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COMPANY REGISTRATION NUMBER: 00640486
FRED WALTER & SONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 March 2024
FRED WALTER & SONS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
£
Fixed assets
Tangible assets
5
9,461,992
9,357,527
Current assets
Stocks
325,971
505,178
Debtors
6
338,822
284,359
Cash at bank and in hand
319,200
274,293
----------
-------------
983,993
1,063,830
Creditors: amounts falling due within one year
7
( 924,046)
( 815,961)
----------
-------------
Net current assets
59,947
247,869
-------------
-------------
Total assets less current liabilities
9,521,939
9,605,396
Creditors: amounts falling due after more than one year
8
( 3,461,005)
( 3,539,393)
Provisions
Taxation including deferred tax
( 1,871,761)
( 1,845,331)
-------------
-------------
Net assets
4,189,173
4,220,672
-------------
-------------
FRED WALTER & SONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
£
Capital and reserves
Called up share capital
5,631
5,631
Capital redemption reserve
769
769
Profit and loss account
4,182,773
4,214,272
-------------
-------------
Shareholders funds
4,189,173
4,220,672
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
C F Walter
Director
Company registration number: 00640486
FRED WALTER & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JANUARY 2023 TO 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sutton Grange, Sutton - Cum - Lound, Retford, Nottinghamshire, DN22 6BL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within financial year include: - Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, net of trade discounts and exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, the revaluation to deemed cost, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings
-
4% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 11 (2022: 11 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
8,035,964
2,942,455
18,569
92,537
11,089,525
Additions
100,628
898,262
22,290
1,021,180
Disposals
( 777,847)
( 777,847)
-------------
-------------
---------
----------
--------------
At 31 March 2024
8,136,592
3,062,870
18,569
114,827
11,332,858
-------------
-------------
---------
----------
--------------
Depreciation
At 1 January 2023
451,965
1,216,587
14,676
48,770
1,731,998
Charge for the period
37,733
358,145
708
12,682
409,268
Disposals
( 270,400)
( 270,400)
-------------
-------------
---------
----------
--------------
At 31 March 2024
489,698
1,304,332
15,384
61,452
1,870,866
-------------
-------------
---------
----------
--------------
Carrying amount
At 31 March 2024
7,646,894
1,758,538
3,185
53,375
9,461,992
-------------
-------------
---------
----------
--------------
At 31 December 2022
7,583,999
1,725,868
3,893
43,767
9,357,527
-------------
-------------
---------
----------
--------------
There are land and buildings with a deemed cost of £7,109,719 (2022: £7,109,719) on which depreciation is not charged. The buildings which are not subject to depreciation are part of the aggregated valuation on transition and the Directors are unable to satisfactorily identify the building element.
6. Debtors
31 Mar 24
31 Dec 22
£
£
Trade debtors
99,976
95,532
Other debtors
238,846
188,827
----------
----------
338,822
284,359
----------
----------
7. Creditors: amounts falling due within one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
149,038
123,219
Trade creditors
136,798
245,090
Corporation tax
1,895
Social security and other taxes
10,723
11,995
Other creditors
627,487
433,762
----------
----------
924,046
815,961
----------
----------
Bank loan and overdrafts of £149,038 (2022: £123,219) are secured against the assets of the company.
Included within other creditors are hire purchase liabilities of £519,154 (2022: £355,748) which are secured against the assets to which they relate.
8. Creditors: amounts falling due after more than one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
2,806,168
2,848,355
Other creditors
654,837
691,038
-------------
-------------
3,461,005
3,539,393
-------------
-------------
Bank loan and overdrafts of £2,806,168 (2022: £2,848,355) are secured against the assets of the company.
Other creditors are hire purchase liabilities of £654,837 (2022: £691,038) which are secured against the assets to which they relate.
Included within creditors falling due after more than one year is an amount of £2,207,521 (2022: £2,355,476) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.
9. Deferred tax provision
Due to the change in the headline rate of corporation tax the deferred tax provision in the prior year was calculated using a rate of 25% rather than 19% as in previous years. The prior year effect of this rate change was £434,779 which was reflected by way of a charge to the prior year year profit and loss account.
10. Reserves
The Profit and loss account reserve includes unrealised reserves in relation to a revaluation of assets, net of deferred tax, of £3,829,608 (2022: £3,829,608).
11. Contingencies
The company has received capital grants which are subject to certain terms and conditions, breach of which may render the grants wholly or partially repayable. In the opinion of the directors such a repayment is remote.
12. Directors' advances, credits and guarantees
There have been no advances credits to or guarantees given by the directors during the year.
13. Related party transactions
The company is a wholly owned subsidiary of Sutton Grange Farming Ltd. The Walter family hold all of the shares in Sutton Grange Farming Ltd however no one individual controls the group. No transactions arose which are required to be disclosed under FRS 102 (Section 1A).