IRIS Accounts Production v23.3.1.45 01151891 Board of Directors 1.10.22 30.9.23 30.9.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh011518912022-09-30011518912023-09-30011518912022-10-012023-09-30011518912021-09-30011518912021-10-012022-09-30011518912022-09-3001151891ns10:Originalns15:EnglandWales2022-10-012023-09-3001151891ns14:PoundSterlingns10:Original2022-10-012023-09-3001151891ns10:Originalns10:Director12022-10-012023-09-3001151891ns10:Original2022-10-012023-09-3001151891ns10:Original2023-09-3001151891ns10:Originalns10:PrivateLimitedCompanyLtd2022-10-012023-09-3001151891ns10:Originalns10:SmallEntities2022-10-012023-09-3001151891ns10:Originalns10:AuditExempt-NoAccountantsReport2022-10-012023-09-3001151891ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-3001151891ns10:SmallCompaniesRegimeForAccountsns10:Original2022-10-012023-09-3001151891ns10:Originalns10:FullAccounts2022-10-012023-09-3001151891ns10:Originalns10:Director22022-10-012023-09-3001151891ns10:CompanySecretary1ns10:Original2022-10-012023-09-3001151891ns10:Originalns10:RegisteredOffice2022-10-012023-09-3001151891ns10:Original2022-09-3001151891ns10:Originalns5:CurrentFinancialInstruments2023-09-3001151891ns10:Originalns5:CurrentFinancialInstruments2022-09-3001151891ns10:Originalns5:Non-currentFinancialInstruments2023-09-3001151891ns10:Originalns5:Non-currentFinancialInstruments2022-09-3001151891ns5:ShareCapitalns10:Original2023-09-3001151891ns5:ShareCapitalns10:Original2022-09-3001151891ns10:Originalns5:SharePremium2023-09-3001151891ns10:Originalns5:SharePremium2022-09-3001151891ns10:Originalns5:RevaluationReserve2023-09-3001151891ns10:Originalns5:RevaluationReserve2022-09-3001151891ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-09-3001151891ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-09-3001151891ns10:Originalns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-10-012023-09-3001151891ns10:Originalns5:PlantMachinery2022-10-012023-09-3001151891ns10:Originalns5:FurnitureFittings2022-10-012023-09-3001151891ns10:Originalns5:MotorVehicles2022-10-012023-09-3001151891ns10:Original2021-10-012022-09-3001151891ns10:Originalns5:LandBuildings2022-09-3001151891ns10:Originalns5:PlantMachinery2022-09-3001151891ns10:Originalns5:FurnitureFittings2022-09-3001151891ns10:Originalns5:MotorVehicles2022-09-3001151891ns10:Original2022-09-3001151891ns10:Originalns5:LandBuildings2022-10-012023-09-3001151891ns10:Originalns5:LandBuildings2023-09-3001151891ns10:Originalns5:PlantMachinery2023-09-3001151891ns10:Originalns5:FurnitureFittings2023-09-3001151891ns10:Originalns5:MotorVehicles2023-09-3001151891ns10:Originalns5:LandBuildings2022-09-3001151891ns10:Originalns5:PlantMachinery2022-09-3001151891ns10:Originalns5:FurnitureFittings2022-09-3001151891ns10:Originalns5:MotorVehicles2022-09-3001151891ns10:Originalns5:CostValuation2022-09-3001151891ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3001151891ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3001151891ns10:Originalns5:CurrentFinancialInstruments2022-10-012023-09-3001151891ns10:Originalns5:Non-currentFinancialInstruments2022-10-012023-09-3001151891ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-09-3001151891ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-09-3001151891ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-09-3001151891ns10:Originalns5:RevaluationReserve2022-09-30
REGISTERED NUMBER: 01151891 (England and Wales)





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: The Earl of Brecknock
Lady Samantha Pratt





SECRETARY: The Earl of Brecknock





REGISTERED OFFICE: Wherwell Estate Office
Wherwell
Andover
Hampshire
SP11 7JP





REGISTERED NUMBER: 01151891 (England and Wales)





ACCOUNTANTS: Martin and Company
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 17,042,788 17,440,355
Investments 5 400 400
Investment property 6 14,240,000 13,770,000
31,283,188 31,210,755

CURRENT ASSETS
Stocks 440,751 632,183
Debtors 7 383,016 481,036
Cash at bank and in hand 380,557 209,260
1,204,324 1,322,479
CREDITORS
Amounts falling due within one year 8 469,393 405,328
NET CURRENT ASSETS 734,931 917,151
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,018,119

32,127,906

CREDITORS
Amounts falling due after more than one
year

9

(2,707,446

)

(2,785,450

)

PROVISIONS FOR LIABILITIES (4,192,898 ) (4,168,436 )
NET ASSETS 25,117,775 25,174,020

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 1,603,255 1,603,255
Revaluation reserve 11 19,926,377 19,856,382
Retained earnings 3,588,043 3,714,283
25,117,775 25,174,020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 22nd February 2024 and were signed on its behalf by:





The Earl of Brecknock - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 0.5% on reducing balance
Plant and machinery - 10% on reducing balance
Tractors and combines - 22.5% on reducing balance
Motor vehicles - 20% on 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.

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 10 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Tractors
Freehold Plant and and Motor
property machinery combines vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1st October 2022 17,075,000 655,241 536,684 52,970 18,319,895
Additions - 43,440 - 22,753 66,193
Disposals - (64,500 ) (22,450 ) (11,900 ) (98,850 )
Revaluations (350,000 ) - - - (350,000 )
At 30th September 2023 16,725,000 634,181 514,234 63,823 17,937,238
DEPRECIATION
At 1st October 2022 29,120 453,028 360,420 36,972 879,540
Charge for year 5,824 23,563 37,459 7,637 74,483
Eliminated on disposal - (35,570 ) (12,669 ) (11,334 ) (59,573 )
At 30th September 2023 34,944 441,021 385,210 33,275 894,450
NET BOOK VALUE
At 30th September 2023 16,690,056 193,160 129,024 30,548 17,042,788
At 30th September 2022 17,045,880 202,213 176,264 15,998 17,440,355

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 400
NET BOOK VALUE
At 30th September 2023 400
At 30th September 2022 400

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2022 13,770,000
Revaluations 470,000
At 30th September 2023 14,240,000
NET BOOK VALUE
At 30th September 2023 14,240,000
At 30th September 2022 13,770,000

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 75,690 49,065
Other debtors 31,861 34,401
Grain debtors 76,866 149,614
Directors' current accounts 97,033 84,814
Tax 12,823 -
VAT 6,416 12,958
Prepayments 47,509 115,366
Accrued income 34,818 34,818
383,016 481,036

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) 78,003 74,664
Trade creditors 131,819 52,425
Tax 91,336 85,265
Social security and other taxes 4,089 119
Pensions 605 424
Accruals 33,675 53,035
Deferred income 117,347 128,204
Tenant deposits held 12,519 11,192
469,393 405,328

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) 2,707,446 2,785,450

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 78,003 74,664

Amounts falling due between one and two years:
Other loans - 1-2 years 289,192 78,003

Amounts falling due between two and five years:
Other loans - 2-5 years 213,602 428,334

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 19,856,382
Deferred tax movement 69,995

At 30th September 2023 19,926,377

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.