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REGISTERED NUMBER: 05128079 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2024

FOR

WELLS FARM SUPPLIES LIMITED

WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELLS FARM SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTORS: Mr M Lambert
Mrs G L Neilson





REGISTERED OFFICE: Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH





REGISTERED NUMBER: 05128079 (England and Wales)





ACCOUNTANTS: Aspen Waite Limited
Chartered Accountants
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)

BALANCE SHEET
31ST MAY 2024

31/5/24 31/5/23
Notes £    £   
FIXED ASSETS
Tangible assets 4 31,770 31,611

CURRENT ASSETS
Stocks 43,415 48,239
Debtors 5 1,042,583 713,140
Cash at bank and in hand 441,683 370,884
1,527,681 1,132,263
CREDITORS
Amounts falling due within one year 6 (973,661 ) (772,153 )
NET CURRENT ASSETS 554,020 360,110
TOTAL ASSETS LESS CURRENT
LIABILITIES

585,790

391,721

CREDITORS
Amounts falling due after more than one year 7 - (92,000 )

PROVISIONS FOR LIABILITIES 8 (5,505 ) (5,475 )
NET ASSETS 580,285 294,246

CAPITAL AND RESERVES
Called up share capital 149,992 1
Retained earnings 430,293 294,245
580,285 294,246

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)

BALANCE SHEET - continued
31ST MAY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 14th January 2025 and were signed on its behalf by:





Mrs G L Neilson - Director


WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024

1. STATUTORY INFORMATION

Wells Farm Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

2. ACCOUNTING POLICIES - continued

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1st June 2023 145,616 - 1,012 146,628
Additions 684 5,000 4,699 10,383
At 31st May 2024 146,300 5,000 5,711 157,011
DEPRECIATION
At 1st June 2023 114,933 - 84 115,017
Charge for year 8,368 1,000 856 10,224
At 31st May 2024 123,301 1,000 940 125,241
NET BOOK VALUE
At 31st May 2024 22,999 4,000 4,771 31,770
At 31st May 2023 30,683 - 928 31,611

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Trade debtors 552,148 686,849
Amounts owed by group undertakings 447,000 -
Other debtors 22,983 8,577
VAT 6,374 8,189
Prepayments and accrued income 14,078 9,525
1,042,583 713,140

WELLS FARM SUPPLIES LIMITED (REGISTERED NUMBER: 05128079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Bank loans and overdrafts 16,000 48,000
Trade creditors 463,568 421,786
Corporation tax 58,802 54,749
Social security and other taxes 24,464 -
Other creditors 158,496 4,494
Directors' current accounts - 1,057
Accrued expenses 252,331 242,067
973,661 772,153

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/5/24 31/5/23
£    £   
Bank loans due 1-2 years - 48,000
Bank loans due 2-5 years - 44,000
- 92,000

8. PROVISIONS FOR LIABILITIES
31/5/24 31/5/23
£    £   
Deferred tax
Accelerated capital allowances 5,505 5,475

Deferred
tax
£   
Balance at 1st June 2023 5,475
Charge to Income Statement during year 30
Balance at 31st May 2024 5,505