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Registered number: 00770719
M.L.Wilson and Son Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Behegan Lynes
Accountancy & Taxation Advisers
Bank Chambers
Brook Street
Bishops Waltham
Hampshire
SO32 1AX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 00770719
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,142,248 1,984,640
2,142,248 1,984,640
CURRENT ASSETS
Stocks 5 336,844 455,762
Debtors 6 48,868 86,753
Cash at bank and in hand 239,471 444,993
625,183 987,508
Creditors: Amounts Falling Due Within One Year 7 (211,712 ) (382,786 )
NET CURRENT ASSETS (LIABILITIES) 413,471 604,722
TOTAL ASSETS LESS CURRENT LIABILITIES 2,555,719 2,589,362
PROVISIONS FOR LIABILITIES
Deferred Taxation (143,628 ) (145,088 )
NET ASSETS 2,412,091 2,444,274
CAPITAL AND RESERVES
Called up share capital 10 55,000 55,000
Profit and Loss Account 2,357,091 2,389,274
SHAREHOLDERS' FUNDS 2,412,091 2,444,274
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P M Wilson
Director
27 April 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
M.L.Wilson and Son Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00770719 . The registered office is Lyeway Farm, Ropley, Nr Alresford, Hants, SO24 0DD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents the value of the sale of livestocks and crops to customers, together with government subsidies received in respect of the above.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Land & Buildings 1.5% on cost and Land is not being depreciated
Implements & Machinery 10% on reducing balance
Combine Harvesters, Tractors & Motor Vehicles 20% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Live and dead stock, crops and other stock items are included at valuation, based upon costs incurred. When appropriate, cost includes the estimated cost of production, but will be at the lower of cost and realisable value.
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2.6. Financial Instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.6.1 Debtors
Short term debtors are measured at transaction price, less any impairment.
2.6.2 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.
2.6.3 Creditors
Short term creditors are measured at the transaction price.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
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.
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2.9. Employee benefits
Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Land & Property
Land & Buildings Implements & Machinery Combine Harvesters, Tractors & Motor Vehicles Total
£ £ £ £
Cost
As at 1 August 2023 1,428,374 769,936 872,504 3,070,814
Additions 202,247 44,692 82,500 329,439
Disposals - (48,546 ) (97,582 ) (146,128 )
As at 31 July 2024 1,630,621 766,082 857,422 3,254,125
Depreciation
As at 1 August 2023 207,353 462,641 416,180 1,086,174
Provided during the period 18,243 32,781 89,923 140,947
Disposals - (24,368 ) (90,876 ) (115,244 )
As at 31 July 2024 225,596 471,054 415,227 1,111,877
Net Book Value
As at 31 July 2024 1,405,025 295,028 442,195 2,142,248
As at 1 August 2023 1,221,021 307,295 456,324 1,984,640
Included in cost of land and buildings is freehold land of £414,426 (2023 - £414,426) which is not depreciated.
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Combine Harvesters, Tractors & Motor Vehicles - 161,280
5. Stocks
2024 2023
£ £
Stock 336,844 455,762
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,244 3,730
Other debtors 47,624 83,023
48,868 86,753
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 33,000
Trade creditors 156,432 215,061
Other creditors 47,467 61,895
Taxation and social security 7,813 72,830
211,712 382,786
8. Secured Creditors
Hire purchase loans are secured against the assets purchased. Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 33,000
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 33,000
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
27,334 Ordinary A shares of £ 1.00 each 27,334 27,334
27,666 Ordinary B shares of £ 1.00 each 27,666 27,666
55,000 55,000
11. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Lyeway Farms Limited . The ultimate controlling party is Mr P M Wilson .
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