Company registration number 11843796 (England and Wales)
WYKHAM PARK FARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WYKHAM PARK FARM LIMITED
COMPANY INFORMATION
Directors
Mr J Colegrave
Mrs J Colegrave
Mrs E Sinden
Company number
11843796
Registered office
Wykham Park Farm
Banbury
Oxfordshire
OX16 9UP
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
OX16 9SA
WYKHAM PARK FARM LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
WYKHAM PARK FARM LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WYKHAM PARK FARM LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wykham Park Farm Limited for the year ended 31 December 2023 which comprise, the balance sheet 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 at https://www.icaew.com/regulation.

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

It is your duty to ensure that Wykham Park Farm Limited 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 loss of Wykham Park Farm Limited. You consider that Wykham Park Farm Limited 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 Wykham Park Farm Limited. 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.

Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
OX16 9SA
Date:
23 September 2024
WYKHAM PARK FARM LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
273,434
290,636
Tangible assets
4
1,842,230
1,599,065
Investments
5
956
956
2,116,620
1,890,657
Current assets
Stocks
721,851
537,778
Debtors
6
162,261
161,363
Cash at bank and in hand
84,856
127,568
968,968
826,709
Creditors: amounts falling due within one year
7
(3,229,773)
(2,938,686)
Net current liabilities
(2,260,805)
(2,111,977)
Total assets less current liabilities
(144,185)
(221,320)
Creditors: amounts falling due after more than one year
8
(160,528)
(30,298)
Provisions for liabilities
(63,165)
(27,240)
Net liabilities
(367,878)
(278,858)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(367,978)
(278,958)
Total equity
(367,878)
(278,858)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

WYKHAM PARK FARM LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Mr J Colegrave
Director
Company registration number 11843796 (England and Wales)
WYKHAM PARK FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Wykham Park Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wykham Park Farm, Banbury, Oxfordshire, OX16 9UP.

 

In the period from 25 February 2019 to 9 October 2019 the company used the name Wykham Park Arable Limited.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is funded by a loan from the directors. The loan is interest free and not repayable until the company has sufficient funds to make the repayment. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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 account 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 the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 17 years for Feed In Tariff and 21 years and 4 months for RHI.

1.5
Intangible fixed assets other than goodwill

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

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the 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 separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Basic Payment Scheme entitlements
Straight line over 7 years
WYKHAM PARK FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
No depreciation
Plant and machinery
15-25% reducing balance
Motor vehicles
25% reducing balance
Solar panels
10% reducing balance
Drainage and irrigation
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.9
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WYKHAM PARK FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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

1.12
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 the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
WYKHAM PARK FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Intangible fixed assets
Goodwill
Basic Payment Scheme entitlements
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
340,000
2,576
342,576
Amortisation and impairment
At 1 January 2023
51,204
736
51,940
Amortisation charged for the year
16,834
368
17,202
At 31 December 2023
68,038
1,104
69,142
Carrying amount
At 31 December 2023
271,962
1,472
273,434
At 31 December 2022
288,796
1,840
290,636
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Motor vehicles
Solar panels
Drainage and irrigation
Total
£
£
£
£
£
£
Cost
At 1 January 2023
1,118,189
695,244
5,000
25,000
50,383
1,893,816
Additions
60,438
365,110
7,500
-
0
-
0
433,048
Disposals
-
0
(45,000)
-
0
-
0
-
0
(45,000)
At 31 December 2023
1,178,627
1,015,354
12,500
25,000
50,383
2,281,864
Depreciation and impairment
At 1 January 2023
-
0
265,757
2,891
6,865
19,238
294,751
Depreciation charged in the year
-
0
158,182
2,402
1,814
4,672
167,070
Eliminated in respect of disposals
-
0
(22,187)
-
0
-
0
-
0
(22,187)
At 31 December 2023
-
0
401,752
5,293
8,679
23,910
439,634
Carrying amount
At 31 December 2023
1,178,627
613,602
7,207
16,321
26,473
1,842,230
At 31 December 2022
1,118,189
429,487
2,109
18,135
31,145
1,599,065
WYKHAM PARK FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
956
956
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
132,325
132,748
Other debtors
2,575
2,427
Prepayments and accrued income
27,361
26,188
162,261
161,363
7
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
91,581
30,298
Trade creditors
310,114
147,151
Taxation and social security
2,348
2,312
Other creditors
15,928
11,946
Directors' loan account
2,794,302
2,729,703
Accruals and deferred income
15,500
17,276
3,229,773
2,938,686

Net obligations under finance leases and hire purchase contracts falling due within one year are secured against the assets to which they relate.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
160,528
30,298

Net obligations under finance leases and hire purchase contracts falling due within one year are secured against the assets to which they relate.

WYKHAM PARK FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
67
67
67
67
Ordinary B shares of £1 each
33
33
33
33
100
100
100
100
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
4,811
4,811
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