Wick Farm Ltd 01744823 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is farming. Digita Accounts Production Advanced 6.30.9574.0 true true 01744823 2023-07-01 2024-06-30 01744823 2024-06-30 01744823 core:CurrentFinancialInstruments 2024-06-30 01744823 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 01744823 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 01744823 core:LandBuildings 2024-06-30 01744823 core:OtherPropertyPlantEquipment 2024-06-30 01744823 bus:SmallEntities 2023-07-01 2024-06-30 01744823 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 01744823 bus:FilletedAccounts 2023-07-01 2024-06-30 01744823 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 01744823 bus:RegisteredOffice 2023-07-01 2024-06-30 01744823 bus:CompanySecretaryDirector2 2023-07-01 2024-06-30 01744823 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01744823 core:ComputerEquipment 2023-07-01 2024-06-30 01744823 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 01744823 core:LandBuildings 2023-07-01 2024-06-30 01744823 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 01744823 countries:England 2023-07-01 2024-06-30 01744823 2023-06-30 01744823 core:LandBuildings 2023-06-30 01744823 core:OtherPropertyPlantEquipment 2023-06-30 01744823 2022-07-01 2023-06-30 01744823 2023-06-30 01744823 core:CurrentFinancialInstruments 2023-06-30 01744823 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 01744823 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 01744823 core:LandBuildings 2023-06-30 01744823 core:OtherPropertyPlantEquipment 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 01744823

Wick Farm Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Wick Farm Ltd
(Registration number: 01744823)

Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,548,798

1,438,781

Investments

50

50

 

1,548,848

1,438,831

Current assets

 

Stocks

203,099

204,916

Debtors

5

263,054

287,932

Cash at bank and in hand

 

127,731

172,951

 

593,884

665,799

Creditors: Amounts falling due within one year

6

(189,183)

(237,841)

Net current assets

 

404,701

427,958

Total assets less current liabilities

 

1,953,549

1,866,789

Creditors: Amounts falling due after more than one year

6

(40,093)

(47,758)

Provisions for liabilities

(145,389)

(91,300)

Net assets

 

1,768,067

1,727,731

Capital and reserves

 

Called up share capital

7,550

7,550

Revaluation reserve

408,386

408,386

Profit and loss account

1,352,131

1,311,795

Shareholders' funds

 

1,768,067

1,727,731

 

Wick Farm Ltd
(Registration number: 01744823)

Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 February 2025 and signed on its behalf by:
 

.........................................
A J d'Angibau
Company secretary and director

 

Wick Farm Ltd
(Registration number: 01744823)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wick Farm
New Road
Aldham
Colchester
Essex
CO6 3QY
England

These financial statements were authorised for issue by the Board on 17 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Wick Farm Ltd
(Registration number: 01744823)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

nil or 4% straight line

Computer equipment

33.3% reducing balance

Fixtures, fittings, tools and equipment

10% - 33.3% straight line, 10% - 33.3% reducing balance

Intangible assets

Intangible assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Investments

Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Wick Farm Ltd
(Registration number: 01744823)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Wick Farm Ltd
(Registration number: 01744823)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Wick Farm Ltd
(Registration number: 01744823)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

1,101,576

1,131,409

2,232,985

Additions

-

249,550

249,550

Disposals

-

(140,000)

(140,000)

At 30 June 2024

1,101,576

1,240,959

2,342,535

Depreciation

At 1 July 2023

143,319

650,885

794,204

Charge for the year

7,674

73,486

81,160

Eliminated on disposal

-

(81,627)

(81,627)

At 30 June 2024

150,993

642,744

793,737

Carrying amount

At 30 June 2024

950,583

598,215

1,548,798

At 30 June 2023

958,257

480,524

1,438,781

Revaluation

Included in Land and buildings is property which cost £304,114. The company directors revalued this in 1998 to £712,500. They consider the open market value at 30 June 2024 to be in excess of the carrying value in the accounts.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £542,197 (2023 - £549,870).

5

Debtors

Current

2024
£

2023
£

Trade debtors

 

48,505

92,699

Amounts owed by related parties

184,745

182,186

Prepayments

 

12,575

11,771

Other debtors

 

17,229

1,276

   

263,054

287,932

 

Wick Farm Ltd
(Registration number: 01744823)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

72,802

75,855

Trade creditors

 

78,022

110,959

Taxation and social security

 

-

17,522

Accruals and deferred income

 

38,359

33,505

 

189,183

237,841

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

40,093

47,758