REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
FOR |
WHERWELL FARMS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
FOR |
WHERWELL FARMS LIMITED |
WHERWELL FARMS LIMITED (REGISTERED NUMBER: 01151891) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WHERWELL FARMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
25 St Thomas Street |
Winchester |
Hampshire |
SO23 9HJ |
WHERWELL FARMS LIMITED (REGISTERED NUMBER: 01151891) |
BALANCE SHEET |
30TH SEPTEMBER 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 11 |
Retained earnings |
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. |
WHERWELL FARMS LIMITED (REGISTERED NUMBER: 01151891) |
BALANCE SHEET - continued |
30TH SEPTEMBER 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 |
WHERWELL FARMS LIMITED (REGISTERED NUMBER: 01151891) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Wherwell Farms Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Tractors and combines | - |
Motor vehicles | - |
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. |
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. |
WHERWELL FARMS LIMITED (REGISTERED NUMBER: 01151891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Tractors |
Freehold | Plant and | and | Motor |
property | machinery | combines | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1st October 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
Revaluations | ( |
) | ( |
) |
At 30th September 2023 |
DEPRECIATION |
At 1st October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
Cost or valuation at 30th September 2023 is represented by: |
Tractors |
Freehold | Plant and | and | Motor |
property | machinery | combines | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2023 | 16,725,000 | 634,181 | 514,234 | 63,823 | 17,937,238 |
WHERWELL FARMS LIMITED (REGISTERED NUMBER: 01151891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1st October 2022 |
and 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st October 2022 |
Revaluations | 470,000 |
At 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 September 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
On a historical cost basis these would have been included at an original cost of £3,330,740 (2022: |
£3,330,740) |
Fair value at 30th September 2023 is represented by: |
£ |
Valuation in 2023 | 14,240,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
Grain debtors | 76,866 | 149,614 |
Directors' current accounts | 97,033 | 84,814 |
Tax |
VAT |
Prepayments |
Accrued income |
WHERWELL FARMS LIMITED (REGISTERED NUMBER: 01151891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Other loans (see note 10) |
Trade creditors |
Tax |
Social security and other taxes |
Pensions | 605 | 424 |
Accruals |
Deferred income |
Tenant deposits held |
The bank overdraft facility and bank loans are secured by a first legal charge over commercial properties including Dublin Farmhouse, five cottages and outbuildings. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Other loans (see note 10) |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 2,204,652 | 2,279,113 |
The bank loans are secured by a first legal charge over commercial properties including Dublin Farmhouse, five cottages and outbuildings. |
10. | LOANS |
An analysis of the maturity of loans is given below: |
30.9.23 | 30.9.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 289,192 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
Amounts falling due in more than five years: |
WHERWELL FARMS LIMITED (REGISTERED NUMBER: 01151891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
10. | LOANS - continued |
30.9.23 | 30.9.22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 2,204,652 | 2,279,113 |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1st October 2022 |
Deferred tax movement | 69,995 |
At 30th September 2023 |
12. | DIRECTORS CURRENT ACCOUNT |
The directors current account is overdrawn by £97,033 at 30th September 2023 (£84,814 overdrawn at 30th September 2022). This loan is interest bearing and repayable on demand. |
13. | PARENT COMPANY |
Keybolt (Farmers) Limited is the ultimate parent company. The controlling parties of Keybolt (Farmers) Limited are Marquess Camden, the Earl of Brecknock and Lady Samantha Pratt by virtue of their shareholding. |