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REGISTERED NUMBER: 04595713 (England and Wales)















WORTH FARMS LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3 to 5

Income Statement 6

Other Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10 to 16


WORTH FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: D R Worth
H C Baker





SECRETARY: M R Henson





REGISTERED OFFICE: Fleet Estate Office
Manor Farm
Holbeach Hurn, Holbeach
Spalding
Lincolnshire
PE12 8LR





REGISTERED NUMBER: 04595713 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2023

The directors present their report with the financial statements of the company for the year ended 31 May 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of arable farming.

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

D R Worth
H C Baker

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D R Worth - Director


12 December 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WORTH FARMS LIMITED

Opinion
We have audited the financial statements of Worth Farms Limited (the 'company') for the year ended 31 May 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 company's affairs as at 31 May 2023 and of its 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 company 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 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WORTH FARMS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Food Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external audits conducted in the year, confirmation of renewed relevant memberships and licenses and a detailed walkthrough of Health and Safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WORTH FARMS LIMITED


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.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

2 January 2024

WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   

TURNOVER 7,255,475 5,642,229

Cost of sales 2,650,356 1,884,207
GROSS PROFIT 4,605,119 3,758,022

Administrative expenses 3,992,332 3,464,051
612,787 293,971

Other operating income 228,597 192,771
OPERATING PROFIT 5 841,384 486,742

Interest receivable and similar income - 863
841,384 487,605

Interest payable and similar expenses 6 47,903 57,213
PROFIT BEFORE TAXATION 793,481 430,392

Tax on profit 7 209,502 91,587
PROFIT FOR THE FINANCIAL YEAR 583,979 338,805

WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 583,979 338,805


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 583,979 338,805

WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 2,344,233 2,497,595

CURRENT ASSETS
Stocks 9 2,299,153 2,313,828
Debtors 10 2,392,733 2,406,551
Cash at bank 12,139 176,510
4,704,025 4,896,889
CREDITORS
Amounts falling due within one year 11 1,377,705 1,293,947
NET CURRENT ASSETS 3,326,320 3,602,942
TOTAL ASSETS LESS CURRENT LIABILITIES 5,670,553 6,100,537

CREDITORS
Amounts falling due after more than one year 12 (928,295 ) (2,139,493 )

PROVISIONS FOR LIABILITIES 15 (373,841 ) (176,606 )
NET ASSETS 4,368,417 3,784,438

CAPITAL AND RESERVES
Called up share capital 16 1 1
Retained earnings 17 4,368,416 3,784,437
SHAREHOLDERS' FUNDS 4,368,417 3,784,438

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2023 and were signed on its behalf by:





D R Worth - Director


WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2021 1 3,445,632 3,445,633

Changes in equity
Total comprehensive income - 338,805 338,805
Balance at 31 May 2022 1 3,784,437 3,784,438

Changes in equity
Total comprehensive income - 583,979 583,979
Balance at 31 May 2023 1 4,368,416 4,368,417

WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property - 5 - 10 years
Plant and machinery - 5 - 20 years or 15%-20% reducing balance
Motor vehicles - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognise in the financial statements:

Valuation of farming crops
Crop stock is valued on the basis of actual costs incurred for materials, applying cultivation rates determined by management based on their knowledge and experience, with reference to accepted industry methods.

WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 713,777 608,103
Social security costs 60,089 56,779
Other pension costs 14,366 14,180
788,232 679,062

The average number of employees during the year was as follows:
2023 2022

Production 17 17

2023 2022
£    £   
Directors' remuneration 7,000 6,927

5. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 1,275,064 1,158,152
Depreciation - owned assets 484,220 457,774
Profit on disposal of fixed assets (3,200 ) (61,500 )
Auditors' remuneration 1,335 10,155
Foreign exchange differences - 11,780

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 47,903 57,213

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 12,734
Over provision in prior year 12,267 (626 )
Total current tax 12,267 12,108

Deferred tax 197,235 79,479
Tax on profit 209,502 91,587

WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 June 2022 114,105 5,788,767 177,788 6,080,660
Additions - 330,858 - 330,858
Disposals - (207,942 ) (6,512 ) (214,454 )
At 31 May 2023 114,105 5,911,683 171,276 6,197,064
DEPRECIATION
At 1 June 2022 113,846 3,369,257 99,962 3,583,065
Charge for year 57 459,624 24,539 484,220
Eliminated on disposal - (207,942 ) (6,512 ) (214,454 )
At 31 May 2023 113,903 3,620,939 117,989 3,852,831
NET BOOK VALUE
At 31 May 2023 202 2,290,744 53,287 2,344,233
At 31 May 2022 259 2,419,510 77,826 2,497,595

9. STOCKS

20232022
££
Raw materials and consumables313,884238,127
Work in progress1,985,2692,075,701
2,299,1532,313,828

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 341,917 1,462,730
Amounts owed by group undertakings 636,052 144,554
Amounts owed by participating interests 36,441 27,968
Other debtors 275,144 649,920
Tax - 12,266
Prepayments and accrued income 1,103,179 109,113
2,392,733 2,406,551

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 256,890 249,934
Trade creditors 909,983 834,921
Other taxes and social security 17,053 14,106
Other creditors 3,686 2,407
Accruals and deferred income 190,093 192,579
1,377,705 1,293,947

WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 878,295 1,199,493
Amounts owed to group undertakings 50,000 940,000
928,295 2,139,493

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 256,890 249,934
Between one and five years 878,295 1,199,493
1,135,185 1,449,427

14. SECURED DEBTS

Finance lease and hire purchase liabilities are secured against the assets to which they relate.

Obligations under finance lease and hire purchase contracts are fixed at 2.25% to 3.25% and are repayable over a 5 year term.

Debenture including fixed charge over all present freehold and leasehold property; First fixed charge over book and other debts, chattels and goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 1 June 2016.

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 373,841 176,606

Deferred
tax
£   
Balance at 1 June 2022 176,606
Provided during year 197,235
Balance at 31 May 2023 373,841

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1.00 1 1

WORTH FARMS LIMITED (REGISTERED NUMBER: 04595713)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

17. RESERVES
Retained
earnings
£   

At 1 June 2022 3,784,437
Profit for the year 583,979
At 31 May 2023 4,368,416

18. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 60,430

19. RELATED PARTY DISCLOSURES

D R Worth is a director of Holbeach Marsh Co-operative Limited. During the year the company made sales to Holbeach Marsh Co-operative Limited of £346,742 (2022 - £321,735) and purchases from Holbeach Marsh Co-operative Limited of £nil (2022 - £nil). At the year end the company was owed £nil (2022 - £nil) by Holbeach Marsh Co-operative Limited.

D R Worth is a director of Holbeach Biogas Limited. During the year the company made sales to Holbeach Biogas Limited of £506,383 (2022 - £400,105). At the year end the company was owed £nil (2022 - £7,424) by Holbeach Biogas Limited.

H C Baker, a director of the company, is also a director and shareholder of HUB Rural Limited. During the year the company made purchases of £20,446 (2022 - £480) from HUB Rural Limited for consultancy work. There are no balances owing to HUB Rural Limited at the year end, (2022 - £nil).

During the year the company sold goods and services to Manor Fresh Limited, a joint venture of the parent company, amounting to £202,470 (2022 - £173,357). All these sales were on a normal commercial basis. At the year end the company was owed £36,441 (2022 - £21,240) by Manor Fresh Limited.

SLW Property Services Limited is owned and controlled by the wife of D R Worth (a director of the company). During the year the company made purchases of £4,515 (2022 - £5,130) for administration and accounting services from SLW Property Services Limited. At the year end the company owed £nil (2022 - £352) to SLW Property Services Limited.

20. ULTIMATE CONTROLLING PARTY

The company's ultimate parent company and controlling party is A H Worth and Company Limited, a company registered in England and Wales. Copies of the group accounts of A H Worth and Company Limited, Fleet Estate Office, Manor Farm, Holbeach Hurn, Lincolnshire, PE12 8LR can be obtained at Companies House at the following address:

Companies House Crown Way Cardiff
CF14 3UZ

21. RESERVES

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

The profit and loss account includes all current and prior period retained profits and losses.

22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the statement of comprehensive income in the period to which they relate.