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REGISTERED NUMBER: 04992756 (England and Wales)














Wisbech Contract Farming Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023






Wisbech Contract Farming Ltd (Registered number: 04992756)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 9


Wisbech Contract Farming Ltd

Company Information
for the Year Ended 31 December 2023







Directors: J B Portass
Mrs B Portass
J Portass





Registered office: Bramley Lodge
St Paul's Road South
Walton Highway
Wisbech
Cambridgeshire
PE14 7DD





Registered number: 04992756 (England and Wales)





Accountants: Moore Thompson
Monica House
St Augustines Road
Wisbech
Cambridgeshire
PE13 3AD

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Wisbech Contract Farming Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wisbech Contract Farming Ltd for the year ended 31 December 2023 which comprise the Income statement, Other comprehensive income, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wisbech Contract Farming Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wisbech Contract Farming Ltd and state those matters that we have agreed to state to the Board of Directors of Wisbech Contract Farming Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wisbech Contract Farming Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wisbech Contract Farming Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wisbech Contract Farming Ltd. You consider that Wisbech Contract Farming Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wisbech Contract Farming Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Monica House
St Augustines Road
Wisbech
Cambridgeshire
PE13 3AD


16 August 2024

Wisbech Contract Farming Ltd (Registered number: 04992756)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 5 1,241 1,862
Tangible assets 6 1,057,653 989,279
Investments and long term loan 7 33,577 68,984
1,092,471 1,060,125

Current assets
Stocks 391,828 582,827
Debtors 8 495,674 695,632
Cash at bank and in hand 2,169 1,257
889,671 1,279,716
Creditors
Amounts falling due within one year 9 442,716 563,811
Net current assets 446,955 715,905
Total assets less current liabilities 1,539,426 1,776,030

Creditors
Amounts falling due after more than one
year

10

(414,413

)

(763,452

)

Provisions for liabilities (95,902 ) (93,799 )
Net assets 1,029,111 918,779

Capital and reserves
Called up share capital 67 67
Capital redemption reserve 33 33
Other reserves 93,392 99,344
Retained earnings 935,619 819,335
1,029,111 918,779

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

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

Wisbech Contract Farming Ltd (Registered number: 04992756)

Statement of Financial Position - continued
31 December 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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





J B Portass - Director


Wisbech Contract Farming Ltd (Registered number: 04992756)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

Wisbech Contract Farming Ltd 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. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

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 ten 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 - not depreciated
Plant and machinery - 20% on reducing balance
Tractors - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Other assets - at variable rates 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 Income Statement, 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 statement of financial position date.


Wisbech Contract Farming Ltd (Registered number: 04992756)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 20 (2022 - 23 ) .

5. Intangible fixed assets
Goodwill Entitlements Totals
£    £    £   
Cost
At 1 January 2023
and 31 December 2023 30,000 6,210 36,210
Amortisation
At 1 January 2023 30,000 4,348 34,348
Amortisation for year - 621 621
At 31 December 2023 30,000 4,969 34,969
Net book value
At 31 December 2023 - 1,241 1,241
At 31 December 2022 - 1,862 1,862

Wisbech Contract Farming Ltd (Registered number: 04992756)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. Tangible fixed assets
Freehold Plant and
property machinery Tractors
£    £    £   
Cost
At 1 January 2023 614,083 602,151 236,851
Additions 160,000 18,865 77,695
Disposals (100,036 ) (4,500 ) (36,500 )
At 31 December 2023 674,047 616,516 278,046
Depreciation
At 1 January 2023 - 336,940 137,236
Charge for year - 58,176 25,556
Eliminated on disposal - (4,328 ) (33,151 )
At 31 December 2023 - 390,788 129,641
Net book value
At 31 December 2023 674,047 225,728 148,405
At 31 December 2022 614,083 265,211 99,615

Motor Other
vehicles assets Totals
£    £    £   
Cost
At 1 January 2023 37,237 12,367 1,502,689
Additions - 2,410 258,970
Disposals - - (141,036 )
At 31 December 2023 37,237 14,777 1,620,623
Depreciation
At 1 January 2023 32,010 7,224 513,410
Charge for year 1,307 2,000 87,039
Eliminated on disposal - - (37,479 )
At 31 December 2023 33,317 9,224 562,970
Net book value
At 31 December 2023 3,920 5,553 1,057,653
At 31 December 2022 5,227 5,143 989,279

7. Fixed asset investments

2023 2022
£    £   
Participating interests 133 133
Loans to undertakings in which the
company has a participating interest

33,444

68,851
33,577 68,984

Wisbech Contract Farming Ltd (Registered number: 04992756)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. Fixed asset investments - continued

Additional information is as follows:
Interest
in other
participating
interests
£   
Cost
At 1 January 2023
and 31 December 2023 133
Net book value
At 31 December 2023 133
At 31 December 2022 133
Long term
loan
£   
At 1 January 2023 68,851
New in year (2,107 )
Repayment in year (40,000 )
Other movement 6,700
At 31 December 2023 33,444

An interest free loan of £85,000 was issued to the Norfolk Apple Company Ltd during the year ended 31 December 2017. The repayment term was extended in the year ended 31 December 2022. Repayments will be made at the discretion of the directors of the company. The loan will be repaid in full by 2027,and was discounted to fair value of £60,258 at 31 December 2023. Interest is released annually.

8. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 446,846 666,230
Tax - 4,427
VAT 46,368 24,038
Prepayments 2,460 937
495,674 695,632

Wisbech Contract Farming Ltd (Registered number: 04992756)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 10,000 56,995
K Portass loan - 16,540
Mortgage - Stokes 24,431 22,572
Hire purchase contracts 51,914 64,582
Trade creditors 152,499 358,709
Tax 41,771 -
Social security and other taxes 12,755 5,129
Directors' current accounts 125,309 29,022
Accrued expenses 23,926 7,350
Deferred income 111 138
Loan interest accrued - 2,774
442,716 563,811

10. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 8,333 18,333
Mortgage - Stokes 1-2 years 27,326 24,689
Mortgage - Stokes 2-5 years 12,318 278,992
Greenyard loan 2-5 years 244,413 303,369
Hire purchase contracts 112,023 128,069
414,413 763,452

The bank overdraft of the company is secured on an existing legal charge over the Cold Store at St Pauls Road South, Walton Highway, Wisbech and 20.42 acres of land at West Drove North, Walpole St Peter, Wisbech. The overdraft limit is negotiated on a seasonal basis and has an upper limit of £150,000. The overdraft facility is available from August until the following February each year.

A loan of £360,000 was taken out from JA & AJ Stokes during the year ended 31 December 2016 and is secured on the 19.02 hectares of land at Church Road, Terrington St John, Norfolk. The loan was repayable in full in 2021. In August 2021 the loan was renegotiated with a new agreement in place. In May 2023 4.32 hectares of this land was sold to JA & AJ Stokes and the proceeds of £113,947 used to partly repay the loan. The loan will be repaid in full in May 2026 and is secured on the revised parcel of 14.70 hectares of land as the original loan.

A loan of £150,000 was taken out from Greenyard during the year ended 31 December 2018, with a further £150,000 taken out during the year ended 31 December 2019. One final instalment of £150,000 was taken out in the year ending 31 December 2020. During the year ended 31 December 2021 the loan was renegotiated with a new agreement in place. The loan will be repaid by April 2028.

11. Related party disclosures

The company was under the control of the directors by virtue of them holding 100% of the issued share capital.

The company paid office rental of £1,800.00 (2022: £1,050.00) to the mother of a director of the
company. There were no outstanding liabilities at the balance sheet date.