Registrar
Registration number:
Waterers Farms Limited
for the Year Ended 31 October 2023
Waterers Farms Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Waterers Farms Limited
Company Information
Directors |
G C Waterer S A Waterer W A Waterer |
Company secretary |
G C Waterer |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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Waterers Farms Limited
(Registration number: 00509640)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
4,202 |
4,202 |
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Capital redemption reserve |
39,764 |
39,764 |
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Revaluation reserve |
2,121,905 |
24,114 |
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Retained earnings |
(281,426) |
129,745 |
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Shareholders' funds |
1,884,445 |
197,825 |
For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Waterers Farms Limited
(Registration number: 00509640)
Balance Sheet as at 31 October 2023
Approved and authorised by the
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Waterers Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of crops and provision of agricultural services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Revenue arising from the Basic Payment
Revenue in respect of the Basic Payment Scheme is recognised once the qualifying period has been completed.
Recognition of the 2023 Basic Payment is made upon all qualifying conditions being met before the year end date. As such the 2023 Basic Payment cannot be recognised in the 2023 accounts but the 2022 Basic Payment has been recognised in these accounts.
Tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are only recognised when the losses are likely to reverse in the future.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Waterers Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% Straight line method |
Solar panels |
4% Straight line method |
Plant and machinery |
15% Reducing balance method |
Motor vehicles |
25% Reducing balance method |
Office Equipment |
25% Straight line method |
Improvements to property |
5% Straight line method |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Harvested crops are valued at market value. Tillages, fertilisers and other stocks are stated at cost.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Waterers Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Waterers Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Tangible assets |
Land and buildings |
Solar panels |
Motor vehicles |
Office Equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 November 2022 |
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Revaluations |
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Additions |
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Disposals |
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At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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Eliminated on disposal |
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- |
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( |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Included within the net book value of land and buildings above is £2,759,082 (2022 - £682,073) in respect of freehold land and buildings.
Waterers Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Stocks |
2023 |
2022 |
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Crops in store |
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Cultivations & Seeds |
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Consumables |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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Waterers Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Redeemable preference shares |
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Other borrowings |
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