WILDERLEY HALL FARMS LIMITED
Company registration number 02808191 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WILDERLEY HALL FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WILDERLEY HALL FARMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,279,130
5,212,362
Biological assets
4
667,077
639,381
5,946,207
5,851,743
Current assets
Stocks
244,234
237,293
Debtors
5
283,168
337,379
527,402
574,672
Creditors: amounts falling due within one year
6
(1,152,343)
(1,181,298)
Net current liabilities
(624,941)
(606,626)
Total assets less current liabilities
5,321,266
5,245,117
Creditors: amounts falling due after more than one year
7
(1,205,286)
(1,409,367)
Provisions for liabilities
(308,213)
(287,609)
Net assets
3,807,767
3,548,141
Capital and reserves
Called up share capital
238,182
238,182
Share premium account
105,074
105,074
Revaluation reserve
2,213,984
2,213,984
Profit and loss reserves
1,250,527
990,901
Total equity
3,807,767
3,548,141
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.
WILDERLEY HALL 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 3 December 2024 and are signed on its behalf by:
Mr A E Higgins
Mr W H Higgins Jnr
Director
Director
Company registration number 02808191 (England and Wales)
WILDERLEY HALL FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Wilderley Hall Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wilderley Hall Farm, Pulverbatch, Shrewsbury, Shropshire, SY5 8DF.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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
Nil
Plant and machinery
10% reducing balance and 5% straight line
Motor vehicles
17.5% 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 entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
WILDERLEY HALL FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.
In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either;
lower of cost and estimated selling price less costs to complete and sell; or
fair value less costs to sell with any gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell being included in profit or loss.
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:
Dairy herd
Not depreciated
Beef
Not depreciated
Dairy replacements
Not depreciated
The directors consider that the cost value of livestock is not materially different to its residual value and therefore is not depreciated.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
WILDERLEY HALL FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
WILDERLEY HALL FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.14
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
16
17
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
4,548,703
1,227,748
5,776,451
Additions
14,702
169,867
184,569
Disposals
(75,240)
(75,240)
At 31 March 2024
4,563,405
1,322,375
5,885,780
Depreciation and impairment
At 1 April 2023
564,089
564,089
Depreciation charged in the year
72,636
72,636
Eliminated in respect of disposals
(30,075)
(30,075)
At 31 March 2024
606,650
606,650
Carrying amount
At 31 March 2024
4,563,405
715,725
5,279,130
At 31 March 2023
4,548,703
663,659
5,212,362
WILDERLEY HALL FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Biological assets
Dairy herd
Beef
Dairy replacements
Total
£
£
£
£
Cost
At 1 April 2023
445,590
960
192,831
639,381
Additions - home reared
141,810
2,772
73,053
217,635
Disposals
(117,360)
(960)
(141,810)
(260,130)
Revaluation
70,191
70,191
At 31 March 2024
470,040
2,772
194,265
667,077
Depreciation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
470,040
2,772
194,265
667,077
At 31 March 2023
445,590
960
192,831
639,381
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
270,338
300,009
Other debtors
12,830
37,370
283,168
337,379
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
554,675
561,618
Trade creditors
165,117
239,161
Corporation tax
103,902
52,868
Other taxation and social security
9,399
7,628
Other creditors
319,250
320,023
1,152,343
1,181,298
WILDERLEY HALL FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
899,171
1,046,145
Other creditors
306,115
363,222
1,205,286
1,409,367
Bank loans and overdrafts are secured by way of a charge over the property and a debenture over the assets of the company. Hire purchase loans are secured over the asset to which it relates.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
508,952
574,842