Wheatland Farms Limited 06677701 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is grow cereals & other crops Digita Accounts Production Advanced 6.30.9574.0 true 06677701 2023-09-01 2024-08-31 06677701 2024-08-31 06677701 bus:OrdinaryShareClass1 2024-08-31 06677701 core:RetainedEarningsAccumulatedLosses 2024-08-31 06677701 core:ShareCapital 2024-08-31 06677701 core:CurrentFinancialInstruments 2024-08-31 06677701 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 06677701 core:OtherPropertyPlantEquipment 2024-08-31 06677701 bus:SmallEntities 2023-09-01 2024-08-31 06677701 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 06677701 bus:FullAccounts 2023-09-01 2024-08-31 06677701 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 06677701 bus:RegisteredOffice 2023-09-01 2024-08-31 06677701 bus:CompanySecretary1 2023-09-01 2024-08-31 06677701 bus:Director1 2023-09-01 2024-08-31 06677701 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 06677701 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 06677701 bus:Agent1 2023-09-01 2024-08-31 06677701 core:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 06677701 core:ShareCapital 2023-09-01 2024-08-31 06677701 core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 06677701 core:PlantMachinery 2023-09-01 2024-08-31 06677701 countries:England 2023-09-01 2024-08-31 06677701 2023-08-31 06677701 core:RetainedEarningsAccumulatedLosses 2023-08-31 06677701 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2023-08-31 06677701 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2023-08-31 06677701 core:ShareCapital 2023-08-31 06677701 core:ShareCapital core:PreviouslyStatedAmount 2023-08-31 06677701 core:ShareCapital core:PriorPeriodIncreaseDecrease 2023-08-31 06677701 core:OtherPropertyPlantEquipment 2023-08-31 06677701 core:PreviouslyStatedAmount 2023-08-31 06677701 core:PriorPeriodIncreaseDecrease 2023-08-31 06677701 2022-09-01 2023-08-31 06677701 2023-08-31 06677701 bus:OrdinaryShareClass1 2023-08-31 06677701 core:CurrentFinancialInstruments 2023-08-31 06677701 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 06677701 core:OtherPropertyPlantEquipment 2023-08-31 06677701 core:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 06677701 core:ShareCapital 2022-09-01 2023-08-31 06677701 2022-08-31 06677701 core:RetainedEarningsAccumulatedLosses 2022-08-31 06677701 core:ShareCapital 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06677701

Wheatland Farms Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Wheatland Farms Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 9

 

Wheatland Farms Limited

Company Information

Director

Mr Edward Beckett

Company secretary

Miss Elizabeth Beckett

Registered office

C/o
14 St. Owen Street
Hereford
HR1 2PL

Accountants

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

 

Wheatland Farms Limited

Director's Report for the Year Ended 31 August 2024

The director presents his report and the financial statements for the year ended 31 August 2024.

Director of the company

The director who held office during the year was as follows:

Mr Edward Beckett

Principal activity

The principal activity of the company is grow cereals & other crops

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 29 January 2025 and signed on its behalf by:

.........................................
Mr Edward Beckett
Director

   
     
 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Wheatland Farms Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wheatland Farms Limited for the year ended 31 August 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

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

......................................

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

29 January 2025

 

Wheatland Farms Limited

(Registration number: 06677701)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

341,926

407,568

Current assets

 

Debtors

395,572

414,427

Cash at bank and in hand

 

-

72,923

 

395,572

487,350

Creditors: Amounts falling due within one year

(300,873)

(459,783)

Net current assets

 

94,699

27,567

Total assets less current liabilities

 

436,625

435,135

Provisions for liabilities

(64,967)

(77,439)

Net assets

 

371,658

357,696

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

371,558

357,596

Shareholders' funds

 

371,658

357,696

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 29 January 2025
 

.........................................
Mr Edward Beckett
Director

   
     
 

Wheatland Farms Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Retained earnings
£

Total
£

At 1 September 2023

100

357,597

357,697

Prior period adjustment

-

(51,542)

(51,542)

At 1 September 2023 (As restated)

100

306,055

306,155

Profit for the year

-

65,503

65,503

At 31 August 2024

100

371,558

371,658

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

100

268,855

268,955

Profit for the year

-

88,742

88,742

At 31 August 2023

100

357,597

357,697

 

Wheatland Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/o
14 St. Owen Street
Hereford
HR1 2PL
England

The principal place of business is:
Upper Bardley Farm
Stottesdon
Kidderminster
Worcestershire
DY14 8NF

These financial statements were authorised for issue by the director on 29 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises 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 shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Wheatland Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

stocks

The director has chosen the fair value model basis for the valuation of biological assets under FRS 102.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Wheatland Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Wheatland Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

890,530

890,530

Additions

40,000

40,000

At 31 August 2024

930,530

930,530

Depreciation

At 1 September 2023

482,962

482,962

Charge for the year

105,642

105,642

At 31 August 2024

588,604

588,604

Carrying amount

At 31 August 2024

341,926

341,926

At 31 August 2023

407,568

407,568

5

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100