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REGISTERED NUMBER: 03241005 (England and Wales)


















Unaudited Financial Statements for the Year Ended 30th September 2024

for

Nafferton Wold Farms Limited

Nafferton Wold Farms Limited (Registered number: 03241005)






Contents of the Financial Statements
for the year ended 30th September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Nafferton Wold Farms Limited

Company Information
for the year ended 30th September 2024







DIRECTORS: Mrs C B Dewhirst
Mr J W Dewhirst
Mr R J Dewhirst
Mr A J T Dewhirst
Mr B D E Dewhirst





SECRETARY: Mrs C B Dewhirst





REGISTERED OFFICE: Field House
Scarborough Road
Driffield
East Yorkshire
YO25 5UY





REGISTERED NUMBER: 03241005 (England and Wales)





ACCOUNTANTS: Smailes Goldie Limited
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Nafferton Wold Farms Limited (Registered number: 03241005)

Balance Sheet
30th September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,405,490 3,913,962
4,405,490 3,913,962

CURRENT ASSETS
Stocks 430,553 386,074
Debtors 6 5,675,070 5,186,210
Investments 7 13 13
Cash at bank 481,474 105,304
6,587,110 5,677,601
CREDITORS
Amounts falling due within one year 8 1,692,319 1,265,766
NET CURRENT ASSETS 4,894,791 4,411,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,300,281

8,325,797

CREDITORS
Amounts falling due after more than one
year

9

(2,101,597

)

(2,043,041

)

PROVISIONS FOR LIABILITIES (257,198 ) (163,299 )
NET ASSETS 6,941,486 6,119,457

CAPITAL AND RESERVES
Called up share capital 1,534,000 1,534,000
Retained earnings 5,407,486 4,585,457
SHAREHOLDERS' FUNDS 6,941,486 6,119,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Nafferton Wold Farms Limited (Registered number: 03241005)

Balance Sheet - continued
30th September 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th June 2025 and were signed on its behalf by:





Mr J W Dewhirst - Director


Nafferton Wold Farms Limited (Registered number: 03241005)

Notes to the Financial Statements
for the year ended 30th September 2024

1. STATUTORY INFORMATION

Nafferton Wold Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historic cost convention.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover is recognised when the economic risks and rewards pass to third parties.

Intangible assets
Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. At the reporting date, the entitlements had been fully amortised. The Basic Payment Scheme commenced in 2015 and ceased during the 2022 year end accounting period.

Entitlements acquired via the ownership of existing land, and therefore having no cost, have been revalued to fair value on the transition to FRS 102 and amortised over their expected useful life, in accordance with the above period of benefit expected from the Basic Payment Scheme.

Provision is made for any impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land- nil
Buildings- 4% on cost
Plant and machinery etc- between 3 and 10 years

Stocks
Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.

Current & deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities and other future taxable profits.

Nafferton Wold Farms Limited (Registered number: 03241005)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
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.

Government grants
The company receives government grants in respect of the Basic Payment Scheme, under the Common Agricultural Policy. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

Government grants received in respect of fixed assets are released to the profit and loss account in equal annual amounts over the estimated useful economic lives of the specific asset they relate to.

Other government grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate to.

Investments
Unlisted investments are recognised at cost less any provision for impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st October 2023 14,408
Disposals (14,408 )
At 30th September 2024 -
AMORTISATION
At 1st October 2023 14,408
Eliminated on disposal (14,408 )
At 30th September 2024 -
NET BOOK VALUE
At 30th September 2024 -
At 30th September 2023 -

Nafferton Wold Farms Limited (Registered number: 03241005)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

5. TANGIBLE FIXED ASSETS
Freehold Long
property leasehold Equipment Totals
£    £    £    £   
COST
At 1st October 2023 3,015,629 466,733 2,881,640 6,364,002
Additions 404,493 - 359,178 763,671
Disposals - - (4,650 ) (4,650 )
At 30th September 2024 3,420,122 466,733 3,236,168 7,123,023
DEPRECIATION
At 1st October 2023 358,270 230,859 1,860,911 2,450,040
Charge for year 83,237 18,619 169,168 271,024
Eliminated on disposal - - (3,531 ) (3,531 )
At 30th September 2024 441,507 249,478 2,026,548 2,717,533
NET BOOK VALUE
At 30th September 2024 2,978,615 217,255 1,209,620 4,405,490
At 30th September 2023 2,657,359 235,874 1,020,729 3,913,962

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 223,257 144,820
Other debtors 89,232 194,611
Amounts owed by connected
companies 2,075,273 1,393,060
Prepayments and accrued income 213,541 245,173
2,601,303 1,977,664

Amounts falling due after more than one year:
Amounts owed by connected
companies 3,073,767 3,208,546
3,073,767 3,208,546

Aggregate amounts 5,675,070 5,186,210

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 13 13

Nafferton Wold Farms Limited (Registered number: 03241005)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 192,466 249,728
Trade creditors 474,698 582,017
Tax 70,797 96
Other creditors 759,916 377,921
Accruals and deferred income 194,442 56,004
1,692,319 1,265,766

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 167,226 301,980
Bank loans - 2-5 years 474,395 660,965
Bank loans over 5 years 1,459,976 1,080,096
2,101,597 2,043,041

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 1,459,976 1,080,096

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 16,839 16,839
Between one and five years 4 4
In more than five years 3 4
16,846 16,847

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,294,063 2,292,769

The loans are secured against all current and future assets that the company holds.

12. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 374,069

Nafferton Wold Farms Limited (Registered number: 03241005)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

13. RELATED PARTY DISCLOSURES

Other related parties

2024 2023
£    £   
Amounts due from related parties 4,215,049 4,561,496