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Wield Park Estate Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 09865157

 

Wield Park Estate Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wield Park Estate Limited

Company Information

Directors

Mr A J A Dunn

Mr N D Parker

Registered office

The Estate Office Wield Park
Upper Wield
Alresford
England
S024 9FX

Accountants

Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

Wield Park Estate Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

4,468

Tangible assets

5

3,879,073

3,857,201

 

3,879,073

3,861,669

Current assets

 

Stocks

64,000

27,705

Debtors

6

5,579

85,359

Cash at bank and in hand

 

594

2,745

 

70,173

115,809

Creditors: Amounts falling due within one year

7

(4,124,565)

(4,111,579)

Net current liabilities

 

(4,054,392)

(3,995,770)

Net liabilities

 

(175,319)

(134,101)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(175,320)

(134,102)

Shareholders' deficit

 

(175,319)

(134,101)

 

Wield Park Estate Limited

Balance Sheet

31 March 2024

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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr N D Parker
Director

Company Registration Number: 09865157

 

Wield Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
The Estate Office Wield Park
Upper Wield
Alresford
England
S024 9FX

These financial statements were authorised for issue by the Board on 2 August 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 have been 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.

Going concern

At the time of approving the financial statements, the director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 

Wield Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into accoount trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have passed to the buyer ( usually on dispatch of goods), the amount of revenue can be measured reliably , it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income on assets leased under operating lease is recognised on straight line basis over the lease term and is presented within other operating income.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when performance conditions are met. When a grant does not specify performance conditions it is recognised in income when proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Wield Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

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, as follows:

Freehold land is not depreciated

Asset class

Depreciation method and rate

Freehold land and building

50 years straight line (excluding freehold land)

Plant and machinery

5 years straight line

Fixtures and fittings

10 years straight line

Intangible assets

Intangible assets acquired separately from a business are recognised at cost are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised seperately from goodwill at acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably, the intangible asset arises from contractual or other legal rights and the intangible asset is seperable from the entity.

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

Entitlements

7 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost represents expenditure incurred on each annual harvest, less the proportion of that harvest which has been sold.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Rental income from operating leases is recognised on a straight line basis over the term of relevant lease. Intial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the lease asset and recognised on a straight line basis over the lease term.

 

Wield Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Financial instruments

Classification
The company holds the following financial instruments:

•Short term trade and other debtors;
• trade and other creditors
• loans from fellow group companies
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Debt instruments are subsequently carried at amortised cost, using effective interest rate method

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Wield Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

6,240

6,240

Disposals

(6,240)

(6,240)

At 31 March 2024

-

-

Amortisation

At 1 April 2023

1,772

1,772

Amortisation eliminated on disposals

(1,772)

(1,772)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

4,468

4,468

The aggregate amount of research and development expenditure recognised as an expense during the period is £7,668 (2023 - £47,885).
 

 

Wield Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

3,687,461

124,671

62,630

75,829

3,950,591

Additions

11,578

9,310

677

54,329

75,894

At 31 March 2024

3,699,039

133,981

63,307

130,158

4,026,485

Depreciation

At 1 April 2023

12,492

23,942

12,526

44,430

93,390

Charge for the year

3,872

13,399

12,662

24,089

54,022

At 31 March 2024

16,364

37,341

25,188

68,519

147,412

Carrying amount

At 31 March 2024

3,682,675

96,640

38,119

61,639

3,879,073

At 31 March 2023

3,674,969

100,729

50,104

31,399

3,857,201

 

Wield Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

-

66,612

Other debtors

5,579

18,747

5,579

85,359

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

7,520

29,216

Amounts owed to group undertakings

3,983,793

3,954,900

Other creditors

133,252

127,463

4,124,565

4,111,579

Amounts due to the parent company of £3,983,793 (2023: 3,954,900) are interest free and there are no fixed terms for repayment. The parent company has given assurances that they will not request repayment of the balance for 12 months following the date of signing of these financial statements.

8

Parent and ultimate parent undertaking

The company's immediate parent is Thornwood Investments Limited, incorporated in England and Wales. The registered office: The Estate office Wield Park, Upper Wield, Alresford, SO24 9FX.

 The ultimate parent is Thornwood Group Holdings Limited, incorporated in Jersey. The registered office of Thornwood Group Holdings Limited is : Third floor Liberation House, Castle Street, St Helier, Jersey, JE1 2LH.