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REGISTERED NUMBER: 02561247 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Woodgate Farms Limited

Woodgate Farms Limited (Registered number: 02561247)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Woodgate Farms Limited (Registered number: 02561247)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 1,022,338 1,052,897
Investments 6 10,040 10,040
Investment property 7 900,000 900,000
1,932,378 1,962,937

Current assets
Stocks 1,367 41,325
Debtors 8 187,881 220,108
Cash at bank 41,523 -
230,771 261,433
Creditors
Amounts falling due within one year 9 (214,923 ) (253,149 )
Net current assets 15,848 8,284
Total assets less current liabilities 1,948,226 1,971,221

Creditors
Amounts falling due after more than one
year

10

(326,414

)

(336,486

)

Provisions for liabilities (200,415 ) (213,566 )
Net assets 1,421,397 1,421,169

Capital and reserves
Called up share capital 12,000 12,000
Revaluation reserve 12 414,000 414,000
Other reserves 759,220 759,220
Retained earnings 236,177 235,949
1,421,397 1,421,169

Woodgate Farms Limited (Registered number: 02561247)

Balance Sheet - continued
30 September 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





Mr W E K Ravell - Director


Woodgate Farms Limited (Registered number: 02561247)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. Statement of compliance

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.

2. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention or historic cost modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss, except for the financial instruments that are measured at their fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The principal accounting policies adopted are set out below. All accounting policies have been applied consistently, other than where new policies have been adopted.

Going Concern
The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future and have therefore accordingly prepared these financial statements on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See notes to the accounts for the carrying amount of tangible assets and the useful economic lives for each class of assets.

(ii) Fair value revaluation of investment properties

The company holds investment properties at fair value, which is deemed to be the market value at the
reporting date. The directors ascertain the market value based on similar properties available in the area and
take account of current property market conditions.
(iii) Taxation

The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with the previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Woodgate Farms Limited (Registered number: 02561247)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. Accounting policies - continued

Turnover
Turnover is measured at 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 stated net of discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover from a sale can be recognised:

(i) Goods sold
Income from the sale of farming is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually on despatch of the goods), the amount of turnover can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(ii) Single farm payments
Single Farm Payments are receivable on an annual basis. The payment only becomes receivable once the occupation period specified has been completed. The income is recognised once the occupation period is completed.

(iii) Renewable energy income
Renewable energy income is receivable quarterly in line with meter readings of the energy generated within that period. The income is recognised on an accruals basis in the period in which it is generated.

(iv) Rents received
Turnover is generated through rental income received on land and property held by the company. It is measured by pre-agreed rental amounts stipulated in tenancy agreements and is recognised on a monthly or annual basis.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Single farm entitlements are being amortised evenly over their estimated useful life of three years.

Woodgate Farms Limited (Registered number: 02561247)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% straight line
Plant and machinery - 25% p.a. reducing balance
Fixtures and fittings - 25% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance

Freehold property is inclusive of both land and buildings, the land element is not depreciated.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable
expenditure. Investment property held is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Stocks
Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Woodgate Farms Limited (Registered number: 02561247)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.


Woodgate Farms Limited (Registered number: 02561247)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. Accounting policies - continued
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
Assets acquired under finance leases, which are those that substantially transfer all the risks and rewards of ownership of the asset to the company, and hire purchase contracts, are capitalised in the Balance Sheet at the fair value of the asset. Those assets held under hire purchase are depreciated over the assets useful lives and those assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives.

A corresponding liability is recognised in the Balance Sheet at the lower of the fair value of the leased asset and present value of the minimum lease payments, which is determined at the inception of the lease term. Lease payments are proportioned between capital and interest components so that the interest element of the payments is charged to the profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

Operating lease commitments
All other leases are treated as operating leases. Their annual rentals are charged to the statement of income and retained earnings on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. Employees and directors

The average number of employees during the year was 4 (2023 - 3 ) .

Woodgate Farms Limited (Registered number: 02561247)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


4. Intangible fixed assets
Single farm
entitlements
£
Cost
At 1 October 2023
and 30 September 2024 1,260
Amortisation
At 1 October 2023
and 30 September 2024 1,260
Net book value
At 30 September 2024 -
At 30 September 2023 -

5. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 October 2023 908,110 997,571 44,633 6,950 1,957,264
Additions 27,639 2,354 3,845 - 33,838
Disposals - (32,000 ) - - (32,000 )
At 30 September 2024 935,749 967,925 48,478 6,950 1,959,102
Depreciation
At 1 October 2023 83,805 785,998 28,521 6,043 904,367
Charge for year 5,965 53,289 4,612 227 64,093
Eliminated on disposal - (31,696 ) - - (31,696 )
At 30 September 2024 89,770 807,591 33,133 6,270 936,764
Net book value
At 30 September 2024 845,979 160,334 15,345 680 1,022,338
At 30 September 2023 824,305 211,573 16,112 907 1,052,897

Land within freehold property amounting to £624,376 (2022 - £685,502) is not depreciated.

6. Fixed asset investments

Investments (neither listed nor unlisted) were as follows:
30.9.24 30.9.23
£ £
Unquoted investments 10,040 10,040

Woodgate Farms Limited (Registered number: 02561247)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


7. Investment property
Total
£
Cost or valuation
At 1 October 2023
and 30 September 2024 900,000
Net book value
At 30 September 2024 900,000
At 30 September 2023 900,000

Investment properties are held at fair value which is deemed to be the market value. This value is ascertained by the directors based on similar property in the locality and other observable market inputs, at each balance sheet date.

8. Debtors: amounts falling due within one year
30.9.24 30.9.23
£ £
Trade debtors 7,634 54,499
Other debtors 180,247 165,609
187,881 220,108

9. Creditors: amounts falling due within one year
30.9.24 30.9.23
£ £
Bank loans and overdrafts 10,000 88,395
Trade creditors 11,836 19,188
Taxation and social security 33,035 7,810
Other creditors 160,052 137,756
214,923 253,149

10. Creditors: amounts falling due after more than one year
30.9.24 30.9.23
£ £
Bank loans 326,414 336,486

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 318,914 318,986

Woodgate Farms Limited (Registered number: 02561247)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


11. Secured debts

The following secured debts are included within creditors:

30.9.24 30.9.23
£ £
Bank loans 336,414 346,486

Security has been provided for a bank loan with Lloyds Bank PLC, by way of a fixed charge over various freehold land and property held by the Company and a debenture (known as bond and floating charge) covering all other assets of the Company.

Security has also been provided in respect of a bank loan with AMC Bank Limited, by way of a fixed charge over specified acres of freehold land owned by the Company.

12. Reserves
Revaluation
reserve
£
At 1 October 2023
and 30 September 2024 414,000

Retained earnings - This reserve records distributable retained earnings and accumulated losses, net of
dividend payments made.

Revaluation reserve - This is a non-distributable reserve that records asset revaluations and corresponding fair value movements on assets recognised in other comprehensive income, net of any deferred tax.

13. Related party disclosures

No transactions were undertaken with the directors or related parties such as are required to be disclosed under the Financial Reporting Standard 102, Section 1A.