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Watson Smyth Farms Limited

Registered Number
04384531
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2025

Watson Smyth Farms Limited
Company Information
for the year from 1 April 2024 to 31 March 2025

Directors | Mr C G Watson-Smyth
| Mr M Watson-Smyth

Company Secretary | Mr C G Watson-Smyth

Registered Address | Tregirls
| Padstow
| Cornwall
| PL28 8RR

Registered Number | 04384531 (England and Wales)

Watson Smyth Farms Limited
Balance Sheet as at
31 March 2025

| Notes | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |
Intangible assets | 3 |  |  | 135 |  |  |  | 135
Tangible assets | 4 |  |  | 155,575 |  |  |  | 185,065
|  |  |  | 155,710 |  |  |  | 185,200
Current assets |  |  |  |  |  |  |  |
Stocks | 5 | 197,959 |  |  |  | 193,104 |  |
Debtors | 6 | 17,560 |  |  |  | 28,429 |  |
Cash at bank and on hand |  | 7,169 |  |  |  | 7,769 |  |
|  | 222,688 |  |  |  | 229,302 |  |
Creditors amounts falling due within one year | 7 | (92,523) |  |  |  | (129,750) |  |
Net current assets (liabilities) |  |  |  | 130,165 |  |  |  | 99,552
Total assets less current liabilities |  |  |  | 285,875 |  |  |  | 284,752
Creditors amounts falling due after one year | 8 |  |  | (16,122) |  |  |  | (21,865)
Provisions for liabilities | 9 |  |  | (27,889) |  |  |  | (32,681)
Net assets |  |  |  | 241,864 |  |  |  | 230,206
Capital and reserves |  |  |  |  |  |  |  |
Called up share capital |  |  |  | 100 |  |  |  | 100
Profit and loss account |  |  |  | 241,764 |  |  |  | 230,106
Shareholders' funds |  |  |  | 241,864 |  |  |  | 230,206

- The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
- The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
- These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
- The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 30 October 2025, and are signed on its behalf by:
Mr C G Watson-Smyth Director Registered Company No. 04384531

Watson Smyth Farms Limited
Notes to the Financial Statements
for the year ended 31 March 2025

1. | Accounting policies
--- | ---

| Statutory information
--- | ---
| The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| Statement of compliance
--- | ---
| The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

| Revenue from sale of goods
--- | ---
| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

| Employee benefits
--- | ---
| Contributions to defined contribution plans are expensed in the period to which they relate.

| Current taxation
--- | ---
| Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

| Deferred tax
--- | ---
| Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

| Intangible assets
--- | ---
| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

| Tangible fixed assets and depreciation
--- | ---
| Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

|  | Reducing balance (%) |  | Straight line (years)
| Land and buildings | - |  | 10
| Plant and machinery | 15 |  | -
| Fixtures and fittings | 15 |  | -
| Vehicles | 25 |  | -
| Office Equipment | 15 |  | -

| Finance leases and hire purchase contracts
--- | ---
| Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

| Stocks and work in progress
--- | ---
| Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

2. | Average number of employees
--- | ---

|  | 2025 |  | 2024
| Average number of employees during the year | 22 |  | 23

3. | Intangible assets
--- | ---

|  | Other |  | Total
--- | --- | --- | --- | ---
|  | £ |  | £
| Cost or valuation
| At 01 April 24 | 135 |  | 135
| At 31 March 25 | 135 |  | 135
| Net book value
| At 31 March 25 | 135 |  | 135
| At 31 March 24 | 135 |  | 135

4. | Tangible fixed assets
--- | ---

|  | Land & buildings |  | Plant & machinery |  | Vehicles |  | Fixtures & fittings |  | Office Equipment |  | Total
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | £ |  | £ |  | £ |  | £ |  | £ |  | £
| Cost or valuation
| At 01 April 24 | 114,100 |  | 519,593 |  | 82,785 |  | 116,109 |  | 12,231 |  | 844,818
| Additions | - |  | 667 |  | - |  | - |  | 1,883 |  | 2,550
| At 31 March 25 | 114,100 |  | 520,260 |  | 82,785 |  | 116,109 |  | 14,114 |  | 847,368
| Depreciation and impairment
| At 01 April 24 | 101,037 |  | 400,129 |  | 66,919 |  | 81,416 |  | 10,252 |  | 659,753
| Charge for year | 4,270 |  | 18,020 |  | 3,967 |  | 5,204 |  | 579 |  | 32,040
| At 31 March 25 | 105,307 |  | 418,149 |  | 70,886 |  | 86,620 |  | 10,831 |  | 691,793
| Net book value
| At 31 March 25 | 8,793 |  | 102,111 |  | 11,899 |  | 29,489 |  | 3,283 |  | 155,575
| At 31 March 24 | 13,063 |  | 119,464 |  | 15,866 |  | 34,693 |  | 1,979 |  | 185,065

5. | Stocks
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Finished goods | 197,959 |  | 193,104
| Total | 197,959 |  | 193,104

6. | Debtors: amounts due within one year
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade debtors / trade receivables | 9,800 |  | 8,900
| Other debtors | 4,479 |  | 14,585
| Prepayments and accrued income | 3,281 |  | 4,944
| Total | 17,560 |  | 28,429

7. | Creditors: amounts due within one year
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade creditors / trade payables | 10,727 |  | 24,857
| Bank borrowings and overdrafts | 61,034 |  | 89,092
| Taxation and social security | 9,374 |  | 5,988
| Finance lease and HP contracts | - |  | 1,068
| Other creditors | 6,453 |  | 2,678
| Accrued liabilities and deferred income | 4,935 |  | 6,067
| Total | 92,523 |  | 129,750

8. | Creditors: amounts due after one year
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Bank borrowings and overdrafts | 16,122 |  | 21,865
| Total | 16,122 |  | 21,865

9. | Provisions for liabilities
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Net deferred tax liability (asset) | 27,889 |  | 32,681
| Total | 27,889 |  | 32,681

10. | Directors advances, credits and guarantees
--- | ---
| As at 31 March 2025 there was a balance of £8,482 (2024 £1,037) due to the directors from the company.