Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00364997 2023-01-01 2023-12-31 00364997 2022-01-01 2022-12-31 00364997 2023-12-31 00364997 2022-12-31 00364997 c:Director1 2023-01-01 2023-12-31 00364997 c:Director2 2023-01-01 2023-12-31 00364997 d:Buildings 2023-12-31 00364997 d:Buildings 2022-12-31 00364997 d:CurrentFinancialInstruments 2023-12-31 00364997 d:CurrentFinancialInstruments 2022-12-31 00364997 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00364997 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00364997 d:UKTax 2023-01-01 2023-12-31 00364997 d:UKTax 2022-01-01 2022-12-31 00364997 d:ShareCapital 2023-12-31 00364997 d:ShareCapital 2022-12-31 00364997 d:RetainedEarningsAccumulatedLosses 2023-12-31 00364997 d:RetainedEarningsAccumulatedLosses 2022-12-31 00364997 c:OrdinaryShareClass1 2023-01-01 2023-12-31 00364997 c:OrdinaryShareClass1 2023-12-31 00364997 c:OrdinaryShareClass1 2022-12-31 00364997 c:FRS102 2023-01-01 2023-12-31 00364997 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00364997 c:FullAccounts 2023-01-01 2023-12-31 00364997 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00364997 2 2023-01-01 2023-12-31 00364997 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00364997










W.J.KNIGHT (FARMS) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
W.J.KNIGHT (FARMS) LIMITED
REGISTERED NUMBER:00364997

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
48,696
48,696

Current assets
  

Debtors: amounts falling due within one year
 6 
13,078
13,078

Cash at bank and in hand
 7 
282,392
225,692

  
295,470
238,770

Creditors: amounts falling due within one year
 8 
(67,704)
(28,961)

Net current assets
  
 
 
227,766
 
 
209,809

  

Net assets
  
276,462
258,505


Capital and reserves
  

Called up share capital 
 9 
3,000
3,000

Profit and loss account
  
273,462
255,505

  
276,462
258,505


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 comprehensive income 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 on 19 July 2024.




Mr H.T. Fisher
Mr T.H. Fisher
Director
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
W.J.KNIGHT (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

W J Knight (Farms) Limited is a company incorporated in England and Wales. 
The principal activity of the company during the year was the letting of farm property.
The Company's address and principal place of business is Berwick Pond Farm, Berwick Pond Road, Rainham, Essex, RM13 9EJ.
The Company's functional and presentational currency is pound sterling.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

 
2.3

Interest income

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

 
2.4

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

Page 2

 
W.J.KNIGHT (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.5

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.
Depreciation is not charged on freehold land.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


 
Page 3

 
W.J.KNIGHT (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Page 4

 
W.J.KNIGHT (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.10

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 the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3


4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
4,212
3,882

Adjustments in respect of previous periods
-
7,533

Total current tax
4,212
11,415

Factors affecting tax charge for the year

An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and took effect from April 2023 for profits over £250,000. For profits under £50,000 the tax rate remains at 19% and for profits between these figures it will be subject to 25% but reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate. 
The above factors have not affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% (2022 - 19%).


Page 5

 
W.J.KNIGHT (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Land and buildings

£



Cost or valuation


At 1 January 2023
48,696



At 31 December 2023

48,696






Net book value



At 31 December 2023
48,696



At 31 December 2022
48,696

Page 6

 
W.J.KNIGHT (FARMS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
12,998
12,998

Other debtors
80
80

13,078
13,078



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
282,392
225,692



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
63,492
25,079

Corporation tax
4,212
3,882

67,704
28,961



9.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



3,000 (2022 - 3,000) Ordinary shares of £1 each
3,000
3,000



10.


Controlling party

Throughout the current and previous year, W O Watt & Partners Limited controlled the company by virtue of a controlling interest of 100% of the issued ordinary share capital.

 
Page 7