Company registration number 07946080 (England and Wales)
WHITFIELD FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WHITFIELD FARMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WHITFIELD FARMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 July 2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
5
722,285
722,285
Current assets
-
-
Creditors: amounts falling due within one year
7
(88,081)
(147,205)
Net current liabilities
(88,081)
(147,205)
Net assets
634,204
575,080
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
634,004
574,880
Total equity
634,204
575,080

For the financial period ended 31 March 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 period in question in accordance with section 476.

The director acknowledges his 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 director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 23 January 2025
Mr J H Blackett-Ord
Director
Company registration number 07946080 (England and Wales)
WHITFIELD FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Whitfield Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Whitfield Estate Office, Whitfield, Hexham, Northumberland, NE47 8HD. The registered company number is 07946080. The company's trade and assets were transferred to Whitfield Estate Partnership in a previous accounting year.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forestrueeeable future. He continues to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

1.3
Fixed asset investments

Investments are valued at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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.

WHITFIELD FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price.

 

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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the period. 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
3
3
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
18,325
-
0
Adjustments in respect of prior periods
41
-
0
Total current tax
18,366
-
0
WHITFIELD FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
722,285
722,285

The above investments are land entitlements and an investment in Whitfield Estate Partnership and are stated at fair value.

7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
18,366
-
0
Other creditors
69,715
147,205
88,081
147,205
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Convertible A ordinary shares of £1 each
25
25
25
25
Convertible B ordinary shares of £1 each
25
25
25
25
Convertible C ordinary shares of £1 each
25
25
25
25
Converitble D ordinary shares of £1 each
25
25
25
25
200
200
200
200
9
Directors' transactions

At the period end the company owed Mr J H Blackett-Ord, the director of the company, £64,075 (2023: £87,575). This loan is interest free and repayable on demand. It is currently shown under creditors due in less than one year.

WHITFIELD FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
10
Prior period adjustment
Reconciliation of changes in equity
1 August
31 July
2022
2023
£
£
Adjustments to prior period
Share of partnership loss
-
(6,802)
Equity as previously reported
581,882
581,882
Equity as adjusted
581,882
575,080
Analysis of the effect upon equity
Profit and loss reserves
-
(6,802)
Reconciliation of changes in profit/(loss) for the previous financial period
2023
£
Adjustments to prior period
Share of partnership loss
(6,802)
Profit as previously reported
-
Loss as adjusted
(6,802)
Notes to reconciliation

The prior period adjustment relates to the recognition of the company's share of a loss from a partnership in which the company is a partner. This information was not previously available at the time of filing the accounts for the year ended 31 July 2023.

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