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REGISTERED NUMBER: 00999981 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

W S FURNIVAL LIMITED

W S FURNIVAL LIMITED (REGISTERED NUMBER: 00999981)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


W S FURNIVAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S Furnival Esq
D S Furnival Esq





SECRETARY: S Furnival Esq





REGISTERED OFFICE: Invicta Business Centre
Monument Way
Orbital Park
Ashford
Kent
TN24 0HB





BUSINESS ADDRESS: Honeychild Manor Farm
St Mary in the Marsh
Romney Marsh
Kent
TN29 0DB





REGISTERED NUMBER: 00999981 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Invicta Business Centre
Monument Way
Orbital Park
Ashford
Kent
TN24 0HB

W S FURNIVAL LIMITED (REGISTERED NUMBER: 00999981)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - 760
Tangible assets 6 2,607,196 2,316,613
2,607,196 2,317,373

CURRENT ASSETS
Stocks 1,435,796 1,534,437
Debtors 7 219,886 698,746
Cash at bank 304,538 48
1,960,220 2,233,231
CREDITORS
Amounts falling due within one year 8 318,835 612,887
NET CURRENT ASSETS 1,641,385 1,620,344
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,248,581

3,937,717

CREDITORS
Amounts falling due after more than one
year

9

(246,063

)

(108,078

)

PROVISIONS FOR LIABILITIES (317,556 ) (310,098 )
NET ASSETS 3,684,962 3,519,541

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Retained earnings 3,674,962 3,509,541
SHAREHOLDERS' FUNDS 3,684,962 3,519,541

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

W S FURNIVAL LIMITED (REGISTERED NUMBER: 00999981)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2024 and were signed on its behalf by:





D S Furnival Esq - Director


W S FURNIVAL LIMITED (REGISTERED NUMBER: 00999981)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

W S Furnival 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents net invoiced sales of goods and services excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property- 2% on a straight line basis (none provided on land)
Improvements to property- 10% on a reducing balance basis
Plant and machinery- 15% on a reducing balance basis
Motor vehicles- 25% on a reducing balance basis
Tractors and combines- 25% on a reducing balance basis

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

Produce in store is valued at cost of production.Consumable stores are valued at cost. Growing crops and cultivations are calculated as the value of work done in land preparation planting fertilising and spraying plus the variable costs of input.

Livestock is valued at deemed cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

W S FURNIVAL LIMITED (REGISTERED NUMBER: 00999981)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and are depreciated over their useful lives The interest element of these obligations is charged to the profit and loss account over the relevant period and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits
Contributions were paid into a scheme set up for auto enrolment and into the company's self administered pension scheme during the year.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 16 ) .

5. INTANGIBLE FIXED ASSETS
Single
farm
Milk payment
Quota entitlements Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 485,497 46,483 531,980
AMORTISATION
At 1 April 2023 485,497 45,723 531,220
Amortisation for year - 760 760
At 31 March 2024 485,497 46,483 531,980
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - 760 760

6. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 1,104,446 705,427 1,840,294
Additions 242,597 - 59,681
Disposals - - (25,850 )
At 31 March 2024 1,347,043 705,427 1,874,125
DEPRECIATION
At 1 April 2023 96,000 578,787 1,174,083
Charge for year 4,000 12,754 103,127
Eliminated on disposal - - (15,447 )
At 31 March 2024 100,000 591,541 1,261,763
NET BOOK VALUE
At 31 March 2024 1,247,043 113,886 612,362
At 31 March 2023 1,008,446 126,640 666,211

W S FURNIVAL LIMITED (REGISTERED NUMBER: 00999981)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TANGIBLE FIXED ASSETS - continued

Tractors
Motor and
vehicles combines Totals
£    £    £   
COST
At 1 April 2023 95,074 997,382 4,742,623
Additions 28,600 312,750 643,628
Disposals (19,645 ) (130,000 ) (175,495 )
At 31 March 2024 104,029 1,180,132 5,210,756
DEPRECIATION
At 1 April 2023 54,767 522,373 2,426,010
Charge for year 15,820 150,652 286,353
Eliminated on disposal (18,200 ) (75,156 ) (108,803 )
At 31 March 2024 52,387 597,869 2,603,560
NET BOOK VALUE
At 31 March 2024 51,642 582,263 2,607,196
At 31 March 2023 40,307 475,009 2,316,613

The net book value of tangible fixed assets includes £429,943 in respect of assets held under hire purchase contracts (2023 £367,191)

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 163,417 628,522
Other debtors 56,469 70,224
219,886 698,746

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,000 261,137
Hire purchase contracts 127,017 61,342
Trade creditors 70,996 172,333
Taxation and social security 74,262 102,824
Other creditors 26,560 15,251
318,835 612,887

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 123,334 60,832
Hire purchase contracts 122,729 47,246
246,063 108,078

W S FURNIVAL LIMITED (REGISTERED NUMBER: 00999981)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 246,641
Bank loans 143,334 75,328
Hire purchase contracts 249,746 108,588
393,080 430,557

The bank loans are secured by personal assets and a guarantee given by one of the directors, in addition to company assets.

The liabilities in respect of hire purchase contracts and finance leases are secured against the particular assets concerned.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,100 "A" Ordinary
(voting and non voting) £1 5,100 5,100
4,900 "B" Ordinary
(voting and non voting) £1 4,900 4,900
10,000 10,000