Company registration number 00579209 (England and Wales)
WILLIAM SPEAK(FARMS)LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WILLIAM SPEAK(FARMS)LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WILLIAM SPEAK(FARMS)LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
904,265
891,253
Biological assets
7
27,007
31,383
Investment property
4
800,000
800,000
Investments
5
543,027
544,034
2,274,299
2,266,670
Current assets
Stocks
412,632
300,720
Debtors
6
69,699
67,880
Cash at bank and in hand
463,566
481,626
945,897
850,226
Creditors: amounts falling due within one year
8
(84,619)
(53,787)
Net current assets
861,278
796,439
Total assets less current liabilities
3,135,577
3,063,109
Provisions for liabilities
(70,780)
(66,581)
Net assets
3,064,797
2,996,528
Capital and reserves
Called up share capital
93
93
Non-distributable profits reserve
730,307
737,670
Distributable profit and loss reserves
2,334,397
2,258,765
Total equity
3,064,797
2,996,528

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

WILLIAM SPEAK(FARMS)LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
Mrs M A E Speak
Mr W P Speak
Director
Director
Company registration number 00579209 (England and Wales)
WILLIAM SPEAK(FARMS)LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

William Speak(Farms)Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fernhill, North Tawton, Devon, EX20 2BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for agricultural goods net of VAT and trade discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Land nil - Buildings 4% on cost
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets over productive useful life to cull value on a year by year basis.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

WILLIAM SPEAK(FARMS)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments

Interests held in other entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

1.7
Stocks

Stock is measured at the lower of cost and net realisable value. Where animals have been home-reared and not purchased and actual cost cannot be identified, deemed cost has been used in accordance with HMRC guidance HS232.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

1.9
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

WILLIAM SPEAK(FARMS)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
962,661
493,334
1,455,995
Additions
15,350
56,549
71,899
Disposals
-
0
(27,500)
(27,500)
At 31 March 2024
978,011
522,383
1,500,394
Depreciation and impairment
At 1 April 2023
203,255
361,487
564,742
Depreciation charged in the year
10,167
46,605
56,772
Eliminated in respect of disposals
-
0
(25,385)
(25,385)
At 31 March 2024
213,422
382,707
596,129
Carrying amount
At 31 March 2024
764,589
139,676
904,265
At 31 March 2023
759,406
131,847
891,253
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
800,000
WILLIAM SPEAK(FARMS)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 6 -

Investment property comprises of land and buildings. The fair value has been arrived at on a basis of a valuation carried out at 31 March 2024 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
543,027
544,034

Fixed asset investments include The Railway Inn partnership. The carrying value of the investment is the company's share of the value of the property know as The Railway Inn, plus its share of the profits and return on investment to 31 March 2024 and any additional amounts due. The value of the investment as at the balance sheet date was £531,207 (2023 - £524,851). All other fixed asset investments are shown at fair value.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
544,034
Valuation changes
(7,363)
Share of profit in The Railway Inn Partnership
6,356
At 31 March 2024
543,027
Carrying amount
At 31 March 2024
543,027
At 31 March 2023
544,034
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
42,571
44,034
Other debtors
27,128
23,846
69,699
67,880
7
Biological assets
Production herd
£
Cost
At 1 April 2023
31,383
Movements
(4,376)
At 31 March 2024
27,007
WILLIAM SPEAK(FARMS)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Biological assets
(Continued)
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
56,230
37,754
Taxation and social security
21,949
9,893
Other creditors
6,440
6,140
84,619
53,787
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
38,603
25,051
Investment property
32,177
41,530
70,780
66,581
2024
Movements in the year:
£
Liability at 1 April 2023
66,581
Charge to profit or loss
4,199
Liability at 31 March 2024
70,780
10
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors
-
7,147
9,462
(10,718)
5,891
7,147
9,462
(10,718)
5,891

The balances are unsecured, interest free and repayable on demand.

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