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Registered number: 00600903
Ben Smith & Sons(Wantage)Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2025
Ben Smith & Sons(Wantage)Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1—2
Directors' Report | 3—4
Independent Auditor's Report | 5—8
Profit and Loss Account | 9
Statement of Comprehensive Income | 10
Balance Sheet | 11—12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Notes to the Statement of Cash Flows | 15
Notes to the Financial Statements | 16—26

Page 1
Ben Smith & Sons(Wantage)Limited
Strategic Report
For The Year Ended 31 March 2025
Strategic Report
The directors present their strategic report for the year ended 31 March 2025.
Principal Activity
The company's principal activity continues to be that of farming, commercial garage activities and investment property.
Review of the Business
The sales reported for the year are £10,814,008 compared to £10,947,551 for the year ended 31 March 2024.
The company has seen a decline in grain sales this year, primarily due to poor yields and challenging market conditions. Despite this, grain prices have risen over the period—rapeseed by 3.98%, beans by 16.39%, and wheat, the largest revenue contributor, by 1.41% under agreed contract pricing. Stock levels on the farm have dropped by 16% compared to last year, and there is optimism that wheat prices will increase to justify dispatch.
At Broadway Motors, falling fuel prices and decreased footfall have led to a 3.96% drop in sales. The completion of the bypass and competitive local pricing have significantly impacted revenue during this period. However, gross profit margin has increased by 0.39%, despite these challenges.
Investment property income has increased by 3.91% during the period, supported by higher rental prices and the completion of commercial buildings at the end of last year and the beginning of this year. However, margins have declined by 10.46%, primarily due to higher repair costs, expenses related to traveller relocation, and additional security measures required to monitor and maintain previously occupied land.
Principal Risks and Uncertainties
Farming Division Risks:
The primary risk is the potential for low grain yields due to adverse climate changes. However, acquiring additional land is helping mitigate this challenge and manage risk. Additionally, climate conditions in high-yielding crop-growing countries can significantly impact the global supply chain and grain market prices.
Garage Risks:
Intense local competition and declining fuel prices pose key challenges. Moreover, the completion of the Wantage Eastern Link Road in summer 2024 has affected footfall during the 2025 period, potentially leading to further declines in the future.
Investment Property Risks:
Key concerns include falling capital values and an economic slowdown, which may push existing tenants out due to difficult trading conditions
Page 1
Page 2
Ben Smith & Sons(Wantage)Limited
Strategic Report (continued)
For The Year Ended 31 March 2025
Future Developments
The Key Performance Indicators presented below reflect the way the performance of the Company has been measured in 2024/25:
• Revenue by department – to track the growth in the business.
• Harvest yields.
• Profit before tax – to track the underlying performance of the business.
• Overheads.
• Labour costs.
The directors are satisfied with the performance of the company during the year with regard to the indicators set out above.
Subsequent Events
There have been no changes to the business activities or risk profile of the Company subsequent to the end of the reporting period. There have been no changes to the Company’s directors since the end of the reporting period.
2026 Focus
Looking forward, the strategy for the Company is to expand in key areas of the business and to meet expectations with regards to KPI’s. The company continues to expand its customer and geographical base and is expanding its activities whilst also providing additional services for existing clients. The Directors are looking forward to another very positive year to March 2026.
On behalf of the board

Mrs H J Shepherd Director
30 October 2025

Page 2
Page 3
Ben Smith & Sons(Wantage)Limited
Company No. 00600903
Directors' Report For The Year Ended 31 March 2025
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors
The directors who held office during the year were as follows:

Mr C I Bridle
Mrs C K Bridle
Mr C P Bridle
Mrs H J Shepherd
Mr W J Smith
Mr B Smith
Mrs A T Fowler

Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page 3
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Ben Smith & Sons(Wantage)Limited
Directors' Report (continued)
For The Year Ended 31 March 2025
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors
The auditors, UHY Ross Brooke, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mrs H J Shepherd Director
30 October 2025

Page 4
Page 5
Independent Auditor's Report
to the Members of
Ben Smith & Sons(Wantage)Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Ben Smith & Sons(Wantage)Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion
We conducted our audit in accordance with the International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 5
Page 6
Independent Auditor's Report (continued)
to the Members of
Ben Smith & Sons(Wantage)Limited
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
...CONTINUED
Page 6
Page 7
Independent Auditor's Report (continued)
to the Members of
Ben Smith & Sons(Wantage)Limited
Auditor's Responsibilities for the Audit of the Financial Statements - continued
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our cumulative audit and commercial knowledge and experience of the company and the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Taxation Legislation, General Data Protection Rules (GDPR), Anti-Bribery Act, Employment Law and Health & Safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 7
Page 8
Independent Auditor's Report (continued)
to the Members of
Ben Smith & Sons(Wantage)Limited
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Caroline Webster FCA (Senior Statutory Auditor) for and on behalf of UHY Ross Brooke , Statutory Auditor
4 November 2025
UHY Ross Brooke Suite 1, Windrush Court Abingdon Business Park Abingdon Oxfordshire OX14 1SY

Page 8
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Ben Smith & Sons(Wantage)Limited
Profit and Loss Account
For The Year Ended 31 March 2025
Profit and Loss Account

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER |  | 10,814,008 |  | 10,947,551
Cost of sales |  | (6,629,122 ) |  | (7,293,046 )
GROSS PROFIT |  | 4,184,886 |  | 3,654,505
Administrative expenses |  | (3,957,021 ) |  | (4,221,066 )
Other operating income |  | 89,856 |  | 63,838
Loss on revaluation of investment property |  | (18,638 ) |  | (279,772 )
OPERATING PROFIT/(LOSS) | 4 | 299,083 |  | (782,495 )
Profit on disposal of fixed assets |  | 209,082 |  | 32,312
Other interest receivable and similar income | 9 | 153,878 |  | 224,805
PROFIT/(LOSS) BEFORE TAXATION |  | 662,043 |  | (525,378 )
Tax on Profit/(loss) | 10 | 64,595 |  | 59,397
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR |  | 726,638 |  | (465,981 )

The notes on pages 15 to 26 form part of these financial statements.
Page 9
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Ben Smith & Sons(Wantage)Limited
Statement of Comprehensive Income
For The Year Ended 31 March 2025
Statement of Comprehensive Income

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
PROFIT FOR THE FINANCIAL YEAR |  | 726,638 |  | (465,981 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 726,638 |  | (465,981 )

Page 10
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Ben Smith & Sons(Wantage)Limited
Balance Sheet
As At 31 March 2025
Balance Sheet
Registered number: 00600903

| 2025 | 2024 as restated
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 11 |  | 28,862,812 |  | 28,591,442
Investment Properties | 12 |  | 12,067,227 |  | 11,504,087
Investments | 13 |  | 120,000 |  | 120,000
|  |  | 41,050,039 |  | 40,215,529
CURRENT ASSETS
Stocks | 14 | 1,877,197 |  | 2,257,793 |
Debtors | 15 | 978,853 |  | 1,197,434 |
Cash at bank and in hand |  | 5,517,773 |  | 4,994,842 |
|  | 8,373,823 |  | 8,450,069 |
Creditors: Amounts Falling Due Within One Year | 16 | (1,134,165 ) |  | (996,193 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 7,239,658 |  | 7,453,876
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 48,289,697 |  | 47,669,405
PROVISIONS FOR LIABILITIES
Deferred Taxation | 17 |  | (4,691,183 ) |  | (4,707,529 )
NET ASSETS |  |  | 43,598,514 |  | 42,961,876
CAPITAL AND RESERVES
Called up share capital | 19 |  | 1,530,000 |  | 1,530,000
Profit and Loss Account |  |  | 42,068,514 |  | 41,431,876
SHAREHOLDERS' FUNDS |  |  | 43,598,514 |  | 42,961,876

Page 11
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Ben Smith & Sons(Wantage)Limited
Balance Sheet (continued)
As At 31 March 2025
On behalf of the board

Mrs H J Shepherd Director
30 October 2025

The notes on pages 15 to 26 form part of these financial statements.
Page 12
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Ben Smith & Sons(Wantage)Limited
Statement of Changes in Equity
For The Year Ended 31 March 2025
Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 April 2023 | 1,530,000 | 41,987,857 | 43,517,857
Loss for the year and total comprehensive income | - | (465,981 ) | (465,981)
Dividends paid | - | (90,000) | (90,000)
As at 31 March 2024 and 1 April 2024 as restated | 1,530,000 | 41,431,876 | 42,961,876
Profit for the year and total comprehensive income | - | 726,638 | 726,638
Dividends paid | - | (90,000) | (90,000)
As at 31 March 2025 | 1,530,000 | 42,068,514 | 43,598,514

Page 13
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Ben Smith & Sons(Wantage)Limited
Statement of Cash Flows
For The Year Ended 31 March 2025
Statement of Cash Flows

| 2025 |  | 2024 as restated
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 1,465,048 |  | 1,231,991
Tax refunded/(paid) |  | 111,058 |  | (506,134 )
Net cash generated from operating activities |  | 1,576,106 |  | 725,857
Cash flows from investing activities
Purchase of tangible assets |  | (1,584,070 ) |  | (1,504,727 )
Proceeds from disposal of tangible assets |  | 509,050 |  | 45,750
Interest received |  | 153,878 |  | 224,805
Net cash used in investing activities |  | (921,142 ) |  | (1,234,172 )
Cash flows from financing activities
Equity dividends paid |  | (90,000 ) |  | (90,000 )
Amount withdrawn by directors |  | (42,033) |  | (84,529)
Net cash used in financing activities |  | (132,033 ) |  | (174,529 )
Increase/(decrease) in cash and cash equivalents |  | 522,931 |  | (682,844 )
Cash and cash equivalents at beginning of year | 2 | 4,994,842 |  | 5,677,686
Cash and cash equivalents at end of year | 2 | 5,517,773 |  | 4,994,842

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Ben Smith & Sons(Wantage)Limited
Notes to the Statement of Cash Flows
For The Year Ended 31 March 2025
Notes to the Statement of Cash Flows
1. Reconciliation of profit/(loss) for the financial year to cash generated from operations

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Profit/(loss) for the financial year | 726,638 |  | (465,981 )
Adjustments for:
Tax on profit/(loss) | (64,595 ) |  | (59,397 )
Interest income | (153,878 ) |  | (224,805 )
Depreciation of tangible assets | 430,954 |  | 438,267
Profit on disposal of tangible assets | (209,082) |  | (32,312)
Loss on revaluation of fixed assets | 18,638 |  | 279,772
Movements in working capital:
Decrease in stocks | 380,596 |  | 941,396
Decrease in trade and other debtors | 159,104 |  | 475,920
Increase/(decrease) in trade and other creditors | 176,673 |  | (120,869 )
Net cash generated from operations | 1,465,048 |  | 1,231,991

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 5,517,773 |  | 4,994,842

3. Analysis of changes in net funds

| As at 1 April 2024 | Cash flows | As at 31 March 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 4,994,842 | 522,931 | 5,517,773

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Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements
For The Year Ended 31 March 2025
Notes to the Financial Statements
1. General Information
Ben Smith & Sons(Wantage)Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00600903 . The registered office is Manor Road Farm, Manor Road, Wantage, Oxfordshire, OX12 8NE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been modified to include the revaluation of freehold properties and to include investment properties, stock of grain held at the farm and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Significant judgements and estimations
In preparing the financial statements, management has made the following significant judgements and estimates:
Judgements: Management has made judgements in applying the accounting policies that have the most significant effect on the amounts recognized in the financial statements.
Estimates: Management has made estimates about the future, and other sources of estimation uncertainty, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next
financial year.
These judgements and estimates are based on the best information available at the time and are regularly reviewed and updated as necessary.
2.3. Turnover
Turnover represents amounts receivable for grain delivered to market, fuel, used cars, workshop services and rental income net of VAT.
Revenue from the sale of grain, fuel and used cars are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be reliably measured.
Revenue from rental income is recognised when due in accordance with the terms of the tenancy agreement.
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Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold | Nil
Plant & Machinery | 10% reducing balance
Motor Vehicles | 25% reducing balance
Fixtures & Fittings | 10% reducing balance

To provide a true and fair view of the company's property portfolio relating to the farm business, no depreciation is provided in respect of freehold land. The freehold land and buildings stated in note 11 is mostly land and in the opinion of the directors any building depreciation contained therein would be immaterial.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
During the preparation of the financial statements for the year ended 31 March 2025, management identified an error in the prior year’s revaluation of investment properties.
The properties were revalued as at 1 December 2024. In accordance with the accounting policy, all additions between 1 April 2024 and 1 December 2024 were deducted from the revaluation to avoid double-counting. However, due to the timing of the acquisition of Unit 17, the related cost had not yet been posted to the management accounts at the time of revaluation. As a result, the revaluation included Unit 17, but its cost was not deducted, leading to an overstatement of the carrying value of investment properties in the FY24 accounts.
This error has been corrected retrospectively in accordance with FRS 102 Section 10. The impact on the prior year figures is as follows:

Line Item | As previously reported | Adjustment | Restated amount
Investment Properties | 11,922,017 | -417,930 | 11,504,087
Net Assets | 43,379,806 | -417,930 | 42,961,876
Retained Earnings (Opening) | 43,379,806 | -417,930 | 42,961,876

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Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.6. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprise farm chemicals and cultivation, fuel and used cars, and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Harvested grain is measured at its contracted selling price less costs to sell.
Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.9. Key sources of estimation uncertainty
In the application of the entity's accounting policies, management is required to make judgements, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, include:
Fair Value Measurements: When measuring the fair value of an asset or liability, management uses market-observable data to the extent it is available. In some cases, management uses estimations based on recent transaction prices or discounted cash flow models.
Investment properties are held at fair value, based on expert assessment as detailed in note 12, contains an element of estimation uncertainty. The methodology for determining fair value is described more fully in accounting policy 2.5. The carrying amount is £12,485,157 (2024: £11,922,017).
3. Other Operating Income

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Rental income | 50,000 |  | 50,000
Other operating income | 39,856 |  | 13,838
| 89,856 |  | 63,838

4. Operating Profit/(loss)
The operating profit/(loss) is stated after charging:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Bad debts | (4,325) |  | 19,317
Depreciation of tangible fixed assets | 430,954 |  | 438,267

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Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 15,750 |  | 15,000

6. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 1,601,695 |  | 1,328,963
Social security costs | 177,574 |  | 141,619
Other pension costs | 373,633 |  | 1,046,802
| 2,152,902 |  | 2,517,384

7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
Office and administration | 24 |  | 24
Agriculture | 15 |  | 15
| 39 |  | 39

8. Directors' remuneration

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Emoluments | 594,404 |  | 554,758
Company contributions to money purchase pension schemes | 360,245 |  | 1,039,431
| 954,649 |  | 1,594,189

Information regarding the highest paid director was as follows:
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Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Emoluments | 103,249 |  | 113,702
Company contributions to defined benefit pension schemes | 60,000 |  | 164,369
| 163,249 |  | 278,071

9. Interest Receivable and Similar Income

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 153,878 |  | 224,805

10. Tax on Profit

The tax credit on the profit/(loss) for the year was as follows:
| Tax Rate | 2025 |  | 2024 as restated
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 25.0% | 3,332 |  | (59,477 )
Prior period adjustment | (51,581 ) |  | -
| (48,249 ) |  | (59,477 )
Deferred Tax
Deferred taxation | (16,346 ) |  | 80
Total tax charge for the period | (64,595 ) |  | (59,397 )
The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit/(loss) and the standard rate of corporation tax as follows:
| 2025 |  | 2024
| £ |  | £
Profit before tax | 662,043 |  | (525,378)
Tax on profit at 25% (UK standard rate) | 165,511 |  | (26,862 )
Goodwill/depreciation not allowed for tax | 107,739 |  | 101,489
Expenses not deductible for tax purposes | (40,641 ) |  | (34,540 )
Capital allowances | (146,172 ) |  | (67,029 )
Short term timing differences | (16,346 ) |  | 80

...CONTINUED
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Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025

Research and Development tax credit | (83,105 ) |  | (51,319 )
Prior period adjustment | (51,581 ) |  | -
Difference in tax rates | - |  | 18,784
Total tax charge for the period | (64,595) |  | (59,397)

11. Tangible Assets

| Land & Property
--- | ---
| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total
| £ | £ | £ | £ | £
Cost or Valuation
As at 1 April 2024 | 26,153,823 | 2,359,462 | 2,662,157 | 156,787 | 31,332,229
Additions | 217,443 | 541,063 | 172,950 | 70,836 | 1,002,292
Disposals | (59,480 ) | (427,200 ) | (46,000 ) | - | (532,680 )
As at 31 March 2025 | 26,311,786 | 2,473,325 | 2,789,107 | 227,623 | 31,801,841
Depreciation
As at 1 April 2024 | - | 1,010,452 | 1,625,952 | 104,383 | 2,740,787
Provided during the period | - | 130,332 | 288,297 | 12,325 | 430,954
Disposals | - | (187,805 ) | (44,907 ) | - | (232,712 )
As at 31 March 2025 | - | 952,979 | 1,869,342 | 116,708 | 2,939,029
Net Book Value
As at 31 March 2025 | 26,311,786 | 1,520,346 | 919,765 | 110,915 | 28,862,812
As at 1 April 2024 | 26,153,823 | 1,349,010 | 1,036,205 | 52,404 | 28,591,442

12. Investment Property

| 2025
--- | ---
| £
Fair Value
As at 1 April 2024 | 11,504,087
Additions | 581,778
Revaluations | (18,638)
As at 31 March 2025 | 12,067,227

Investment property comprise of small warehouse and office units. The fair value of the investment property is based on a valuation carried out in December 2024 by Green and Co, Chartered surveyors who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors believe that at the reporting date the commercial property is of a similar value and is not materially different from the values stated.
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Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
13. Investments

| Subsidiaries
--- | ---
| £
Cost
As at 1 April 2024 | 120,000
As at 31 March 2025 | 120,000
Provision
As at 1 April 2024 | -
As at 31 March 2025 | -
Net Book Value
As at 31 March 2025 | 120,000
As at 1 April 2024 | 120,000

Subsidiaries
Details of the company's subsidiaries as at 31 March 2025 are as follows:

Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding
--- | --- | --- | --- | ---
Worters (London) Limited | England | Ordinary | 100.00% | -

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

| Capital and Reserves | Profit/(loss)
--- | --- | ---
| £ | £
Worters (London) Limited | 120,000 | -

14. Stocks

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Stock | 1,729,259 |  | 2,064,430
Materials | 147,938 |  | 193,363
| 1,877,197 |  | 2,257,793

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Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
15. Debtors

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 232,797 |  | 360,846
Prepayments and accrued income | 664,532 |  | 687,461
Other debtors | 18,180 |  | 23,010
Corporation tax recoverable assets | - |  | 59,477
VAT | 63,344 |  | 66,640
| 978,853 |  | 1,197,434

16. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Trade creditors | 336,481 |  | 233,243
Corporation tax | 3,332 |  | -
Other taxes and social security | 314,449 |  | 198,061
Net wages | 15,062 |  | -
Other creditors | 118,944 |  | 113,515
Accruals and deferred income | 217,371 |  | 280,815
Directors' loan accounts | 8,526 |  | 50,559
Amounts owed to subsidiaries | 120,000 |  | 120,000
| 1,134,165 |  | 996,193

17. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Other timing differences | 4,691,183 |  | 4,707,529

| 2025 |  | 2024
| £ |  | £
Accelerated capital allowances | 647,822 |  | 612,385
Investment property | 306,914 |  | 411,397

...CONTINUED
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Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025

Other timing differences | 3,736,447 |  | 3,683,747
| 4,691,183 |  | 4,707,529

18. Provisions for Liabilities

| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 April 2024 | 4,707,529 | 4,707,529
Additions | (16,346 ) | (16,346)
Balance at 31 March 2025 | 4,691,183 | 4,691,183

19. Share Capital

| 2025 |  | 2024 as restated
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
30,000 Ordinary Shares of £ 1.00 each | 30,000 |  | 30,000

Preference Shares

| 2025 |  | 2024 as restated
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
1,500,000 Preference Shares of £ 1.00 each | 1,500,000 |  | 1,500,000

20. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £373,633 (2024: £1,046,802).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
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Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
21. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:

| As at 1 April 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 March 2025
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
Mr Christopher Bridle | 11,199 | 26,305 | 21,000 | - | 5,892
Mrs Caroline Bridle | 9,098 | 67,976 | 60,901 | - | 2,023
Mr Clifford Bridle | 1,586 | 29,684 | 21,000 | - | (7,098 )
Mrs Helen Shepherd | 7,338 | 43,507 | 20,272 | - | (15,897 )
Mr William Smith | 13,720 | 23,456 | 20,878 | - | 11,142
Mr Ben Smith | 5,872 | 54,684 | 65,254 | - | 16,442
Mrs Angela Fowler | 1,746 | 16,809 | 11,086 | - | (3,977 )

The above loans are unsecured, interest free and repayable on demand.
22. Dividends

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
On equity shares:
Final dividend paid | 90,000 |  | 90,000

23. Post Balance Sheet Events
Non- adjusting post balance sheet events include the sale of 2 acres of land and further expenditure on connecting the electric supply for newly acquired units.
24. Related Party Disclosures
Rental income of £50,000 includes amounts charged to directors for the use of land and building owned by the entity.
During the period, Ben Smith & Sons (Wantage) Limited paid Grove car body repairs £1,887 (2024: £1,309) for services under normal market conditions. The owner of Grove car body repairs is key managment personel of Ben Smith & Sons (Wantage) Limited.
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