Company Registration No. 00515366 (England and Wales)
WILLIAM ALLISON (FARMS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
WILLIAM ALLISON (FARMS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
WILLIAM ALLISON (FARMS) LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,381,107
1,360,363
Investment property
4
6,843,134
5,430,065
8,224,241
6,790,428
Current assets
Stocks
295,371
393,405
Debtors
5
117,083
266,413
Cash at bank and in hand
502,864
301,706
915,318
961,524
Creditors: amounts falling due within one year
6
(336,197)
(418,867)
Net current assets
579,121
542,657
Total assets less current liabilities
8,803,362
7,333,085
Creditors: amounts falling due after more than one year
7
(1,313,529)
(1,407,327)
Provisions for liabilities
(358,318)
(307,742)
Net assets
7,131,515
5,618,016
Capital and reserves
Called up share capital
3,000
3,000
Profit and loss reserves
8
7,128,515
5,615,016
Total equity
7,131,515
5,618,016
WILLIAM ALLISON (FARMS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 11 December 2024 and are signed on its behalf by:
WMS Allison
RW Allison
Director
Director
Company registration number 00515366 (England and Wales)
WILLIAM ALLISON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
William Allison (Farms) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nash Hall, High Ongar, Ongar, Essex, CM5 9NL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company will continue in business for the foreseeable future.true
1.3
Turnover
Turnover represents the invoiced amount of goods sold net of value added tax. Cereals and oilseed rape sold through farm co-operative long pools, including amounts received ahead of pool closures, are included in turnover at selling price.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold - reservoir
25 years straight line
Land and buildings Freehold - other
Nil
Land and buildings Leasehold
10 years straight line
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance
The directors have considered the residual value of the other freehold land and buildings, and have concluded that these are not materially different to cost. On this basis, no provision for depreciation has been provided on the grounds that it would not be material.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
WILLIAM ALLISON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Tillages and stock are valued by professional valuers at cost.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.8
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
WILLIAM ALLISON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
WILLIAM ALLISON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases are charged against income over the lease term.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
7
WILLIAM ALLISON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
1,780,811
338,515
2,119,326
Additions
139,672
14,269
153,941
Disposals
(12,000)
(12,000)
At 30 April 2024
1,920,483
340,784
2,261,267
Depreciation and impairment
At 1 May 2023
555,443
203,520
758,963
Depreciation charged in the year
95,388
37,133
132,521
Eliminated in respect of disposals
(11,324)
(11,324)
At 30 April 2024
650,831
229,329
880,160
Carrying amount
At 30 April 2024
1,269,652
111,455
1,381,107
At 30 April 2023
1,225,368
134,995
1,360,363
4
Investment property
2024
£
Fair value
At 1 May 2023
5,430,065
Additions
113,069
Revaluations
1,300,000
At 30 April 2024
6,843,134
Investment property at 1 May 2021 comprised both residential and commercial properties. The fair value of the residential properties was arrived at on the basis of a valuation carried out by an independent valuer in January 2021, which was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors have considered the valuation at 30 April 2024 and have revalued accordingly.
The commercial property was added at cost in 2022 and the directors do not consider the valuation to be different from cost at 30 April 2024.
The additions during the year relate to improvements to properties to maintain the values as stated.
WILLIAM ALLISON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Investment property
(Continued)
- 8 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
4,020,680
3,907,611
Accumulated depreciation
(519,730)
(441,786)
Carrying amount
3,500,950
3,465,825
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
42,003
164,250
Other debtors
75,080
102,163
117,083
266,413
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
75,000
75,000
Trade creditors
124,866
191,959
Corporation tax
76,332
27,895
Other taxation and social security
8,352
12,783
Other creditors
51,647
111,230
336,197
418,867
The bank loans are secured by a fixed charge over certain land owned by the company and fixed and floating charges over all assets of the company.
WILLIAM ALLISON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,277,500
1,352,500
Other creditors
36,029
54,827
1,313,529
1,407,327
The bank loans are secured by a fixed charge over certain land owned by the company and fixed and floating charges over all assets of the company
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
977,500
1,052,500
8
Profit and loss reserves
The profit and loss reserve contains £2,505,745 (2023: £1,291,505) in respect of investment property revaluations less associated deferred tax adjustments. This amount is not available for distribution to members.
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