| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| FOR |
| P.S. & J.E. WARD LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| FOR |
| P.S. & J.E. WARD LTD |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| P.S. & J.E. WARD LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Tax Consultants |
| 27-29 Old Market |
| Wisbech |
| Cambridgeshire |
| PE13 1NE |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| BALANCE SHEET |
| 29 SEPTEMBER 2024 |
| 29.9.24 | 29.9.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| BALANCE SHEET - continued |
| 29 SEPTEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| P.S. & J.E. Ward Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The directors have carefully considered the going concern assumption on the basis of financial projections and the factors outlined below. The directors have considered financial projections based upon known orders, existing contracts and historic demand for cut flowers. These forecasts indicate that provided the company has facilities at a similar level to those of the current year, then with the continued support of its creditors and HMRC, the company will generate sufficient cash resources to meet its liabilities as they fall due over the 12 month period from the date of approval of the financial statements. |
| The company is in discussions with its current bankers as well as alternative providers to refinance the business over the coming months. The directors are confident that the required facilities will be secured and accordingly continue to adopt the going concern basis in preparing the financial statements. |
| At the balance sheet date the company's net current liabilities were £1,187,660. |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements. |
| Depreciation |
| Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed on an annual basis and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of asset and projected disposal values. |
| In determining whether there are indicators of impairment of the company's tangible assets, the directors consider the economic viability and expected future financial performance of assets. |
| Stock |
| Stock is recognised at the lower of cost and net realisable value in relation to new materials and growing crops. Included in the stock figure are growing crops that have been calculated at amortised cost at the balance sheet date based upon the stage of crop development. |
| The company grows tulip bulbs to produce seed as well as for forcing to produce cut flowers. The amortised cost associated with the resultant seed production is allocated between the seed that is replanted and that which is used for forcing on a weight basis of the bulbs produced. |
| With regard to daffodils these are a perennial crop that produce flowers for more than two years. The first years costs of establishment are treated as the stock figure of the daffodil crop which is then considered for impairment on an annual basis. The costs associated with the maintenance of this crop are treated as an expense as they are incurred and matched to the flowers being produced. |
| Cut flowers ready for sale have been included in stock at a valuation of selling price less further costs to be incurred. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such costs include costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value of each asset on a systematic basis over its expected useful life as follows: |
| Freehold property | 4% on cost |
| Plant and machinery | 20% on reducing balance and 5% on cost |
| Tractors | 25% on reducing balance |
| Motor vehicles | 25% on reducing balance |
| Office equipment | 25% to 33% on reducing balance |
| Land and buildings are measured using the revaluation model less any subsequent accumulated depreciation. |
| Tangible fixed assets are not depreciated until the asset is available for use. |
| The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable, and are written down immediately to their recoverable amount. |
| An item of tangible fixed assets is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Income Statement when the asset is derecognised. |
| The residual values, useful lives and methods of depreciation of tangible fixed assets are reviewed at each financial year end and adjusted prospectively, if appropriate. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Further details are detailed in the significant judgements and estimations section of the accounting policies above. |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the Balance Sheet date. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the Income Statement in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate or foreign exchange derivatives. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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 or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and |
| property | machinery | Tractors |
| £ | £ | £ |
| COST OR VALUATION |
| At 30 September 2023 |
| Additions |
| Disposals | ( |
) |
| Transfer | 1,539,077 | (1,539,077 | ) | - |
| Revaluation | ( |
) |
| At 29 September 2024 |
| DEPRECIATION |
| At 30 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Transfer | 1,174,566 | (1,174,566 | ) | - |
| Revaluation | ( |
) |
| At 29 September 2024 |
| NET BOOK VALUE |
| At 29 September 2024 |
| At 29 September 2023 |
| Motor | Office |
| vehicles | Equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 30 September 2023 |
| Additions |
| Disposals | ( |
) |
| Transfer | - | - | - |
| Revaluation | ( |
) |
| At 29 September 2024 |
| DEPRECIATION |
| At 30 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Transfer | - | - | - |
| Revaluation | ( |
) |
| At 29 September 2024 |
| NET BOOK VALUE |
| At 29 September 2024 |
| At 29 September 2023 |
| Included in cost or valuation of land and buildings is freehold land of £ 1,010,000 (2023 - £ 1,010,000 ) which is not depreciated. |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 29 September 2024 is represented by: |
| Freehold | Plant and |
| property | machinery | Tractors |
| £ | £ | £ |
| Valuation in 2024 | 3,279,000 | - | - |
| Cost | - | 2,668,526 | 658,929 |
| 3,279,000 | 2,668,526 | 658,929 |
| Motor | Office |
| vehicles | Equipment | Totals |
| £ | £ | £ |
| Valuation in 2024 | - | - | 3,279,000 |
| Cost | 100,043 | 25,942 | 3,453,440 |
| 100,043 | 25,942 | 6,732,440 |
| If freehold property had not been revalued it would have been included at the following historical cost: |
| 29.9.24 | 29.9.23 |
| £ | £ |
| Cost | 3,266,296 | 1,727,219 |
| Aggregate depreciation | 1,690,044 | 465,339 |
| Value of land in freehold land and buildings | 474,340 | 474,340 |
| Freehold property was valued on an open market basis on 30 September 2024 by the directors. . |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | Tractors | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 30 September 2023 |
| Transfer to ownership | (192,223 | ) | (95,002 | ) | - | (287,225 | ) |
| At 29 September 2024 |
| DEPRECIATION |
| At 30 September 2023 |
| Charge for year |
| Transfer to ownership | (121,809 | ) | (42,678 | ) | - | (164,487 | ) |
| At 29 September 2024 |
| NET BOOK VALUE |
| At 29 September 2024 |
| At 29 September 2023 |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 29.9.24 | 29.9.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 29.9.24 | 29.9.23 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 29.9.24 | 29.9.23 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Taxation and social security |
| Other creditors |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 29.9.24 | 29.9.23 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Hire purchase contracts | 142,207 | 309,283 |
| Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company and by personal guarantees given by P.S Ward and Mrs J.E Ward. |
| Assets acquired under hire purchase and finance leases are secured on the asset to which they relate. |
| P.S. & J.E. WARD LTD (REGISTERED NUMBER: 06405783) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
| 9. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 30 September 2023 |
| Revaluation movement | 214,950 |
| Deferred tax movement | 185,699 |
| Depreciation transfer on revaluation | (26,685 | ) |
| At 29 September 2024 |
| 10. | CONTINGENT LIABILITIES |
| The company received a grant during the year from the Rural Payments Agency - Farming Equipment and Technology Fund in respect of Sensor technology. The grant may be repayable up to five years after the date on which the final payment was made if the company does not adhere to the grant conditions. |
| No provision has been made in the accounts as it is considered to be a remote possibility that the above conditions will not be satisfied. |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 29 September 2024 and 29 September 2023: |
| 29.9.24 | 29.9.23 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 12. | RELATED PARTY DISCLOSURES |
| During the period, rent was paid to P S Ward and Mrs J E Ward amounting to £13,200 (2023 - £13,200). |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company was under the control of P S Ward and Mrs J E Ward throughout the current and preceding year. |