Caseware UK (AP4) 2024.0.164 2024.0.164 2025-01-312025-01-3110662024-02-01falseNo description of principal activity46truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00590494 2024-02-01 2025-01-31 00590494 2023-02-01 2024-01-31 00590494 2025-01-31 00590494 2024-01-31 00590494 c:Director1 2024-02-01 2025-01-31 00590494 c:Director2 2024-02-01 2025-01-31 00590494 d:Buildings 2024-02-01 2025-01-31 00590494 d:Buildings 2025-01-31 00590494 d:Buildings 2024-01-31 00590494 d:Buildings d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 00590494 d:Buildings d:LeasedAssetsHeldAsLessee 2024-02-01 2025-01-31 00590494 d:Buildings d:LongLeaseholdAssets 2024-02-01 2025-01-31 00590494 d:Buildings d:LongLeaseholdAssets 2025-01-31 00590494 d:Buildings d:LongLeaseholdAssets 2024-01-31 00590494 d:PlantMachinery 2024-02-01 2025-01-31 00590494 d:PlantMachinery 2025-01-31 00590494 d:PlantMachinery 2024-01-31 00590494 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 00590494 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-02-01 2025-01-31 00590494 d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 00590494 d:LeasedAssetsHeldAsLessee 2024-02-01 2025-01-31 00590494 d:PatentsTrademarksLicencesConcessionsSimilar 2024-02-01 2025-01-31 00590494 d:PatentsTrademarksLicencesConcessionsSimilar 2025-01-31 00590494 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-31 00590494 d:FreeholdInvestmentProperty 2025-01-31 00590494 d:FreeholdInvestmentProperty 2024-01-31 00590494 d:CurrentFinancialInstruments 2025-01-31 00590494 d:CurrentFinancialInstruments 2024-01-31 00590494 d:Non-currentFinancialInstruments 2025-01-31 00590494 d:Non-currentFinancialInstruments 2024-01-31 00590494 d:CurrentFinancialInstruments d:WithinOneYear 2025-01-31 00590494 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 00590494 d:Non-currentFinancialInstruments d:AfterOneYear 2025-01-31 00590494 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 00590494 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2025-01-31 00590494 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 00590494 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2025-01-31 00590494 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 00590494 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2025-01-31 00590494 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-01-31 00590494 d:ShareCapital 2025-01-31 00590494 d:ShareCapital 2024-01-31 00590494 d:CapitalRedemptionReserve 2025-01-31 00590494 d:CapitalRedemptionReserve 2024-01-31 00590494 d:RetainedEarningsAccumulatedLosses 2025-01-31 00590494 d:RetainedEarningsAccumulatedLosses 2024-01-31 00590494 c:FRS102 2024-02-01 2025-01-31 00590494 c:AuditExempt-NoAccountantsReport 2024-02-01 2025-01-31 00590494 c:FullAccounts 2024-02-01 2025-01-31 00590494 c:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 00590494 d:HirePurchaseContracts d:WithinOneYear 2025-01-31 00590494 d:HirePurchaseContracts d:WithinOneYear 2024-01-31 00590494 d:HirePurchaseContracts d:BetweenOneFiveYears 2025-01-31 00590494 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-01-31 00590494 d:HirePurchaseContracts d:MoreThanFiveYears 2025-01-31 00590494 d:HirePurchaseContracts d:MoreThanFiveYears 2024-01-31 00590494 2 2024-02-01 2025-01-31 00590494 6 2024-02-01 2025-01-31 00590494 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2025-01-31 00590494 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-01-31 00590494 d:LeasedAssetsHeldAsLessee 2025-01-31 00590494 d:LeasedAssetsHeldAsLessee 2024-01-31 00590494 e:PoundSterling 2024-02-01 2025-01-31 iso4217:GBP xbrli:pure

Registered number: 00590494










WATERS' FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2025

 
WATERS' FARMS LIMITED
REGISTERED NUMBER:00590494

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 5 
548,491
639,541

Investments
 6 
62
62

Investment property
 7 
366,975
366,975

  
915,528
1,006,578

Current assets
  

Stocks
  
159,746
218,601

Debtors: amounts falling due within one year
 8 
203,400
162,684

Cash at bank and in hand
  
-
67,444

  
363,146
448,729

Creditors: amounts falling due within one year
 9 
(346,967)
(292,166)

Net current assets
  
 
 
16,179
 
 
156,563

Total assets less current liabilities
  
931,707
1,163,141

Creditors: amounts falling due after more than one year
 10 
(994,967)
(1,101,720)

  

Net (liabilities)/assets
  
(63,260)
61,421


Capital and reserves
  

Called up share capital 
  
10,500
10,500

Capital redemption reserve
  
1,500
1,500

Profit and loss account
  
(75,260)
49,421

  
(63,260)
61,421


Page 1

 
WATERS' FARMS LIMITED
REGISTERED NUMBER:00590494
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2025

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 income and retained earnings 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: 




................................................
C R Waters
................................................
Mrs S M Waters
Director
Director


Date: 18 July 2025

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Waters' Farms Limited is a private company limited by shares and incorporated in England and Wales, registration number 00590494. The registered office is Herringby Hall, Stokesby, Great Yarmouth, NR29 3EW.

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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The Director's have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeabe future, and, at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements. 

Page 3

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Taxation

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.


 
2.9

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.

Page 5

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Improvements to tenanted property
-
10% Reducing Balance
Plant & machinery
-
20% Reducing Balance / 13% 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.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

 
2.12

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less 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.

Page 6

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
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

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2024 - 6).

Page 8

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

4.


Intangible assets




BPS Entitlements

£





At 1 February 2024
35,204


Disposals
(35,204)



At 31 January 2025

-





At 1 February 2024
35,204


On disposals
(35,204)



At 31 January 2025

-



Net book value



At 31 January 2025
-



At 31 January 2024
-



Page 9

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

5.


Tangible fixed assets





Freehold property
Improvements to tenanted property
Plant & machinery
Total

£
£
£
£



Cost or valuation


At 1 February 2024
172,000
95,058
1,156,441
1,423,499


Additions
-
-
3,000
3,000


Disposals
-
-
(16,723)
(16,723)



At 31 January 2025

172,000
95,058
1,142,718
1,409,776



Depreciation


At 1 February 2024
-
84,394
699,564
783,958


Charge for the year on owned assets
-
1,066
26,876
27,942


Charge for the year on financed assets
-
-
64,849
64,849


Disposals
-
-
(15,464)
(15,464)



At 31 January 2025

-
85,460
775,825
861,285



Net book value



At 31 January 2025
172,000
9,598
366,893
548,491



At 31 January 2024
172,000
10,664
456,877
639,541

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2025
2024
£
£



Plant and machinery
259,395
324,243

259,395
324,243

Page 10

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 February 2024
62



At 31 January 2025
62





7.


Investment property


Freehold investment property

£



Valuation


At 1 February 2024
366,975



At 31 January 2025
366,975

The 2025 valuations were made by the directors based, on an open market value for existing use basis.





8.


Debtors

2025
2024
£
£


Trade debtors
117,814
108,937

Other debtors
84,815
52,900

Prepayments and accrued income
771
847

203,400
162,684


Page 11

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

9.


Creditors: Amounts falling due within one year

2025
2024
£
£

Bank overdrafts
51,115
-

Bank loans
20,097
19,466

Trade creditors
58,372
46,237

Other taxation and social security
1,778
2,071

Obligations under finance lease and hire purchase contracts
85,461
83,940

Other creditors
124,974
135,572

Accruals and deferred income
5,170
4,880

346,967
292,166



10.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Bank loans
871,081
892,374

Net obligations under finance leases and hire purchase contracts
123,886
209,346

994,967
1,101,720


Page 12

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

11.


Loans


Analysis of the maturity of loans is given below:


2025
2024
£
£

Amounts falling due within one year

Bank loans
20,097
19,466


20,097
19,466

Amounts falling due 1-2 years

Bank loans
20,098
19,467


20,098
19,467

Amounts falling due 2-5 years

Bank loans
60,295
58,401


60,295
58,401

Amounts falling due after more than 5 years

Bank loans
790,688
814,506

790,688
814,506

891,178
911,840



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2025
2024
£
£


Within one year
85,461
83,940

Between 1-2 years
57,727
85,459

Between 2-5 years
66,159
123,887

209,347
293,286

Page 13

 
WATERS' FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,943 (2024 - £2,347).


Page 14