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.
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 |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
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
|
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.
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 |
|
|
|
| Other operating income |
|
|
|
| 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 |
|
|
|
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 |
|
|
|
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
7.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Office and administration |
|
|
|
| Agriculture |
|
|
|
|
|
|
||
8.
Directors' remuneration
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
Information regarding the highest paid director was as follows:
Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to defined benefit pension schemes |
|
|
|
|
|
|
||
9.
Interest Receivable and Similar Income
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
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% |
|
( |
|
| Prior period adjustment |
( |
|
|||
|
( |
( |
||||
| Deferred Tax | |||||
| Deferred taxation |
( |
|
|||
| Total tax charge for the period |
( |
( |
|||
|
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) |
|
( |
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Expenses not deductible for tax purposes |
( |
( |
|||
| Capital allowances |
( |
( |
|||
| Short term timing differences |
( |
|
|||
...CONTINUED
Ben Smith & Sons(Wantage)Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
| Research and Development tax credit |
( |
( |
|||
| Prior period adjustment |
( |
|
|||
| Difference in tax rates |
|
|
|||
| 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 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| Disposals |
( |
( |
( |
|
( |
| As at 31 March 2025 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| Disposals |
|
( |
( |
|
( |
| As at 31 March 2025 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 March 2025 |
|
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
|
12.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 April 2024 |
|
| Additions |
|
| Revaluations | (18,638) |
| As at 31 March 2025 |
|
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.
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 |
|
| As at 31 March 2025 |
|
| Provision | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Net Book Value | |
| As at 31 March 2025 |
|
| As at 1 April 2024 |
|
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 |
|---|---|---|---|---|
|
|
England |
|
|
- |
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 |
|
|
14.
Stocks
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
| Materials |
|
|
|
|
|
|
||
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 |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Corporation tax recoverable assets | - |
|
|
| VAT |
|
|
|
|
|
|
||
16.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Corporation tax |
|
|
|
| Other taxes and social security |
|
|
|
| Net wages | 15,062 | - | |
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts |
|
|
|
| Amounts owed to subsidiaries |
|
|
|
|
|
|
||
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
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
|
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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4,707,529 |
||
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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</svg>){kind=small}
|
|
18.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 April 2024 |
|
4,707,529 |
| Additions |
( |
(16,346) |
| Balance at 31 March 2025 |
|
4,691,183 |
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.
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 |
|
|
|
- |
|
| Mrs Caroline Bridle |
|
|
|
- |
|
| Mr Clifford Bridle |
|
|
|
- |
( |
| Mrs Helen Shepherd |
|
|
|
- |
( |
| Mr William Smith |
|
|
|
- |
|
| Mr Ben Smith |
|
|
|
- |
|
| Mrs Angela Fowler |
|
|
|
- |
( |
The above loans are unsecured, interest free and repayable on demand.
22.
Dividends
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
|
|
|
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.