Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-313670993776The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-02-01falseNo description of principal activity4truetruefalse 00590494 2023-02-01 2024-01-31 00590494 2022-02-01 2023-01-31 00590494 2024-01-31 00590494 2023-01-31 00590494 c:Director1 2023-02-01 2024-01-31 00590494 c:Director2 2023-02-01 2024-01-31 00590494 d:Buildings 2023-02-01 2024-01-31 00590494 d:Buildings 2024-01-31 00590494 d:Buildings 2023-01-31 00590494 d:Buildings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 00590494 d:Buildings d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 00590494 d:Buildings d:LongLeaseholdAssets 2023-02-01 2024-01-31 00590494 d:Buildings d:LongLeaseholdAssets 2024-01-31 00590494 d:Buildings d:LongLeaseholdAssets 2023-01-31 00590494 d:PlantMachinery 2023-02-01 2024-01-31 00590494 d:PlantMachinery 2024-01-31 00590494 d:PlantMachinery 2023-01-31 00590494 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 00590494 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 00590494 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 00590494 d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 00590494 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-31 00590494 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 00590494 d:FreeholdInvestmentProperty 2023-02-01 2024-01-31 00590494 d:FreeholdInvestmentProperty 2024-01-31 00590494 d:CurrentFinancialInstruments 2024-01-31 00590494 d:CurrentFinancialInstruments 2023-01-31 00590494 d:Non-currentFinancialInstruments 2024-01-31 00590494 d:Non-currentFinancialInstruments 2023-01-31 00590494 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 00590494 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 00590494 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 00590494 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 00590494 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 00590494 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 00590494 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 00590494 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 00590494 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-01-31 00590494 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-01-31 00590494 d:ShareCapital 2024-01-31 00590494 d:ShareCapital 2023-01-31 00590494 d:CapitalRedemptionReserve 2024-01-31 00590494 d:CapitalRedemptionReserve 2023-01-31 00590494 d:RetainedEarningsAccumulatedLosses 2024-01-31 00590494 d:RetainedEarningsAccumulatedLosses 2023-01-31 00590494 c:FRS102 2023-02-01 2024-01-31 00590494 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 00590494 c:FullAccounts 2023-02-01 2024-01-31 00590494 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 00590494 d:HirePurchaseContracts d:WithinOneYear 2024-01-31 00590494 d:HirePurchaseContracts d:WithinOneYear 2023-01-31 00590494 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-01-31 00590494 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-01-31 00590494 d:HirePurchaseContracts d:MoreThanFiveYears 2024-01-31 00590494 d:HirePurchaseContracts d:MoreThanFiveYears 2023-01-31 00590494 2 2023-02-01 2024-01-31 00590494 6 2023-02-01 2024-01-31 00590494 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-01-31 00590494 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-31 00590494 d:LeasedAssetsHeldAsLessee 2024-01-31 00590494 d:LeasedAssetsHeldAsLessee 2023-01-31 00590494 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 00590494










WATERS' FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
WATERS' FARMS LIMITED
REGISTERED NUMBER:00590494

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
639,541
413,390

Investments
 6 
62
62

Investment property
  
366,975
-

  
1,006,578
413,452

Current assets
  

Stocks
  
218,601
201,818

Debtors: amounts falling due within one year
 8 
162,684
459,630

Cash at bank and in hand
  
67,444
-

  
448,729
661,448

Creditors: amounts falling due within one year
 9 
(292,166)
(363,120)

Net current assets
  
 
 
156,563
 
 
298,328

Total assets less current liabilities
  
1,163,141
711,780

Creditors: amounts falling due after more than one year
 10 
(1,101,720)
(470,073)

Provisions for liabilities
  

Deferred tax
  
-
(32,510)

  
 
 
-
 
 
(32,510)

Net assets
  
61,421
209,197


Capital and reserves
  

Called up share capital 
  
10,500
10,500

Capital redemption reserve
  
1,500
1,500

Profit and loss account
  
49,421
197,197

  
61,421
209,197


Page 1

 
WATERS' FARMS LIMITED
REGISTERED NUMBER:00590494
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C R Waters
Mrs S M Waters
Director
Director


Date: 25 June 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Waters' Farms Limited is a private company limited by shares and incorporated in England and Wales, registration number 00590494. The registered office is Herringby Hall, Stokesby, Great Yarmouth, NR29 3EW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and rounded to the nearest £. 
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. 

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Improvements to tenanted property
-
10% Reducing Balance
Plant & machinery
-
20% Reducing Balance / 13% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 5

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 4).

Page 6

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Intangible assets




BPS Entitlements

£



Cost


At 1 February 2023
35,204



At 31 January 2024

35,204



Amortisation


At 1 February 2023
35,204



At 31 January 2024

35,204



Net book value



At 31 January 2024
-



At 31 January 2023
-



Page 7

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Freehold property
Improvements to tenanted property
Plant & machinery
Total

£
£
£
£



Cost or valuation


At 1 February 2023
72,000
87,783
923,903
1,083,686


Additions
100,000
7,275
237,217
344,492


Disposals
-
-
(4,679)
(4,679)



At 31 January 2024

172,000
95,058
1,156,441
1,423,499



Depreciation


At 1 February 2023
-
84,017
586,279
670,296


Charge for the year on owned assets
-
377
33,160
33,537


Charge for the year on financed assets
-
-
81,061
81,061


Disposals
-
-
(936)
(936)



At 31 January 2024

-
84,394
699,564
783,958



Net book value



At 31 January 2024
172,000
10,664
456,877
639,541



At 31 January 2023
72,000
3,766
337,624
413,390

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
324,243
182,476

324,243
182,476

Page 8

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 February 2023
62



At 31 January 2024
62





7.


Investment property


Freehold investment property

£



Valuation


Additions at cost
366,975



At 31 January 2024
366,975

The 2024 valuations were made by the purchase cost, on an open market value for existing use basis.





8.


Debtors

2024
2023
£
£


Trade debtors
108,937
374,255

Other debtors
52,900
83,222

Prepayments and accrued income
847
2,153

162,684
459,630


Page 9

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
41,934

Bank loans
19,466
56,907

Trade creditors
46,237
37,749

Other taxation and social security
2,071
902

Obligations under finance lease and hire purchase contracts
83,940
75,774

Other creditors
135,572
145,244

Accruals and deferred income
4,880
4,610

292,166
363,120



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
892,374
326,934

Net obligations under finance leases and hire purchase contracts
209,346
143,139

1,101,720
470,073


Page 10

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
19,466
56,907


19,466
56,907

Amounts falling due 1-2 years

Bank loans
19,467
22,741


19,467
22,741

Amounts falling due 2-5 years

Bank loans
58,401
68,223


58,401
68,223

Amounts falling due after more than 5 years

Bank loans
814,506
235,970

814,506
235,970

911,840
383,841



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
83,940
75,773

Between 1-2 years
85,459
36,742

Between 2-5 years
123,887
106,398

293,286
218,913

Page 11

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,347 (2023 - £1,200).


Page 12