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REGISTRAR OF COMPANIES

Registration number: 10249036

Wormanby Farms Limited

Unaudited Financial Statements

30 April 2024

image-name

 

Wormanby Farms Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wormanby Farms Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wormanby Farms Limited for the year ended 30 April 2024 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Wormanby Farms Limited, as a body, in accordance with the terms of our engagement letter dated 8 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of Wormanby Farms Limited and state those matters that we have agreed to state to the Board of Directors of Wormanby Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wormanby Farms Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wormanby Farms Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Wormanby Farms Limited. You consider that Wormanby Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wormanby Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

28 October 2024

 

Wormanby Farms Limited

(Registration number: 10249036)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,062,845

1,142,756

Other financial assets

6

101,509

93,017

 

1,164,354

1,235,773

Current assets

 

Stocks

1,215,215

1,221,627

Debtors

7

52,358

48,070

Cash at bank and in hand

 

-

135,100

 

1,267,573

1,404,797

Creditors: Amounts falling due within one year

8

(447,769)

(595,027)

Net current assets

 

819,804

809,770

Total assets less current liabilities

 

1,984,158

2,045,543

Creditors: Amounts falling due after more than one year

8

(1,203,371)

(1,175,592)

Provisions for liabilities

(128,369)

(182,364)

Net assets

 

652,418

687,587

Capital and reserves

 

Allotted, called up and fully paid share capital

400,400

400,400

Profit and loss account

252,018

287,187

Total equity

 

652,418

687,587

 

Wormanby Farms Limited

(Registration number: 10249036)
Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

.........................................
D N Hodgson
Director

.........................................
H Hodgson
Director

.........................................
L Hodgson
Director

.........................................
M Hodgson
Director

     
 

Wormanby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Wormanby Farm
Burgh By Sands
CARLISLE
CA5 6DA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

 

Wormanby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated and 5% straight line

Plant and equipment

10% reducing balance

Motor vehicles

25% reducing balance

Furniture, fittings and office equipment

3 years straight line

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Wormanby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Wormanby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Preference shares are classified as equity when the shares are redeemable in the future at the option of the company.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wormanby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

4

Intangible assets

Basic payment scheme
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

37,050

10,816

47,866

At 30 April 2024

37,050

10,816

47,866

Amortisation

At 1 May 2023

37,050

10,816

47,866

At 30 April 2024

37,050

10,816

47,866

Carrying amount

At 30 April 2024

-

-

-

At 30 April 2023

-

-

-

 

Wormanby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 May 2023

453,334

1,048,955

34,840

1,951

1,539,080

Additions

-

1,634

39,995

-

41,629

Disposals

-

-

(26,190)

-

(26,190)

At 30 April 2024

453,334

1,050,589

48,645

1,951

1,554,519

Depreciation

At 1 May 2023

56,046

335,814

2,893

1,571

396,324

Charge for the year

15,423

71,427

9,211

380

96,441

Eliminated on disposal

-

-

(1,091)

-

(1,091)

At 30 April 2024

71,469

407,241

11,013

1,951

491,674

Carrying amount

At 30 April 2024

381,865

643,348

37,632

-

1,062,845

At 30 April 2023

397,288

713,141

31,947

380

1,142,756

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

101,509

93,017

 

Wormanby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

93,017

93,017

Additions

8,492

8,492

At 30 April 2024

101,509

101,509

Carrying amount

At 30 April 2024

101,509

101,509

At 30 April 2023

93,017

93,017

7

Debtors

2024
£

2023
£

Trade debtors

36,660

36,953

Other debtors

15,698

11,117

52,358

48,070

 

Wormanby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

310,139

402,990

Trade creditors

 

121,040

176,799

Taxation and social security

 

1,257

-

Corporation tax liability

 

1,449

7,787

Other creditors

 

13,884

7,451

 

447,769

595,027

Due after one year

 

Loans and borrowings

9

1,198,256

1,169,909

Other creditors

 

5,115

5,683

 

1,203,371

1,175,592

2024
£

2023
£

After more than five years by instalments

844,214

872,841

844,214

872,841

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

64,271

51,897

Bank overdrafts

88,286

-

Finance lease liabilities

44,810

42,052

Other borrowings

112,772

309,041

310,139

402,990

 

Wormanby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

64,271

51,897

Bank overdrafts

88,286

-

Finance lease liabilities

44,810

42,052

197,367

93,949

Bank borrowings and overdrafts are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,154,508

1,100,519

Finance lease liabilities

43,748

69,390

1,198,256

1,169,909

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

1,154,508

1,100,519

Finance lease liabilities

43,748

69,390

1,198,256

1,169,909

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.