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Registered number: 01331303










WANSDYKE FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WANSDYKE FARMS LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WANSDYKE FARMS LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wansdyke Farms Limited for the year ended 31 December 2023 which comprise the Balance sheet and the related notes from the Company accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of Wansdyke Farms Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Wansdyke Farms Limited and state those matters that we have agreed to state to the Board of directors of Wansdyke Farms Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wansdyke Farms Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Wansdyke 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 or loss of Wansdyke Farms Limited. You consider that Wansdyke Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Wansdyke 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.

  



James Cowper Kreston
 
Chartered Accountants
  
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB
29 January 2025
Page 1

 
WANSDYKE FARMS LIMITED
REGISTERED NUMBER: 01331303

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,240
4,320

Investments
 5 
55,118
75,794

  
58,358
80,114

Current assets
  

Stocks
 6 
604,858
661,180

Debtors: amounts falling due within one year
 7 
71,381
220,475

Cash at bank and in hand
  
57,773
41,358

  
734,012
923,013

Creditors: amounts falling due within one year
 8 
(531,446)
(504,301)

Net current assets
  
 
 
202,566
 
 
418,712

Total assets less current liabilities
  
260,924
498,826

  

Net assets
  
260,924
498,826


Capital and reserves
  

Called up share capital 
  
8,105,699
8,105,699

Share premium account
  
3,205,845
3,205,845

Profit and loss account
  
(11,050,620)
(10,812,718)

  
260,924
498,826


Page 2

 
WANSDYKE FARMS LIMITED
REGISTERED NUMBER: 01331303

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S D Fisher
Director

Date: 29 January 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
WANSDYKE FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a limited liability Company incorporated in England and Wales. 
The registered office address is 2 Communications Road, Greenham Business Park, Newbury, Berkshire, RG19 6AB.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are produced on the going concern basis as the directors consider that appropriate funds will continue to be available to enable the Company to meet its third party liabilities as they fall due.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
WANSDYKE FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Stocks

Broodmares are recognised at the lower of cost and net realisable value, being the estimated market value.  Systematic depreciation is applied where applicable. 
All other bloodstock is recognised at the lower of cost and net realisable value, being the estimated market value.  Systematic depreciation is not applied as the Directors considered that assessment for impairment on an individual assets basis is more appropriate method of valuation.
 
At each balance sheet date, stocks are assessed for impairment.  If stock is impaired, the carrying amount is reduced to its selling price less costs to sell.  The impairment loss is recognised immediately in profit or loss.

 
2.6

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
WANSDYKE FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.



 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

  
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
WANSDYKE FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
10,800



At 31 December 2023

10,800



Depreciation


At 1 January 2023
6,480


Charge for the year on owned assets
1,080



At 31 December 2023

7,560



Net book value



At 31 December 2023
3,240



At 31 December 2022
4,320

Page 7

 
WANSDYKE FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2023
75,794


Revaluations
(20,676)



At 31 December 2023
55,118





6.


Biological assets

2023
2022
£
£

Bloodstock
604,858
661,180

604,858
661,180



7.


Debtors

2023
2022
£
£


Trade debtors
7,321
129,902

Prepayments and accrued income
14,947
41,460

Other debtors
49,113
49,113

71,381
220,475



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
22,075
61,682

Accruals and deferred income
3,625
3,450

Other taxation and social security
22,645
20,431

Other creditors
483,101
418,738

531,446
504,301


Page 8

 
WANSDYKE FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

At 31 December 2023 Wansdyke Farms Limited owed the directors £483,101 (2022: £418,738).  The amount is unsecured and interest free.  


10.


Controlling party

The ultimate parent Company and controlling party at the balance sheet date was PFDF Holdings Limited, a Company incorporated in Gibraltar.


Page 9