Willis Dairy Farmers Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 06422394 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

WILLIS DAIRY FARMERS LTD

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

529,221

1,101,606

CURRENT ASSETS

Stocks

-

1,136,535

Debtors

5

288,883

473,237

Cash at bank

523,094

-

811,977

1,609,772

CREDITORS

Amounts falling due within one year

6

49,926

798,477

NET CURRENT ASSETS

762,051

811,295

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,291,272

1,912,901

CREDITORS

Amounts falling due after more than
one year

7

(31,679

)

(242,729

)

PROVISIONS FOR LIABILITIES

(48,953

)

(157,706

)

NET ASSETS

1,210,640

1,512,466

CAPITAL AND RESERVES

Called up share capital

360,100

Retained earnings

850,540

1,152,366

SHAREHOLDERS' FUNDS

1,210,640

1,512,466

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 5 June 2025 and were signed on its behalf by:

C B Willis - Director

1.	STATUTORY INFORMATION

Willis Dairy Farmers Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

06422394

Registered office:

Old Oak Cottage

Park Hall Farm

Clotton

Tarporley

Cheshire

CW6 0EG

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

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

not provided

Plant and machinery

-

10% on reducing balance

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 7 ).

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

COST

At 1 January 2024

271,573

1,627,294

1,898,867

Additions

-

78,766

Disposals

-

(1,220,470

)

(1,220,470

)

At 31 December 2024

271,573

485,590

757,163

DEPRECIATION

At 1 January 2024

-

797,261

Charge for year

-

28,627

Eliminated on disposal

-

(597,946

)

(597,946

)

At 31 December 2024

-

227,942

NET BOOK VALUE

At 31 December 2024

271,573

257,648

529,221

At 31 December 2023

271,573

830,033

1,101,606

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

34,755

178,802

Other debtors

254,128

294,435

288,883

473,237

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts (see note 8)

-

253,595

Hire purchase contracts (see note 9)

26,185

50,650

Trade creditors

1,423

472,006

Taxation and social security

18,338

11,046

Other creditors

3,980

11,180

49,926

798,477

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

31.12.24

31.12.23

£

Bank loans (see note 8)

-

189,863

Hire purchase contracts (see note 9)

31,679

52,866

31,679

242,729

8.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

244,249

Agricultural mortgage

-

7,731

Bank loan

-

1,615

Other loans

-

7,200

-

260,795

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

32,306

Agricultural mortgage

-

157,557

-

189,863

The bank loan is secured by way of a debenture dated 19 March 2008 giving Barclays Bank Plc a legal mortgage over the unregistered land held by the company as at 19 March 2008 and a fixed and floating charge over the assets and income of the company.

There is also a charge dated 15 July 2016 giving Barclays Bank Plc a legal mortgage over the land at Old Hall Lane, Hargreave held by CB Willis who is a director and share holder of the company. This land being used by the company in the farming business.

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.24

31.12.23

£

Net obligations repayable:

Within one year

26,185

50,650

Between one and five years

31,679

52,866

57,864

103,516

Hire purchase contracts are secured by a fixed charge over the assets purchased.

10.	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:

31.12.24

31.12.23

£

C B Willis

Balance outstanding at start of year

148,778

116,050

Amounts advanced

53,514

69,655

Amounts repaid

(7,200

)

(36,927

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

195,092

148,778