REGISTERED NUMBER: 00630302 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

R.H. Ward (Welton) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J R Ward

K A Ward

L J Haxton

SECRETARY:

K A Ward

REGISTERED OFFICE:

Holme Farm

Welton Cliff

LINCOLN

Lincolnshire

LN2 3PU

REGISTERED NUMBER:

00630302 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

NatWest Bank Plc

225 High Street

LINCOLN

Lincolnshire

LN2 1AZ

FIXED ASSETS

Tangible assets

4

12,262,460

9,865,991

Investments

5

1,692

1,692

Investment property

6

2,560,229

2,160,229

14,824,381

12,027,912

CURRENT ASSETS

Stocks

605,432

701,266

Debtors

7

435,834

309,267

Investments

8

-

1,600,000

Cash at bank

1,035,113

527,648

2,076,379

3,138,181

CREDITORS

Amounts falling due within one year

9

1,337,152

835,158

NET CURRENT ASSETS

739,227

2,303,023

TOTAL ASSETS LESS CURRENT LIABILITIES

15,563,608

14,330,935

CREDITORS

Amounts falling due after more than one year

10

(92,286

)

(139,042

)

PROVISIONS FOR LIABILITIES

(796,399

)

(757,633

)

NET ASSETS

14,674,923

13,434,260

CAPITAL AND RESERVES

Called up share capital

68,120

68,120

Retained earnings

14,606,803

13,366,140

SHAREHOLDERS' FUNDS

14,674,923

13,434,260

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 26 September 2025 and were signed on its behalf by:

J R Ward - Director

1.	STATUTORY INFORMATION

R.H. Ward (Welton) Limited 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.	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 as modified by the revaluation of certain assets.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

at varying rates on cost

Short leasehold

-

10% on cost

Plant and machinery

-

15% to 25% on reducing balance and at varying rates on cost

Motor vehicles

-

25% on reducing balance

Freehold land is not depreciated.

Assets in the course of construction are capitalised but not depreciated until they have been completed and brought into use.

Government grants

Government grants which have been accounted for under the accruals model, in respect of capital expenditure are recognised within income on a systematic basis over the expected useful life of the asset.

Investment property

Investment property is property that is held to generate rental income and/or held for capital appreciation. Investment property is initially measured at cost and subsequently revalued to fair value at each reporting date with changes in fair value recognised in profit or loss in the year they arise.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value.

The cost of harvested crops and tenantright includes all production overheads and depreciation and the attributable proportion of indirect overheads based on the normal level of activity. Net realisable value is based on estimated selling price, less the estimated cost of disposal.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

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.

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.

Assets held for use in operating leases are included in fixed assets and depreciated over their useful life. Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

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.

Current asset investments

Investments held as current assets are stated at the lower of cost and net realisable value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

Motor

property

leasehold

machinery

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

8,279,649

259,298

4,952,871

119,238

13,611,056

Additions

2,639,360

-

209,902

33,583

2,882,845

Disposals

-

-

(50,650

)

(82,530

)

(133,180

)

Reclassification/transfer

(175,794

)

-

-

-

(175,794

)

At 31 December 2024

10,743,215

259,298

5,112,123

70,291

16,184,927

DEPRECIATION

At 1 January 2024

712,652

256,785

2,738,245

37,383

3,745,065

Charge for year

92,691

-

230,405

23,636

346,732

Eliminated on disposal

-

-

(43,870

)

(21,661

)

(65,531

)

Reclassification/transfer

(103,799

)

-

-

-

(103,799

)

At 31 December 2024

701,544

256,785

2,924,780

39,358

3,922,467

NET BOOK VALUE

At 31 December 2024

10,041,671

2,513

2,187,343

30,933

12,262,460

At 31 December 2023

7,566,997

2,513

2,214,626

81,855

9,865,991

Included in freehold property and plant & machinery are assets held for use in operating leases at a cost of £4,256,264 (2023 £4,256,264) and accumulated depreciation of £1,737,421 (2023 £1,638,402). Rental income from these operating leases amounted to £542,350 (2023 £540,617).

Plant and machinery includes assets under hire purchase contracts with a net book value of £153,052 (2023 £209,343) and depreciation charge of £45,666 (2023 £27,397).

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

and 31 December 2024

1,692

NET BOOK VALUE

At 31 December 2024

1,692

At 31 December 2023

1,692

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

2,160,229

Revaluations

328,005

Reclassification/transfer

71,995

At 31 December 2024

2,560,229

NET BOOK VALUE

At 31 December 2024

2,560,229

At 31 December 2023

2,160,229

Rental income from investment properties used for short-term holiday lets and commercial lettings amounted to £142,515 (2023 £80,418). Provision has been made for deferred tax on the fair value reserve and amounts to £143,389 (2023 £97,270).

Fair value at 31 December 2024 is represented by:

£

Valuation in 2014

230,278

Valuation in 2020

55,662

Valuation in 2023

247,675

Valuation in 2024

328,005

Cost

1,698,609

2,560,229

If investment properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

1,802,408

1,626,614

Aggregate depreciation

(194,777

)

(59,845

)

Investment properties were valued on an open market basis on 31 December 2024 by the directors .

The directors based their valuation on a mix of return on capital and the market for similar rental properties in the general area.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

324,139

259,240

Other debtors

404

-

Prepayments and accrued income

111,291

50,027

435,834

309,267

8.	CURRENT ASSET INVESTMENTS

2024

2023

£

£

Unlisted investments

-

1,600,000

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 11)

62,565

45,073

Trade creditors

243,401

184,825

Corporation tax

363,148

6,822

Social security and other taxes

19,178

13,104

VAT

24,239

24,602

Other creditors

75,470

53,800

Directors' current accounts

442,634

410,157

Accruals and deferred income

97,275

90,659

Deferred government grants

9,242

6,116

1,337,152

835,158

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 11)

-

62,565

Deferred government grants

92,286

76,477

92,286

139,042

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

62,565

45,073

Between one and five years

-

62,565

62,565

107,638

Non-cancellable

operating leases

2024

2023

£

£

Within one year

1,460

1,153

Between one and five years

6,570

577

8,030

1,730

12.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

62,565

107,638

Hire purchase commitments are secured on the assets being financed.

13.	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:

2024

2023

£

£

J R Ward

Balance outstanding at start of year

-

-

Amounts advanced

-

97,910

Amounts repaid

-

(97,910

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The amounts advanced are unsecured and repayable on demand. Interest on the overdrawn balance has been charged at the HMRC beneficial loan interest rate.

14.	RELATED PARTY DISCLOSURES