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Registered number: 00383247










WILBY FARMING COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 11 OCTOBER 2023

 
WILBY FARMING COMPANY LIMITED
REGISTERED NUMBER:00383247

STATEMENT OF FINANCIAL POSITION
AS AT 11 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
26,732
29,281

  
26,732
29,281

Current assets
  

Stocks
  
37,101
37,969

Debtors: amounts falling due within one year
 6 
134,128
99,577

Cash at bank and in hand
  
84,019
78,196

  
255,248
215,742

Creditors: amounts falling due within one year
 7 
(65,855)
(29,357)

Net current assets
  
 
 
189,393
 
 
186,385

Total assets less current liabilities
  
216,125
215,666

Provisions for liabilities
  

Deferred tax
  
(1,930)
(2,415)

  
 
 
(1,930)
 
 
(2,415)

Net assets
  
214,195
213,251


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Capital redemption reserve
 8 
9,667
9,667

Profit and loss account
 8 
202,528
201,584

  
214,195
213,251


Page 1

 
WILBY FARMING COMPANY LIMITED
REGISTERED NUMBER:00383247
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 11 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A M Bluff
Director

Date: 1 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2023

1.


General information

Wilby Farming Company Limited is a private company limited by shares and incorporated in England and Wales, registration number 00383247. The registered office is Wilby House Farm, Wilby, Norwich, Norfolk, NR16 2JP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 3

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant & machinery
-
10% and 15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. Biological assets and living plants are included at cost.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2023

4.


Intangible assets




BPS entitlements

£



Cost


At 12 October 2022
3,780



At 11 October 2023

3,780



Amortisation


At 12 October 2022
3,780



At 11 October 2023

3,780



Net book value



At 11 October 2023
-



At 11 October 2022
-



Page 6

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2023

5.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 12 October 2022
60,144
37,515
97,659



At 11 October 2023

60,144
37,515
97,659



Depreciation


At 12 October 2022
48,093
20,285
68,378


Charge for the year on owned assets
-
2,549
2,549



At 11 October 2023

48,093
22,834
70,927



Net book value



At 11 October 2023
12,051
14,681
26,732



At 11 October 2022
12,051
17,230
29,281


6.


Debtors

2023
2022
£
£


Trade debtors
4,068
15,982

Other debtors
130,060
83,295

Prepayments and accrued income
-
300

134,128
99,577


Page 7

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
26,325
16,547

Corporation tax
28,221
4,151

Accruals and deferred income
11,309
8,659

65,855
29,357



8.


Reserves

Capital redemption reserve

The capital redemption reserve records the nominal value of shares repurchased by the company.

Profit & loss account

The profit and loss account represents the company's accumulated profits which are available for distribution to members.


Page 8