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REGISTERED NUMBER: 05303506 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Wastenage Farms Limited

Wastenage Farms Limited (Registered number: 05303506)

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










Page

Balance Sheet 1

Notes to the Financial Statements 3


Wastenage Farms Limited (Registered number: 05303506)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,700 65,629
Tangible assets 5 11,298,354 10,388,122
Investments 6 175,412 148,068
Biological assets 7 762,556 606,742
12,239,022 11,208,561

CURRENT ASSETS
Stocks 8 745,322 504,003
Debtors 9 204,294 262,394
Cash at bank - 594,196
949,616 1,360,593
CREDITORS
Amounts falling due within one year 10 1,306,091 1,201,896
NET CURRENT (LIABILITIES)/ASSETS (356,475 ) 158,697
TOTAL ASSETS LESS CURRENT LIABILITIES 11,882,547 11,367,258

CREDITORS
Amounts falling due after more than one
year

11

(4,484,861

)

(4,673,939

)

PROVISIONS FOR LIABILITIES (385,317 ) (264,735 )
NET ASSETS 7,012,369 6,428,584

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 7,012,365 6,428,580
SHAREHOLDERS' FUNDS 7,012,369 6,428,584

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Wastenage Farms Limited (Registered number: 05303506)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





Mrs D R Wastenage - Director


Wastenage Farms Limited (Registered number: 05303506)

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


1. STATUTORY INFORMATION

Wastenage Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05303506

Registered office: Tidwell Barton
East Budleigh
Budleigh Salterton
Devon
EX9 7AG

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes recognised in the period to which it relates.

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.

BPS entitlements amortised to £nil over 5 years to 2027.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Nil to 5% on cost
Leasehold property - 5% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles and Tractors - 20% on reducing balance

Biological non current assets
Biological non current assets are valued at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Dairy cows - 20% straight line
Dairy bulls - 20% straight line

Wastenage Farms Limited (Registered number: 05303506)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Classification
The company holds the following financial instruments:

Short term debtors and creditors;
Cash and bank balances; and
Unlisted investments.

All financial instruments are classified as basic.

Recognition and measurement
The company has elected to apply the provisions FRS102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument 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 transition 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Biological current assets
Biological current assets are valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items.

Wastenage Farms Limited (Registered number: 05303506)

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


2. ACCOUNTING POLICIES - continued

Investments
Investments are measured at cost. Arla cost is estimated as the value of the members capital account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Patents
BPS and
entitlements licenses Totals
£    £    £   
COST
At 1 January 2023 195,354 4,500 199,854
Disposals (195,354 ) - (195,354 )
At 31 December 2023 - 4,500 4,500
AMORTISATION
At 1 January 2023 132,875 1,350 134,225
Amortisation for year - 450 450
Eliminated on disposal (132,875 ) - (132,875 )
At 31 December 2023 - 1,800 1,800
NET BOOK VALUE
At 31 December 2023 - 2,700 2,700
At 31 December 2022 62,479 3,150 65,629

Wastenage Farms Limited (Registered number: 05303506)

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


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 10,189,621 1,797,058 11,986,679
Additions 610,614 555,749 1,166,363
Disposals - (81,193 ) (81,193 )
Reclassification/transfer 41,341 (41,341 ) -
At 31 December 2023 10,841,576 2,230,273 13,071,849
DEPRECIATION
At 1 January 2023 473,071 1,125,486 1,598,557
Charge for year 107,344 202,264 309,608
Eliminated on disposal - (65,701 ) (65,701 )
Charge written back (68,969 ) - (68,969 )
Reclassification/transfer 35,201 (35,201 ) -
At 31 December 2023 546,647 1,226,848 1,773,495
NET BOOK VALUE
At 31 December 2023 10,294,929 1,003,425 11,298,354
At 31 December 2022 9,716,550 671,572 10,388,122

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 148,068
Additions 27,344
At 31 December 2023 175,412
NET BOOK VALUE
At 31 December 2023 175,412
At 31 December 2022 148,068

Wastenage Farms Limited (Registered number: 05303506)

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


7. BIOLOGICAL ASSETS
Dairy
herd
£   
COST
At 1 January 2023 723,580
Additions 221,372
Disposals (175,280 )
At 31 December 2023 769,672
DEPRECIATION
At 1 January 2023 116,838
Charge for year (97,086 )
Eliminated on disposal (12,636 )
At 31 December 2023 7,116
NET BOOK VALUE
At 31 December 2023 762,556
At 31 December 2022 606,742

8. STOCKS
2023 2022
£    £   
Inventory 392,835 195,207
Biological current assets 352,487 308,796
745,322 504,003

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 126,041 128,517
Other debtors 78,253 133,877
204,294 262,394

Wastenage Farms Limited (Registered number: 05303506)

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


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 521,251 363,807
Trade creditors 280,711 292,510
Tax - 48,058
Social security and other taxes 4,718 2,662
Other creditors 314,166 309,150
Directors' loan accounts 153,152 156,644
Accrued expenses 20,456 18,781
Deferred government grants 11,637 10,284
1,306,091 1,201,896

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 183,887 238,620
Bank loans - 2-5 years 551,660 480,356
Bank loans more 5 yr by instal 3,562,497 3,782,203
Deferred government grants 186,817 172,760
4,484,861 4,673,939

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 3,562,497 3,782,203

12. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 309,319 -
Bank loans 4,509,976 4,864,986
4,819,295 4,864,986