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Registered number: 07700416
Westoak Farms Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07700416
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,968 11,727
Investment Properties 5 632,571 632,571
642,539 644,298
CURRENT ASSETS
Debtors 6 160 355
Cash at bank and in hand 2,898 5,504
3,058 5,859
Creditors: Amounts Falling Due Within One Year 7 (611,721 ) (639,859 )
NET CURRENT ASSETS (LIABILITIES) (608,663 ) (634,000 )
TOTAL ASSETS LESS CURRENT LIABILITIES 33,876 10,298
Creditors: Amounts Falling Due After More Than One Year 8 (3,000 ) (4,200 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,228 ) (2,228 )
NET ASSETS 28,648 3,870
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 28,646 3,868
SHAREHOLDERS' FUNDS 28,648 3,870
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Baldwin
Director
11/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Westoak Farms Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07700416 . The registered office is Forge Farm, Goudhurst, Cranbrook, Kent, TN17 2QZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% WDV
Motor Vehicles 15% WDV
Fixtures & Fittings 15% WDV
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2023 5,844 8,500 1,708 16,052
As at 31 July 2024 5,844 8,500 1,708 16,052
Depreciation
As at 1 August 2023 2,794 1,275 256 4,325
Provided during the period 457 1,084 218 1,759
As at 31 July 2024 3,251 2,359 474 6,084
Net Book Value
As at 31 July 2024 2,593 6,141 1,234 9,968
As at 1 August 2023 3,050 7,225 1,452 11,727
5. Investment Property
2024
£
Fair Value
As at 1 August 2023 and 31 July 2024 632,571
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6. Debtors
2024 2023
£ £
Due within one year
Other debtors 160 160
VAT - 195
160 355
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,200 1,200
Trade creditors 1,100 1,000
Corporation tax 5,746 -
VAT 1,110 -
Other creditors 27,975 63,075
Inter company account 365,025 366,418
Accruals and deferred income 7,000 7,000
Director's loan account 202,565 201,166
611,721 639,859
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,000 4,200
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,200 1,200
Later than one year and not later than five years 3,000 4,200
4,200 5,400
4,200 5,400
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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11. Related Party Transactions
Included in the Other Creditors is an amount owed to the company director Mr J Baldwin totalling £202,565 (2023 - £210,166), no interest is to be charged.
Included in the Other Creditors is an amount owed to Eastoak Ltd totalling £365,025 (2023 - £366,418), for which Mr J Baldwin is a director. No interest is to be charged and no repayment terms have been agreed.
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