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REGISTERED NUMBER: 00473474 (England and Wales)




















Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

W Cumber & Son (Theale) Limited

W Cumber & Son (Theale) Limited (Registered number: 00473474)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


W Cumber & Son (Theale) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: W J Cumber
C D'Olley
R W Davey





SECRETARY: W J Cumber





REGISTERED OFFICE: Manor Farm
Marcham
Abingdon
Oxfordshire
OX13 6NZ





REGISTERED NUMBER: 00473474 (England and Wales)

W Cumber & Son (Theale) Limited (Registered number: 00473474)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

W J Cumber
C D'Olley
R W Davey

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





W J Cumber - Director


16 May 2024

Report of the Independent Auditors to the Members of
W Cumber & Son (Theale) Limited

Opinion
We have audited the financial statements of W Cumber & Son (Theale) Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Report of the Independent Auditors to the Members of
W Cumber & Son (Theale) Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to potential lack of segregation of duties, bookkeeping errors and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

- Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

- Reviewing Board of Directors minutes;

- Review of tax compliance with the involvement of our tax specialists in the audit;

- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

- Testing transactions entered into outside of the normal course of the Company's business; and

- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
W Cumber & Son (Theale) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Statutory Auditors
Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA

16 May 2024

W Cumber & Son (Theale) Limited (Registered number: 00473474)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 2,984,448 3,123,765

Cost of sales 2,405,103 1,966,078
GROSS PROFIT 579,345 1,157,687

Administrative expenses 453,162 675,448
126,183 482,239

Other operating income 94,580 121,927
Gain/loss on revaluation of investment
property

-

430,000
OPERATING PROFIT 5 220,763 1,034,166

Income from fixed asset investments 293,059 4,431,330
Interest receivable and similar income 9,109 2,530
302,168 4,433,860
522,931 5,468,026

Interest payable and similar expenses 390,452 306,452
PROFIT BEFORE TAXATION 132,479 5,161,574

Tax on profit 157,244 513,906
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (24,765 ) 4,647,668

W Cumber & Son (Theale) Limited (Registered number: 00473474)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 34,970,725 35,234,901
Investments 9 3,228,111 2,958,152
Investment property 10 33,718,502 33,710,502
71,917,338 71,903,555

CURRENT ASSETS
Stocks 11 594,757 773,203
Debtors 12 586,105 632,810
Cash at bank and in hand 2,151,525 2,180,487
3,332,387 3,586,500
CREDITORS
Amounts falling due within one year 13 744,751 794,549
NET CURRENT ASSETS 2,587,636 2,791,951
TOTAL ASSETS LESS CURRENT
LIABILITIES

74,504,974

74,695,506

CREDITORS
Amounts falling due after more than one
year

14

(7,511,154

)

(7,605,831

)

PROVISIONS FOR LIABILITIES (7,868,334 ) (7,815,974 )
NET ASSETS 59,125,486 59,273,701

CAPITAL AND RESERVES
Called up share capital 41,150 41,150
Capital redemption reserve 8,350 8,350
Retained earnings 59,075,986 59,224,201
SHAREHOLDERS' FUNDS 59,125,486 59,273,701

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 May 2024 and were signed on its behalf by:




W J Cumber - Director



C D'Olley - Director


W Cumber & Son (Theale) Limited (Registered number: 00473474)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 41,150 54,699,983 8,350 54,749,483

Changes in equity
Dividends - (123,450 ) - (123,450 )
Total comprehensive income - 4,647,668 - 4,647,668
Balance at 31 December 2022 41,150 59,224,201 8,350 59,273,701

Changes in equity
Dividends - (123,450 ) - (123,450 )
Total comprehensive income - (24,765 ) - (24,765 )
Balance at 31 December 2023 41,150 59,075,986 8,350 59,125,486

W Cumber & Son (Theale) Limited (Registered number: 00473474)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

W Cumber & Son (Theale) 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

Sale of crops

Most crops are sold into a grain pool. Turnover from the sale of crops is recognised when the title of the goods passes over to the customer.

Sale of livestock, eggs and shop sales

Turnover from the sale of livestock, eggs and any other items sold in the farm shop are recognised at the point of sale.

Contract income

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customer in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Rental and storage income

Income from the letting of commercial property, residential property and storage is recognised in the period to which it relates.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset.

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.

Entitlements are being amortised evenly over their estimated useful life of five years.

W Cumber & Son (Theale) Limited (Registered number: 00473474)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on straight line basis
Farm buildings - 2% on straight line basis
Plant and machinery - 25% on reducing balance, 20% on straight line basis and 10% on straight line basis
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on straight line basis

Deemed cost

The Company previously adopted a policy of revaluing freehold land and buildings and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The Company has adopted the transition exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost.

The directors have chosen not to depreciate land in keeping with the previous depreciation policy.

Subsequent additions and major components

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Repairs and maintenance costs are expensed as incurred.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any impairment.

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.

Stocks
Livestock and growing crops are valued at cost of production or discounted market value.

Deadstock is stated at the lower of cost and estimated selling price less costs to complete and sell.

Stock is recognised as an expense in the period in which the related revenue is recognised.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments
Trade and other debtors are initially recognised at fair value and thereafter stated amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Basic financial liabilities, including trade and other creditors, bank loans and overdrafts, are initially recognised at transaction price. Bank loans are subsequently carried at amortised cost, using the effective interest rate method.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.


W Cumber & Son (Theale) Limited (Registered number: 00473474)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

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.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to shareholders

Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Listed investments
Listed investments are included in the balance sheet at their fair value. Realised and unrealised gains and losses are recognised in the profit and loss account in the year in which they arise.

Related party transactions
The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 325,146 285,408
Depreciation - assets on hire purchase contracts - 63,002
Profit on disposal of fixed assets (221,626 ) (24,208 )
Auditors' remuneration 61,819 66,425

W Cumber & Son (Theale) Limited (Registered number: 00473474)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 123,450 123,450

7. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 1 January 2023
and 31 December 2023 35,440
AMORTISATION
At 1 January 2023
and 31 December 2023 35,440
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

8. TANGIBLE FIXED ASSETS
Freehold Farm Plant and
property buildings machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 32,200,863 3,558,805 2,747,941
Additions 189,275 102,355 40,252
Disposals (340,000 ) - (27,472 )
At 31 December 2023 32,050,138 3,661,160 2,760,721
DEPRECIATION
At 1 January 2023 617,768 538,769 2,131,065
Charge for year 84,220 71,923 157,761
Eliminated on disposal (40,800 ) - (25,687 )
At 31 December 2023 661,188 610,692 2,263,139
NET BOOK VALUE
At 31 December 2023 31,388,950 3,050,468 497,582
At 31 December 2022 31,583,095 3,020,036 616,876

W Cumber & Son (Theale) Limited (Registered number: 00473474)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 108,168 7,694 38,623,471
Additions 30,073 - 361,955
Disposals - - (367,472 )
At 31 December 2023 138,241 7,694 38,617,954
DEPRECIATION
At 1 January 2023 93,277 7,691 3,388,570
Charge for year 11,239 3 325,146
Eliminated on disposal - - (66,487 )
At 31 December 2023 104,516 7,694 3,647,229
NET BOOK VALUE
At 31 December 2023 33,725 - 34,970,725
At 31 December 2022 14,891 3 35,234,901

Cost or valuation at 31 December 2023 is represented by:

Freehold Farm Plant and
property buildings machinery
£    £    £   
Valuation in 2015 19,228,800 1,015,136 -
Cost 12,821,338 2,646,024 2,760,721
32,050,138 3,661,160 2,760,721

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2015 - - 20,243,936
Cost 138,241 7,694 18,374,018
138,241 7,694 38,617,954

If property and farm buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 15,515,732 15,515,732
Aggregate depreciation 2,700,342 2,700,342

Value of land in freehold land and buildings 10,804,525 10,804,525

Property and farm buildings were valued on an open market basis on 1 January 2015 by Carter Jonas LLP .

Included in cost or valuation of freehold property is freehold land of £27,777,858 (2022: £27,777,858) which is not depreciated.

W Cumber & Son (Theale) Limited (Registered number: 00473474)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2023 336,010
Transfer to ownership (336,010 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 147,004
Transfer to ownership (147,004 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 189,006

Hire purchase liabilities are secured over the assets to which they relate.

9. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 495 2,957,657 2,958,152
Additions - 464,670 464,670
Disposals - (376,299 ) (376,299 )
Revaluations - 181,588 181,588
At 31 December 2023 495 3,227,616 3,228,111
NET BOOK VALUE
At 31 December 2023 495 3,227,616 3,228,111
At 31 December 2022 495 2,957,657 2,958,152

Cost or valuation at 31 December 2023 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2022 - 1,133,618 1,133,618
Cost 495 2,093,998 2,094,493
495 3,227,616 3,228,111

The aggregate market value of listed investments at 31 December 2023 was £3,227,609 (2022: £2,957,649) The cost of the listed investments is £1,872,346 (2022: £1,824,032)

The unlisted investments are in limited companies, where there is no active market for the shares and therefore it is not possible to ascertain the market value as at the balance sheet date.

W Cumber & Son (Theale) Limited (Registered number: 00473474)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 33,710,502
Additions 8,000
At 31 December 2023 33,718,502
NET BOOK VALUE
At 31 December 2023 33,718,502
At 31 December 2022 33,710,502

The investment property portfolio was valued by Carter Jonas LLP at 31 October 2021 and has been annually reviewed by the Directors.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2016 14,010,804
Valuation in 2019 1,032,350
Valuation in 2021 5,617,794
Valuation in 2022 430,000
Cost 12,627,554
33,718,502

11. STOCKS
2023 2022
£    £   
Livestock 18,756 26,991
Deadstock 415,065 560,127
Growing crops 75,802 103,371
Consumables 85,134 82,714
594,757 773,203

Stocks held by the company at 31 December 2023 were valued by Carter Jonas LLP.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 113,213 97,998
Amounts owed by group undertakings 6,730 6,730
Other debtors 12,805 101,098
VAT 39,674 23,165
Prepayments 413,683 403,819
586,105 632,810

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 100,296 97,442
Hire purchase contracts - 82,000
Trade creditors 111,829 51,389
Amounts owed to group undertakings 632 632
Tax 104,337 155,305
Social security and other taxes 12,572 11,638
Other creditors 271,237 257,251
Accrued expenses 143,848 138,892
744,751 794,549

W Cumber & Son (Theale) Limited (Registered number: 00473474)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 212,362 205,251
Bank loans - 2-5 years 347,293 336,387
Bank loans more 5 yr by instal 6,951,499 7,064,193
7,511,154 7,605,831

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,951,499 7,064,193

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 7,611,450 7,703,273
Hire purchase contracts - 82,000
7,611,450 7,785,273

The company's bank facility is secured by a legal charge over freehold property.

Hire purchase liabilities are secured over the assets to which they relate.

16. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 287,520 20,000

17. RELATED PARTY DISCLOSURES

Mr C D'Olley, a director in W Cumber & Son (Theale) Ltd is also an equity partner in Carter Jonas LLP, a firm of Chartered Surveyors who have undertaken work on behalf of the company during the year. During the year ended 31 December 2023 the company have paid fees of £159,942 (2022- £151,862) to Carter Jonas LLP. At 31 December 2023 the company owed Carter Jonas LLP £25,434 (2022 - £20,860). All transactions are conducted on an arms length basis.

Dividends paid to directors this year totalled £33,072 (2022 - £33,072).

18. ULTIMATE CONTROLLING PARTY

The company is under control of its directors.