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Registered number: 00600903
Ben Smith & Sons(Wantage)Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2024
Financial Statements
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—8
Profit and Loss Account 9
Statement of Comprehensive Income 10
Balance Sheet 11
Statement of Changes in Equity 12
Statement of Cash Flows 13
Notes to the Statement of Cash Flows 14
Notes to the Financial Statements 15—22
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 March 2024.
Principal Activity
The company's principal activity continues to be that of farming, commercial garage activities and investment property.
Review of the Business
The sales reported for the year are £10,947,551 compared to £10,777,565 for the year ended 31 March 2023. 
The company has experienced an increase in grain sales this year depsite the challenging grain markets. Grain prices continued to fall 24% (2023: 19%) on agreed contract pricing during the year. Land purchased in 2022 & 2023 has increased the acreage of total available farm land and this has contributed to the higher yields reported during the harvest season.The excess in supply has ensured that revenue continues to increase for the time being.
At Broadway Motors fuel prices have fallen resulting in lower sales, £5,729,889 (2023 £5,789,268). The margin has remained the same so the lower revenue has eroded the bottom line to reduce profits.  
Income from investment properties has remained stable, £1,106,065 (2023 £1,088,861). The margin has decreased this year by 23% in relation to cyclical repairs and large one off payments to restore the roof of one unit 3. Construction is underway at the W&G estate to erect a new commercial building that will generate additional revenue for the 2025 financial year.
Principal Risks and Uncertainties
The principal risk of the farming division is that the yield on the grain may be low due to adverse climate changes but the acquisition of land is helping to mitigate this difficulty to control risk. Climate in high yielding crop growing countries can also have severe impacts on the global supply chain and the market price of grains.
The risks associated with the garage are the intense local competition and the lowering of fuel prices. The completion of the Wantage eastern link road in the summer of 2024 could result in a heavily reduced footfall in the coming year.
The risks associated with investment property are lower capital values and the slow down in the economy forcing existing tenants out from tough trading conditions.
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Future Developments
The Key Performance Indicators presented below reflect the way the performance of the Company has been measured in 2024:
• Revenue by department – to track the growth in the business.
• Harvest yields.
• Profit before tax – to track the underlying performance of the business.
• Overheads.
• Labour costs.
The directors are satisfied with the performance of the company during the year with regard to the indicators set out above.
Subsequent Events
There have been no changes to the business activities or risk profile of the Company subsequent to the end of the reporting period. There have been no changes to the Company’s directors since the end of the reporting period.
2025 Focus
Looking forward, the strategy for the Company is to expand in key areas of the business and to meet expectations with regards to KPI’s.  The company continues to expand its customer and geographical base and is expanding its activities whilst also providing additional services for existing clients. The Directors are looking forward to another very positive year to March 2025.
On behalf of the board
Mrs H J Shepherd
Director
5 February 2025
Page 2
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Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors
The directors who held office during the year were as follows:
Mr C I Bridle
Mrs C K Bridle
Mr C P Bridle
Mrs H J Shepherd
Mr W J Smith
Mr B Smith
Mrs A T Fowler
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, UHY Ross Brooke, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mrs H J Shepherd
Director
5 February 2025
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Independent Auditor's Report
Qualified opinion
We have audited the financial statements of Ben Smith & Sons(Wantage)Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Qualified Opinion
We were not appointed as auditor of the company until after the year end, and therefore we did not observe the counting of physical stocks at 31 March 2023 and were unable to satisfy ourselves, by alternative means, concerning the stock quantity held and included in the balance sheet at 31 March 2023 of £3,199,189. Consequently we were unable to determine whether any adjustment to this amount was necessary.
We conducted our audit in accordance with the International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Other matters
The company took advantage of audit exemption for 2023 and therefore the comparatives are unaudited.
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Matters on Which We Are Required to Report by Exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
Arising solely from the limitation on the scope of our audit work relating to stock, referred to above: 
  • We have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
  • We were unable to determine whether adequate accounting records have been kept.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our cumulative audit and commercial knowledge and experience of the company and the sector; 
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Taxation Legislation, General Data Protection Rules (GDPR), Anti-Bribery Act, Employment Law and Health & Safety legislation; 
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and 
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 
To address the risk of fraud through management bias and override of controls, we: 
- performed analytical procedures to identify any unusual or unexpected relationships; 
- tested journal entries to identify unusual transactions; and 
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
- agreeing financial statement disclosures to underlying supporting documentation; 
- enquiring of management as to actual and potential litigation and claims; and 
- reviewing correspondence with HMRC and analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations. 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
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Caroline Webster FCA (Senior Statutory Auditor)
for and on behalf of UHY Ross Brooke , Statutory Auditor
6 February 2025
UHY Ross Brooke
Suite I, Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
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Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 10,947,551 10,777,565
Cost of sales (7,293,046 ) (5,666,840 )
GROSS PROFIT 3,654,505 5,110,725
Administrative expenses (4,221,066 ) (2,612,968 )
Other operating income 63,838 198,478
Profit on revaluation of investment property 138,158 -
OPERATING (LOSS)/PROFIT 4 (364,565 ) 2,696,235
Profit on disposal of fixed assets 32,312 169,602
Profit on disposal of fixed asset investments - 445,633
Other interest receivable and similar income 9 224,805 127,326
(LOSS)/PROFIT BEFORE TAXATION (107,448 ) 3,438,796
Tax on (Loss)/profit 10 59,397 (1,632,582 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR (48,051 ) 1,806,214
The notes on pages 14 to 22 form part of these financial statements.
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Statement of Comprehensive Income
2024 2023
£ £
LOSS FOR THE FINANCIAL YEAR (48,051 ) 1,806,214
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (48,051 ) 1,806,214
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Balance Sheet
Registered number: 00600903
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 28,591,441 28,294,601
Investment Properties 12 11,922,017 11,027,678
Investments 13 120,000 120,000
40,633,458 39,442,279
CURRENT ASSETS
Stocks 14 2,257,793 3,199,189
Debtors 15 1,197,434 1,613,877
Cash at bank and in hand 4,994,843 5,677,686
8,450,070 10,490,752
Creditors: Amounts Falling Due Within One Year 16 (996,193 ) (1,707,725 )
NET CURRENT ASSETS (LIABILITIES) 7,453,877 8,783,027
TOTAL ASSETS LESS CURRENT LIABILITIES 48,087,335 48,225,306
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (4,707,529 ) (4,707,449 )
NET ASSETS 43,379,806 43,517,857
CAPITAL AND RESERVES
Called up share capital 19 1,530,000 1,530,000
Profit and Loss Account 41,849,806 41,987,857
SHAREHOLDERS' FUNDS 43,379,806 43,517,857
On behalf of the board
Mrs H J Shepherd
Director
5 February 2025
The notes on pages 14 to 22 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 1,530,000 40,271,643 41,801,643
Profit for the year and total comprehensive income - 1,806,214 1,806,214
Dividends paid - (90,000) (90,000)
As at 31 March 2023 and 1 April 2023 1,530,000 41,987,857 43,517,857
Loss for the year and total comprehensive income - (48,051 ) (48,051)
Dividends paid - (90,000) (90,000)
As at 31 March 2024 1,530,000 41,849,806 43,379,806
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,231,992 1,820,381
Tax paid (506,134 ) (110,363 )
Net cash generated from operating activities 725,858 1,710,018
Cash flows from investing activities
Purchase of tangible assets (1,504,727 ) (2,756,402 )
Proceeds from disposal of tangible assets 45,750 830,681
Proceeds from disposal of other fixed asset investments - 445,633
Interest received 224,805 127,326
Net cash used in investing activities (1,234,172 ) (1,352,762 )
Cash flows from financing activities
Equity dividends paid (90,000 ) (90,000 )
Amount introduced by directors - 57,111
Amount withdrawn by directors (84,529) -
Net cash used in financing activities (174,529 ) (32,889 )
(Decrease)/increase in cash and cash equivalents (682,843 ) 324,367
Cash and cash equivalents at beginning of year 2 5,677,686 5,353,319
Cash and cash equivalents at end of year 2 4,994,843 5,677,686
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Notes to the Statement of Cash Flows
1. Reconciliation of (loss)/profit for the financial year to cash generated from operations
2024 2023
£ £
(Loss)/profit for the financial year (48,051 ) 1,806,214
Adjustments for:
Tax on (loss)/profit (59,397 ) 1,632,582
Interest income (224,805 ) (127,326 )
Depreciation of tangible assets 438,268 419,287
Profit on disposal of tangible assets (32,312) (169,602)
Profit on disposal of fixed asset investments - (445,633)
Profit on revaluation of fixed assets (138,158) -
Movements in working capital:
Decrease/(increase) in stocks 941,396 (1,146,256 )
Decrease/(increase) in trade and other debtors 475,920 (667,587 )
(Decrease)/increase in trade and other creditors (120,869 ) 518,702
Net cash generated from operations 1,231,992 1,820,381
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 4,994,843 5,677,686
3. Analysis of changes in net funds
As at 1 April 2023 Cash flows As at 31 March 2024
£ £ £
Cash at bank and in hand 5,677,686 (682,843) 4,994,843
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Notes to the Financial Statements
1. General Information
Ben Smith & Sons(Wantage)Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00600903 . The registered office is Manor Road Farm, Manor Road, Wantage, Oxfordshire, OX12 8NE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
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 modified to include the revaluation of freehold properties and to include investment properties, stock of grain held at the farm and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Significant judgements and estimations
In preparing the financial statements, management has made the following significant judgements and estimates:
Judgements: Management has made judgements in applying the accounting policies that have the most significant effect on the amounts recognized in the financial statements. 
Estimates: Management has made estimates about the future, and other sources of estimation uncertainty, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
These judgements and estimates are based on the best information available at the time and are regularly reviewed and updated as necessary.
2.3. Turnover
Turnover represents amounts receivable for grain delivered to market, fuel, used cars, workshop services and rental income net of VAT.
Revenue from the sale of grain, fuel and used cars are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer 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 reliably measured.
Revenue from rental income is recognised when due in accordance with the terms of the tenancy agreement.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Plant & Machinery 10% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% reducing balance
To provide a true and fair view of the company's property portfolio relating to the farm business, no depreciation is provided in respect of freehold land.  The freehold land and buildings stated in note 11 is mostly land and in the opinion of the directors any building depreciation contained therein would be immaterial.
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.
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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2.6. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprise farm chemicals and cultivation, fuel and used cars, and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Harvested grain is measured at its contracted selling price less costs to sell.
Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Key sources of estimation uncertainty
In the application of the entity's accounting policies, management is required to make judgements, estimates, and assumptions about the carrying amounts 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 recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, include:
Fair Value Measurements: When measuring the fair value of an asset or liability, management uses market-observable data to the extent it is available. In some cases, management uses estimations based on recent transaction prices or discounted cash flow models.
Investment properties are held at fair value, based on expert assessment as detailed in note 12, contains an element of estimation uncertainty. The methodology for determining fair value is described more fully in accounting policy 2.5. The carrying amount is £11,922,017 (2023: £11,027,678).
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3. Other Operating Income
2024 2023
£ £
Rental income 50,000 50,000
Other operating income 13,838 148,478
63,838 198,478
4. Operating (Loss)/profit
The operating (loss)/profit is stated after charging:
2024 2023
£ £
Bad debts 19,317 (6,081)
Depreciation of tangible fixed assets 438,268 419,287
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 15,000 -
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,328,962 1,132,135
Social security costs 141,619 119,041
Other pension costs 1,046,802 13,677
2,517,383 1,264,853
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 24 19
Agriculture 15 17
39 36
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8. Directors' remuneration
2024 2023
£ £
Emoluments 648,309 534,351
Company contributions to money purchase pension schemes 1,039,431 3,822
1,687,740 538,173
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 113,702 106,773
Company contributions to defined benefit pension schemes 164,369 920
278,071 107,693
9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 224,805 127,326
224,805 127,326
10. Tax on Profit
The tax (credit)/charge on the (loss)/profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% (59,477 ) 506,134
Prior period adjustment - (94,208 )
(59,477 ) 411,926
Deferred Tax
Deferred taxation 80 1,220,656
Total tax charge for the period (59,397 ) 1,632,582
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax (107,448) 3,438,796
Tax on profit at 25% (UK standard rate) (26,862 ) 653,371
Goodwill/depreciation not allowed for tax 101,489 44,847
Expenses not deductible for tax purposes (34,540 ) -
Capital allowances (67,029 ) (192,084 )
Short term timing differences 80 1,220,656
...CONTINUED
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Research and Development tax credit (51,319 ) -
Prior period adjustment - (94,208 )
Difference in tax rates 18,784 -
Total tax charge for the period (59,397) 1,632,582
11. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 April 2023 25,707,221 2,245,835 2,567,007 156,620 30,676,683
Additions 446,602 124,627 177,150 167 748,546
Disposals - (11,000 ) (82,000 ) - (93,000 )
As at 31 March 2024 26,153,823 2,359,462 2,662,157 156,787 31,332,229
Depreciation
As at 1 April 2023 - 908,856 1,374,666 98,560 2,382,082
Provided during the period - 106,341 326,104 5,823 438,268
Disposals - (4,745 ) (74,817 ) - (79,562 )
As at 31 March 2024 - 1,010,452 1,625,953 104,383 2,740,788
Net Book Value
As at 31 March 2024 26,153,823 1,349,010 1,036,204 52,404 28,591,441
As at 1 April 2023 25,707,221 1,336,979 1,192,341 58,060 28,294,601
12. Investment Property
2024
£
Fair Value
As at 1 April 2023 11,027,678
Additions 756,181
Revaluations 138,158
As at 31 March 2024 11,922,017
Investment property comprise of small warehouse and office units.  The fair value of the investment property is based on a valuation carried out in December 2024 by Green and Co, Chartered surveyors who are not connected with the company.  The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.  The directors believe that at the reporting date the commercial property is of a similar value and is not materially different from the values stated.
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13. Investments
Subsidiaries
£
Cost
As at 1 April 2023 120,000
As at 31 March 2024 120,000
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 120,000
As at 1 April 2023 120,000
Subsidiaries
Details of the company's subsidiaries as at 31 March 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Worters (London) Limited England Ordinary 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
Worters (London) Limited 120,000 -
14. Stocks
2024 2023
£ £
Stock 2,064,430 3,024,832
Materials 193,363 174,357
2,257,793 3,199,189
15. Debtors
2024 2023
£ £
Due within one year
Trade debtors 360,846 575,219
Prepayments and accrued income 687,461 498,060
Other debtors 23,010 540,598
Corporation tax recoverable assets 59,477 -
VAT 66,640 -
1,197,434 1,613,877
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16. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 233,243 629,910
Corporation tax - 506,134
Other taxes and social security 198,061 23,772
VAT - 22,670
Other creditors 113,515 114,631
Accruals and deferred income 280,815 155,520
Directors' loan accounts 50,559 135,088
Amounts owed to subsidiaries 120,000 120,000
996,193 1,707,725
17. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 4,707,529 4,707,449
2024
2023
£
£
Accelerated capital allowances
612,385
646,845
Investment Property
411,397
376,857
Other timing differences
3,683,747
3,683,747
image
image
4,707,529
image
4,707,449
image
18. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 4,707,449 4,707,449
Reversals 80 80
Balance at 31 March 2024 4,707,529 4,707,529
19. Share Capital
2024 2023
Allotted, called up and fully paid £ £
30,000 Ordinary Shares of £ 1.00 each 30,000 30,000
Preference Shares
2024 2023
Allotted, called up and fully paid £ £
1,500,000 Preference Shares of £ 1.00 each 1,500,000 1,500,000
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20. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £1,046,802 (2023: £13,677).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
21. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Christopher Bridle 25,950 35,903 21,152 - 11,199
Ms Caroline Bridle 6,943 31,204 33,359 - 9,098
Mr Clifford Bridle 9,145 29,274 21,715 - 1,586
Mrs Helen Shepherd 17,195 29,738 19,881 - 7,338
Mr William Smith 37,408 43,905 20,217 - 13,720
Mr Ben Smith 29,059 60,813 37,626 - 5,872
Mrs Angela Fowler 3,822 9,076 7,000 - 1,746
The above loans are unsecured, interest free and repayable on demand.
22. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 90,000 90,000
90,000 90,000
23. Post Balance Sheet Events
Non- adjusting post balance sheet events include the sale of 4.8 acres of land and the acquisition of a new investment property.
24. Related Party Disclosures
Rental income of £50,000 includes amounts charged to directors for the use of land and building owned by the entity.
During the period, Ben Smith & Sons (Wantage) Limited paid £1,309 Grove car body repairs for services under normal market conditions. The owner of Grove car body repairs is key managment personel of Ben Smith & Sons (Wantage) Limited.
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