Registered number
06510209
Wright Farm Produce Limited
Filleted Accounts
31 March 2024
Wright Farm Produce Limited
Registered number: 06510209
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,109,717 1,078,842
Current assets
Stocks 264,991 362,004
Debtors 4 139,531 90,411
Cash at bank and in hand 219 30
404,741 452,445
Creditors: amounts falling due within one year 5 (1,040,600) (861,324)
Net current liabilities (635,859) (408,879)
Total assets less current liabilities 473,858 669,963
Creditors: amounts falling due after more than one year 6 (16,715) (26,761)
Provisions for liabilities (128,548) (128,548)
Net assets 328,595 514,654
Capital and reserves
Called up share capital 200 200
Profit and loss account 328,395 514,454
Shareholders' funds 328,595 514,654
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Wright
Director
Approved by the board on 1 October 2024
Wright Farm Produce Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 5% on reducing balance
Leasehold improvements 5% on reducing balance
Plant and machinery 10% on reducing balance
Motor vehicles 20% on reducing balance
Computer equipment 20% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 46 45
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 431,229 1,768,349 89,090 2,288,668
Additions - 147,346 1,600 148,946
Disposals - (53,595) - (53,595)
At 31 March 2024 431,229 1,862,100 90,690 2,384,019
Depreciation
At 1 April 2023 70,084 1,075,334 64,408 1,209,826
Charge for the year 9,423 81,914 5,256 96,593
On disposals - (32,117) - (32,117)
At 31 March 2024 79,507 1,125,131 69,664 1,274,302
Net book value
At 31 March 2024 351,722 736,969 21,026 1,109,717
At 31 March 2023 361,145 693,015 24,682 1,078,842
4 Debtors 2024 2023
£ £
Trade debtors 95,120 37,127
Taxation 12,101 12,826
Other debtors 32,310 40,458
139,531 90,411
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 148,440 12,990
Obligations under finance lease and hire purchase contracts 29,792 42,033
Trade creditors 213,441 177,870
Taxation and social security costs 7,127 10,906
Other creditors 641,800 617,525
1,040,600 861,324
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,715 26,761
7 Other information
Wright Farm Produce Limited is a private company limited by shares and incorporated in England. Its registered office is:
Rutland
Taylors Meanygate
Tarleton, Preston
Lancashire
PR4 6XB
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