Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-300falsetrue92023-10-01farming10trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00567225 2023-10-01 2024-09-30 00567225 2022-10-01 2023-09-30 00567225 2024-09-30 00567225 2023-09-30 00567225 c:Director2 2023-10-01 2024-09-30 00567225 c:Director3 2023-10-01 2024-09-30 00567225 d:Buildings 2023-10-01 2024-09-30 00567225 d:Buildings 2024-09-30 00567225 d:Buildings 2023-09-30 00567225 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00567225 d:Buildings d:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 00567225 d:Buildings d:LongLeaseholdAssets 2023-10-01 2024-09-30 00567225 d:Buildings d:LongLeaseholdAssets 2024-09-30 00567225 d:Buildings d:LongLeaseholdAssets 2023-09-30 00567225 d:PlantMachinery 2023-10-01 2024-09-30 00567225 d:PlantMachinery 2024-09-30 00567225 d:PlantMachinery 2023-09-30 00567225 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00567225 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 00567225 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00567225 d:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 00567225 d:Goodwill 2023-10-01 2024-09-30 00567225 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-09-30 00567225 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-09-30 00567225 d:CurrentFinancialInstruments 2024-09-30 00567225 d:CurrentFinancialInstruments 2023-09-30 00567225 d:Non-currentFinancialInstruments 2024-09-30 00567225 d:Non-currentFinancialInstruments 2023-09-30 00567225 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 00567225 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 00567225 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 00567225 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 00567225 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 00567225 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 00567225 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 00567225 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 00567225 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-09-30 00567225 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-09-30 00567225 d:ShareCapital 2024-09-30 00567225 d:ShareCapital 2023-09-30 00567225 d:SharePremium 2024-09-30 00567225 d:SharePremium 2023-09-30 00567225 d:RevaluationReserve 2023-10-01 2024-09-30 00567225 d:RevaluationReserve 2024-09-30 00567225 d:RevaluationReserve 2023-09-30 00567225 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 00567225 d:RetainedEarningsAccumulatedLosses 2024-09-30 00567225 d:RetainedEarningsAccumulatedLosses 2023-09-30 00567225 c:OrdinaryShareClass1 2023-10-01 2024-09-30 00567225 c:OrdinaryShareClass1 2024-09-30 00567225 c:OrdinaryShareClass1 2023-09-30 00567225 c:FRS102 2023-10-01 2024-09-30 00567225 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 00567225 c:FullAccounts 2023-10-01 2024-09-30 00567225 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 00567225 d:WithinOneYear 2024-09-30 00567225 d:WithinOneYear 2023-09-30 00567225 d:HirePurchaseContracts d:WithinOneYear 2024-09-30 00567225 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 00567225 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-09-30 00567225 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 00567225 2 2023-10-01 2024-09-30 00567225 5 2023-10-01 2024-09-30 00567225 6 2023-10-01 2024-09-30 00567225 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-09-30 00567225 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-30 00567225 d:LeasedAssetsHeldAsLessee 2024-09-30 00567225 d:LeasedAssetsHeldAsLessee 2023-09-30 00567225 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-10-01 2024-09-30 00567225 e:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00567225










W M YOUNGS & SON (FARMS) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
W M YOUNGS & SON (FARMS) LIMITED
REGISTERED NUMBER: 00567225

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
9,000
10,000

Tangible assets
 5 
3,877,870
3,638,430

Investments
 6 
4,050
4,050

  
3,890,920
3,652,480

Current assets
  

Stocks
  
172,208
255,467

Debtors: amounts falling due within one year
 7 
501,847
560,183

Cash at bank and in hand
  
80
27

  
674,135
815,677

Creditors: amounts falling due within one year
 8 
(1,520,105)
(1,674,647)

Net current liabilities
  
 
 
(845,970)
 
 
(858,970)

Total assets less current liabilities
  
3,044,950
2,793,510

Creditors: amounts falling due after more than one year
 9 
(1,057,570)
(1,052,270)

Provisions for liabilities
  

Deferred tax
  
(227,964)
(147,938)

  
 
 
(227,964)
 
 
(147,938)

Net assets
  
1,759,416
1,593,302


Capital and reserves
  

Called up share capital 
 12 
6,222
6,222

Share premium account
 13 
353,176
353,176

Revaluation reserve
 13 
1,272,543
1,352,569

Profit and loss account
 13 
127,475
(118,665)

  
1,759,416
1,593,302


Page 1

 
W M YOUNGS & SON (FARMS) LIMITED
REGISTERED NUMBER: 00567225
    
STATEMENT OF FINANCIAL POSITION (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 statement of comprehensive income 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: 




Mr N G Youngs
Mr W H Youngs
Director
Director


Date: 27 June 2025

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

W M Youngs & Son (Farms) Ltd is a private company limited by shares and incorporated in England and Wales, registration number 00567225. The registered office is Sankence, Cawston Road, Aylsham, Norwich, Norfolk, NR11 6UW.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 3

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.5

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.

 
2.6

Interest income

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

 
2.7

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.

Page 4

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

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 reporting 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 reporting 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 reporting date.


Page 5

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

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.

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

Depreciation is provided on the following basis:

Leasehold property
-
0-10% straight line
Land
-
The freehold property consists mostly of agricultural land and is not depreciated.
Plant & machinery
-
15-25% 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.

Page 6

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

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 reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

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 reporting 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.

 
2.16

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.

 
2.17

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.

 
2.18

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.

Page 7

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.19

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.

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 10).

Page 8

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Intangible assets




Grain storage rights

£



Cost


At 1 October 2023
20,000



At 30 September 2024

20,000



Amortisation


At 1 October 2023
10,000


Charge for the year on owned assets
1,000



At 30 September 2024

11,000



Net book value



At 30 September 2024
9,000



At 30 September 2023
10,000



Page 9

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Freehold property
Property improvements
Plant & machinery
Total

£
£
£
£



Cost or valuation


At 1 October 2023
3,324,289
32,467
1,911,686
5,268,442


Additions
48,856
-
361,707
410,563


Disposals
(2,400)
-
(274,889)
(277,289)



At 30 September 2024

3,370,745
32,467
1,998,504
5,401,716



Depreciation


At 1 October 2023
59,422
28,765
1,541,825
1,630,012


Charge for the year on owned assets
14,020
-
28,421
42,441


Charge for the year on financed assets
-
-
79,760
79,760


Disposals
-
-
(228,366)
(228,366)



At 30 September 2024

73,442
28,765
1,421,640
1,523,847



Net book value



At 30 September 2024
3,297,303
3,702
576,864
3,877,869



At 30 September 2023
3,264,867
3,702
369,861
3,638,430

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
429,730
167,740

429,730
167,740

Freehold land was revalued to market value in 2017 based on advice provided by Savills, and updated in 2019/20 following reviews by Brown & Co.

Page 10

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           5.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
1,848,185
1,801,729

Net book value
1,848,185
1,801,729


6.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 October 2023
4,000
50
4,050



At 30 September 2024
4,000
50
4,050





7.


Debtors

2024
2023
£
£


Trade debtors
167,580
212,359

Other debtors
334,267
347,824

501,847
560,183


Page 11

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
275,825
292,154

Bank loans
57,548
57,119

Trade creditors
86,615
149,126

Corporation tax
972
2,015

Other taxation and social security
13,907
11,619

Obligations under finance lease and hire purchase contracts
80,818
59,398

Other creditors
941,946
1,039,504

Accruals and deferred income
62,474
63,712

1,520,105
1,674,647



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
915,670
973,507

Net obligations under finance leases and hire purchase contracts
137,900
74,763

Amounts owed to group undertakings
4,000
4,000

1,057,570
1,052,270


Bank loans are secured against property owned by the company and property owned by the directors.

Page 12

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
57,548
57,119

Amounts falling due 1-2 years

Bank loans
57,548
57,118

Amounts falling due 2-5 years

Bank loans
146,099
151,720

Amounts falling due after more than 5 years

Bank loans
712,023
764,670

973,218
1,030,627



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
80,819
59,398

Between 1-5 years
137,900
74,763

218,719
134,161

Obligations under hire purchase and finance lease contracts are secured against the assets to which they relate.


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,222 (2023 - 6,222) Ordinary shares of £1.00 each
6,222
6,222


Page 13

 
W M YOUNGS & SON (FARMS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Reserves

Revaluation reserve

The revaluation reserve includes all current and prior period revaluations on tangible fixed assets where the fair value exceeded the original cost.

Profit & loss account

The profit and loss account includes all current and prior period retained profit and losses.


14.


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 £5,818 (2023 - £6,556). 


15.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
60,750
60,750


16.


Transactions with directors

At the year end £925,136 (2023 - £1,019,410) was owed by the company to directors, whilst £39,487 (2023 - £74,660) was owed to the company by directors. There are no set repayment terms and no interest is being charged.


17.


Related party transactions

Included in other debtors is £100,556 (2023 - £92,883) owed by a company controlled by the directors.
Included in other creditors is £16,810 (2023 - £20,094) owed to a partnership controlled by the directors. There are no set repayment terms and no interest is being charged.


Page 14