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Company Registration number: 05209818

Wilson of Woodside Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 March 2024

 

Wilson of Woodside Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Wilson of Woodside Limited

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,670,319

2,678,139

Other financial assets

2,969

1,019

 

2,673,288

2,679,158

Current assets

 

Stocks

6

242,975

283,895

Debtors

7

353,915

315,088

Cash at bank and in hand

 

81,719

94,153

 

678,609

693,136

Creditors: Amounts falling due within one year

8

(141,808)

(199,853)

Net current assets

 

536,801

493,283

Total assets less current liabilities

 

3,210,089

3,172,441

Provisions for liabilities

(61,467)

(53,124)

Net assets

 

3,148,622

3,119,317

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,148,522

3,119,217

Shareholders' funds

 

3,148,622

3,119,317

 

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:

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.

Company registration number: 05209818

Approved and authorised by the Board on 25 June 2024 and signed on its behalf by:
 

.........................................
Mr M A Wilson
Director

 

Wilson of Woodside Limited

Notes to the financial statements for the Year Ended 31 March 2024

1

GENERAL INFORMATION

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

The address of its registered office is:
Woodside Farm
Wreay
Carlisle
CA4 0RJ
 

These financial statements were authorised for issue by the Board on 25 June 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 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)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

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.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 6).

4

INTANGIBLE ASSETS

Milk quota
 £

BPS Entitlements
 £

Total
£

Cost or valuation

At 1 April 2023

74,814

10,710

85,524

Disposals

(74,814)

(10,710)

(85,524)

At 31 March 2024

-

-

-

Amortisation

At 1 April 2023

74,814

-

74,814

Amortisation charge

-

10,710

10,710

Amortisation eliminated on disposals

(74,814)

(10,710)

(85,524)

At 31 March 2024

-

-

-

Carrying amount

At 31 March 2024

-

-

-

 

Wilson of Woodside Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

5

TANGIBLE ASSETS

Property and improvements
£

Tractors and machinery
£

Milking equipment
 £

Motor vehicles
 £

Computer equipment
 £

Herd
 £

Total
£

Cost or valuation

At 1 April 2023

2,466,392

766,425

354,511

18,709

11,122

142,795

3,759,954

Additions

-

23,913

-

40,724

3,140

2,000

69,777

At 31 March 2024

2,466,392

790,338

354,511

59,433

14,262

144,795

3,829,731

Depreciation

At 1 April 2023

217,374

514,280

331,639

11,474

7,048

-

1,081,815

Charge for the year

15,743

53,513

4,575

2,657

1,109

-

77,597

At 31 March 2024

233,117

567,793

336,214

14,131

8,157

-

1,159,412

Carrying amount

At 31 March 2024

2,233,275

222,545

18,297

45,302

6,105

144,795

2,670,319

At 31 March 2023

2,249,018

252,145

22,873

7,235

4,073

142,795

2,678,139

 

Wilson of Woodside Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

6

STOCKS

2024
£

2023
£

Trading stock

242,975

283,895

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

104,971

128,398

Prepayments

-

14,995

Other debtors

248,944

171,695

 

353,915

315,088

8

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

57,594

104,987

Taxation and social security

49,172

64,467

Accruals and deferred income

35,042

30,399

141,808

199,853