REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
W Cumber & Son (Theale) Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Hermes House |
Fire Fly Avenue |
Swindon |
Wiltshire |
SN2 2GA |
W Cumber & Son (Theale) Limited (Registered number: 00473474) |
Income Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
126,183 | 482,239 |
Other operating income |
Gain/loss on revaluation of investment property |
- |
430,000 |
OPERATING PROFIT | 5 |
Income from fixed asset investments |
Interest receivable and similar income |
302,168 | 4,433,860 |
522,931 | 5,468,026 |
Interest payable and similar expenses |
PROFIT BEFORE TAXATION |
Tax on profit |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
W Cumber & Son (Theale) Limited (Registered number: 00473474) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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 |
Freehold property | - |
Farm buildings | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
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 |
7. | INTANGIBLE FIXED ASSETS |
Entitlements |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Transfer to ownership | (336,010 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Transfer to ownership | (147,004 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 | 2,958,152 |
Additions | 464,670 |
Disposals | ( |
) | (376,299 | ) |
Revaluations | 181,588 |
At 31 December 2023 | 3,228,111 |
NET BOOK VALUE |
At 31 December 2023 | 3,228,111 |
At 31 December 2022 | 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 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Growing crops |
Consumables | 85,134 | 82,714 |
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 |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
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 |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
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 |
Hire purchase contracts | - | 82,000 |
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 |
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. |