Registration number:
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Withgill Farm Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Withgill Farm Limited
Company Information
Directors |
D G Barnes A B Barnes |
Company secretary |
G R Surtees |
Registered office |
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Auditors |
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Withgill Farm Limited
Strategic Report for the Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
Principal activity
The principal activity of the company is during the year was the operation of a dairy farm.
Fair review of the business
Results continued to grow and improve on the previous year due to a strong milk price. That, coupled with efficient cost controls in place despite nationwide cost increases ensured the additional income generated was reflected right through to profit before tax.
The company's key financial and other performance indicators during the year were as follows:
Unit |
2024 |
2023 |
|
Turnover |
£ |
16,811,602 |
13,954,032 |
Gross profit margin |
% |
26 |
45 |
Profit before tax |
£ |
3,159,922 |
4,986,151 |
Net assets |
£ |
11,107,735 |
8,751,495 |
Principal risks and uncertainties
The principal commercial risks to the business are the major components of production costs, price per litre of milk sold, legislative changes such as changes in subsidies received and customer requirements. The directors continually assess the position of the business, its operations and the impact of any potential or actual changes in environment. The business is considered to have sufficient working capital to react and adapt to any changes.
Approved by the
.........................................
D G Barnes
Director
Withgill Farm Limited
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
Directors of the company
The directors who held office during the year were as follows:
G P Barnes (resigned 30 June 2024 and appointed 1 September 2024)
Dividends
The directors recommend a final dividend payment of £
Financial instruments
Objectives and policies
The company's directors continually monitor and manage the finances of the company with a view to meeting future financial obligations as and when they become due as well as funding future developments projects. In addition, they aim to manage the company's liquid resources in such a way as to ensure that funds are available to cover any unexpected items of expenditure which may arise. The company has insignificant currency exposure as the majority of executed transactions are carried out in sterling. The company does not use derivative financial instruments for any purpose.
Price risk, credit risk, liquidity risk and cash flow risk
The business' principal financial instruments comprise bank balances, trade debtors and creditors and certain other debtors and creditors. The main purpose of these instruments is to finance the business' operations.
In respect of bank balances, the liquidity risk is managed by maintaining large cash balances. All of the business' cash balances are held in such a way that achieves a competitive rate of interest where possible.
The majority of revenue and trade debtors are derived from milk sales and auction sales which, as is common with such transactions, receive the funds from such transactions relatively quickly after the point of sale. There are no sales transacted in foreign currency and very few on credit terms.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due within the set credit terms offered.
Future developments
The directors do not expect there to be any significant change to the way the company operates in the near future.
Withgill Farm Limited
Directors' Report for the Year Ended 30 September 2024 (continued)
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.
Further details regarding the adoption of the going concern basis can be found in the accounting policies in note 1 to the financial statements.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Withgill Farm Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Withgill Farm Limited
Independent Auditor's Report to the Members of Withgill Farm Limited
Opinion
We have audited the financial statements of Withgill Farm Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Withgill Farm Limited
Independent Auditor's Report to the Members of Withgill Farm Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Withgill Farm Limited
Independent Auditor's Report to the Members of Withgill Farm Limited (continued)
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• |
the nature of the industry and sector, control environment and business performance including the design of the company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; |
• |
results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
• |
any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to: |
- |
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- |
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- |
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
• |
the matters discussed among the audit engagement team and involving relevant internal specialists, including tax and pensions regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in relation to management override which, in common with all audits under ISAs (UK), we are required to perform specific procedures to respond to this risk.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions legislation and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. The key laws and regulations we considered in this context related to the Health and Safety Act and Employment Law.
As a result of performing the above, in response to the risks identified, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.
In addition to the above, our procedures to respond to risks identified included the following:
Withgill Farm Limited
Independent Auditor's Report to the Members of Withgill Farm Limited (continued)
• |
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
• |
enquiring of management concerning actual and potential litigation and claims; |
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
• |
reading minutes of meetings of those charged with governance, reviewing correspondence with HMRC; and |
• |
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CA1 2RW
Withgill Farm Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 September 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
8,741,365 |
4,861,725 |
|
Retained earnings carried forward |
11,097,605 |
8,741,365 |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
There was no other comprehensive income for 2024 (2023 - £nil).
Withgill Farm Limited
(Registration number: 04351698)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
.........................................
D G Barnes
Director
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
Withgill Farm Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. Withgill Farm Limited is consolidated in the financial statements of its UK registered parent, GFGB Holdings Limited, which may be obtained from Companies House. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement and remuneration of key management personnel.
Going concern
The company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The directors’ report further describes the financial position of the company; its cash flows, liquidity position and borrowing facilities; the
company’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposure to credit risk and liquidity risk.
The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Government grants
Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.
Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Buildings |
10% reducing balance basis |
Plant and equipment |
20% and 25% reducing balance basis |
Motor vehicles |
25% reducing balance basis |
Furniture, fittings and office equipment |
33% straight line basis |
Investments
Fixed asset investments, including investments in joint ventures, are stated at historical cost less provision for any diminution in value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Biological assets are recognised only when three recognition criteria have been fulfilled:
1. the entity has control over the asset as a result of past events;
2. it is probable that future economic benefits associated with the asset will flow to the entity; and
3. the fair value of cost or the asset can be measured reliably.
Biological assets including livestock is valued at fair value less any anticipated costs to sell. Fair value has been determined by the directors based on market prices, factoring in the aged profile of the flying herd. Changes in fair value less costs to sell are recognises in profit or loss. Crop stock is valued at cost less any impairment.
Other consumables stocks are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Preference shares are classified as debt when the shares are redeemable in the future at the option of the holder.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Turnover |
The analysis of the company's revenue (including turnover) by category is as follows:
2024 |
2023 |
|
Sale of goods |
16,811,602 |
13,954,032 |
Turnover |
|
|
Grazing income |
15,042 |
17,704 |
Basic payment scheme |
47,480 |
59,674 |
Environmental subsidies |
79,970 |
9,885 |
Government grants |
2,199 |
2,630 |
Other income |
158,772 |
65,228 |
Interest income on bank deposits |
240 |
33,074 |
Other interest receivable |
3,416 |
22,168 |
17,118,721 |
14,164,395 |
Exceptional items |
Included in turnover and cost of sales in the profit and loss account in the current financial year are transactions relating to the sale of the dairy herd as part of a share farming agreement. Total turnover in respect of the sale of the dairy herd was £4,142,095, based on a third party professional market valuation undertaken.
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Foreign exchange losses |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on preference shares |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
308,990 |
352,977 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditor's remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the income statement
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Tax increase from other short-term timing differences |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
- |
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
Tax increase from other tax effects |
|
- |
Total tax charge |
|
|
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
- |
|
2023 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
- |
|
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £26,414 (2023 - £20,690).
Intangible assets |
Basic payment scheme |
Total |
|
Cost or valuation |
||
At 1 October 2023 |
|
|
At 30 September 2024 |
|
|
Amortisation |
||
At 1 October 2023 |
|
|
At 30 September 2024 |
|
|
Carrying amount |
||
At 30 September 2024 |
- |
- |
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Tangible assets |
Land and buildings |
Plant and equipment |
Motor vehicles |
Furniture, fittings and office equipment |
Total |
|
Cost or valuation |
|||||
At 1 October 2023 |
|
|
|
|
|
Additions |
- |
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 October 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 30 September 2024 |
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £582,689 (2023 - £647,433) in respect of short leasehold land and buildings.
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Investments in subsidiaries, joint ventures and associates |
2024 |
2023 |
|
Investments in joint ventures |
|
|
Joint ventures |
£ |
Cost |
|
At 1 October 2023 |
|
At 30 September 2024 |
|
Provision |
|
Carrying amount |
|
At 30 September 2024 |
|
At 30 September 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of shares held |
|
2024 |
2023 |
|||
Joint ventures |
||||
|
8139 Szabadhídvég Pélpuszta puszta 10, Hungary |
Ordinary |
|
|
|
8139 Szabadhídvég Pélpuszta puszta 10, Hungary |
Ordinary |
|
|
Voting rights
Shares held in AGRO-PROFIT Novenytermeszto es Kereskedelmi Kolatolt Felelossegu Tarsasag represent 50% of the voting rights in the company.
Shares held in Pelpusztai Mezogazdasagi Korlatolt Felelossegu Tarsasag represent 50% of the voting rights in the company.
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Joint ventures |
Pelpusztai Mezogazdasagi Korlatolt Felelossegu Tarsasag The principal activity of Pelpusztai Mezogazdasagi Korlatolt Felelossegu Tarsasag is |
AGRO-PROFIT Novenytermeszto es Kereskedelmi Kolatolt Felelossegu Tarsasag The principal activity of AGRO-PROFIT Novenytermeszto es Kereskedelmi Kolatolt Felelossegu Tarsasag is |
Stocks |
2024 |
2023 |
|
Livestock |
- |
|
Crop |
120,000 |
120,000 |
Consumables |
|
|
195,249 |
3,749,517 |
Reconciliation of stock movements - biological assets (livestock):
£ |
|
At 1 October 2023 |
3,551,268 |
Purchase of livestock |
1,146,926 |
Birth of livestock |
- |
Sales of livestock |
(4,805,337) |
Death of livestock |
- |
Valuation changes |
107,143 |
At 30 September 2024 |
- |
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Amounts owed by parent undertaking |
|
|
Other debtors |
|
|
Prepayments |
|
|
Accrued income |
|
- |
|
|
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
407,075 |
617,311 |
|
Deferred income |
|
|
|
|
|
||
Due after one year |
|||
Deferred income |
|
|
Included in other payables are arrears of fixed cumulative dividends of £77 (2022 - £51), arising following the issue of redeemable preference shares in 2015.
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 October 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 30 September 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
10,100 |
|
10,100 |
|
|
10 |
|
10 |
|
|
10 |
|
10 |
|
|
10 |
|
10 |
|
|
2,569,495 |
|
2,569,495 |
|
|
|
|
Redeemable preference shares
Redeemable preference shares are redeemable at the option of both the company and the shareholder. They are redeemable at £1 per share and have rights to capital on a winding up. The Redeemable Preference shares have the rights to a fixed annual cumulative dividend of 0.001% on the nominal value of each share. If the cumulative dividend is 6 months in arrears, the holders are entitled to attend and vote at the company AGM. The holders are entitled to redeem the whole or part of the Redeemable Preference shares after 6 months of the issue date. Redeemable Preference shares are classified as a liability.
Rights, preferences and restrictions
All Ordinary alphabet shares have the following rights, preferences and restrictions: |
Reserves |
Called up share capital
Represents the nominal value of shares which have been issued
Profit and loss account
Includes all prior and current period accumulated retained profits and losses
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Loans and borrowings |
2024 |
2023 |
|
Current loans and borrowings |
||
Redeemable preference shares |
|
|
Other borrowings |
|
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
|
|
This commitment relates to a farm business tenancy which is currently on a rolling one-year term between the company and its directors.
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
The directors are recommending a final dividend of £
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Related party transactions |
Key management personnel
The directors
Key management compensation
2024 |
2023 |
|
Salaries and other short term employee benefits |
|
|
Post-employment benefits |
|
|
|
|
Transactions with directors |
2024 |
At 1 October 2023 |
Advances to director |
Repayments by director |
Interest |
At 30 September 2024 |
D G Barnes |
|||||
Loan |
|
|
( |
3,076 |
|
2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
Interest |
At 30 September 2023 |
D G Barnes |
|||||
Loan |
|
|
( |
22,131 |
|
Directors' advances are repayable on demand.
Interest has been charged at a rate of 2.25% (2% to March 2023 and 2.25% from April 2023) on advances to directors.
Summary of transactions with joint ventures
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Summary of transactions with other related parties
A farming partnership in which close family members of the director are partners. Sale of the dairy herd to the farming partnership during the year and subsequent commencement of share farming agreement in which the farming partnership receives a percentage of gross milk sales output.
A company under significant influence from two directors. The provision of finance facilities from the company.
Income and receivables from related parties
2024 |
Other related parties |
Sale of property or other assets |
|
Amounts receivable from related party |
|
|
Expenditure with and payables to related parties
2024 |
Joint ventures |
Other related parties |
Rendering of services |
|
|
Leases |
- |
|
|
|
|
Amounts payable to related party |
|
- |
|
2023 |
Joint ventures |
Other related parties |
Rendering of services |
|
- |
Leases |
- |
|
|
|
|
Amounts payable to related party |
|
- |
|
Withgill Farm Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
Loans from related parties
2024 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
2023 |
Other related parties |
Total |
At start of period |
|
|
At end of period |
|
|
|
Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is
The address of GFGB Holdings Limited is: