IRIS Accounts Production v24.3.2.46 03115612 Board of Directors 1.7.23 30.6.24 30.6.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh031156122023-06-30031156122024-06-30031156122023-07-012024-06-30031156122022-06-30031156122022-07-012023-06-30031156122023-06-3003115612ns15:EnglandWales2023-07-012024-06-3003115612ns14:PoundSterling2023-07-012024-06-3003115612ns10:Director12023-07-012024-06-3003115612ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3003115612ns10:SmallEntities2023-07-012024-06-3003115612ns10:AuditExemptWithAccountantsReport2023-07-012024-06-3003115612ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3003115612ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3003115612ns10:FullAccounts2023-07-012024-06-300311561212023-07-012024-06-3003115612ns10:Director22023-07-012024-06-3003115612ns10:Director32023-07-012024-06-3003115612ns10:Director42023-07-012024-06-3003115612ns10:CompanySecretary12023-07-012024-06-3003115612ns10:RegisteredOffice2023-07-012024-06-3003115612ns5:CurrentFinancialInstruments2024-06-3003115612ns5:CurrentFinancialInstruments2023-06-3003115612ns5:Non-currentFinancialInstruments2024-06-3003115612ns5:Non-currentFinancialInstruments2023-06-3003115612ns5:ShareCapital2024-06-3003115612ns5:ShareCapital2023-06-3003115612ns5:SharePremium2024-06-3003115612ns5:SharePremium2023-06-3003115612ns5:RetainedEarningsAccumulatedLosses2024-06-3003115612ns5:RetainedEarningsAccumulatedLosses2023-06-3003115612ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3003115612ns5:LandBuildings2023-07-012024-06-3003115612ns5:PlantMachinery2023-07-012024-06-3003115612ns5:IntangibleAssetsOtherThanGoodwill2023-06-3003115612ns5:IntangibleAssetsOtherThanGoodwill2024-06-3003115612ns5:IntangibleAssetsOtherThanGoodwill2023-06-3003115612ns5:LandBuildings2023-06-3003115612ns5:PlantMachinery2023-06-3003115612ns5:LandBuildings2024-06-3003115612ns5:PlantMachinery2024-06-3003115612ns5:LandBuildings2023-06-3003115612ns5:PlantMachinery2023-06-3003115612ns5:CostValuation2023-06-3003115612ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3003115612ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3003115612ns5:Secured2024-06-3003115612ns5:Secured2023-06-3003115612ns10:Director222023-06-3003115612ns10:Director222022-06-3003115612ns10:Director222023-07-012024-06-3003115612ns10:Director222022-07-012023-06-3003115612ns10:Director222024-06-3003115612ns10:Director222023-06-30031156121ns10:Director12023-06-30031156121ns10:Director12022-06-30031156121ns10:Director12023-07-012024-06-30031156121ns10:Director12022-07-012023-06-30031156121ns10:Director12024-06-30031156121ns10:Director12023-06-30031156123ns10:Director32023-06-30031156123ns10:Director32022-06-30031156123ns10:Director32023-07-012024-06-30031156123ns10:Director32022-07-012023-06-30031156123ns10:Director32024-06-30031156123ns10:Director32023-06-30031156124ns10:Director42023-06-30031156124ns10:Director42022-06-30031156124ns10:Director42023-07-012024-06-30031156124ns10:Director42022-07-012023-06-30031156124ns10:Director42024-06-30031156124ns10:Director42023-06-30
REGISTERED NUMBER: 03115612 (England and Wales)















WISPINGTON FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






WISPINGTON FARMS LIMITED (REGISTERED NUMBER: 03115612)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8

Accountants' Report 9

WISPINGTON FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mrs W Craven
R F Craven
A R Craven
Mrs N M Frick





SECRETARY: Mrs N M Frick





REGISTERED OFFICE: 18 Northgate
Sleaford
Lincolnshire
NG34 7BJ





BUSINESS ADDRESS: Grange Farm
Wispington
Horncastle
Lincolnshire
LN9 5RN





REGISTERED NUMBER: 03115612 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

WISPINGTON FARMS LIMITED (REGISTERED NUMBER: 03115612)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 8,739,042 8,662,058
Investments 6 576 576
8,739,618 8,662,634

CURRENT ASSETS
Valuation 1,718,886 1,414,498
Debtors 7 505,029 287,551
Cash at bank and in hand 544,540 904,107
2,768,455 2,606,156
CREDITORS
Amounts falling due within one year 8 1,101,478 1,016,241
NET CURRENT ASSETS 1,666,977 1,589,915
TOTAL ASSETS LESS CURRENT LIABILITIES 10,406,595 10,252,549

CREDITORS
Amounts falling due after more than one year 9 (2,479,613 ) (2,634,111 )

PROVISIONS FOR LIABILITIES (439,890 ) (433,777 )
NET ASSETS 7,487,092 7,184,661

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Share premium 2,146,792 2,146,792
Retained earnings 5,330,300 5,027,869
SHAREHOLDERS' FUNDS 7,487,092 7,184,661

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

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

WISPINGTON FARMS LIMITED (REGISTERED NUMBER: 03115612)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 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 by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





R F Craven - Director


WISPINGTON FARMS LIMITED (REGISTERED NUMBER: 03115612)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Wispington Farms 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.

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.

Sugar beet quotas have been fully amortised.

Entitlements have been fully amortised.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 4% on cost and not provided
Plant and machinery etc - at variable rates on reducing balance

Included within freehold property are properties which are rented out to staff, their presence on site being integral to their employment. All properties have agricultural ties and are therefore not considered to be investment properties.

Valuation
A professional valuation is carried out each year by an independent agricultural valuer. The valuation is prepared in accordance with FRS102 and is valued at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving items. Costs include any cost of production incurred to bring the stock to its state at the balance sheet date.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.


WISPINGTON FARMS LIMITED (REGISTERED NUMBER: 03115612)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Government grants
Government grants are recognised in the income statement when all performance criteria attached to the grant have been fulfilled.

Investments
Investments held as fixed assets are shown at cost less provisions for impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2023
and 30 June 2024 210,894
AMORTISATION
At 1 July 2023
and 30 June 2024 210,894
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

WISPINGTON FARMS LIMITED (REGISTERED NUMBER: 03115612)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 6,996,582 3,945,951 10,942,533
Additions 56,459 425,642 482,101
Disposals - (242,060 ) (242,060 )
At 30 June 2024 7,053,041 4,129,533 11,182,574
DEPRECIATION
At 1 July 2023 84,337 2,196,138 2,280,475
Charge for year 11,153 291,334 302,487
Eliminated on disposal - (139,430 ) (139,430 )
At 30 June 2024 95,490 2,348,042 2,443,532
NET BOOK VALUE
At 30 June 2024 6,957,551 1,781,491 8,739,042
At 30 June 2023 6,912,245 1,749,813 8,662,058

Included in cost of land and buildings is freehold land of £ 6,774,212 (2023 - £ 6,774,212 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 388,420 (2023 - £ 561,399 ) in respect of assets held under hire purchase contracts.

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2023
and 30 June 2024 3,891
PROVISIONS
At 1 July 2023
and 30 June 2024 3,315
NET BOOK VALUE
At 30 June 2024 576
At 30 June 2023 576

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 380,411 92,326
Other debtors 124,618 195,225
505,029 287,551

WISPINGTON FARMS LIMITED (REGISTERED NUMBER: 03115612)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 147,216 141,188
Hire purchase contracts 56,524 127,255
Trade creditors 311,763 163,316
Taxation and social security 78,644 97,699
Other creditors 507,331 486,783
1,101,478 1,016,241

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 2,441,577 2,582,689
Hire purchase contracts 26,667 29,857
Other creditors 11,369 21,565
2,479,613 2,634,111

Amounts falling due in more than five years:

Repayable by instalments
AMC loans 1,795,370 1,962,488

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,588,793 2,723,877
Hire purchase contracts 83,191 157,112
2,671,984 2,880,989

The hire purchase liabilities are secured on the assets to which they relate.

The AMC loans are secured against Gautby House Farm, Gautby, The Grange, Hill and Hall Farms, Wispington.

11. CALLED UP SHARE CAPITAL

Allotted issued and fully paid:

Number:

Class:

Nominal


2024


2023
value: £ £
900 A Ordinary £1 900 10,000
4,200 B Ordinary £1 4,200 -
4,900 C Ordinary £1 4,900 -

10,000 10,000


WISPINGTON FARMS LIMITED (REGISTERED NUMBER: 03115612)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Mrs W Craven
Balance outstanding at start of year (159,717 ) 3,893
Amounts advanced 16,999 12,391
Amounts repaid (1,053 ) (176,001 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (143,771 ) (159,717 )

R F Craven
Balance outstanding at start of year (11,663 ) (17,776 )
Amounts advanced 16,383 18,546
Amounts repaid (5,125 ) (12,433 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (405 ) (11,663 )

A R Craven
Balance outstanding at start of year 2,898 (6,054 )
Amounts advanced 34,382 35,769
Amounts repaid (30,371 ) (26,817 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,909 2,898

Mrs N M Frick
Balance outstanding at start of year (60,451 ) (49,855 )
Amounts advanced 12,475 15,794
Amounts repaid (29,808 ) (26,390 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (77,784 ) (60,451 )

The above loans are unsecured and repayable on demand, with interest being charged at the official rate.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
WISPINGTON FARMS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wispington Farms Limited for the year ended 30 June 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Wispington Farms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wispington Farms Limited and state those matters that we have agreed to state to the Board of Directors of Wispington Farms Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wispington Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wispington Farms Limited. You consider that Wispington 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 financial statements of Wispington 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 financial statements.






Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ


7 January 2025