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REGISTERED NUMBER: 11793323 (England and Wales)















R L Whear and Son Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024






R L Whear and Son Limited (Registered number: 11793323)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R L Whear and Son Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr P S Whear
Mr P A Whear
Mrs S M Whear
Mr S M Whear



REGISTERED OFFICE: Polglaze Barton Farm
Liskey Hill
Perranporth
Cornwall
TR6 0BB



REGISTERED NUMBER: 11793323 (England and Wales)



ACCOUNTANTS: BK Plus Limited
Lakeside Offices
The Old Cattle Market
Coronation Park
Helston
Cornwall
TR13 0SR



BANKERS: HSBC Bank plc
2 Coinagehall Street
Helston
Cornwall
TR13 8DZ

R L Whear and Son Limited (Registered number: 11793323)

Balance Sheet
31 January 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 1,798 1,798
Tangible assets 5 2,008,236 2,121,825
2,010,034 2,123,623

CURRENT ASSETS
Stocks 334,122 330,418
Debtors 6 363,033 433,909
Cash at bank 313,848 264,136
1,011,003 1,028,463
CREDITORS
Amounts falling due within one year 7 593,176 689,263
NET CURRENT ASSETS 417,827 339,200
TOTAL ASSETS LESS CURRENT LIABILITIES 2,427,861 2,462,823

CREDITORS
Amounts falling due after more than one
year

8

(2,187,788

)

(2,149,657

)

PROVISIONS FOR LIABILITIES (120,548 ) (103,668 )
NET ASSETS 119,525 209,498

CAPITAL AND RESERVES
Called up share capital 700 700
Retained earnings 118,825 208,798
119,525 209,498

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

R L Whear and Son Limited (Registered number: 11793323)

Balance Sheet - continued
31 January 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:




Mr S M Whear - Director



Mr P A Whear - Director


R L Whear and Son Limited (Registered number: 11793323)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

R L Whear and Son Limited 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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.

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.

Single farm payment entitlement are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 4% on cost
Plant and machinery - 25% on reducing balance
Motors and tractors - 25% on reducing balance
Computer equipment - 25% 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 Statement of Income and Retained Earnings, 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 balance sheet date.


R L Whear and Son Limited (Registered number: 11793323)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. At the year the company owed £437 to the pension scheme (£297 in 2023) This has been included in creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Single farm
payment
entitlement
£
COST
At 1 February 2023
and 31 January 2024 1,798
NET BOOK VALUE
At 31 January 2024 1,798
At 31 January 2023 1,798

R L Whear and Son Limited (Registered number: 11793323)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Land and Plant and Motors and Computer
buildings machinery tractors equipment Totals
£ £ £ £ £
COST
At 1 February 2023 1,711,311 949,070 943,724 747 3,604,852
Additions - 21,882 104,000 1,000 126,882
Disposals - (17,300 ) - - (17,300 )
At 31 January 2024 1,711,311 953,652 1,047,724 1,747 3,714,434
DEPRECIATION
At 1 February 2023 136,905 605,568 740,122 432 1,483,027
Charge for year 68,452 90,197 76,901 329 235,879
Eliminated on disposal - (12,708 ) - - (12,708 )
At 31 January 2024 205,357 683,057 817,023 761 1,706,198
NET BOOK VALUE
At 31 January 2024 1,505,954 270,595 230,701 986 2,008,236
At 31 January 2023 1,574,406 343,502 203,602 315 2,121,825

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motors and
machinery tractors Totals
£ £ £
COST
At 1 February 2023 95,250 198,344 293,594
Additions 16,750 104,000 120,750
At 31 January 2024 112,000 302,344 414,344
DEPRECIATION
At 1 February 2023 32,180 90,129 122,309
Charge for year 19,955 53,054 73,009
At 31 January 2024 52,135 143,183 195,318
NET BOOK VALUE
At 31 January 2024 59,865 159,161 219,026
At 31 January 2023 63,070 108,215 171,285

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 331,814 388,926
Other debtors 31,219 44,983
363,033 433,909

R L Whear and Son Limited (Registered number: 11793323)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 17,791 26,824
Hire purchase contracts 90,290 75,352
Trade creditors 91,613 137,210
Taxation and social security 81,841 35,782
Other creditors 311,641 414,095
593,176 689,263

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 133,901 142,659
Hire purchase contracts 53,845 68,836
Other creditors 2,000,042 1,938,162
2,187,788 2,149,657

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 151,692 169,483

The bank holds a fixed and floating charge over all the property or undertaking of the company.

10. RELATED PARTY DISCLOSURES

At the year end there was a total of £1,207,281 (2023, £1,309,941) owed to the directors. £955,000 of this is classed as due between 2 and 5 years.

At the year end there was £385,528 (2023, £293,128) owed to other shareholders, this is owed after more than 1 year, interest is charged on the amounts owed.