Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Tangible assets | 5 |
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| Biological assets | 6 | 583,952 | 793,222 | |
| Investments | 7 |
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| 1,414,272 | 1,700,956 | |||
| Current assets | ||||
| Stocks | 8 |
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| Debtors | 9 |
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| Cash at bank and in hand |
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| 327,097 | 392,691 | |||
| Creditors: amounts falling due within one year | 10 | (
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| Net current liabilities | (432,122) | (635,641) | ||
| Total assets less current liabilities | 982,150 | 1,065,315 | ||
| Creditors: amounts falling due after more than one year | 11 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of H&AA Wastenage Limited (registered number:
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Mr P H Wastenage
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
H&AA Wastenage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Tidwell Barton East Budleigh, Budleigh, Salterton, EX9 7AG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
| Other intangible assets | not amortised |
| Land and buildings |
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| Plant and machinery |
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| Vehicles |
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its estimated useful life.
Dairy cows - 33% straight line
Dairy bulls - 20% straight line
Goats - 25% straight line
Billies - 25% straight line
Investments are recognised at cost. Arla cost is estimated as the value of the members capital account
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
During the year, the company identified an error in the market value of assets and an understatement of liabilities in the financial statements for the year ended 31 December 2023.
The error has been corrected by restating the comparative amounts for 2023.
The opening balance of retained earnings at 1 January 2024 has also been adjusted accordingly.
| As previously reported | Adjustment | As restated | ||||
| Year ended 31 December 2023 | £ | £ | £ | |||
| Biological assets | 238,968 | 554,254 | 793,222 | |||
| Debtors | 183,587 | (34,163) | 149,424 | |||
| Creditors: amounts falling due within one year | 474,078 | 554,254 | 1,028,332 | |||
| Provision for liabilities | 0 | 67,707 | 67,707 | |||
| Profit and loss account | 1,000,479 | (101,870) | 898,609 |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Other intangible assets | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| Disposals | (
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| At 31 December 2024 |
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| Accumulated amortisation | |||
| At 01 January 2024 |
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| Disposals | (
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 |
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| At 31 December 2023 |
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| Land and buildings | Plant and machinery | Vehicles | Total | ||||
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| Cost | |||||||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Accumulated depreciation | |||||||
| At 01 January 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||||||
| At 31 December 2024 | 552,948 | 64,958 | 146,513 | 764,419 | |||
| At 31 December 2023 | 592,130 | 76,423 | 183,142 | 851,695 |
| 2024 | |
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| Biological assets at cost |
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Assets held at cost:
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Total | |||
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| Cost | |||||
| At 01 January 2024 |
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| Increase due to purchases/ transfers in |
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| Decrease attributable to sales/ transfers out | (
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| At 31 December 2024 |
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| Accumulated depreciation | |||||
| At 01 January 2024 | (
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| Charge for the financial year |
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| Decrease attributable to sales/ transfers out |
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| At 31 December 2024 |
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| Net book value | |||||
| At 31 December 2024 |
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| At 31 December 2023 |
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| Other investments | Total | ||
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| Cost or valuation before impairment | |||
| At 01 January 2024 |
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| Movement in fair value |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Stocks |
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| £ | £ | ||
| Trade debtors |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank overdrafts |
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| Trade creditors |
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| Amounts owed to directors |
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| Accruals |
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| Other taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other creditors |
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