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COMPANY REGISTRATION NUMBER: 07627851
S C WILKINSON FARMS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2024
S C WILKINSON FARMS LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
£
Fixed Assets
Tangible assets
5
2,975,185
3,011,219
Current Assets
Debtors
6
1,644,208
842,761
Cash at bank and in hand
61,318
95,236
-------------
----------
1,705,526
937,997
Creditors: amounts falling due within one year
7
1,201,314
578,673
-------------
----------
Net Current Assets
504,212
359,324
-------------
-------------
Total Assets Less Current Liabilities
3,479,397
3,370,543
Creditors: amounts falling due after more than one year
8
926,158
1,160,869
Provisions
Taxation including deferred tax
359,573
353,415
-------------
-------------
Net Assets
2,193,666
1,856,259
-------------
-------------
S C WILKINSON FARMS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
2024
2023
Note
£
£
£
£
Capital and Reserves
Called up share capital
1,000
1,000
Profit and loss account
2,192,666
1,855,259
-------------
-------------
Shareholders Funds
2,193,666
1,856,259
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
S C Wilkinson
Director
Company registration number: 07627851
S C WILKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallbrooke, West Drive, Sudbrooke, Lincoln, LN2 2QZ.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and Buildings
-
2% straight line
Plant and machinery
-
5%-10% Straight line
Motor vehicles
-
25% reducing balance
Solar equipment
-
30% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible Assets
Land and buildings
Plant and machinery
Motor vehicles
Solar Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
1,916,391
2,529,934
14,500
259,161
4,719,986
Additions
3,071
204,746
207,817
-------------
-------------
---------
----------
-------------
At 31 May 2024
1,919,462
2,734,680
14,500
259,161
4,927,803
-------------
-------------
---------
----------
-------------
Depreciation
At 1 June 2023
305,475
1,134,876
12,067
256,349
1,708,767
Charge for the year
38,328
202,224
487
2,812
243,851
-------------
-------------
---------
----------
-------------
At 31 May 2024
343,803
1,337,100
12,554
259,161
1,952,618
-------------
-------------
---------
----------
-------------
Carrying amount
At 31 May 2024
1,575,659
1,397,580
1,946
2,975,185
-------------
-------------
---------
----------
-------------
At 31 May 2023
1,610,916
1,395,058
2,433
2,812
3,011,219
-------------
-------------
---------
----------
-------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 May 2024
525,273
----------
At 31 May 2023
384,657
----------
6. Debtors
2024
2023
£
£
Trade debtors
1,526,742
78,043
Other debtors
117,466
764,718
-------------
----------
1,644,208
842,761
-------------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
273,765
275,778
Trade creditors
101,589
12,419
Social security and other taxes
130,158
95,527
Other creditors
695,802
194,949
-------------
----------
1,201,314
578,673
-------------
----------
Bank and other borrowing totalling £363,312 (2023-£350,041) is secured against the assets of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
740,960
1,012,715
Other creditors
185,198
148,154
----------
-------------
926,158
1,160,869
----------
-------------
Bank and other borrowing totalling £926,158 (2023-£1,160,869) is secured against the assets of the company.
Bank borrowing totalling £49,396 (2023-£186,037) is due for repayment after more than five years, by instalments and at an interest rate that varies with the official base rate.