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Company No: 06723104 (England and Wales)

# WOODBRIDGE FARM PARTNERSHIP LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

WOODBRIDGE FARM PARTNERSHIP LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

WOODBRIDGE FARM PARTNERSHIP LIMITED

## BALANCE SHEET

As at 31 March 2025
WOODBRIDGE FARM PARTNERSHIP LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Tangible assets | 4 | 351,131 |  | 381,075
Biological assets | 5 | 166,034 |  | 156,682
Investment property | 6 | 400,000 |  | 400,000
|  | 917,165 |  | 937,757
Current assets |  |  |  |
Stocks |  | 376,253 |  | 315,140
Debtors | 7 | 54,258 |  | 75,437
Cash at bank and in hand |  | 83,978 |  | 30,092
|  | 514,489 |  | 420,669
Creditors: amounts falling due within one year | 8 | ( 315,078) |  | ( 225,754)
Net current assets |  | 199,411 |  | 194,915
Total assets less current liabilities |  | 1,116,576 |  | 1,132,672
Creditors: amounts falling due after more than one year | 9 | ( 802,181) |  | ( 813,257)
Provision for liabilities |  | ( 103,319) |  | ( 78,425)
Net assets |  | 211,076 |  | 240,990
Capital and reserves |  |  |  |
Called-up share capital |  | 99 |  | 99
Fair value reserve |  | 46,608 |  | 46,608
Profit and loss account |  | 164,369 |  | 194,283
Total shareholders' funds |  | 211,076 |  | 240,990

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Woodbridge Farm Partnership Limited (registered number: 06723104) were approved and authorised for issue by the Board of Directors on 13 June 2025. They were signed on its behalf by:

E Davies Director |  | R Davies Director

WOODBRIDGE FARM PARTNERSHIP LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
WOODBRIDGE FARM PARTNERSHIP LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Woodbridge Farm Partnership Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Woodbridge Farm, Stock Gaylard, Sturminster Newton, DT10 2BD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of dairy and other related produce is recognised when the significant risks and rewards or ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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 measured reliably.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 5 years straight line
Plant and machinery | 15 % reducing balance
Vehicles | 15 % reducing balance
Office equipment | 5 years straight line
Other property, plant and equipment | 25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Biological assets

The Company owns a dairy herd. In accordance with FRS102, these are defined as biological assets.

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses as follows:
Biological non-current assets:
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise the dairy herd. Depreciation is charged so as to write off the cost of assets, less their estimated selling price less costs to sale, over their estimated useful economic life as follows:
Dairy Herd - Depreciated to cull value at 20% straight line.
Biological current assets:
Biological assets not held for continuing use within the business are classified as current assets and are included within stocks as livestock and crops. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and tillages.

##### Leases

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the director, on an open market value for exiting use basis.

##### Stocks

Stock comprising agricultural produce (i.e. silage/straw in store) and deadstock such as feed, fertiliser and sprays are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural livestock (i.e. crops in store) harvested from biological assets are measured at the point of harvest.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Government grants

Government grants are recognised within other operating income based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

#### 2. Prior year adjustment

In a previous year, a disposal of investments took place but was not reflected in the accounts. As a result, the prior year balance sheet and profit and loss account were misstated for the year ending 31 March 2024. A prior year adjustment has been made in these financial statements accordingly. The effect of this is detailed in the table below.

|  | As previously reported |  | Adjustment |  | As restated
Year ended 31 March 2024 |  | £ |  | £ |  | £
Profit and loss account |  | (213,443) |  | (27,448) |  | (240,891)
Investments |  | 17,129 |  | (17,129) |  | 0
Amounts owed to directors |  | (589,158) |  | 44,577 |  | (544,581)

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 10 |  | 11

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery |  | Vehicles |  | Office equipment |  | Other property, plant and equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |  |  |
At 01 April 2024 | 223,157 |  | 581,631 |  | 187,195 |  | 2,158 |  | 33,147 |  | 1,027,288
Additions | 0 |  | 7,059 |  | 74,950 |  | 0 |  | 0 |  | 82,009
Disposals | 0 |  | ( 417) |  | ( 76,949) |  | 0 |  | 0 |  | ( 77,366)
At 31 March 2025 | 223,157 |  | 588,273 |  | 185,196 |  | 2,158 |  | 33,147 |  | 1,031,931
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |
At 01 April 2024 | 222,901 |  | 375,051 |  | 42,854 |  | 1,280 |  | 4,127 |  | 646,213
Charge for the financial year | 88 |  | 35,316 |  | 22,042 |  | 878 |  | 1,326 |  | 59,650
Disposals | 0 |  | ( 337) |  | ( 24,726) |  | 0 |  | 0 |  | ( 25,063)
At 31 March 2025 | 222,989 |  | 410,030 |  | 40,170 |  | 2,158 |  | 5,453 |  | 680,800
Net book value |  |  |  |  |  |  |  |  |  |  |
At 31 March 2025 | 168 |  | 178,243 |  | 145,026 |  | 0 |  | 27,694 |  | 351,131
At 31 March 2024 | 256 |  | 206,580 |  | 144,341 |  | 878 |  | 29,020 |  | 381,075

#### 5. Biological assets

| 2025
| £
Biological assets at cost | 166,034

Assets held at cost:

| Dairy |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2024 | 209,637 |  | 209,637
Increase due to purchases/ transfers in | 48,000 |  | 48,000
Decrease attributable to sales/ transfers out | ( 46,400) |  | ( 46,400)
At 31 March 2025 | 211,237 |  | 211,237
Accumulated depreciation |  |  |
At 01 April 2024 | 52,955 |  | 52,955
Charge for the financial year | 9,648 |  | 9,648
Decrease attributable to sales/ transfers out | ( 17,400) |  | ( 17,400)
At 31 March 2025 | 45,203 |  | 45,203
Net book value |  |  |
At 31 March 2025 | 166,034 |  | 166,034
At 31 March 2024 | 156,682 |  | 156,682

#### 6. Investment property

| Investment property
| £
Valuation |
As at 01 April 2024 | 400,000
As at 31 March 2025 | 400,000

Valuation

Investment properties, which are all freehold, were revalued to fair value at 31 March 2025, based on a valuation undertaken by the directors. The method of determining fair value was on the basis of market rental value.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2025 |  | 2024
| £ |  | £
Historic cost | 337,856 |  | 337,856

#### 7. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 24,652 |  | 29,070
Corporation tax | 0 |  | 3,651
Other debtors | 29,606 |  | 42,716
| 54,258 |  | 75,437

Other debtors include VAT receivable and other immaterial amounts.

#### 8. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured £ 1,610) | 11,611 |  | 19,694
Trade creditors | 178,812 |  | 142,384
Taxation and social security | 29,859 |  | 1,421
Obligations under finance leases and hire purchase contracts (secured) | 30,118 |  | 32,182
Other creditors | 64,678 |  | 30,073
| 315,078 |  | 225,754

Hire purchase agreements have security provided by the assets that are subject to the agreement.
Bank borrowings are secured by fixed and floating charges and a debenture over the company's property.
Other creditors include accruals and payroll liabilities.

#### 9. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured £ 165,271) | 169,334 |  | 173,639
Obligations under finance leases and hire purchase contracts (secured) | 73,595 |  | 95,405
Other creditors | 559,252 |  | 544,213
| 802,181 |  | 813,257

Hire purchase agreements have security provided by the assets that are subject to the agreement.
Bank borrowings are secured by fixed and floating charges and a debenture over the company's property.
Other creditors include amounts owed to directors.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

| 2025 |  | 2024
| £ |  | £
Bank loans (secured / repayable by instalments) | 158,832 |  | 121,275

#### 10. Related party transactions

Transactions with the entity's directors

Advances

The Directors' loan accounts are repayable on demand, and interest is charged on overdrawn balances at the official HMRC rates.
At 1 April 2024, no amounts were owed by the directors. During the year, £20,006 was advanced to the directors, and £20,006 was repaid by the directors. At 31 March 2025, no amounts were owed by the directors.