Company registration number 08263503 (England and Wales)
D A WRIGHT FARMING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
D A WRIGHT FARMING LIMITED
COMPANY INFORMATION
Director
Mr D A Wright
Secretary
Mrs L A Wright
Company number
08263503
Registered office
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
D A WRIGHT FARMING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
D A WRIGHT FARMING LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF D A WRIGHT FARMING LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of D A Wright Farming Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com.regulation.
This report is made solely to the Board of Directors of D A Wright Farming Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of D A Wright Farming Limited and state those matters that we have agreed to state to the Board of Directors of D A Wright Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D A Wright Farming Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that D A Wright Farming Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of D A Wright Farming Limited. You consider that D A Wright Farming Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of D A Wright Farming Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
17 April 2024
D A WRIGHT FARMING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
541,020
176,867
Other assets
4
66,200
63,200
Investments
5
616,636
557,333
1,223,856
797,400
Current assets
Stocks
114,165
128,125
Debtors
6
73,270
51,911
Cash at bank and in hand
40,309
502,928
227,744
682,964
Creditors: amounts falling due within one year
7
(23,957)
(28,138)
Net current assets
203,787
654,826
Total assets less current liabilities
1,427,643
1,452,226
Provisions for liabilities
(34,582)
(33,479)
Net assets
1,393,061
1,418,747
Capital and reserves
Called up share capital
8
100
100
Fair value reserve
33,640
Profit and loss reserves
1,359,321
1,418,647
Total equity
1,393,061
1,418,747
D A WRIGHT FARMING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 6 April 2024
Mr D A Wright
Director
Company Registration No. 08263503
D A WRIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
D A Wright Farming Limited is a private company limited by shares incorporated in England and Wales. The registered office is given in the company information page.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
None
Freehold improvements
10% reducing balance
Plant and machinery
15 - 20% reducing balance
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.
1.4
Biological assets - Herd
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
The stock has been valued at deemed cost at 75% for crops in store and sheep, and 60% for cattle held in accordance with HM Revenue & Customs (HS232 Farm Stock Valuation).
D A WRIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Cash at bank and in hand
Cash at bank and in hand 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 current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
D A WRIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Freehold property
Freehold improvements
Plant and machinery
Total
£
£
£
£
Cost
At 1 January 2023
116,301
294,750
411,051
Additions
305,730
26,300
75,560
407,590
Disposals
(825)
(825)
At 31 December 2023
305,730
142,601
369,485
817,816
Depreciation and impairment
At 1 January 2023
59,754
174,430
234,184
Depreciation charged in the year
8,285
34,841
43,126
Eliminated in respect of disposals
(514)
(514)
At 31 December 2023
68,039
208,757
276,796
Carrying amount
At 31 December 2023
305,730
74,562
160,728
541,020
At 31 December 2022
56,547
120,320
176,867
4
Biological assets - Herd
Herd
£
Cost
At 1 January 2023
63,200
Additions
3,000
At 31 December 2023
66,200
Depreciation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
66,200
At 31 December 2022
63,200
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
616,636
557,333
D A WRIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
557,333
Valuation changes
59,303
At 31 December 2023
616,636
Carrying amount
At 31 December 2023
616,636
At 31 December 2022
557,333
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
958
239
Corporation tax recoverable
7,166
Other debtors
65,146
51,672
73,270
51,911
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,620
2,822
Corporation tax
7,122
Other taxation and social security
814
607
Other creditors
15,523
17,587
23,957
28,138
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
9
Related party transactions
D A WRIGHT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Related party transactions
(Continued)
- 8 -
As at 31 December 2023, D A Wright Farming Limited was owed £12,745 by the director (2022 - £42,844). Interest was charged at 2.25% during the year and the balance was fully repaid within 9 months after the year end.
As at 31 December 2023, D A Wright Farming Limited was owed £19,891 by two shareholders (2022 - £nil). The balance was fully repaid within 9 months after the year end.