Company Registration number:
Wilson of Woodside Limited
Financial Statements
for the
Year Ended 31 March 2024
Wilson of Woodside Limited
Contents
Pages
Balance sheet |
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Notes to the financial statements |
Wilson of Woodside Limited
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
2,969 |
1,019 |
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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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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Wilson of Woodside Limited
Balance Sheet as at 31 March 2024 (continued)
For the financial year ending 31 March 2024 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.
Company registration number: 05209818
Approved and authorised by the
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Wilson of Woodside Limited
Notes to the financial statements for the Year Ended 31 March 2024
GENERAL INFORMATION |
The company is a private company limited by share capital, incorporated in England and 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 were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
Wilson of Woodside Limited
Notes to the financial statements for the Year Ended 31 March 2024 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Herd - The animals comprised in the production herd are valued at cost with replacements valued at the original cost of the animals they replace. Additional animals are valued at cost when transferred to the herd. No depreciation is applied to the herd.
Wilson of Woodside Limited
Notes to the financial statements for the Year Ended 31 March 2024 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.
No depreciation has been provided for on the freehold property as this is kept in a sound state of repair and in the opinion of the directors the residual value is so high and the useful economic life so long that the depreciation charge would be immaterial. This is not in accordance with FRS 102 however this is required in order to give a true and fair view.
No depreciation is applied to the herd.
Asset class |
Depreciation method and rate |
Property improvements |
2% reducing balance |
Tractors and machinery |
20% reducing balance |
Milking equipment |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Computer equipment |
25% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Milk quota |
straight line over 9 years |
BPS Entitlements |
straight line over 20 years |
Stocks
Stocks are valued at lower of cost and net realisable value. Where the cost of home bred animals cannot be ascertained they are valued at 60% of market value.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Wilson of Woodside Limited
Notes to the financial statements for the Year Ended 31 March 2024 (continued)
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ACCOUNTING POLICIES (continued) |
Financial instruments
Classification
Recognition and measurement
Impairment
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
STAFF NUMBERS |
The average number of persons employed by the company (including directors) during the year, was
INTANGIBLE ASSETS |
Milk quota |
BPS Entitlements |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Disposals |
( |
( |
( |
At 31 March 2024 |
- |
- |
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Amortisation |
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At 1 April 2023 |
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- |
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Amortisation charge |
- |
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Amortisation eliminated on disposals |
( |
( |
( |
At 31 March 2024 |
- |
- |
- |
Carrying amount |
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At 31 March 2024 |
- |
- |
- |
Wilson of Woodside Limited
Notes to the financial statements for the Year Ended 31 March 2024 (continued)
TANGIBLE ASSETS |
Property and improvements |
Tractors and machinery |
Milking equipment |
Motor vehicles |
Computer equipment |
Herd |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
- |
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- |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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- |
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Charge for the year |
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- |
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At 31 March 2024 |
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- |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Wilson of Woodside Limited
Notes to the financial statements for the Year Ended 31 March 2024 (continued)
STOCKS |
2024 |
2023 |
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Trading stock |
242,975 |
283,895 |
DEBTORS |
Current |
2024 |
2023 |
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
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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