Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-3022081falsefarming2023-10-0178falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00656070 2023-10-01 2024-09-30 00656070 2022-10-01 2023-09-30 00656070 2024-09-30 00656070 2023-09-30 00656070 c:Director3 2023-10-01 2024-09-30 00656070 d:Buildings 2023-10-01 2024-09-30 00656070 d:Buildings 2024-09-30 00656070 d:Buildings 2023-09-30 00656070 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00656070 d:Buildings d:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 00656070 d:Buildings d:LongLeaseholdAssets 2023-10-01 2024-09-30 00656070 d:Buildings d:LongLeaseholdAssets 2024-09-30 00656070 d:Buildings d:LongLeaseholdAssets 2023-09-30 00656070 d:Buildings d:ShortLeaseholdAssets 2023-10-01 2024-09-30 00656070 d:PlantMachinery 2023-10-01 2024-09-30 00656070 d:PlantMachinery 2024-09-30 00656070 d:PlantMachinery 2023-09-30 00656070 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00656070 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 00656070 d:MotorVehicles 2023-10-01 2024-09-30 00656070 d:OfficeEquipment 2023-10-01 2024-09-30 00656070 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00656070 d:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 00656070 d:CurrentFinancialInstruments 2024-09-30 00656070 d:CurrentFinancialInstruments 2023-09-30 00656070 d:Non-currentFinancialInstruments 2024-09-30 00656070 d:Non-currentFinancialInstruments 2023-09-30 00656070 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 00656070 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 00656070 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 00656070 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 00656070 d:ShareCapital 2024-09-30 00656070 d:ShareCapital 2023-09-30 00656070 d:SharePremium 2024-09-30 00656070 d:SharePremium 2023-09-30 00656070 d:CapitalRedemptionReserve 2024-09-30 00656070 d:CapitalRedemptionReserve 2023-09-30 00656070 d:RetainedEarningsAccumulatedLosses 2024-09-30 00656070 d:RetainedEarningsAccumulatedLosses 2023-09-30 00656070 c:FRS102 2023-10-01 2024-09-30 00656070 c:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 00656070 c:FullAccounts 2023-10-01 2024-09-30 00656070 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 00656070 d:HirePurchaseContracts d:WithinOneYear 2024-09-30 00656070 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 00656070 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-09-30 00656070 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 00656070 2 2023-10-01 2024-09-30 00656070 6 2023-10-01 2024-09-30 00656070 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 00656070










F W WHITE (FARMERS) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
F W WHITE (FARMERS) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF F W WHITE (FARMERS) LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F W White (Farmers) Limited for the year ended 30 September 2024 which comprise  the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of F W White (Farmers) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of F W White (Farmers) Limited and state those matters that we have agreed to state to the Board of directors of F W White (Farmers) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F W White (Farmers) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that F W White (Farmers) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of F W White (Farmers) Limited. You consider that F W White (Farmers) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of F W White (Farmers) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



P M & G Limited
Chartered Accountants
Newark
25 June 2025
Page 1

 
F W WHITE (FARMERS) LIMITED
REGISTERED NUMBER: 00656070

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,029,243
2,130,232

Investments
 5 
58,102
58,102

  
2,087,345
2,188,334

Current assets
  

Stocks & work in progress
  
581,375
372,801

Debtors: amounts falling due within one year
 7 
444,254
737,731

Cash at bank and in hand
 8 
2,006,005
2,117,877

  
3,031,634
3,228,409

Creditors: amounts falling due within one year
 9 
(720,134)
(872,844)

Net current assets
  
 
 
2,311,500
 
 
2,355,565

Total assets less current liabilities
  
4,398,845
4,543,899

Creditors: amounts falling due after more than one year
 10 
(29,880)
(59,760)

Provisions for liabilities
  

Deferred tax
  
(174,000)
(201,000)

  
 
 
(174,000)
 
 
(201,000)

Net assets
  
4,194,965
4,283,139


Capital and reserves
  

Called up share capital 
  
12,262
12,262

Share premium account
  
247,500
247,500

Capital redemption reserve
  
2,000
2,000

Profit and loss account
  
3,933,203
4,021,377

  
4,194,965
4,283,139


Page 2

 
F W WHITE (FARMERS) LIMITED
REGISTERED NUMBER: 00656070
    
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 on 25 June 2025.




J S W White
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
F W WHITE (FARMERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

F W White (Farmers) Limited is a private company, limited by shares and registered in England and Wales.  The registered number and registered office address can be found on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts.  These financial statements therefore present information about the company as an individual undertaking and not about its group.

  
2.3

Merger Relief

The acquisition of 100% of the issued share capital of Norton Disney Farming Limited and R W Farming Company Limited in exchange for shares issued by F W White (Farmers) Limited in 2017 was subject to merger relief under section 612 of the Companies Act 2006.  The cost of the Norton Disney Farming Limited and R W Farming Company Limited shares in the balance sheet is the nominal value of the shares issued, plus transaction costs incurred, instead of being the fair value of the shares issued.  No share premium was recognised on the transaction.

  
2.4

Associates and joint ventures

Associates and joint ventures are held at cost less impairment.  The acquisition of 25% of the issued share capital of J S Dakin in exchange for shares issued by F W White (Farmers) Limited in 2017 has been included in the balance sheet at the nominal value of the shares issued.  No share premium was recognised on this transaction.

Page 4

 
F W WHITE (FARMERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

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.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

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.

Page 5

 
F W WHITE (FARMERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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.


 
2.11

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land
-
nil
Freehold property
-
2 - 5% straight line
Long Term Leasehold Property
-
10% straight line
Plant & machinery
-
10 - 20% straight line
Motor vehicles
-
20% straight line
Office equipment
-
20% straight line

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

 
F W WHITE (FARMERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 8).

Page 7

 
F W WHITE (FARMERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Freehold property
Long Term Leasehold Property
Plant & machinery
Total

£
£
£
£



Cost or valuation


At 1 October 2023
1,275,676
389,304
2,186,815
3,851,795


Additions
21,319
-
44,583
65,902



At 30 September 2024

1,296,995
389,304
2,231,398
3,917,697



Depreciation


At 1 October 2023
15,837
310,863
1,394,863
1,721,563


Charge for the year on owned assets
3,025
22,081
100,975
126,081


Charge for the year on financed assets
-
-
40,810
40,810



At 30 September 2024

18,862
332,944
1,536,648
1,888,454



Net book value



At 30 September 2024
1,278,133
56,360
694,750
2,029,243



At 30 September 2023
1,259,839
78,441
791,952
2,130,232

The net book value of plant and machinery held under finance lease or hire purchase contracts, included above, amounts to £192,390  (2023 £277,202).


5.


Fixed asset investments





Unlisted investments
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 October 2023
700
57,402
58,102



At 30 September 2024
700
57,402
58,102




Page 8

 
F W WHITE (FARMERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Stocks

2024
2023
£
£

Raw materials and consumables
76,844
58,358

Work in progress
31,383
26,788

Finished goods and goods for resale
106,098
116,799

Livestock
367,050
170,856

581,375
372,801



7.


Debtors

2024
2023
£
£


Trade debtors
376,988
696,569

Other debtors
43,390
38,686

Prepayments and accrued income
23,876
2,476

444,254
737,731



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,006,005
2,117,877

2,006,005
2,117,877


Page 9

 
F W WHITE (FARMERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
96,633
93,901

Corporation tax
1,275
-

Other taxation and social security
-
13,872

Obligations under finance lease and hire purchase contracts
29,880
39,140

Other creditors
138,579
180,119

Accruals and deferred income
453,767
545,812

720,134
872,844



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
29,880
59,760

29,880
59,760



11.


Secured creditors

Amounts due under finance leases and hire purchase contracts are secured over the relevant assets.







12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
30,480
39,740

Between 1-5 years
30,480
70,220

60,960
109,960

Page 10

 
F W WHITE (FARMERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Pension commitments

The company operates defined contribution pension schemes for employees.  The assets of the schemes are held separately from those of the company in independently administered funds.  The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,000 (2023 - £3,000).


14.


Related party transactions

Mr P White has an interest in land owned jointly which is leased  to the company for which he receives no rent.  
The company trades with Norton Disney Farming Limited and R W Farming Company Limited which are 100% owned subsidiaries.  
The company trades with White Brothers, a partnership in which 2 of the directors are members.
The company has loans from the P White Settlement Trust amounting to £19,127  (2023 - £19,127).  No interest has been charged on these loans.
The company has balances owed to the directors amounting to £119,452 (2023 £80,992).
 

 
Page 11