Company registration number 00989892 (England and Wales)
WALTER MAIDMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WALTER MAIDMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
WALTER MAIDMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,396,783
1,192,428
Biological assets
6
303,081
330,641
Investment property
4
1,050,000
1,050,000
Investments
5
26,780
48,342
2,776,644
2,621,411
Current assets
Stocks
288,271
215,457
Debtors
7
242,998
148,726
Investments
8
122,654
122,654
Cash at bank and in hand
414,696
151,806
1,068,619
638,643
Creditors: amounts falling due within one year
9
(779,148)
(434,047)
Net current assets
289,471
204,596
Total assets less current liabilities
3,066,115
2,826,007
Creditors: amounts falling due after more than one year
10
(44,158)
(43,345)
Provisions for liabilities
(307,852)
(277,795)
Net assets
2,714,105
2,504,867
Capital and reserves
Called up share capital
44,000
44,000
Profit and loss reserves
2,670,105
2,460,867
Total equity
2,714,105
2,504,867
WALTER MAIDMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Mr T H Maidment
Mrs M Maidment
Director
Director
Company registration number 00989892 (England and Wales)
WALTER MAIDMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Walter Maidment Limited a private company limited by shares incorporated in England and Wales. The registered office is Manor Farm, Wilcot, Pewsey, Wiltshire, SN9 5NS, which is the same as the trading address.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Prior period error

The prior year balance sheet has been adjusted to accurately reflect the position of the tangible fixed assets and fixed asset investments. Tangible fixed assets increased by £8,211 and fixed asset investments decreased by £250,000.

 

This has reduced the Profit and Loss Reserves brought forward by £185,010. As well as also decreasing provisions for liabilities by £56,779.

 

1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of milk, livestock, rental, solar and the receipt of government grants. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of milk and livestock and in the period to which the government grant relates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Property improvements
Nil / 15% reducing balance basis
Plant and machinery
15% / 25% reducing balance basis
Motor vehicles
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Freehold property included within the financial statements has not been depreciated on the grounds that the depreciation charge and accumulated depreciation are immaterial, due to the high residual value of the property. This is a departure from the Companies Act 2006, which requires all property, plant and equipment to be depreciated. The directors consider that this policy results in the financial statements presenting a true and fair view.

WALTER MAIDMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

 

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at lower of cost and estimated selling price less costs to complete and sell.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Dairy herd
20% straight line
1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

WALTER MAIDMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Fair value measurement of financial instruments

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

WALTER MAIDMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WALTER MAIDMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.16
Leases
As lessee

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
11
WALTER MAIDMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
3
Tangible fixed assets
Property improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
2,007,778
1,539,134
21,113
3,568,025
Additions
108,717
243,847
4,500
357,064
Disposals
-
0
(102,433)
(3,300)
(105,733)
At 31 December 2024
2,116,495
1,680,548
22,313
3,819,356
Depreciation and impairment
At 1 January 2024
1,286,310
1,084,137
5,150
2,375,597
Depreciation charged in the year
24,569
88,229
3,750
116,548
Eliminated in respect of disposals
-
0
(68,029)
(1,543)
(69,572)
At 31 December 2024
1,310,879
1,104,337
7,357
2,422,573
Carrying amount
At 31 December 2024
805,616
576,211
14,956
1,396,783
At 31 December 2023
721,468
454,997
15,963
1,192,428
4
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
1,050,000

At 31 December 2024 the fair value of the property in the financial statements remained the same as previous years on documented trends in the local property market, using the assumption that the value of the property reflects local market trends. During the year ended 31 December 2024 the revaluation of £Nil (2023- £Nil ) was credited to the profit and loss account.

 

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
26,780
48,342
WALTER MAIDMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
48,342
Valuation changes
(21,562)
At 31 December 2024
26,780
Carrying amount
At 31 December 2024
26,780
At 31 December 2023
48,342
6
Biological assets
Dairy herd
£
Cost
At 1 January 2024
452,555
Additions - from stock
70,000
Disposals
(99,455)
At 31 December 2024
423,100
Depreciation and impairment
At 1 January 2024
121,914
Depreciation charged for the year
34,380
Disposals
(36,275)
At 31 December 2024
120,019
Carrying amount
At 31 December 2024
303,081
At 31 December 2023
330,641
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
134,200
89,089
Other debtors
108,798
59,637
242,998
148,726
WALTER MAIDMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
8
Current asset investments
2024
2023
£
£
Other investments
122,654
122,654
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
49,105
Trade creditors
464,794
130,662
Taxation and social security
56,077
7,300
Other creditors
258,277
246,980
779,148
434,047

The hire purchase liabilities of £44,853 (2023- £34,134) are secured on the assets to which they relate. The bank loans of £Nil (2023 - £49,105) are secured on the investment property.

10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
44,158
43,345

Lloyds Bank PLC holds a first legal charge over Manor Farm Wilcot Wiltshire

The hire purchase liabilities of £44,158 (2023 - £42,345) are secured on the assets to which they relate.

11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

At the year end the company owed the directors £197,844 (2023 - £189,083). This loan is repayable on demand and interest free.

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