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REGISTERED NUMBER: 03068911 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

WILLOW TREE FARMS LIMITED

WILLOW TREE FARMS LIMITED (REGISTERED NUMBER: 03068911)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WILLOW TREE FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: J E Markillie
T E Markillie
Mrs S H Markillie





SECRETARY: Mrs S H Markillie





REGISTERED OFFICE: Willow Tree Farm
Markillie Lane, Wisbech Road
Long Sutton
Spalding
Lincolnshire
PE12 9AW





REGISTERED NUMBER: 03068911 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

WILLOW TREE FARMS LIMITED (REGISTERED NUMBER: 03068911)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,341,030 2,442,978
Investments 6 10 10
2,341,040 2,442,988

CURRENT ASSETS
Stocks 211,568 304,598
Debtors 7 98,628 182,758
Cash at bank and in hand 78,736 71,961
388,932 559,317
CREDITORS
Amounts falling due within one year 8 354,142 486,772
NET CURRENT ASSETS 34,790 72,545
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,375,830

2,515,533

CREDITORS
Amounts falling due after more than one
year

9

(646,428

)

(813,769

)

PROVISIONS FOR LIABILITIES (61,000 ) (66,400 )
NET ASSETS 1,668,402 1,635,364

CAPITAL AND RESERVES
Called up share capital 500,000 500,000
Retained earnings 1,168,402 1,135,364
SHAREHOLDERS' FUNDS 1,668,402 1,635,364

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

WILLOW TREE FARMS LIMITED (REGISTERED NUMBER: 03068911)

BALANCE SHEET - continued
31 OCTOBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





J E Markillie - Director


WILLOW TREE FARMS LIMITED (REGISTERED NUMBER: 03068911)

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

1. STATUTORY INFORMATION

Willow Tree 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

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
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WILLOW TREE FARMS LIMITED (REGISTERED NUMBER: 03068911)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a small self administered pension scheme. Contributions payable for the year are charged in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 1 November 2022
and 31 October 2023 4,526
AMORTISATION
At 1 November 2022
and 31 October 2023 4,526
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

WILLOW TREE FARMS LIMITED (REGISTERED NUMBER: 03068911)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 2,254,622 1,169,390 14,593 19,414 3,458,019
Additions - 67,798 3,868 - 71,666
Disposals - (213,692 ) (1,658 ) - (215,350 )
At 31 October 2023 2,254,622 1,023,496 16,803 19,414 3,314,335
DEPRECIATION
At 1 November 2022 159,826 824,919 13,595 16,701 1,015,041
Charge for year 7,149 43,665 870 678 52,362
Eliminated on disposal - (92,533 ) (1,565 ) - (94,098 )
At 31 October 2023 166,975 776,051 12,900 17,379 973,305
NET BOOK VALUE
At 31 October 2023 2,087,647 247,445 3,903 2,035 2,341,030
At 31 October 2022 2,094,796 344,471 998 2,713 2,442,978

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2022
and 31 October 2023 10
NET BOOK VALUE
At 31 October 2023 10
At 31 October 2022 10

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 68,638 110,977
Other debtors 29,990 71,781
98,628 182,758

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 17,016 19,573
Hire purchase contracts - 9,595
Trade creditors 47,603 76,587
Taxation and social security 38,089 41,431
Other creditors 251,434 339,586
354,142 486,772

WILLOW TREE FARMS LIMITED (REGISTERED NUMBER: 03068911)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 625,035 761,244
Hire purchase contracts - 10,029
Other creditors 21,393 42,496
646,428 813,769

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 5 years and over 576,045 689,690

10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 642,051 780,817
Other loans 42,143 94,277
Hire purchase contracts - 19,624
684,194 894,718

The bank loan is secured by a fixed charge over the freehold land owned by the company.

Other loans are secured by a charge over freehold land owned by the company.

The obligations under hire purchase agreements are secured over the assets to which they relate.