Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity82023-07-01false8falsetrue 03671358 2023-07-01 2024-06-30 03671358 2022-07-01 2023-06-30 03671358 2024-06-30 03671358 2023-06-30 03671358 c:Director1 2023-07-01 2024-06-30 03671358 c:Director2 2023-07-01 2024-06-30 03671358 c:Director3 2023-07-01 2024-06-30 03671358 d:Buildings 2023-07-01 2024-06-30 03671358 d:Buildings 2024-06-30 03671358 d:Buildings 2023-06-30 03671358 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03671358 d:Buildings d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 03671358 d:PlantMachinery 2023-07-01 2024-06-30 03671358 d:PlantMachinery 2024-06-30 03671358 d:PlantMachinery 2023-06-30 03671358 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03671358 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 03671358 d:MotorVehicles 2023-07-01 2024-06-30 03671358 d:MotorVehicles 2024-06-30 03671358 d:MotorVehicles 2023-06-30 03671358 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03671358 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 03671358 d:FurnitureFittings 2023-07-01 2024-06-30 03671358 d:FurnitureFittings 2024-06-30 03671358 d:FurnitureFittings 2023-06-30 03671358 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03671358 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 03671358 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03671358 d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 03671358 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 03671358 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 03671358 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 03671358 d:CurrentFinancialInstruments 2024-06-30 03671358 d:CurrentFinancialInstruments 2023-06-30 03671358 d:Non-currentFinancialInstruments 2024-06-30 03671358 d:Non-currentFinancialInstruments 2023-06-30 03671358 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 03671358 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03671358 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 03671358 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 03671358 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 03671358 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 03671358 d:ShareCapital 2024-06-30 03671358 d:ShareCapital 2023-06-30 03671358 d:RetainedEarningsAccumulatedLosses 2024-06-30 03671358 d:RetainedEarningsAccumulatedLosses 2023-06-30 03671358 c:FRS102 2023-07-01 2024-06-30 03671358 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 03671358 c:FullAccounts 2023-07-01 2024-06-30 03671358 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03671358 d:WithinOneYear 2024-06-30 03671358 d:WithinOneYear 2023-06-30 03671358 d:HirePurchaseContracts d:WithinOneYear 2024-06-30 03671358 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 03671358 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-06-30 03671358 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 03671358 2 2023-07-01 2024-06-30 03671358 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 03671358 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03671358 d:OtherDeferredTax 2024-06-30 03671358 d:OtherDeferredTax 2023-06-30 03671358 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-06-30 03671358 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-30 03671358 d:LeasedAssetsHeldAsLessee 2024-06-30 03671358 d:LeasedAssetsHeldAsLessee 2023-06-30 03671358 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 03671358













ROOKERY FARM (WALCOTT) LTD


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
ROOKERY FARM (WALCOTT) LTD
REGISTERED NUMBER:03671358

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,720,841
4,300,621

  
4,720,841
4,300,621

Current assets
  

Stocks
  
1,259,055
1,058,012

Debtors: amounts falling due within one year
 6 
1,939,129
1,088,664

Cash at bank and in hand
  
718,549
409,494

  
3,916,733
2,556,170

Creditors: amounts falling due within one year
 7 
(959,537)
(486,142)

Net current assets
  
 
 
2,957,196
 
 
2,070,028

Total assets less current liabilities
  
7,678,037
6,370,649

Creditors: amounts falling due after more than one year
 8 
(697,816)
(768,760)

Provisions for liabilities
  

Deferred tax
 11 
(764,648)
(605,061)

  
 
 
(764,648)
 
 
(605,061)

Net assets
  
6,215,573
4,996,828


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
6,215,473
4,996,728

  
6,215,573
4,996,828


Page 1

 
ROOKERY FARM (WALCOTT) LTD
REGISTERED NUMBER:03671358
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T W Love
H E Love
Director
Director



W T Love
Director





Date: 14 March 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ROOKERY FARM (WALCOTT) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Rookery Farm (Walcott) Limited is a private company limited by shares incorporated in England and Wales, registration number 03671358. The registered office is The Chimneys, Walcott, Norfolk, NR12 0NW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
ROOKERY FARM (WALCOTT) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
ROOKERY FARM (WALCOTT) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
ROOKERY FARM (WALCOTT) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Plant & machinery
-
15% reducing balance/4% straight line
Motor vehicles
-
25% reducing balance
Property Improvements
-
10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
ROOKERY FARM (WALCOTT) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).


4.


Intangible assets




Entitlements

£





At 1 July 2023
22,061


Disposals
(22,061)



At 30 June 2024

-





At 1 July 2023
22,061


On disposals
(22,061)



At 30 June 2024

-



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 7

 
ROOKERY FARM (WALCOTT) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Property improve-ments
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
1,871,043
5,550,465
32,121
47,130
7,500,759


Additions
-
1,016,506
18,000
32,136
1,066,642


Disposals
-
(457,277)
-
-
(457,277)



At 30 June 2024

1,871,043
6,109,694
50,121
79,266
8,110,124



Depreciation


At 1 July 2023
-
3,128,620
24,388
47,130
3,200,138


Charge for the year on owned assets
-
301,657
6,433
3,213
311,303


Charge for the year on financed assets
-
184,362
-
-
184,362


Disposals
-
(306,520)
-
-
(306,520)



At 30 June 2024

-
3,308,119
30,821
50,343
3,389,283



Net book value



At 30 June 2024
1,871,043
2,801,575
19,300
28,923
4,720,841



At 30 June 2023
1,871,043
2,421,845
7,733
-
4,300,621

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,044,719
803,340

1,044,719
803,340

Page 8

 
ROOKERY FARM (WALCOTT) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Trade debtors
934,923
350,453

Other debtors
1,004,206
738,211

1,939,129
1,088,664



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
86,014
78,933

Trade creditors
267,025
125,999

Corporation tax
247,409
16,806

Obligations under finance lease and hire purchase contracts
319,371
225,452

Other creditors
1,579
1,569

Accruals and deferred income
38,139
37,383

959,537
486,142


Page 9

 
ROOKERY FARM (WALCOTT) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
541,566
630,427

Net obligations under finance leases and hire purchase contracts
156,250
138,333

697,816
768,760


The following liabilities were secured:




Details of security provided:

The bank loan amounting to £627,580 (2023: £709,360) is secured by guarantee dated 9 March 2020 from T W Love. 

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2024
2023
£
£


Repayable by instalments
284,090
276,378

284,090
276,378

Repayments are made monthly with the final repayment date being 120 months after the date the loan was borrowed, the rate of interest applicable is base rate plus 1.49% per annum. 

Page 10

 
ROOKERY FARM (WALCOTT) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
86,014
78,933


86,014
78,933

Amounts falling due after one year

Bank loans
541,566
630,427


541,566
630,427



627,580
709,360



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
319,371
225,453

Between 1-5 years
156,250
138,333

475,621
363,786

The net obligations under finance leases and hire purchase contracts are secured on the assets concerned.

Page 11

 
ROOKERY FARM (WALCOTT) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Deferred taxation




2024


£






At beginning of year
(605,061)


Charged to profit or loss
(159,587)



At end of year
(764,648)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(751,912)
(593,457)

Short term timing differences
(12,736)
(11,604)

(764,648)
(605,061)


12.


Transactions with directors

There is a trading account with Walcott Farms, a business run by the directors.  At 30th June 2024 the balnce owed by Walcott Farms is £907,378 (2023: £731,633).


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,126 (2023 - £3,547). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors.


14.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
356,285
273,346

356,285
273,346


Page 12