IRIS Accounts Production v23.3.1.45 00853018 Board of Directors Board of Directors 1.7.22 30.6.23 30.6.23 false true false false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh008530182022-06-30008530182023-06-30008530182022-07-012023-06-30008530182021-06-30008530182021-07-012022-06-30008530182022-06-3000853018ns10:Originalns15:EnglandWales2022-07-012023-06-3000853018ns14:PoundSterlingns10:Original2022-07-012023-06-3000853018ns10:Originalns10:Director12022-07-012023-06-3000853018ns10:Original2022-07-012023-06-3000853018ns10:Originalns10:Director22022-07-012023-06-3000853018ns10:Original2023-06-3000853018ns10:Originalns10:PrivateLimitedCompanyLtd2022-07-012023-06-3000853018ns10:Originalns10:SmallEntities2022-07-012023-06-3000853018ns10:Originalns10:AuditExempt-NoAccountantsReport2022-07-012023-06-3000853018ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3000853018ns10:SmallCompaniesRegimeForAccountsns10:Original2022-07-012023-06-3000853018ns10:Originalns10:FullAccounts2022-07-012023-06-3000853018ns10:Original12022-07-012023-06-3000853018ns10:Originalns10:Director32022-07-012023-06-3000853018ns10:CompanySecretary1ns10:Original2022-07-012023-06-3000853018ns10:Originalns10:RegisteredOffice2022-07-012023-06-3000853018ns10:Original2022-06-3000853018ns10:Originalns5:CurrentFinancialInstruments2023-06-3000853018ns10:Originalns5:CurrentFinancialInstruments2022-06-3000853018ns10:Originalns5:Non-currentFinancialInstruments2023-06-3000853018ns10:Originalns5:Non-currentFinancialInstruments2022-06-3000853018ns5:ShareCapitalns10:Original2023-06-3000853018ns5:ShareCapitalns10:Original2022-06-3000853018ns10:Originalns5:RevaluationReserve2023-06-3000853018ns10:Originalns5:RevaluationReserve2022-06-3000853018ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-06-3000853018ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-3000853018ns10:Originalns5:PatentsTrademarksLicencesConcessionsSimilar2022-07-012023-06-3000853018ns10:Original2021-07-012022-06-3000853018ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-06-3000853018ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-07-012023-06-3000853018ns5:IntangibleAssetsOtherThanGoodwillns10:Original2023-06-3000853018ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-06-3000853018ns10:Originalns5:LandBuildings2022-06-3000853018ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-06-3000853018ns10:Originalns5:PlantMachinery2022-06-3000853018ns10:Original2022-06-3000853018ns10:Originalns5:LandBuildings2022-07-012023-06-3000853018ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-07-012023-06-3000853018ns10:Originalns5:PlantMachinery2022-07-012023-06-3000853018ns10:Originalns5:LandBuildings2023-06-3000853018ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2023-06-3000853018ns10:Originalns5:PlantMachinery2023-06-3000853018ns10:Originalns5:LandBuildings2022-06-3000853018ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-06-3000853018ns10:Originalns5:PlantMachinery2022-06-3000853018ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3000853018ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-3000853018ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3000853018ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-3000853018ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2023-06-3000853018ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2022-06-3000853018ns10:Originalns5:HirePurchaseContracts2023-06-3000853018ns10:Originalns5:HirePurchaseContracts2022-06-3000853018ns10:Originalns5:WithinOneYear2023-06-3000853018ns10:Originalns5:WithinOneYear2022-06-3000853018ns5:BetweenOneFiveYearsns10:Original2023-06-3000853018ns5:BetweenOneFiveYearsns10:Original2022-06-3000853018ns10:Originalns5:AllPeriods2023-06-3000853018ns10:Originalns5:AllPeriods2022-06-30
REGISTERED NUMBER: 00853018 (England and Wales)






















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Warden Farming Company Limited

Warden Farming Company Limited (Registered number: 00853018)






Contents of the Financial Statements
for the year ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Warden Farming Company Limited

Company Information
for the year ended 30 June 2023







DIRECTORS: Mrs M.S. Ward BSc FRAgS NSch MBE
Mr S.T. Ward BSc NSch ARAgS
Mr J.A. Shepherdson FCA





SECRETARY: Mrs E.S. Blandford





REGISTERED OFFICE: Grayingham Grange Farm
Grayingham
Gainsborough
Lincolnshire
DN21 4JD





REGISTERED NUMBER: 00853018 (England and Wales)





ACCOUNTANTS: Smailes Goldie Limited
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Warden Farming Company Limited (Registered number: 00853018)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,548 -
Tangible assets 5 5,111,771 5,045,862
Investments 6 5,851 3,432
Investment property 7 1,140,800 1,140,800
6,262,970 6,190,094

CURRENT ASSETS
Stocks 663,380 570,518
Debtors 8 464,847 606,415
Cash at bank and in hand 522,894 244,348
1,651,121 1,421,281
CREDITORS
Amounts falling due within one year 9 1,101,309 1,052,749
NET CURRENT ASSETS 549,812 368,532
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,812,782

6,558,626

CREDITORS
Amounts falling due after more than one
year

10

(302,607

)

(192,370

)

PROVISIONS FOR LIABILITIES (754,617 ) (727,602 )
NET ASSETS 5,755,558 5,638,654

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 1,782,671 1,780,653
Retained earnings 3,971,887 3,857,001
SHAREHOLDERS' FUNDS 5,755,558 5,638,654

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

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

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Warden Farming Company Limited (Registered number: 00853018)

Balance Sheet - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2024 and were signed on its behalf by:




Mrs M.S. Ward BSc FRAgS NSch MBE - Director



Mr S.T. Ward BSc NSch ARAgS - Director


Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements
for the year ended 30 June 2023

1. STATUTORY INFORMATION

Warden Farming Company 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
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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
Sugar beet quota is initially recognised at cost and amortised over its anticipated economic life.

Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. The Basic Payment Scheme commenced in 2015 and ceased in 2021.

Entitlements acquired via the ownership of existing land, and therefore having no cost, have been revalued to fair value on the transition to FRS 102 and amortised over their expected useful life, in accordance with the above period of benefit expected from the Basic Payment Scheme.

Website development costs are initially recognised at cost and amortised over their expected useful life.

Provision is made for any impairment.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

Freehold landNil
Freehold property2% - 10% on cost
Long leasehold2% - 5% on cost
Plant & machinery5% - 20% on cost

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Government grants
Amounts receivable under the Basic Payment Scheme subsidy are recognised as income in the profit and loss account when the eligibility criteria have been satisfied at the end of the scheme year.

Government grants received in respect of fixed assets are released to the profit and loss account in equal annual amounts over the estimated useful economic lives of the specific asset they relate to.

Other government grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Investment property
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in the income statement.

Stocks
Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.

Current & deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Cryptocurrency
Fixed asset investments include cryptocurrency which are initially recognised at cost and revalued to market value at the year end. Any gains or losses arising from revaluation are recognised in other comprehensive income.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2022 134,989
Additions 4,548
At 30 June 2023 139,537
AMORTISATION
At 1 July 2022
and 30 June 2023 134,989
NET BOOK VALUE
At 30 June 2023 4,548
At 30 June 2022 -

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

4. INTANGIBLE FIXED ASSETS - continued

Other intangible assets comprise Basic Payment Scheme Entitlements, Sugar Beet Quota and Website Development costs.

5. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery Totals
£    £    £    £   
COST
At 1 July 2022 3,601,984 687,321 4,047,844 8,337,149
Additions - - 550,317 550,317
Disposals - - (160,264 ) (160,264 )
At 30 June 2023 3,601,984 687,321 4,437,897 8,727,202
DEPRECIATION
At 1 July 2022 550,826 527,220 2,213,241 3,291,287
Charge for year 35,268 19,412 345,458 400,138
Eliminated on disposal - - (75,994 ) (75,994 )
At 30 June 2023 586,094 546,632 2,482,705 3,615,431
NET BOOK VALUE
At 30 June 2023 3,015,890 140,689 1,955,192 5,111,771
At 30 June 2022 3,051,158 160,101 1,834,603 5,045,862


6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Cryptocurrency 5,851 3,432

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 1,140,800
NET BOOK VALUE
At 30 June 2023 1,140,800
At 30 June 2022 1,140,800

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

7. INVESTMENT PROPERTY - continued

The directors are confident that the value of the investment property in the Balance Sheet at the reporting date reflects fair value.

Fair value at 30th June 2023 is represented by:

£
Cost80,000
Revaluation in 2017 for transition to FRS 1021,073,200
Cost 2019151,200
Revaluation in 201929,800
Revaluation in 202070,000
Revaluation in 2021140,800
Reclassification in 2021(756,000)
Revaluation in 2022351,800
Current value1,140,800

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2023 1,140,800

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 364,718 408,343
Other debtors 41,619 93,190
Prepayments and accrued income 58,510 104,882
464,847 606,415

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 11) 101,924 109,999
Trade creditors 303,412 359,550
Tax 7,030 -
Social security and other taxes 11,428 13,731
Other creditors 532,240 494,527
Directors' current accounts 45,039 31,664
Accruals and deferred income 85,267 33,881
Deferred government grants 14,969 9,397
1,101,309 1,052,749

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 11) 163,579 57,998
Deferred government grants 139,028 134,372
302,607 192,370

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 101,924 109,999
Between one and five years 163,579 57,998
265,503 167,997

Non-cancellable operating leases
2023 2022
£    £   
Within one year 173,700 173,700
Between one and five years 21,500 107,500
195,200 281,200

12. RELATED PARTY DISCLOSURES

Other related parties
20232022
£   £   
Amounts due to related parties403,136331,306