63,100 (2022: £63,100) during the year under review. |
14. | ULTIMATE CONTROLLING PARTY |
The company is controlled by its directors. |