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COMPANY REGISTRATION NUMBER: 07541165
Walsingham Estate Farming Limited
Unaudited financial statements
31 December 2023
Walsingham Estate Farming Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
6
31,017
Tangible assets
7
1,054,580
1,172,557
Investments
8
14,417,383
14,279,832
------------
------------
15,471,963
15,483,406
Current assets
Stocks
496,564
605,449
Debtors
10
251,590
780,385
Cash at bank and in hand
589,993
432,629
-----------
-----------
1,338,147
1,818,463
Creditors: Amounts falling due within one year
11
( 297,605)
( 533,172)
-----------
-----------
Net current assets
1,040,542
1,285,291
------------
------------
Total assets less current liabilities
16,512,505
16,768,697
Creditors: Amounts falling due after more than one year
12
( 17,418)
( 41,960)
Provisions
Taxation including deferred tax
( 3,603,198)
( 2,729,364)
------------
------------
Net assets
12,891,889
13,997,373
------------
------------
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
300,650
300,650
Revaluation reserve
10,583,159
11,429,812
Profit and loss account
1,998,080
2,256,911
------------
------------
Shareholders funds
12,891,889
13,997,373
------------
------------
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 income statement has not been delivered.
For the year ending 31 December 2023 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 .
Walsingham Estate Farming Limited
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
W J C Meath-Baker
Director
Company registration number: 07541165
Walsingham Estate Farming Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Walsingham Abbey, Sunk Road, Walsingham, Norfolk, NR22 6DQ.
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. The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The company is a member of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its sub-group.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Basic Payment Entitlements
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
10% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
10% straight line
Investments
Investment property is carried at fair value determined annually by the directors following consultation with external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the terms of the lease, nature, location, or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of employees during the year was 5 (2022: 5 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
112,981
193,555
Adjustments in respect of prior periods
( 12,698)
Group relief tax expense
8,402
36,591
---------
---------
Total current tax
121,383
217,448
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 13,071)
( 5,863)
Tax relating to components of other comprehensive income
886,905
---------
------
Total deferred tax
873,834
( 5,863)
---------
---------
Tax on profit
995,217
211,585
---------
---------
6. Intangible assets
Basic Payment Entitlements
£
Cost
At 1 January 2023
170,365
Additions
Disposals
( 170,365)
---------
At 31 December 2023
---------
Amortisation
At 1 January 2023
139,348
Charge for the year
31,017
Disposals
( 170,365)
---------
At 31 December 2023
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
31,017
---------
7. Tangible assets
Freehold property
Plant and machinery
Property improve- ments
Total
£
£
£
£
Cost
At 1 January 2023
638,377
736,207
573,953
1,948,537
Additions
16,542
16,542
---------
---------
---------
-----------
At 31 December 2023
638,377
752,749
573,953
1,965,079
---------
---------
---------
-----------
Depreciation
At 1 January 2023
199
370,836
404,945
775,980
Charge for the year
77,124
57,395
134,519
---------
---------
---------
-----------
At 31 December 2023
199
447,960
462,340
910,499
---------
---------
---------
-----------
Carrying amount
At 31 December 2023
638,178
304,789
111,613
1,054,580
---------
---------
---------
-----------
At 31 December 2022
638,178
365,371
169,008
1,172,557
---------
---------
---------
-----------
8. Investments
Investment Property
£
Cost
At 1 January 2023
14,279,832
Additions
137,551
------------
At 31 December 2023
14,417,383
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
14,417,383
------------
At 31 December 2022
14,279,832
------------
9. Investment property
The 2022 valuations were made by the directors, on an open market for existing use basis.
If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured at £306,504 (2022: £168,953).
10. Debtors
2023
2022
£
£
Trade debtors
215,142
158,577
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,726
559,134
Other debtors
30,722
62,674
---------
---------
251,590
780,385
---------
---------
11. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
101,361
230,531
Amounts owed to group undertakings and undertakings in which the company has a participating interest
51,021
77,864
Social security and other taxes
112,981
193,555
Other creditors
32,242
31,222
---------
---------
297,605
533,172
---------
---------
12. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Other creditors
17,418
41,960
-------
-------