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REGISTRAR OF COMPANIES

Registration number: 12434733

Wells Farming Limited

Unaudited Financial Statements

31 December 2024

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Wells Farming Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

5

 

Wells Farming Limited

Company Information

Directors

E T Haines

N D Haines

Registered office

FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
 

Accountants

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
 

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wells Farming Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wells Farming Limited for the year ended 31 December 2024 as set out on pages 3 to 11 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Wells Farming Limited, as a body, in accordance with the terms of our engagement letter dated 27 January 2023. Our work has been undertaken solely to prepare for your approval the accounts of Wells Farming Limited and state those matters that we have agreed to state to the Board of Directors of Wells Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wells Farming Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wells Farming Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wells Farming Limited. You consider that Wells Farming Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wells Farming 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

16 May 2025

 

Wells Farming Limited

(Registration number: 12434733)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

475,300

499,370

Current assets

 

Stocks

641,951

692,285

Debtors

5

55,204

42,211

Cash at bank and in hand

 

78,200

24,718

 

775,355

759,214

Creditors: Amounts falling due within one year

6

(381,530)

(722,849)

Net current assets

 

393,825

36,365

Total assets less current liabilities

 

869,125

535,735

Creditors: Amounts falling due after more than one year

6

(593,172)

(294,482)

Provisions for liabilities

(70,183)

(90,871)

Net assets

 

205,770

150,382

Capital and reserves

 

Allotted, called up and fully paid share capital

90

90

Profit and loss account

205,680

150,292

Total equity

 

205,770

150,382

 

Wells Farming Limited

(Registration number: 12434733)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 May 2025 and signed on its behalf by:
 

.........................................
E T Haines
Director

.........................................
N D Haines
Director

 
     
 

Wells Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
1 Brookfield Court
Haughton
STAFFORD
ST18 9ER

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

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.

 

Wells Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

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.

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

Land and buildings

Straight line to 31 March 2035

Plant and equipment

Straight line to 31 March 2035 and 15% reducing balance

Motor vehicles

25% reducing balance

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

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

Wells Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

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.

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Wells Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

93,186

589,915

15,709

698,810

Additions

-

40,461

-

40,461

Disposals

-

(7,000)

-

(7,000)

At 31 December 2024

93,186

623,376

15,709

732,271

Depreciation

At 1 January 2024

19,724

171,257

8,459

199,440

Charge for the year

6,532

49,449

1,813

57,794

Eliminated on disposal

-

(263)

-

(263)

At 31 December 2024

26,256

220,443

10,272

256,971

Carrying amount

At 31 December 2024

66,930

402,933

5,437

475,300

At 31 December 2023

73,462

418,658

7,250

499,370

 

Wells Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Debtors

2024
£

2023
£

Trade debtors

41,486

32,899

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,419

-

Other debtors

12,299

9,312

55,204

42,211

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

305,838

322,279

Trade creditors

 

29,158

68,004

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

-

314,252

Taxation and social security

 

2,981

2,613

Corporation tax liability

 

12,299

-

Other creditors

 

31,254

15,701

 

381,530

722,849

Due after one year

 

Loans and borrowings

7

593,172

294,482

2024
£

2023
£

After more than five years by instalments

349,719

26,046

349,719

26,046

 

Wells Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

58,499

73,313

Finance lease liabilities

8,920

1,119

Other borrowings

238,419

247,847

305,838

322,279

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

58,499

73,313

Finance lease liabilities

8,920

1,119

67,419

74,432

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

583,423

294,482

Finance lease liabilities

9,749

-

593,172

294,482

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

583,423

294,482

Finance lease liabilities

9,749

-

593,172

294,482

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

Wells Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £503,685 (2023 - £552,825). This commitment relates to a farm business tenancy that ends in 2035.

9

Parent and ultimate parent undertaking

The company's immediate parent is Haines Farming Ltd, incorporated in England and Wales.