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REGISTERED NUMBER: 02699148 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

WORTON FARMS LIMITED

WORTON FARMS LIMITED (REGISTERED NUMBER: 02699148)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WORTON FARMS LIMITED

Company Information
for the year ended 31 March 2024







DIRECTORS: A Pharaon
B Smith





SECRETARY: A Pharaon





REGISTERED OFFICE: Worton Rectory Farm
Cassington
Oxfordshire
OX29 4SU





REGISTERED NUMBER: 02699148 (England and Wales)





AUDITORS: Camerons Accountancy Consultants Limited
Statutory Auditor
Chartered Accountants
9 Worton Park
Cassington
Witney
Oxfordshire
OX29 4SX

WORTON FARMS LIMITED (REGISTERED NUMBER: 02699148)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 22,327,740 22,133,864
Investment property 6 2,471,657 2,471,657
24,799,397 24,605,521

CURRENT ASSETS
Stocks 16,697 17,210
Debtors 7 809,946 800,772
Cash at bank and in hand 150,790 253,507
977,433 1,071,489
CREDITORS
Amounts falling due within one year 8 724,441 686,889
NET CURRENT ASSETS 252,992 384,600
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,052,389

24,990,121

CREDITORS
Amounts falling due after more than one
year

9

24,989,371

24,881,371

PROVISIONS FOR LIABILITIES 85,242 84,613

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings (23,224 ) 23,137
SHAREHOLDERS' FUNDS (22,224 ) 24,137
25,052,389 24,990,121

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 January 2025 and were signed on its behalf by:





A Pharaon - Director


WORTON FARMS LIMITED (REGISTERED NUMBER: 02699148)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Worton Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis due to the full support given to the company by its parent, who guarantees all the debts of the company.

Turnover and other operating income
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover, other operating income and profit before tax, are attributable to the principal activities of the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Plant and machinery - 12.5% or 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

WORTON FARMS LIMITED (REGISTERED NUMBER: 02699148)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Income recognition
Retail sales are recognised at the date of the transaction with customers, other sales are recognised on an accruals basis.

Other operating income comprises rental income and ancillary sales, net of value added tax where applicable. Rental income is recognised on an accruals basis in accordance with the risks and rewards of the relevant agreements.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 18 ) .

5. TANGIBLE FIXED ASSETS
Improvements Freehold
to land and Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 9,398,948 15,574,115 916,537
Additions 365,334 - 93,963
At 31 March 2024 9,764,282 15,574,115 1,010,500
DEPRECIATION
At 1 April 2023 3,287,781 - 507,328
Charge for year 190,414 - 64,595
At 31 March 2024 3,478,195 - 571,923
NET BOOK VALUE
At 31 March 2024 6,286,087 15,574,115 438,577
At 31 March 2023 6,111,167 15,574,115 409,209

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 15,500 64,678 25,969,778
Additions - - 459,297
At 31 March 2024 15,500 64,678 26,429,075
DEPRECIATION
At 1 April 2023 8,394 32,411 3,835,914
Charge for year 2,485 7,927 265,421
At 31 March 2024 10,879 40,338 4,101,335
NET BOOK VALUE
At 31 March 2024 4,621 24,340 22,327,740
At 31 March 2023 7,106 32,267 22,133,864

WORTON FARMS LIMITED (REGISTERED NUMBER: 02699148)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,471,657
NET BOOK VALUE
At 31 March 2024 2,471,657
At 31 March 2023 2,471,657

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 213,652 209,279
Amounts owed by associates 171,753 136,095
Other debtors 424,541 455,398
809,946 800,772

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 100,561 121,669
Taxation and social security 83,791 64,843
Other creditors 540,089 500,377
724,441 686,889

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 24,989,371 24,881,371

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adam Woolford (Senior Statutory Auditor)
for and on behalf of Camerons Accountancy Consultants Limited

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. ULTIMATE CONTROLLING PARTY

The controlling party is the parent company, Thrift Developments Limited.

WORTON FARMS LIMITED (REGISTERED NUMBER: 02699148)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

14. OPTION PREMIUM ON LEASE

During the 2019 year the company received £400k from a tenant for an option to renew the lease. This lease has a 16 year term and therefore the income has been recognised as follows:

- Capital element of £120k in other income in the year to 31st March 2019.

- Rental element of £280k recognised monthly for the duration of the lease at £17.5k per annum.

At 31st March 2024 deferred income relating to this transaction was £187k.