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REGISTERED NUMBER: 00104785 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 June 2023

for

Wherry & Sons,Limited

Wherry & Sons,Limited (Registered number: 00104785)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Wherry & Sons,Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: D W Carson
J Wherry
D J Wherry
T J Rose





REGISTERED OFFICE: The Old School
20 High Street
Rippingale
Bourne
Lincolnshire
PE10 0SR





REGISTERED NUMBER: 00104785 (England and Wales)





AUDITORS: Lambert Chapman LLP
Silks Way
Braintree
Essex
CM7 3GB

Wherry & Sons,Limited (Registered number: 00104785)

Group Strategic Report
for the Year Ended 30 June 2023

The directors present their strategic report of the company and the group for the year ended 30 June 2023.

REVIEW OF BUSINESS
Turnover dropped from £25.7m in 2022 to £21.6m in 2023. The drop reflects careful risk management adopted by the Company during a turbulent world stage. The Company also continues to experience the effect of the Covid 19 pandemic and the ongoing war in Ukraine which have both created turbulence in trading volumes and the price levels of all agricultural commodities. This has led to a major rise in inflation.

Despite this however, due to our agile approach, the company has managed to effectively trade and has achieved another successful year posting a profit before tax of £1.03m, compared to £862k in the prior period.

We have also simultaneously invested in our commercial team, recruiting a new trader who has the role responsible for growing new opportunities that the company currently finds itself presented with.

The working capital cycle of the Company has lengthened from 61 days (2022) to 88 days (2023). This is due to the Company holding more stocks which is a direct result of a number of sales contracts bridging year ends.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations expose it to a variety of financial risks, outlined in more detail below. The group has several risk management strategies in place that aim to reduce the adverse effects on the financial
performance of the group.

Currency risk
As the company imports and exports using a variety of currencies, it is exposed to exchange rate fluctuations. The company policy is to hedge all foreign currency transactions.

Credit risk
A reputable credit insurer covers all accounts receivables from customers where trading is conducted under credit terms.

ON BEHALF OF THE BOARD:





D W Carson - Director


26 February 2024

Wherry & Sons,Limited (Registered number: 00104785)

Report of the Directors
for the Year Ended 30 June 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2023 will be £418,205.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

D W Carson
J Wherry
D J Wherry
T J Rose

Other changes in directors holding office are as follows:

D Harrison ceased to be a director after 30 June 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Wherry & Sons,Limited (Registered number: 00104785)

Report of the Directors
for the Year Ended 30 June 2023


AUDITORS
The auditors, Lambert Chapman LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D W Carson - Director


26 February 2024

Report of the Independent Auditors to the Members of
Wherry & Sons,Limited

Opinion
We have audited the financial statements of Wherry & Sons,Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Wherry & Sons,Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Wherry & Sons,Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

- Understanding the nature of the industry and sector, control environment and business performance;
- Consideration of the results of our enquiries of management and those charged with governance
about their own identification and assessment of the risks of irregularities;
- Understanding the group's policies and procedures on compliance with laws and regulations and
management of fraud risk, including documentation of instances of non-compliance of laws and
regulations and instances of actual, suspected or alleged fraud;
- Consideration of matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators of fraud;
- Understanding the legal and regulatory frameworks that the company operates in through enquiry of
management and those charged with governance and understanding the group's industry and sector.
The key laws and regulations that were considered to have an effect on material amounts and
disclosures in the financial statements included the Companies Act and tax legislation.

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations described as having a direct effect on the financial
statement;
- Enquiring of management, those charged with governance and, where applicable, the group's
solicitors concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud;
- Reviewing minutes of meetings of those charged with governance and, where applicable,
correspondence with regulators;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness and evaluating the business rationale of significant
transactions outside the normal course of business;
- Communication of potential fraud risks to all engagement team members and remaining alert to any
indications of fraud or non-compliance with laws and regulations throughout the audit.


Report of the Independent Auditors to the Members of
Wherry & Sons,Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Lisa Greenwood FCCA (Senior Statutory Auditor)
for and on behalf of Lambert Chapman LLP
Silks Way
Braintree
Essex
CM7 3GB

28 February 2024

Wherry & Sons,Limited (Registered number: 00104785)

Consolidated
Income Statement
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

TURNOVER 3 21,602,597 25,772,405

Cost of sales (18,053,715 ) (22,713,856 )
GROSS PROFIT 3,548,882 3,058,549

Administrative expenses (2,814,518 ) (2,246,150 )
734,364 812,399

Other operating income 15,392 32,730
OPERATING PROFIT 5 749,756 845,129

Income from other participating interests 505,000 150,000
1,254,756 995,129

Interest payable and similar expenses 6 (250,410 ) (132,683 )
PROFIT BEFORE TAXATION 1,004,346 862,446

Tax on profit 7 (84,136 ) (99,098 )
PROFIT FOR THE FINANCIAL YEAR 920,210 763,348
Profit attributable to:
Owners of the parent 920,210 763,348

Wherry & Sons,Limited (Registered number: 00104785)

Consolidated
Other Comprehensive Income
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

PROFIT FOR THE YEAR 920,210 763,348


OTHER COMPREHENSIVE INCOME
Share options 33,069 -
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

33,069

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

953,279

763,348

Total comprehensive income attributable to:
Owners of the parent 953,279 763,348

Wherry & Sons,Limited (Registered number: 00104785)

Consolidated Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £   
FIXED ASSETS
Intangible assets 10 774,552 842,156
Tangible assets 11 866,479 741,508
Investments 12
Interest in joint venture 7,250 7,250
Interest in associate 928 928
Investment property 13 638,301 638,301
2,287,510 2,230,143

CURRENT ASSETS
Stocks 14 3,930,018 1,950,665
Debtors 15 2,509,722 2,367,664
Cash at bank and in hand 1,588,664 3,346,655
8,028,404 7,664,984
CREDITORS
Amounts falling due within one year 16 (5,966,018 ) (6,086,009 )
NET CURRENT ASSETS 2,062,386 1,578,975
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,349,896

3,809,118

CREDITORS
Amounts falling due after more than one
year

17

(17,819

)

(17,950

)

PROVISIONS FOR LIABILITIES 22 (40,459 ) (34,624 )
NET ASSETS 4,291,618 3,756,544

CAPITAL AND RESERVES
Called up share capital 23 65,280 65,280
Share premium 24 193,424 193,424
Capital redemption reserve 24 43,850 43,850
Share option reserve 24 33,069 -
Retained earnings 24 3,955,995 3,453,990
4,291,618 3,756,544

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2024 and were signed on its behalf by:





D W Carson - Director


Wherry & Sons,Limited (Registered number: 00104785)

Company Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £   
FIXED ASSETS
Intangible assets 10 774,552 842,156
Tangible assets 11 866,479 741,508
Investments 12 22,205 22,205
Investment property 13 638,301 638,301
2,301,537 2,244,170

CURRENT ASSETS
Stocks 14 3,930,018 1,950,665
Debtors 15 2,518,730 2,366,576
Cash at bank and in hand 1,565,457 3,321,912
8,014,205 7,639,153
CREDITORS
Amounts falling due within one year 16 (5,963,787 ) (6,072,563 )
NET CURRENT ASSETS 2,050,418 1,566,590
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,351,955

3,810,760

CREDITORS
Amounts falling due after more than one
year

17

(17,819

)

(17,950

)

PROVISIONS FOR LIABILITIES 22 (40,459 ) (34,624 )
NET ASSETS 4,293,677 3,758,186

CAPITAL AND RESERVES
Called up share capital 23 65,280 65,280
Share premium 24 193,424 193,424
Capital redemption reserve 24 43,850 43,850
Share option reserve 24 33,069 -
Retained earnings 24 3,958,054 3,455,632
4,293,677 3,758,186

Company's profit for the financial year 920,627 752,474

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2024 and were signed on its behalf by:





D W Carson - Director


Wherry & Sons,Limited (Registered number: 00104785)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2021 65,280 3,008,721 193,424

Changes in equity
Dividends - (318,079 ) -
Total comprehensive income - 763,348 -
Balance at 30 June 2022 65,280 3,453,990 193,424

Changes in equity
Dividends - (418,205 ) -
Total comprehensive income - 920,210 -
Balance at 30 June 2023 65,280 3,955,995 193,424
Capital Share
redemption option Total
reserve reserve equity
£    £    £   
Balance at 1 July 2021 43,850 - 3,311,275

Changes in equity
Dividends - - (318,079 )
Total comprehensive income - - 763,348
Balance at 30 June 2022 43,850 - 3,756,544

Changes in equity
Dividends - - (418,205 )
Total comprehensive income - 33,069 953,279
Balance at 30 June 2023 43,850 33,069 4,291,618

Wherry & Sons,Limited (Registered number: 00104785)

Company Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2021 65,280 3,021,237 193,424

Changes in equity
Dividends - (318,079 ) -
Total comprehensive income - 752,474 -
Balance at 30 June 2022 65,280 3,455,632 193,424

Changes in equity
Dividends - (418,205 ) -
Total comprehensive income - 920,627 -
Balance at 30 June 2023 65,280 3,958,054 193,424
Capital Share
redemption option Total
reserve reserve equity
£    £    £   
Balance at 1 July 2021 43,850 - 3,323,791

Changes in equity
Dividends - - (318,079 )
Total comprehensive income - - 752,474
Balance at 30 June 2022 43,850 - 3,758,186

Changes in equity
Dividends - - (418,205 )
Total comprehensive income - 33,069 953,696
Balance at 30 June 2023 43,850 33,069 4,293,677

Wherry & Sons,Limited (Registered number: 00104785)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,641,917 ) 3,273,901
Tax paid (70,000 ) -
Net cash from operating activities (1,711,917 ) 3,273,901

Cash flows from investing activities
Purchase of intangible fixed assets (15,022 ) (14,111 )
Purchase of tangible fixed assets (213,721 ) (55,202 )
Sale of tangible fixed assets 3,901 28,070
Dividends received 505,000 150,000
Net cash from investing activities 280,158 108,757

Cash flows from financing activities
Proceeds from bank borrowing draw downs 117,919 3,292,812
Repayment of bank borrowings - (2,835,689 )
Interest paid (250,410 ) (132,683 )
Capital repayments in year (24,524 ) (14,359 )
New hire purchase loans 36,590 -
Equity dividends paid (418,205 ) (318,079 )
Net cash from financing activities (538,630 ) (7,998 )

(Decrease)/increase in cash and cash equivalents (1,970,389 ) 3,374,660
Cash and cash equivalents at
beginning of year

2

3,346,655

(28,005

)

Cash and cash equivalents at end of
year

2

1,376,266

3,346,655

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.6.23 30.6.22
£    £   
Profit before taxation 1,004,346 862,446
Depreciation charges 167,521 142,206
(Profit)/loss on disposal of fixed assets (46 ) 11,277
Share options 33,069 -
Finance costs 250,410 132,683
Finance income (505,000 ) (150,000 )
950,300 998,612
(Increase)/decrease in stocks (1,979,353 ) 1,138,172
(Increase)/decrease in trade and other debtors (142,058 ) 637,143
(Decrease)/increase in trade and other creditors (470,806 ) 499,974
Cash generated from operations (1,641,917 ) 3,273,901

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,588,664 3,346,655
Bank overdrafts (212,398 ) -
1,376,266 3,346,655
Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 3,346,655 95,300
Bank overdrafts - (123,305 )
3,346,655 (28,005 )


Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 3,346,655 (1,757,991 ) 1,588,664
Bank overdrafts - (212,398 ) (212,398 )
3,346,655 (1,970,389 ) 1,376,266
Debt
Finance leases (32,310 ) (12,066 ) (44,376 )
Debts falling due within 1 year (3,292,817 ) (117,919 ) (3,410,736 )
(3,325,127 ) (129,985 ) (3,455,112 )
Total 21,528 (2,100,374 ) (2,078,846 )

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Wherry & Sons,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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of the business combination using the purchase method. In the Balance Sheet, the acquirees' identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The combined results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Associates and joint ventures
Associates and joint ventures are accounted for under the cost model and included in the balance sheet at cost less any accumulated impairment losses. Dividends and other distributions received are recognised as income.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires the group's directors to make judgements,assumptions and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a regular basis.

The group does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible fixed assets relate to the capitalisation of intellectual property rights, seed and know-how. This is being amortised over 15 years on a straight line basis, based on the period of economic benefit that will be derived from the asset in the directors' opinion, based upon their knowledge and experience of the industry.

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Freehold land- not depreciated
Freehold buildings- 2% on cost
Plant and machinery- 15% or 20% on cost
Motor vehicles- 25% on cost
Computer equipment- 20% on cost

The expected useful lives of assets are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Government grants
Government grants receivable in relation to expenditure is recognised when the expenditure is charged to profit or loss.

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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the purchase price on a first-in, first-out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The
capital element of the future payments is treated as a liability.

Assets obtained under the hire purchase contracts or finance leases are capitalised in the balance
sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.
Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The
capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

30.6.23 30.6.22
£    £   
Sale of goods 20,650,565 25,260,325
Other revenue 952,032 512,080
21,602,597 25,772,405

An analysis of turnover by geographical market is given below:

30.6.23 30.6.22
£    £   
United Kingdom 9,723,648 9,935,958
Rest of the World 11,878,949 15,836,447
21,602,597 25,772,405

4. EMPLOYEES AND DIRECTORS
30.6.23 30.6.22
£    £   
Wages and salaries 1,501,515 1,198,325
Social security costs 70,668 87,439
Other pension costs 129,837 92,506
1,702,020 1,378,270

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.6.23 30.6.22

Administration 15 14
Directors 4 4
19 18

30.6.23 30.6.22
£    £   
Directors' remuneration 718,465 639,432
Directors' pension contributions to money purchase schemes 51,149 50,090

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
30.6.23 30.6.22
£    £   
Emoluments etc 309,076 262,219
Pension contributions to money purchase schemes 40,000 40,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.6.23 30.6.22
£    £   
Depreciation - owned assets 60,133 46,496
Depreciation - assets on hire purchase contracts 24,762 14,085
(Profit)/loss on disposal of fixed assets (46 ) 11,277
Breed, Royalties, Varieties and Rights amortisation 82,626 81,624
Auditors' remuneration 11,450 10,910
Foreign exchange differences 4,738 6,224

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.23 30.6.22
£    £   
Bank interest 247,204 131,018
Hire purchase 3,206 1,665
250,410 132,683

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.23 30.6.22
£    £   
Current tax:
UK corporation tax 78,301 101,439

Deferred tax 5,835 (2,341 )
Tax on profit 84,136 99,098

UK corporation tax has been charged at 20.49 % (2022 - 19 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.23 30.6.22
£    £   
Profit before tax 1,004,346 862,446
Profit multiplied by the standard rate of corporation tax in the UK of
20.496 % (2022 - 19 %)

205,851

163,865

Effects of:
Expenses not deductible for tax purposes 19,957 3,200
Income not taxable for tax purposes (103,504 ) (38,259 )
Depreciation in excess of capital allowances - 24,023
Utilisation of tax losses - (49,324 )
Adjustments to tax charge in respect of previous periods (36,252 ) -
Unrelieved (profit)/loss on foreign subsidiaries (6,160 ) (2,065 )
Deferred tax (credit)/expense from unrecognised tax loss or credit - (2,342 )
Enhanced capital allowances (686 ) -
Change in tax rates 4,930 -
Total tax charge 84,136 99,098

Tax effects relating to effects of other comprehensive income

30.6.23
Gross Tax Net
£    £    £   
Share options 33,069 - 33,069

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

9. DIVIDENDS

30.6.23 30.6.22
£ £
Interim 418,025 318,079

10. INTANGIBLE FIXED ASSETS

Group
Breed,
Royalties,
Varieties
and
Rights
£   
COST
At 1 July 2022 1,224,364
Additions 15,022
At 30 June 2023 1,239,386
AMORTISATION
At 1 July 2022 382,208
Amortisation for year 82,626
At 30 June 2023 464,834
NET BOOK VALUE
At 30 June 2023 774,552
At 30 June 2022 842,156

Company
Breed,
Royalties,
Varieties
and
Rights
£   
COST
At 1 July 2022 1,224,364
Additions 15,022
At 30 June 2023 1,239,386
AMORTISATION
At 1 July 2022 382,208
Amortisation for year 82,626
At 30 June 2023 464,834
NET BOOK VALUE
At 30 June 2023 774,552
At 30 June 2022 842,156

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

10. INTANGIBLE FIXED ASSETS - continued

Company

Intangible fixed assets includes the following individually material assets:

30.6.2330.6.22



Carrying
amount
Remaining
amortisation
period



Carrying
amount
Remaining
amortisation
period
£(years)£(years)
Plant breeding316,2549351,39310
Marrow fats116,4809129,42210
Chick peas167,0409185,60010
Seed selection and claims tool software111,22411121,85012

11. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 677,332 414,898 120,518 375,584 1,588,332
Additions 64,303 34,322 106,158 8,938 213,721
Disposals - - (5,000 ) - (5,000 )
At 30 June 2023 741,635 449,220 221,676 384,522 1,797,053
DEPRECIATION
At 1 July 2022 99,203 336,780 64,623 346,218 846,824
Charge for year 7,343 25,137 39,769 12,646 84,895
Eliminated on disposal - - (1,145 ) - (1,145 )
At 30 June 2023 106,546 361,917 103,247 358,864 930,574
NET BOOK VALUE
At 30 June 2023 635,089 87,303 118,429 25,658 866,479
At 30 June 2022 578,129 78,118 55,895 29,366 741,508


Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

11. TANGIBLE FIXED ASSETS - continued

Company
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 677,332 414,898 120,518 375,584 1,588,332
Additions 64,303 34,322 106,158 8,938 213,721
Disposals - - (5,000 ) - (5,000 )
At 30 June 2023 741,635 449,220 221,676 384,522 1,797,053
DEPRECIATION
At 1 July 2022 99,203 336,780 64,623 346,218 846,824
Charge for year 7,343 25,137 39,769 12,646 84,895
Eliminated on disposal - - (1,145 ) - (1,145 )
At 30 June 2023 106,546 361,917 103,247 358,864 930,574
NET BOOK VALUE
At 30 June 2023 635,089 87,303 118,429 25,658 866,479
At 30 June 2022 578,129 78,118 55,895 29,366 741,508

Included in cost of land and buildings is freehold land of £ 53,397 (2022 - £ 53,397 ) which is not depreciated.

The net book value of tangible fixed assets held under hire purchase contracts is £77,701 (2022 - £55,873).

12. FIXED ASSET INVESTMENTS

Group
Interest Interest
in joint in
venture associate Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 7,250 928 8,178
NET BOOK VALUE
At 30 June 2023 7,250 928 8,178
At 30 June 2022 7,250 928 8,178

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

12. FIXED ASSET INVESTMENTS - continued

Company
Shares in Interest Interest
group in joint in
undertakings venture associate Totals
£    £    £    £   
COST
At 1 July 2022
and 30 June 2023 14,028 7,250 927 22,205
NET BOOK VALUE
At 30 June 2023 14,028 7,250 927 22,205
At 30 June 2022 14,028 7,250 927 22,205

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Sprouting Seeds Limited
Registered office: England and Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Wherry Middle East Trading FZCO
Registered office: United Arab Emirates
Nature of business: Trading in grains, cereals and legumes
%
Class of shares: holding
Ordinary 100.00

Joint ventures

Yorkshire Pulses Limited
Registered office: England and Wales
Nature of business: Processing of dried pulses
%
Class of shares: holding
Ordinary 50.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 7,778 2,428
Profit for the year 5,350 3,233

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

12. FIXED ASSET INVESTMENTS - continued

UK Pulses Limited
Registered office: England and Wales
Nature of business: Pulses plant breeding and marketing
%
Class of shares: holding
Ordinary 50.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 251,388 404,113
Profit for the year 857,275 455,092

Associated company

BIPO Limited
Registered office: England and Wales
Nature of business: Collection of royalties
%
Class of shares: holding
Ordinary 33.00
31.3.23 31.3.22
£    £   
Aggregate capital and reserves (105,786 ) (107,644 )
Profit for the year 1,858 11,733


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 638,301
NET BOOK VALUE
At 30 June 2023 638,301
At 30 June 2022 638,301

Company
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 638,301
NET BOOK VALUE
At 30 June 2023 638,301
At 30 June 2022 638,301

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

13. INVESTMENT PROPERTY - continued

Company

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2021 109,396
Cost 528,905
638,301

Valuations of investment property have been made by the directors, on an open market value for existing use basis.

14. STOCKS

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Raw materials 1,724,781 279,124 1,724,781 279,124
Finished goods 2,205,237 1,671,541 2,205,237 1,671,541
3,930,018 1,950,665 3,930,018 1,950,665

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Trade debtors 2,154,101 2,256,098 2,154,101 2,256,098
Amounts owed by group undertakings - - 10,042 10,908
Other debtors 278,614 69,268 278,614 57,724
Prepayments and accrued income 77,007 42,298 75,973 41,846
2,509,722 2,367,664 2,518,730 2,366,576

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Bank loans and overdrafts (see note 18) 3,623,134 3,292,817 3,623,134 3,292,817
Hire purchase contracts (see note 19) 26,557 14,360 26,557 14,360
Trade creditors 779,899 1,200,438 779,899 1,200,438
Corporation tax 109,739 101,438 109,739 101,438
Social security and other taxes 44,380 34,746 44,380 34,746
Other creditors 332,626 79,572 332,626 68,030
Accruals and deferred income 1,049,683 1,362,638 1,047,452 1,360,734
5,966,018 6,086,009 5,963,787 6,072,563

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Hire purchase contracts (see note 19) 17,819 17,950 17,819 17,950

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 212,398 - 212,398 -
Bank loans 3,410,736 3,292,817 3,410,736 3,292,817
3,623,134 3,292,817 3,623,134 3,292,817

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year 26,557 14,360
Between one and five years 17,819 17,950
44,376 32,310

Company
Hire purchase contracts
30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year 26,557 14,360
Between one and five years 17,819 17,950
44,376 32,310

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Bank overdraft 212,398 - 212,398 -
Bank loans 3,410,736 3,292,817 3,410,736 3,292,817
Hire purchase contracts 44,376 32,310 44,376 32,310
3,667,510 3,325,127 3,667,510 3,325,127

Hire purchase liabilities are repayable monthly over 3-5 years at interest rates from 2-5% per annum and are secured on the assets acquired.

The bank loans and overdraft are secured by first legal charges over the freehold property and investment property, and by a debenture comprising fixed and floating charges over all the assets and undertakings of the company.

21. FINANCIAL INSTRUMENTS

The group takes out foreign exchange contracts to hedge against foreign currency fluctuations.

30.6.23 30.6.22

Outstanding forward foreign currency contracts ($) 1,906,566 1,809,074
Outstanding forward foreign currency contracts (€) 571,000 825,840

£ £
Sterling equivalent of forward contracts 2,041,645 2,053,191
Fair value of forward contracts 1,996,668 2,200,368
Gain/(loss) on forward contracts 44,977 147,177

The fair value gain on forward contracts at the balance sheet date is included in Other debtors.

22. PROVISIONS FOR LIABILITIES

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Deferred tax
Accelerated capital allowances 25,021 22,891 25,021 22,891
Other timing differences 15,438 11,733 15,438 11,733
40,459 34,624 40,459 34,624

Group
Deferred
tax
£   
Balance at 1 July 2022 34,624
Charge to Income Statement during year 5,835
Balance at 30 June 2023 40,459

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

22. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 July 2022 34,624
Charge to Income Statement during year 5,835
Balance at 30 June 2023 40,459

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Nominal 30.6.23 30.6.22
Number: Class: value: £ £
2,771 Ordinary 'A' £10 27,710 27,710
1,000 Ordinary 'B' £1 1,000 1,000
1,556 Ordinary 'C' £10 15,660 15,660
2,091 Ordinary 'D' £10 20,910 20,910
65,280 65,280
All share classes carry full voting rights with no restrictions and have no restrictions on the repayment of capital. The directors are entitled to vote an individual dividend on one class of share without the same dividend being voted to any other type of share.

Ordinary 'A', 'C' and 'D' shares carry 10 votes per share. Ordinary 'B' shares carry 1 vote per share.

24. RESERVES

Called up share capital
This represents the nominal value of shares that have been issued.

Share premium
This reserve represents the premium paid for new shares in excess of the nominal value.

Capital redemption reserve
This represents the nominal value of shares that have been redeemed by the company.

Share option reserve
This reserve represents the fair value of share options granted by not exercised at the balance sheet date.

Retained earnings
This includes all current and prior period retained profits and losses.

25. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
30.6.23 30.6.22
£    £   
Receipt of services 6,773 10,083
Transfers under licence agreements (expense) 956,388 615,926
Purchases of goods 69,245 30,348
Dividends received 505,000 150,000
Amount due from related party 107,046 107,046
Amount due to related party 1,843 67,162

Wherry & Sons,Limited (Registered number: 00104785)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

25. RELATED PARTY DISCLOSURES - continued

Key management personnel of the entity or its parent (in the aggregate)
30.6.23 30.6.22
£    £   
Salaries and other short term employee benefits 701,931 639,432
Post employment benefits 51,149 50,090
Share options 16,535 -
Amount due to related party 330,835 -

Key management personnel are considered to be the directors of the group.

Entities that provide key management personnel services to the entity
30.6.23 30.6.22
£    £   
Purchase of services 49,675 53,750

Other related parties
30.6.23 30.6.22
£    £   
Purchases 24,569 -

Other related parties are those with common key management personnel.

26. SHARE-BASED PAYMENT TRANSACTIONS

A new share option scheme was set up during the year.

A total of 645 equity settled share options were granted to three employees with a vesting period from 3 to 10 years and an exercise price of £733 per share. One of the employees resigned from employment after the year end and as a result only two of the three share option agreements (430 shares) are now outstanding.

The directors consider that Black Scholes method of measuring the share options to be the most appropriate.

As expense of £33,069 (2022 - £nil) has been recognised in the Income Statement in relation to the movement in the fair value of the share options granted but not exercised at the balance sheet date.

The carrying amount of the share options at the balance sheet date was £33,069 (2022 - £nil).

27. CAPITAL COMMITMENTS

At the year end the group had outstanding capital commitments of £109,615 (2022 - nil).