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Walston Poultry Farm Limited

Annual Report and Unaudited Financial Statements
Period from 1 May 2023 to 30 June 2024

Registration number: 00705559

 

Walston Poultry Farm Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Walston Poultry Farm Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

34,353

56,404

Current assets

 

Stocks

5

1,276,403

1,263,429

Debtors

6

2,751,758

1,891,419

Cash at bank and in hand

 

4,463,399

5,181,550

 

8,491,560

8,336,398

Creditors: Amounts falling due within one year

7

(55,902)

(31,136)

Net current assets

 

8,435,658

8,305,262

Net assets

 

8,470,011

8,361,666

Capital and reserves

 

Called up share capital

8

3,269,050

3,269,050

Capital redemption reserve

4,282

4,282

Profit and loss account

5,196,679

5,088,334

Shareholders' funds

 

8,470,011

8,361,666

 

Walston Poultry Farm Limited

Balance Sheet

30 June 2024

For the financial period 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 period 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................
Mr I G Friend
Director

.........................................
Mrs S Friend
Director

 
     

Company Registration Number: 00705559

 

Walston Poultry Farm Limited

Notes to the Unaudited Financial Statements

Period from 1 May 2023 to 30 June 2024

1

General information

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

The address of its registered office is:
East Down Barn
East Down
Blandford Forum
Dorset
DT11 9AS

These financial statements were authorised for issue by the Board on 25 March 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

 

Walston Poultry Farm Limited

Notes to the Unaudited Financial Statements

Period from 1 May 2023 to 30 June 2024

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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

No depreciation

Agricultural equipment

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

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 stocks 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.

 

Walston Poultry Farm Limited

Notes to the Unaudited Financial Statements

Period from 1 May 2023 to 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 3).

 

Walston Poultry Farm Limited

Notes to the Unaudited Financial Statements

Period from 1 May 2023 to 30 June 2024

4

Tangible assets

Agricultural equipment
£

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 May 2023

82,833

123,733

55,407

261,973

Disposals

(31,516)

(34,422)

(36,849)

(102,787)

At 30 June 2024

51,317

89,311

18,558

159,186

Depreciation

At 1 May 2023

47,258

112,322

45,989

205,569

Charge for the period

5,515

2,816

570

8,901

Eliminated on disposal

(24,136)

(34,264)

(31,237)

(89,637)

At 30 June 2024

28,637

80,874

15,322

124,833

Carrying amount

At 30 June 2024

22,680

8,437

3,236

34,353

At 30 April 2023

35,575

11,411

9,418

56,404

 

Walston Poultry Farm Limited

Notes to the Unaudited Financial Statements

Period from 1 May 2023 to 30 June 2024

5

Stocks

2024
£

2023
£

Work in progress

1,276,403

1,263,429

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

3,540

Amounts owed by group undertakings

9

1,735,775

1,666,859

Prepayments

 

3,059

5,719

Other debtors

 

1,012,924

215,301

 

2,751,758

1,891,419

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,826

16,655

Taxation and social security

41,454

2,313

Accruals and deferred income

10,622

12,168

55,902

31,136

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

3,269,050

3,269,050

3,269,050

3,269,050

       
 

Walston Poultry Farm Limited

Notes to the Unaudited Financial Statements

Period from 1 May 2023 to 30 June 2024

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr I G Friend

Advances and repayments including interest at HMRC official rate

(575)

(1,001,651)

120,026

(882,200)

2023

At 1 May 2022
£

At 30 April 2023
£

Mr I G Friend

Advances and repayments including interest at HMRC official rate

(575)

(575)

Advances made to the director during the year ended 30 June 2024 totalled £1,001,651 (2023: £nil), and £120,026 (2023: £nil) has been repaid during the year. As at 30 June 2024, the amount due to the company was £882,200 (2023: £575).

Interest is charged on the loan at HMRC's official rate of interest, and the loan is repayable on demand.

Summary of transactions with other related parties

Included in other debtors is a loan of £1,735,775 (2023 - £1,666,859) due from a company in which the director is also a director. The loan is interest free and repayable on demand.