Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30false2023-10-01falseNo description of principal activity65falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00688872 2023-10-01 2024-09-30 00688872 2022-10-01 2023-09-30 00688872 2024-09-30 00688872 2023-09-30 00688872 2022-10-01 00688872 c:Director2 2023-10-01 2024-09-30 00688872 d:Buildings 2023-10-01 2024-09-30 00688872 d:Buildings 2024-09-30 00688872 d:Buildings 2023-09-30 00688872 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00688872 d:PlantMachinery 2023-10-01 2024-09-30 00688872 d:PlantMachinery 2024-09-30 00688872 d:PlantMachinery 2023-09-30 00688872 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00688872 d:MotorVehicles 2023-10-01 2024-09-30 00688872 d:MotorVehicles 2024-09-30 00688872 d:MotorVehicles 2023-09-30 00688872 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00688872 d:FurnitureFittings 2023-10-01 2024-09-30 00688872 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00688872 d:CurrentFinancialInstruments 2024-09-30 00688872 d:CurrentFinancialInstruments 2023-09-30 00688872 d:Non-currentFinancialInstruments 2024-09-30 00688872 d:Non-currentFinancialInstruments 2023-09-30 00688872 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 00688872 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 00688872 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 00688872 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 00688872 d:ShareCapital 2024-09-30 00688872 d:ShareCapital 2023-09-30 00688872 d:RetainedEarningsAccumulatedLosses 2024-09-30 00688872 d:RetainedEarningsAccumulatedLosses 2023-09-30 00688872 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 00688872 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 00688872 c:FRS102 2023-10-01 2024-09-30 00688872 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 00688872 c:FullAccounts 2023-10-01 2024-09-30 00688872 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 00688872 2 2023-10-01 2024-09-30 00688872 6 2023-10-01 2024-09-30 00688872 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 00688872










WETMORE FARM LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
WETMORE FARM LIMITED
REGISTERED NUMBER: 00688872

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
                                                                    Note
£
£

Fixed assets
  

Tangible assets
 4 
1,549,743
1,600,889

Investments
 5 
36
36

  
1,549,779
1,600,925

Current assets
  

Stocks
 6 
194,029
113,962

Debtors: amounts falling due within one year
 7 
56,322
77,834

Cash at bank and in hand
 8 
137,893
104,449

  
388,244
296,245

Creditors: amounts falling due within one year
 9 
(535,248)
(664,715)

Net current liabilities
  
 
 
(147,004)
 
 
(368,470)

Total assets less current liabilities
  
1,402,775
1,232,455

Creditors: amounts falling due after more than one year
 10 
(180,998)
(401,265)

Provisions for liabilities
  

Deferred tax
 11 
(148,867)
(143,082)

  
 
 
(148,867)
 
 
(143,082)

Net assets
  
1,072,910
688,108


Capital and reserves
  

Called up share capital 
  
5,000
5,000

Profit and loss account
  
1,067,910
683,108

  
1,072,910
688,108


Page 1

 
WETMORE FARM LIMITED
REGISTERED NUMBER: 00688872
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 profit and loss account 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: 




J R Calvert
Director

Date: 20 June 2025

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

Page 2

 
WETMORE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Wetmore Farm Limited (company number 00688872) is a private limited company, limited by shares
incorporated in England and Wales, with its registered office and principal place of business at Wetmore
Farm, Onibury, Craven Arms, Shropshire. SY7 9BH.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has net current liabilities. The directors have confirmed that they will continue to
support the operations of the Company for the forseeable future to enable it to continue as a going
concern.

 
2.3

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.

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

Page 3

 
WETMORE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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 benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 4

 
WETMORE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.10

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

 
WETMORE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)



Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, and is provided on the following basis.


Freehold property
-
5%
straight line
Tractors, plant & machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Poultry equipment
-
25%
reducing balance

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.

Within the freehold property capital expenditure relating to the cottages has had the accountancy policy updated so that the assets are now depreciated at a basis of 5% straight line. In line with all freehold property held within that class.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

Page 6

 
WETMORE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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.

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 5).

Page 7

 
WETMORE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 October 2023
2,210,378
898,161
4,100
3,112,639


Additions
-
85,916
-
85,916



At 30 September 2024

2,210,378
984,077
4,100
3,198,555



Depreciation


At 1 October 2023
932,798
575,116
3,836
1,511,750


Charge for the year on owned assets
63,879
73,117
66
137,062



At 30 September 2024

996,677
648,233
3,902
1,648,812



Net book value



At 30 September 2024
1,213,701
335,844
198
1,549,743



At 30 September 2023
1,277,580
323,045
264
1,600,889

Within the freehold property capital expenditure relating to the cottages has had the accountancy policy updated so that the assets are now depreciated at a basis of 5% straight line. In line with all freehold property held within that class.


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 October 2023
36



At 30 September 2024
36




Page 8

 
WETMORE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Stocks

2024
2023
£
£

Stock
194,029
113,962

194,029
113,962



7.


Debtors

2024
2023
£
£


Trade debtors
-
52,410

VAT repayable
27,897
8,489

Loans to connected parties
18,375
-

Prepayments and accrued income
10,050
16,935

56,322
77,834



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
137,893
104,449

137,893
104,449


Page 9

 
WETMORE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
209,387
305,506

Trade creditors
73,823
93,104

Corporation tax
68,431
157,809

Other taxation and social security
4,660
1,497

Directors' loan account
173,272
101,454

Accruals and deferred income
5,675
5,345

535,248
664,715


The following liabilities were secured:

2024
2023
£
£



Loans and overdrafts
209,387
305,506

209,387
305,506

Details of security provided:

The amount of £10,340 included in creditors due within one year is subject to a UK Government
guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the
British Business Bank on behalf of and with the financial backing of the Secretary of State for Business,
Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.
The remainder of the bank loans balance due within one year, are secured on fixed and floating charges over all assets held by the company.

Page 10

 
WETMORE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
180,998
401,265

180,998
401,265


The following liabilities were secured:

2024
2023
£
£



Loans
180,998
401,265

180,998
401,265

Details of security provided:

The amount of £7,022 included in creditors due after one year is subject to a UK Government
guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the
British Business Bank on behalf of and with the financial backing of the Secretary of State for Business,
Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.
The remainder of the bank loans balance due after one year, are secured on fixed and floating charges over all assets held by the company.

Page 11

 
WETMORE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(143,082)
(118,803)


Charged to profit or loss
(5,785)
(24,279)



At end of year
(148,867)
(143,082)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(148,867)
(143,082)

(148,867)
(143,082)


12.


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 £2,924 (2023 - £2,238). Contributions totalling £846 (2023 - £453) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

The company paid rent of £48,000 (2023: £48,000) per annum to the Director for the rental of Farmland, cottages, clinic buildings, poultry and farm buildings.
During the year, the company operated a loan account with a Director. As at 30 September 2024, there was a sum of £174,424 (2023: £122,671) payable to the Director by the Company. 
During the year, the Company operated a loan account with a shareholder (non-Director). As at 30 September 2024, there was a sum of £9,252 (2023: £673) payable to the Company by the shareholder. 
During the year, the Company operated a loan account with a second shareholder (non-Director). As at 30 September 2024, there was a sum of £9,123 (2023: £1,282 payable to the shareholder) payable to the Company by the shareholder. 
 

 
Page 12