REGISTERED NUMBER: 04992756 (England and Wales)

Wisbech Contract Farming Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company information

1

Chartered accountants' report

2

Statement of financial position

3

to

4

Notes to the financial statements

5

to

9

Directors:

J B Portass

Mrs B Portass

J Portass

Registered office:

Bramley Lodge

St Paul's Road South

Walton Highway

Wisbech

Cambridgeshire

PE14 7DD

Registered number:

04992756 (England and Wales)

Accountants:

Moore Thompson

Monica House

St Augustines Road

Wisbech

Cambridgeshire

PE13 3AD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wisbech Contract Farming Ltd for the year ended 31 December 2024 which comprise the Income statement, Other comprehensive income, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wisbech Contract Farming Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wisbech Contract Farming Ltd and state those matters that we have agreed to state to the Board of Directors of Wisbech Contract Farming Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wisbech Contract Farming Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wisbech Contract Farming Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wisbech Contract Farming Ltd. You consider that Wisbech Contract Farming Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wisbech Contract Farming Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Thompson

Monica House

St Augustines Road

Wisbech

Cambridgeshire

PE13 3AD

11 September 2025

Fixed assets

Intangible assets

5

620

1,241

Tangible assets

6

1,037,810

1,057,653

Investments and long term loan

7

37,055

33,577

1,075,485

1,092,471

Current assets

Stocks

398,631

391,828

Debtors

8

318,579

495,674

Cash at bank and in hand

18,955

2,169

736,165

889,671

Creditors

Amounts falling due within one year

9

372,747

442,716

Net current assets

363,418

446,955

Total assets less current liabilities

1,438,903

1,539,426

Creditors

Amounts falling due after more than one year

10

(278,722

)

(414,413

)

Provisions for liabilities

(90,941

)

(95,902

)

Net assets

1,069,240

1,029,111

Capital and reserves

Called up share capital

67

67

Capital redemption reserve

33

33

Other reserves

76,070

93,392

Retained earnings

993,070

935,619

1,069,240

1,029,111

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 11 September 2025 and were signed on its behalf by:

J B Portass - Director

1.	Statutory information

Wisbech Contract Farming Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of ten years.

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 depreciated

Plant and machinery

-

20% on reducing balance

Tractors

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Other assets

-

at variable rates 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.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4.	Employees and directors

The average number of employees during the year was 17 (2023 - 20 ) .

5.	Intangible fixed assets

Goodwill

Entitlements

Totals

£

£

£

Cost

At 1 January 2024

and 31 December 2024

30,000

6,210

36,210

Amortisation

At 1 January 2024

30,000

4,969

34,969

Amortisation for year

-

621

621

At 31 December 2024

30,000

5,590

35,590

Net book value

At 31 December 2024

-

620

620

At 31 December 2023

-

1,241

1,241

6.	Tangible fixed assets

Freehold

Plant and

property

machinery

Tractors

£

£

£

Cost

At 1 January 2024

674,047

616,516

278,046

Additions

-

91,775

-

Disposals

-

(39,700

)

-

At 31 December 2024

674,047

668,591

278,046

Depreciation

At 1 January 2024

-

390,788

129,641

Charge for year

-

63,462

37,101

Eliminated on disposal

-

(31,063

)

-

At 31 December 2024

-

423,187

166,742

Net book value

At 31 December 2024

674,047

245,404

111,304

At 31 December 2023

674,047

225,728

148,405

Motor

Other

vehicles

assets

Totals

£

£

£

Cost

At 1 January 2024

37,237

14,777

1,620,623

Additions

-

469

92,244

Disposals

-

-

(39,700

)

At 31 December 2024

37,237

15,246

1,673,167

Depreciation

At 1 January 2024

33,317

9,224

562,970

Charge for year

980

1,907

103,450

Eliminated on disposal

-

-

(31,063

)

At 31 December 2024

34,297

11,131

635,357

Net book value

At 31 December 2024

2,940

4,115

1,037,810

At 31 December 2023

3,920

5,553

1,057,653

7.	Fixed asset investments

2024

2023

£

£

Participating interests

133

133

Loans to undertakings in which the company has a participating interest

36,922

33,444

37,055

33,577

Additional information is as follows:

Interest

in other

participating

interests

£

Cost

At 1 January 2024

and 31 December 2024

133

Net book value

At 31 December 2024

133

At 31 December 2023

133

Long term

loan

£

At 1 January 2024

33,444

Other movement

3,478

At 31 December 2024

36,922

An interest free loan of £85,000 was issued to the Norfolk Apple Company Ltd during the year ended 31 December 2017. The repayment term was extended in the year ended 31 December 2022. Repayments will be made at the discretion of the directors of the company. The loan will be repaid in full by 2027,and was discounted to fair value of £36,922 at 31 December 2024. Interest is released annually.

8.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

312,661

446,846

VAT

4,103

46,368

Prepayments

1,815

2,460

318,579

495,674

9.

Creditors: amounts falling due within one year

2024

2023

£

£

Bank loans and overdrafts

10,000

10,000

Mortgage - Stokes

27,342

24,431

Hire purchase contracts

59,305

51,914

Trade creditors

112,857

152,499

Tax

30,209

41,771

Social security and other taxes

4,887

12,755

Directors' current accounts

107,297

125,309

Accrued expenses

20,850

23,926

Deferred income

-

111

372,747

442,716

10.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Bank loans - 1-2 years

8,333

10,000

Bank loans - 2-5 years

-

8,333

Mortgage - Stokes 1-2 years

12,285

27,326

Mortgage - Stokes 2-5 years

-

12,318

Greenyard loan 2-5 years

186,260

244,413

Hire purchase contracts

71,844

112,023

278,722

414,413

The bank overdraft of the company is secured on an existing legal charge over the Cold Store at St Pauls Road South, Walton Highway, Wisbech and 20.42 acres of land at West Drove North, Walpole St Peter, Wisbech. The overdraft limit is negotiated on a seasonal basis and has an upper limit of £150,000. The overdraft facility is available from August until the following February each year.

A loan of £360,000 was taken out from JA & AJ Stokes during the year ended 31 December 2016 and is secured on the 19.02 hectares of land at Church Road, Terrington St John, Norfolk. The loan was repayable in full in 2021. In August 2021 the loan was renegotiated with a new agreement in place. In May 2023 4.32 hectares of this land was sold to JA & AJ Stokes and the proceeds of £113,947 used to partly repay the loan. The loan will be repaid in full in May 2026 and is secured on the revised parcel of 14.70 hectares of land as the original loan.

A loan of £150,000 was taken out from Greenyard during the year ended 31 December 2018, with a further £150,000 taken out during the year ended 31 December 2019. One final instalment of £150,000 was taken out in the year ending 31 December 2020. During the year ended 31 December 2021 the loan was renegotiated with a new agreement in place. The loan will be repaid by April 2028.

11.	Related party disclosures

The company was under the control of the directors by virtue of them holding 100% of the issued share capital.

The company paid office rental of £1,800 (2023: £1,800) to the mother of a director of the company. There were no outstanding liabilities at the balance sheet date.