Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Mr P H Wastenage 03/12/2004 Mrs D R Wastenage 03/12/2004 01 September 2025 The principal activty of the Company in the financial year was the milking and raising of dairy cattle. 05303506 2024-12-31 05303506 bus:Director1 2024-12-31 05303506 bus:Director2 2024-12-31 05303506 2023-12-31 05303506 core:CurrentFinancialInstruments 2024-12-31 05303506 core:CurrentFinancialInstruments 2023-12-31 05303506 core:Non-currentFinancialInstruments 2024-12-31 05303506 core:Non-currentFinancialInstruments 2023-12-31 05303506 core:ShareCapital 2024-12-31 05303506 core:ShareCapital 2023-12-31 05303506 core:RetainedEarningsAccumulatedLosses 2024-12-31 05303506 core:RetainedEarningsAccumulatedLosses 2023-12-31 05303506 core:OtherResidualIntangibleAssets 2023-12-31 05303506 core:OtherResidualIntangibleAssets 2024-12-31 05303506 core:LandBuildings 2023-12-31 05303506 core:OtherPropertyPlantEquipment 2023-12-31 05303506 core:LandBuildings 2024-12-31 05303506 core:OtherPropertyPlantEquipment 2024-12-31 05303506 core:ConsumableBiologicalAssetClass1 2023-12-31 05303506 core:ConsumableBiologicalAssetClass1 2024-12-31 05303506 5 2024-12-31 05303506 5 2023-12-31 05303506 2024-01-01 2024-12-31 05303506 bus:FilletedAccounts 2024-01-01 2024-12-31 05303506 bus:SmallEntities 2024-01-01 2024-12-31 05303506 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 05303506 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05303506 bus:Director1 2024-01-01 2024-12-31 05303506 bus:Director2 2024-01-01 2024-12-31 05303506 core:OtherResidualIntangibleAssets core:TopRangeValue 2024-01-01 2024-12-31 05303506 core:LandBuildings core:BottomRangeValue 2024-01-01 2024-12-31 05303506 core:LandBuildings core:TopRangeValue 2024-01-01 2024-12-31 05303506 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 05303506 2023-01-01 2023-12-31 05303506 core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 05303506 core:LandBuildings 2024-01-01 2024-12-31 05303506 core:ConsumableBiologicalAssetClass1 2024-01-01 2024-12-31 05303506 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 05303506 (England and Wales)

WASTENAGE FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

WASTENAGE FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

WASTENAGE FARMS LIMITED

BALANCE SHEET

As at 31 December 2024
WASTENAGE FARMS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 2,250 2,700
Tangible assets 4 11,605,132 11,298,354
Biological assets 5 1,064,564 762,556
Investments 226,270 175,412
12,898,216 12,239,022
Current assets
Stocks 6 670,973 745,322
Debtors 7 252,597 204,294
Cash at bank and in hand 230,684 0
1,154,254 949,616
Creditors: amounts falling due within one year 8 ( 1,118,116) ( 1,306,091)
Net current assets/(liabilities) 36,138 (356,475)
Total assets less current liabilities 12,934,354 11,882,547
Creditors: amounts falling due after more than one year 9 ( 4,618,879) ( 4,484,861)
Provision for liabilities ( 495,130) ( 385,317)
Net assets 7,820,345 7,012,369
Capital and reserves
Called-up share capital 4 4
Profit and loss account 7,820,341 7,012,365
Total shareholders' funds 7,820,345 7,012,369

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

Directors' responsibilities:

The financial statements of Wastenage Farms Limited (registered number: 05303506) were approved and authorised for issue by the Board of Directors on 01 September 2025. They were signed on its behalf by:

Mrs D R Wastenage
Director
WASTENAGE FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
WASTENAGE FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

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.

General information and basis of accounting

Wastenage Farms 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 0 - 20 years straight line
Plant and machinery etc. 15 - 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Biological assets

The Company owned and a dairy herd. In accordance with FRS102, these are defined as biological assets.

Biological assets are recognised only when the entity has control of the asset as a result of past events, it is probable that future economic benefits associated with the asset will flow to the entity; and the fair value or cost of the asset can be measured reliably.

The Company measures biological assets at cost less accumulated depreciation as follows:

The dairy herd is depreciated over 5 years on a straight line basis.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 14

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2024 4,500 4,500
At 31 December 2024 4,500 4,500
Accumulated amortisation
At 01 January 2024 1,800 1,800
Charge for the financial year 450 450
At 31 December 2024 2,250 2,250
Net book value
At 31 December 2024 2,250 2,250
At 31 December 2023 2,700 2,700

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 10,841,576 2,230,273 13,071,849
Additions 469,465 151,728 621,193
Disposals 0 ( 29,022) ( 29,022)
At 31 December 2024 11,311,041 2,352,979 13,664,020
Accumulated depreciation
At 01 January 2024 546,647 1,226,848 1,773,495
Charge for the financial year 116,780 186,593 303,373
Disposals 0 ( 17,980) ( 17,980)
At 31 December 2024 663,427 1,395,461 2,058,888
Net book value
At 31 December 2024 10,647,614 957,518 11,605,132
At 31 December 2023 10,294,929 1,003,425 11,298,354

5. Biological assets

2024
£
Biological assets at cost 1,064,564

Assets held at cost:

Dairy Total
£ £
Cost
At 01 January 2024 769,672 769,672
Increase due to purchases/ transfers in 473,540 473,540
Decrease attributable to sales/ transfers out ( 163,405) ( 163,405)
At 31 December 2024 1,079,807 1,079,807
Accumulated depreciation
At 01 January 2024 7,116 7,116
Charge for the financial year 8,637 8,637
Decrease attributable to sales/ transfers out ( 510) ( 510)
At 31 December 2024 15,243 15,243
Net book value
At 31 December 2024 1,064,564 1,064,564
At 31 December 2023 762,556 762,556

6. Stocks

2024 2023
£ £
Stocks 359,583 392,835
Livestock 311,390 352,487
670,973 745,322

7. Debtors

2024 2023
£ £
Trade debtors 155,759 126,041
Other debtors 96,838 78,253
252,597 204,294

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 176,508 521,251
Trade creditors 272,964 280,711
Taxation and social security 212,415 4,718
Other creditors 456,229 499,411
1,118,116 1,306,091

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 4,404,276 4,298,044
Other creditors 214,603 186,817
4,618,879 4,484,861

The bank loans are secured against specific freehold titles of the Company. The company has also given security against all fixed and floating assets of the Company against a particular bank loan.