Company registration number 01328651 (England and Wales)
WESTFIELD FARMS (MANEA) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
WESTFIELD FARMS (MANEA) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
WESTFIELD FARMS (MANEA) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
3,156
4,462
Tangible assets
5
1,835,898
1,759,147
Investments
6
79,876
73,501
1,918,930
1,837,110
Current assets
Stocks
681,153
558,650
Debtors
7
564,751
533,119
Cash at bank and in hand
377,602
257,790
1,623,506
1,349,559
Creditors: amounts falling due within one year
8
(514,527)
(583,300)
Net current assets
1,108,979
766,259
Total assets less current liabilities
3,027,909
2,603,369
Creditors: amounts falling due after more than one year
9
(810,133)
(874,722)
Provisions for liabilities
10
(172,078)
(137,212)
Net assets
2,045,698
1,591,435
Capital and reserves
Called up share capital
12
100
100
Capital redemption reserve
50
50
Profit and loss reserves
2,045,548
1,591,285
Total equity
2,045,698
1,591,435

The notes on pages 3 to 11 form part of these financial statements.

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

WESTFIELD FARMS (MANEA) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -

For the financial year ended 30 April 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.

The financial statements were approved by the board of directors and authorised for issue on 19 December 2024 and are signed on its behalf by:
Mr B H Hawes
Mr J H Hawes
Director
Director
Mr J Hawes
Director
Company Registration No. 01328651
WESTFIELD FARMS (MANEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Westfield Farms (Manea) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Biggins Farm, Fallow Corner Drove, Manea, March, Cambridgeshire, PE15 0JL.

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Water licence
10 years straight line
BPS entitlement
5 years straight line
Website etc.
5 years straight line
1.4
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.

WESTFIELD FARMS (MANEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

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:

Freehold buildings
Over 10, 20, 25 or 50 years straight line
Plant and equipment
15%, 22.5% or 25% per annum reducing balance
Motor vehicles
20% per annum reducing balance
Office equipment
Over 3 years straight line

Freehold land and assets in the course of construction are not depreciated.

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.

1.5
Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

WESTFIELD FARMS (MANEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.7
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.8
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.

1.9
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

WESTFIELD FARMS (MANEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.10
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.

1.11
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.

 

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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WESTFIELD FARMS (MANEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
1.14
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
5
4
WESTFIELD FARMS (MANEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
4
Intangible fixed assets
Water licence
BPS entitlement
Website etc.
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
23,906
4,134
1,641
29,681
Amortisation and impairment
At 1 May 2023
22,406
2,157
656
25,219
Amortisation charged for the year
300
678
328
1,306
At 30 April 2024
22,706
2,835
984
26,525
Carrying amount
At 30 April 2024
1,200
1,299
657
3,156
At 30 April 2023
1,500
1,977
985
4,462
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Office equipment
Total
£
£
£
£
Cost
At 1 May 2023
1,401,017
1,698,438
4,379
3,103,834
Additions
-
0
198,544
1,370
199,914
Disposals
-
0
(13,667)
-
0
(13,667)
At 30 April 2024
1,401,017
1,883,315
5,749
3,290,081
Depreciation and impairment
At 1 May 2023
104,865
1,235,705
4,117
1,344,687
Depreciation charged in the year
10,460
112,143
175
122,778
Eliminated in respect of disposals
-
0
(13,282)
-
0
(13,282)
At 30 April 2024
115,325
1,334,566
4,292
1,454,183
Carrying amount
At 30 April 2024
1,285,692
548,749
1,457
1,835,898
At 30 April 2023
1,296,152
462,733
262
1,759,147
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
79,876
73,501
WESTFIELD FARMS (MANEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2023
73,501
Additions
6,375
At 30 April 2024
79,876
Carrying amount
At 30 April 2024
79,876
At 30 April 2023
73,501
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
430,678
366,048
Corporation tax recoverable
29,153
30,940
Other debtors
92,841
131,005
Prepayments and accrued income
12,079
5,126
564,751
533,119

Included within other debtors is a loan to a director of £84,110 (2023: £89,610). Full details of this loan are disclosed in the Directors' Transactions note.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
60,500
215,690
Obligations under finance leases
74,896
42,108
Trade creditors
113,568
190,605
Corporation tax
138,400
64,437
Other taxation and social security
3,153
3,456
Other creditors
64,260
49,638
Accruals and deferred income
59,750
17,366
514,527
583,300

£60,500 (2023: £65,690) of the bank loans are secured by fixed charges over certain of the company's assets and the remaining £nil (2023: £150,000) of the bank loans are supported by the UK Government under the CBILS loan scheme.

 

Hire purchase obligations are secured on the assets concerned.

WESTFIELD FARMS (MANEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
777,270
832,689
Obligations under finance leases
32,863
42,033
810,133
874,722

£777,270 (2023: £832,689) of the bank loans are secured by fixed charges over certain of the company's assets.

 

Hire purchase obligations are secured on the assets concerned.

Amounts included above which fall due after five years are as follows:
Payable by instalments
529,270
531,929
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
172,078
137,212
11
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
149,592
128,355
Other timing differences
22,486
8,857
172,078
137,212
2024
Movements in the year:
£
Liability at 1 May 2023
137,212
Charge to profit or loss
34,866
Liability at 30 April 2024
172,078
WESTFIELD FARMS (MANEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
60
60
60
60
Ordinary B shares of £1 each
20
20
20
20
Ordinary C shares of £1 each
20
20
20
20
100
100
100
100
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
7,808
14
Directors' transactions

Dividends totalling £54,172 (2023 - £45,000) were paid in the year in respect of shares held by the company's directors.

One of the directors has interests in various parcels of land and certain agricultural buildings situated thereon, which are occupied by the company for the purpose of its farming activities. The company pays no rent for these occupations, but it does meet all outgoings incurred in connection with the land and buildings, including all drainage, water and general rates and all maintenance and repair costs.

The company advanced a loan of £104,000 to one of its directors during the year ended 30 April 2018. The director had made no repayments to the company as at this Balance Sheet date but, £19,890 (2023 - £14,390) of the loan had been written off by the company by 5 April 2024. The amount outstanding on the loan at the current Balance Sheet date was, therefore, £84,110 (2023 - £89,610). This loan is unsecured, repayable on demand and bears interest at the Official Rate. The director paid the company interest of £1,785 (2023 - £1,895) in respect of this loan during the year.

Included in creditors falling due within one year are loans to the company from the directors totalling £64,259 (2023 - £49,638). These loans are interest free and repayable on demand.

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