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Registered number: 00383247










WILBY FARMING COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 11 OCTOBER 2024

 
WILBY FARMING COMPANY LIMITED
REGISTERED NUMBER:00383247

STATEMENT OF FINANCIAL POSITION
AS AT 11 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
24,562
26,732

Investment property
 6 
360,000
-

  
384,562
26,732

Current assets
  

Stocks
  
-
37,101

Debtors: amounts falling due within one year
 7 
107,458
134,128

Cash at bank and in hand
  
131,319
84,019

  
238,777
255,248

Creditors: amounts falling due within one year
 8 
(23,221)
(65,855)

Net current assets
  
 
 
215,556
 
 
189,393

Total assets less current liabilities
  
600,118
216,125

Provisions for liabilities
  

Deferred tax
  
(43,642)
(1,930)

  
 
 
(43,642)
 
 
(1,930)

Net assets
  
556,476
214,195


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Capital redemption reserve
 9 
9,667
9,667

Investment property reserve
 9 
318,207
-

Profit and loss account
 9 
226,602
202,528

  
556,476
214,195


Page 1

 
WILBY FARMING COMPANY LIMITED
REGISTERED NUMBER:00383247
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 11 OCTOBER 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 income statement 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: 




................................................
Ms A M de la Cour
Director

Date: 11 July 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2024

1.


General information

Wilby Farming Company Limited is a private company limited by shares and incorporated in England and Wales, registration number 00383247. The registered office is Wilby House Farm, Wilby, Norwich, Norfolk, NR16 2JP.

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

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.

 
2.3

Interest income

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

 
2.4

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.


Page 3

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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 a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant & machinery
-
10% and 15% 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.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

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. Biological assets and living plants are included at cost.
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.

Page 4

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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 2 (2023 - 2).

Page 5

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2024

4.


Intangible assets




BPS entitlements

£





At 12 October 2023
3,780


Disposals
(3,780)



At 11 October 2024

-





At 12 October 2023
3,780


On disposals
(3,780)



At 11 October 2024

-



Net book value



At 11 October 2024
-



At 11 October 2023
-



Page 6

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2024

5.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 12 October 2023
60,144
37,515
97,659


Transfers between classes
(48,093)
-
(48,093)



At 11 October 2024

12,051
37,515
49,566



Depreciation


At 12 October 2023
48,093
22,834
70,927


Charge for the year on owned assets
-
2,170
2,170


Transfers between classes
(48,093)
-
(48,093)



At 11 October 2024

-
25,004
25,004



Net book value



At 11 October 2024
12,051
12,511
24,562



At 11 October 2023
12,051
14,681
26,732

Page 7

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2024

6.


Investment property


Freehold investment property

£



Valuation


Surplus on revaluation
360,000



At 11 October 2024
360,000





7.


Debtors

2024
2023
£
£


Trade debtors
-
4,068

Other debtors
107,458
130,060

107,458
134,128



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
666
26,325

Corporation tax
6,137
28,221

Accruals and deferred income
16,418
11,309

23,221
65,855


Page 8

 
WILBY FARMING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2024

9.


Reserves

Capital redemption reserve

The capital redemption reserve records the nominal value of shares repurchased by the company.

Investment property revaluation reserve

The investment property revaluation reserve includes all current and prior period revaluations on investment properties where the fair value of an asset exceeded its original cost.

Profit & loss account

The profit and loss account represents the company's accumulated profits which are available for distribution to members.


10.


Related party transactions

At the year end, the company was owed £22,000 (2023: £20,637) by a partnership in which the directors are partners. The loan is repayable on demand and interest is paid at 2.25%.


Page 9