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Registrar

Registration number: 00509640

Waterers Farms Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Waterers Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Waterers Farms Limited

Company Information

Directors

G C Waterer

S A Waterer

W A Waterer

Company secretary

G C Waterer

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Solicitors

Birkett Long LLP
1 Amphora Place
Sheepen Road
Colchester
Essex
CO3 3WG

Bankers

National Westminster Bank Plc
High Street
Halstead
Essex
CO9 2AG

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Waterers Farms Limited

(Registration number: 00509640)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,214,995

1,050,023

Current assets

 

Stocks

5

434,756

533,827

Debtors

6

204,240

100,798

Cash at bank and in hand

 

31,104

88,794

 

670,100

723,419

Creditors: Amounts falling due within one year

7

(224,085)

(266,246)

Net current assets

 

446,015

457,173

Total assets less current liabilities

 

3,661,010

1,507,196

Creditors: Amounts falling due after more than one year

7

(1,695,000)

(1,250,000)

Provisions for liabilities

(81,565)

(59,371)

Net assets

 

1,884,445

197,825

Capital and reserves

 

Called up share capital

4,202

4,202

Capital redemption reserve

39,764

39,764

Revaluation reserve

2,121,905

24,114

Retained earnings

(281,426)

129,745

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 29 July 2024 and signed on its behalf by:
 


G C Waterer
Company secretary and director


S A Waterer
Director


W A Waterer
Director

     
 

Waterers Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

These financial statements were authorised for issue by the Board on 29 July 2024.

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Waterers Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Land and buildings
£

Solar panels
 £

Motor vehicles
 £

Office Equipment
£

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2022

1,039,094

35,750

35,514

1,142

904,749

2,016,249

Revaluations

2,097,791

-

-

-

-

2,097,791

Additions

-

-

15,000

-

165,850

180,850

Disposals

-

-

(11,221)

-

(144,054)

(155,275)

At 31 October 2023

3,136,885

35,750

39,293

1,142

926,545

4,139,615

Depreciation

At 1 November 2022

357,021

13,823

23,843

768

570,771

966,226

Charge for the year

20,782

1,430

3,542

271

70,092

96,117

Eliminated on disposal

-

-

(6,881)

-

(130,842)

(137,723)

At 31 October 2023

377,803

15,253

20,504

1,039

510,021

924,620

Carrying amount

At 31 October 2023

2,759,082

20,497

18,789

103

416,524

3,214,995

At 31 October 2022

682,073

21,926

11,671

375

333,978

1,050,023

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

5

Stocks

2023
£

2022
£

Crops in store

260,900

328,160

Cultivations & Seeds

52,776

53,671

Consumables

121,080

151,996

434,756

533,827

6

Debtors

2023
£

2022
£

Trade debtors

60,498

53,386

Prepayments

91,241

26,358

Other debtors

52,501

21,054

204,240

100,798

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

13,747

30,258

Accruals and deferred income

37,282

40,463

Other creditors

173,056

195,525

224,085

266,246

8

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
£

Surplus/deficit on property, plant and equipment revaluation

2,097,791

2,097,791

 

Waterers Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Redeemable preference shares

300,000

300,000

Other borrowings

1,395,000

950,000

1,695,000

1,250,000