| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| W Cumber & Son (Theale) Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| W Cumber & Son (Theale) Limited |
| W Cumber & Son (Theale) Limited (Registered number: 00473474) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| W Cumber & Son (Theale) Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| W Cumber & Son (Theale) Limited (Registered number: 00473474) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 |
| Investment property | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| W Cumber & Son (Theale) Limited (Registered number: 00473474) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| W Cumber & Son (Theale) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
| Sale of crops |
| Most crops are sold into a grain pool. Turnover from the sale of crops is recognised when the title of the goods passes over to the customer. |
| Sale of livestock, eggs and shop sales |
| Turnover from the sale of livestock, eggs and any other items sold in the farm shop are recognised at the point of sale. |
| Contract income |
| Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customer in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year. |
| Rental and storage income |
| Income from the letting of commercial property, residential property and storage is recognised in the period to which it relates. |
| Government grants |
| Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| W Cumber & Son (Theale) Limited (Registered number: 00473474) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Farm buildings | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Deemed cost |
| The Company previously adopted a policy of revaluing freehold land and buildings and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The Company has adopted the transition exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost. |
| The directors have chosen not to depreciate land in keeping with the previous depreciation policy. |
| Subsequent additions and major components |
| Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably. |
| The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. |
| Repairs and maintenance costs are expensed as incurred. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less any impairment. |
| Investment property |
| Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account. |
| Stocks |
| Livestock and growing crops are valued at cost of production or discounted market value. |
| Deadstock is stated at the lower of cost and estimated selling price less costs to complete and sell. |
| Stock is recognised as an expense in the period in which the related revenue is recognised. |
| At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account. |
| Financial instruments |
| Trade and other debtors are initially recognised at fair value and thereafter stated amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
| Basic financial liabilities, including trade and other creditors, bank loans and overdrafts, are initially recognised at transaction price. Bank loans are subsequently carried at amortised cost, using the effective interest rate method. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. |
| W Cumber & Son (Theale) Limited (Registered number: 00473474) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Share capital |
| Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
| Distributions to shareholders |
| Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity. |
| Listed investments |
| Listed investments are included in the balance sheet at their fair value. Realised and unrealised gains and losses are recognised in the profit and loss account in the year in which they arise. |
| Related party transactions |
| The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| W Cumber & Son (Theale) Limited (Registered number: 00473474) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | INTANGIBLE FIXED ASSETS |
| Entitlements |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | TANGIBLE FIXED ASSETS |
| Freehold | Farm | Plant and |
| property | buildings | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| W Cumber & Son (Theale) Limited (Registered number: 00473474) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 6. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 December 2024 is represented by: |
| Freehold | Farm | Plant and |
| property | buildings | machinery |
| £ | £ | £ |
| Valuation in 2015 | 19,228,800 | 1,015,136 | - |
| Cost | 13,056,287 | 2,646,024 | 2,809,471 |
| 32,285,087 | 3,661,160 | 2,809,471 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2015 | - | - | 20,243,936 |
| Cost | 251,812 | 7,694 | 18,771,288 |
| 251,812 | 7,694 | 39,015,224 |
| If property and farm buildings had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 15,515,732 | 15,515,732 |
| Aggregate depreciation | 2,700,342 | 2,700,342 |
| Value of land in freehold land and buildings | 10,804,525 | 10,804,525 |
| Property and farm buildings were valued on an open market basis on 1 January 2015 by Carter Jonas LLP . |
| Included in cost or valuation of freehold property is freehold land of £27,777,858 (2023: £27,777,858) which is not depreciated. |
| Hire purchase liabilities are secured over the assets to which they relate. |
| 7. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 | 3,228,111 |
| Additions | 619,650 |
| Disposals | ( |
) | (562,879 | ) |
| Revaluations | 228,158 |
| At 31 December 2024 | 3,513,040 |
| NET BOOK VALUE |
| At 31 December 2024 | 3,513,040 |
| At 31 December 2023 | 3,228,111 |
| W Cumber & Son (Theale) Limited (Registered number: 00473474) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 7. | FIXED ASSET INVESTMENTS - continued |
| Cost or valuation at 31 December 2024 is represented by: |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| Cost | 495 | 3,512,545 | 3,513,040 |
| The aggregate market value of listed investments at 31 December 2024 was £3,512,538 (2023: £3,227,609) The cost of the listed investments is £1,927,880 (2023: £1,872,346) |
| The unlisted investments are in limited companies, where there is no active market for the shares and therefore it is not possible to ascertain the market value as at the balance sheet date. |
| 8. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| Additions |
| Revaluations | 252,800 |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The investment property portfolio was valued by Carter Jonas LLP at 31 October 2021 and has been annually reviewed by the Directors. |
| Fair value at 31 December 2024 is represented by: |
| £ |
| Valuation in 2016 | 14,010,804 |
| Valuation in 2019 | 1,032,350 |
| Valuation in 2021 | 5,617,794 |
| Valuation in 2022 | 430,000 |
| Valuation in 2024 | 252,800 |
| Cost | 12,661,661 |
| 34,005,409 |
| 9. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Livestock | 88,453 | 18,756 |
| Deadstock |
| Growing crops |
| Consumables | 99,316 | 85,134 |
| Stocks held by the company at 31 December 2024 were valued by Carter Jonas LLP. |
| W Cumber & Son (Theale) Limited (Registered number: 00473474) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' current accounts | 29,600 | - |
| VAT |
| Prepayments |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 8,958 | - |
| Other creditors |
| Accrued expenses |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 6,840,430 | 6,951,499 |
| 13. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The company's bank facility is secured by a legal charge over freehold property. |
| Hire purchase liabilities are secured over the assets to which they relate. |
| 14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| W Cumber & Son (Theale) Limited (Registered number: 00473474) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 15. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 17. | RELATED PARTY DISCLOSURES |
| Mr C D'Olley, a director in W Cumber & Son (Theale) Ltd is also an equity partner in Carter Jonas LLP, a firm of Chartered Surveyors who have undertaken work on behalf of the company during the year. During the year ended 31 December 2024 the company have paid fees of £182,645 (2023- £159,942) to Carter Jonas LLP. At 31 December 2024 the company owed Carter Jonas LLP £36,734 (2023 - £25,434). All transactions are conducted on an arms length basis. |
| During the year the company purchased two motor vehicles from W J Cumber, a director in the company. These purchases total £70,000. (2023: £ Nil). |
| During the year ended 31 December 2024 expenses of £1,338 (2023: £1,235) were paid to M Tearney, a shareholder in the company. These expenses were incurred in her role as an employee. |
| Dividends paid to directors this year totalled £33,072 (2023 - £33,072). |
| 18. | ULTIMATE CONTROLLING PARTY |
| The company is under control of its directors. |