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Company No: 00668472 (England and Wales)

WALRONDS PARK LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

WALRONDS PARK LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

WALRONDS PARK LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2023
WALRONDS PARK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2023
DIRECTORS A W Hallett
M C W Hallett
SECRETARY C Maurer-Hallett
REGISTERED OFFICE Mountfields
Shepton Beauchamp
Ilminster
TA19 0JT
United Kingdom
COMPANY NUMBER 00668472 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
WALRONDS PARK LIMITED

BALANCE SHEET

As at 30 September 2023
WALRONDS PARK LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 7,735
Tangible assets 4 2,005,240 1,723,137
Investments 5 5,548 5,548
2,010,788 1,736,420
Current assets
Stocks 338,716 308,448
Debtors 6 402,803 364,565
Cash at bank and in hand 266,700 207,354
1,008,219 880,367
Creditors: amounts falling due within one year 7 ( 483,034) ( 397,222)
Net current assets 525,185 483,145
Total assets less current liabilities 2,535,973 2,219,565
Creditors: amounts falling due after more than one year 8 ( 81,770) ( 86,170)
Provision for liabilities ( 238,278) ( 166,812)
Net assets 2,215,925 1,966,583
Capital and reserves
Called-up share capital 3,400 3,400
Profit and loss account 2,212,525 1,963,183
Total shareholders' funds 2,215,925 1,966,583

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

Directors' responsibilities:

The financial statements of Walronds Park Limited (registered number: 00668472) were approved and authorised for issue by the Board of Directors on 11 December 2023. They were signed on its behalf by:

A W Hallett
Director
M C W Hallett
Director
WALRONDS PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
WALRONDS PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Walronds Park Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Mountfields, Shepton Beauchamp, Ilminster, TA19 0JT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of crops, the generation and export of electricity and provision of contracting services in the ordinary course of the company's activities. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of crops, when electricity is generated and straight line over the period which services are provided to customers.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Other operating income

Other operating income comprises net rents receivable and the receipt of government grants. Rents receivable are recognised on an accrual basis and government grants are recognised in the period to which the government grant relates.

Net rent receivable of £227,682 presented within 'other operating income' comprises rental income of £301,043 (2022: £284,928) and rental expenses of £73,361 (2022: £164,643).

Intangible assets

Intangible assets comprise of Basic Payment Scheme (BPS) entitlements. Intangible assets are initially recognised at cost. Cost for originally granted BPS entitlements, is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted BPS, deferred income is released to the profit and loss as other operating income at the same rate which the intangible asset is amortised.
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Entitlements 8 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The land and buildings held within tangible fixed assets are leasehold. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 - 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Fixed asset investments comprise of non listed investments and are all stated at cost less impairment.

Stocks

Stocks comprising agricultural produce (i.e crops in store) and deadstock such as seed, fertiliser, sprays and diesel are stated at the lower of cost and estimated selling prices less costs to complete and sell. Agricultural produce (i.e crops in store) harvested from biological assets are measured at the point of harvest. At the balance sheet date there are no biological assets in the ground.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Included within other creditors over 1 year is an unsecured shareholders loan, which is measured at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 5

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 October 2022 61,880 61,880
At 30 September 2023 61,880 61,880
Accumulated amortisation
At 01 October 2022 54,145 54,145
Charge for the financial year 7,735 7,735
At 30 September 2023 61,880 61,880
Net book value
At 30 September 2023 0 0
At 30 September 2022 7,735 7,735

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 October 2022 1,425,712 2,775,310 28,898 4,229,920
Additions 280,893 165,194 0 446,087
Disposals 0 ( 36,548) 0 ( 36,548)
At 30 September 2023 1,706,605 2,903,956 28,898 4,639,459
Accumulated depreciation
At 01 October 2022 482,006 1,997,125 27,652 2,506,783
Charge for the financial year 35,651 122,804 249 158,704
Disposals 0 ( 31,268) 0 ( 31,268)
At 30 September 2023 517,657 2,088,661 27,901 2,634,219
Net book value
At 30 September 2023 1,188,948 815,295 997 2,005,240
At 30 September 2022 943,706 778,185 1,246 1,723,137

5. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 October 2022 5,548 5,548
At 30 September 2023 5,548 5,548
Provisions for impairment
At 01 October 2022 0 0
At 30 September 2023 0 0
Carrying value at 30 September 2023 5,548 5,548
Carrying value at 30 September 2022 5,548 5,548

6. Debtors

2023 2022
£ £
Trade debtors 106,715 117,110
Amounts owed by directors 104,101 103,254
VAT recoverable 56,688 9,560
Other debtors 135,299 134,641
402,803 364,565

Other debtors includes section 455 tax, amounts due from related parties as disclosed in the related party note and other minor debtors

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 358,617 103,853
Amounts owed to directors 0 1,522
Accruals and deferred income 19,265 195,142
Taxation and social security 102,987 91,952
Other creditors 2,165 4,753
483,034 397,222

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other loans 81,770 86,170

Other loans comprises an unsecured shareholder loan on which interest is charged at a commercial rate.

9. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan accounts are unsecured and repayable on demand. Interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 October 2022, the balance owed to M C W Hallett was £1,522. During the year, £50,921 was advanced to the director, and £48,552 was repaid by the director. At 30 September 2023, the balance owed by the director was £847.

At 1 October 2022, the balance owed by A W Hallett was £103,254. During the year, £0 was advanced to the director, and £0 was repaid by the director. At 30 September 2023, the balance owed by the director was £103,254.

Other related party transactions

A W Hallett is a settlor and M C W Hallett is a trustee in the Hallett Family 2017 Trust. At the Balance Sheet date the Hallett Family 2017 Trust owes Walronds Park Ltd £41,082 (2022: £41,828). No interest is charged on this loan.

A W Hallett is a settlor and M C W Hallett is a trustee in the Ann Wingrove Hallett Trust. At the Balance Sheet date the Ann Wingrove Hallett Trust owes Walronds Park Ltd £2,310 (2022: £1,890). No interest is charged on this loan.

A W Hallett is a settlor and M C W Hallett is a trustee in the Walronds Park 2011 Trust. At the balance sheet date the Walronds Park 2011 Trust owes Walronds park Ltd £29,877 (2022: £29,877). No interest is charged on this loan.