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REGISTERED NUMBER: 00473474 (England and Wales)




















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: W J Cumber
C D'Olley
R W Davey





SECRETARY: W J Cumber





REGISTERED OFFICE: Manor Farm
Marcham
Abingdon
Oxfordshire
OX13 6NZ





REGISTERED NUMBER: 00473474 (England and Wales)

W Cumber & Son (Theale) Limited (Registered number: 00473474)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 35,034,530 34,970,725
Investments 7 3,513,040 3,228,111
Investment property 8 34,005,409 33,718,502
72,552,979 71,917,338

CURRENT ASSETS
Stocks 9 340,044 594,757
Debtors 10 666,775 586,105
Cash at bank and in hand 1,958,548 2,151,525
2,965,367 3,332,387
CREDITORS
Amounts falling due within one year 11 799,126 744,751
NET CURRENT ASSETS 2,166,241 2,587,636
TOTAL ASSETS LESS CURRENT
LIABILITIES

74,719,220

74,504,974

CREDITORS
Amounts falling due after more than one
year

12

(7,452,949

)

(7,511,154

)

PROVISIONS FOR LIABILITIES (7,909,612 ) (7,868,334 )
NET ASSETS 59,356,659 59,125,486

CAPITAL AND RESERVES
Called up share capital 41,150 41,150
Capital redemption reserve 8,350 8,350
Retained earnings 59,307,159 59,075,986
SHAREHOLDERS' FUNDS 59,356,659 59,125,486

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by:




W J Cumber - Director



C D'Olley - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Entitlements are being amortised evenly over their estimated useful life of five years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on straight line basis
Farm buildings - 2% on straight line basis
Plant and machinery - 25% on reducing balance, 20% on straight line basis and 10% on straight line basis
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on straight line basis

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 6 (2023 - 6 ) .

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 35,440
AMORTISATION
At 1 January 2024
and 31 December 2024 35,440
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 32,050,138 3,661,160 2,760,721
Additions 234,949 - 48,750
Disposals - - -
At 31 December 2024 32,285,087 3,661,160 2,809,471
DEPRECIATION
At 1 January 2024 661,188 610,692 2,263,139
Charge for year 88,918 73,223 134,502
At 31 December 2024 750,106 683,915 2,397,641
NET BOOK VALUE
At 31 December 2024 31,534,981 2,977,245 411,830
At 31 December 2023 31,388,950 3,050,468 497,582

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 138,241 7,694 38,617,954
Additions 133,571 - 417,270
Disposals (20,000 ) - (20,000 )
At 31 December 2024 251,812 7,694 39,015,224
DEPRECIATION
At 1 January 2024 104,516 7,694 3,647,229
Charge for year 36,822 - 333,465
At 31 December 2024 141,338 7,694 3,980,694
NET BOOK VALUE
At 31 December 2024 110,474 - 35,034,530
At 31 December 2023 33,725 - 34,970,725

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 495 3,227,616 3,228,111
Additions - 619,650 619,650
Disposals - (562,879 ) (562,879 )
Revaluations - 228,158 228,158
At 31 December 2024 495 3,512,545 3,513,040
NET BOOK VALUE
At 31 December 2024 495 3,512,545 3,513,040
At 31 December 2023 495 3,227,616 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 33,718,502
Additions 34,107
Revaluations 252,800
At 31 December 2024 34,005,409
NET BOOK VALUE
At 31 December 2024 34,005,409
At 31 December 2023 33,718,502

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 110,045 415,065
Growing crops 42,230 75,802
Consumables 99,316 85,134
340,044 594,757

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 140,173 113,213
Amounts owed by group undertakings 6,730 6,730
Other debtors 110,202 12,805
Directors' current accounts 29,600 -
VAT - 39,674
Prepayments 380,070 413,683
666,775 586,105

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 104,096 100,296
Hire purchase contracts 13,296 -
Trade creditors 151,117 111,829
Amounts owed to group undertakings 632 632
Tax 63,594 104,337
Social security and other taxes 12,845 12,572
VAT 8,958 -
Other creditors 270,347 271,237
Accrued expenses 174,241 143,848
799,126 744,751

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 219,163 212,362
Bank loans - 2-5 years 358,921 347,293
Bank loans more 5 yr by instal 6,840,430 6,951,499
Hire purchase contracts 34,435 -
7,452,949 7,511,154

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 7,522,610 7,611,450

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.

David Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

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 287,520 287,520

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
£    £   
W J Cumber
Balance outstanding at start of year - -
Amounts advanced 99,600 -
Amounts repaid (70,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 29,600 -

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.