Registration number: 00532342

A.I. Walgate & Son

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 7

A.I. Walgate & Son

(Registration number: 00532342)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	1,506,313	1,382,483
Other financial assets	5	100	100
		1,506,413	1,382,583
Current assets
Stocks	6	784,200	748,522
Debtors	7	308,426	224,984
Cash at bank and in hand		609,917	386,122
		1,702,543	1,359,628
Creditors: Amounts falling due within one year	8	(1,826,580)	(1,603,796)
Net current liabilities		(124,037)	(244,168)
Total assets less current liabilities		1,382,376	1,138,415
Creditors: Amounts falling due after more than one year	8	(237,670)	(241,675)
Provisions for liabilities		(137,356)	(88,219)
Net assets		1,007,350	808,521
Capital and reserves
Called up share capital		40,850	40,850
Other reserves		23,650	23,650
Retained earnings		942,850	744,021
Shareholders' funds		1,007,350	808,521

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 accounts for the year in question in accordance with section 476; and
•	The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 November 2025 and signed on its behalf by:
 

......................................... R J Walgate Director

A.I. Walgate & Son

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The Company is a private unlimited company, incorporated in United Kingdom.

The address of its registered office is:
Cuxwold Hall
Cuxwold
Market Rasen
Lincolnshire
LN7 6DA

These financial statements were authorised for issue by the Board on 24 November 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements cover the individual entity, have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

A.I. Walgate & Son

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous accounting periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold Buildings	5% per annum of cost
Buildings on rented land	5% per annum of cost
Plant, implements and motor vehicles	20%/10% per annum on cost and 20%/15%/10%/5% of net book value

Amortisation

Asset class	Amortisation method and rate
Sugar Beet Quota	10% straight line

Investments

Fixed asset investments are stated at historical cost less provision for any dimunution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

A.I. Walgate & Son

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 15 (2024 - 41).

A.I. Walgate & Son

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2024	1,011,440	2,483,063	3,494,503
Additions	-	451,667	451,667
Disposals	-	(434,112)	(434,112)
At 31 March 2025	1,011,440	2,500,618	3,512,058
Depreciation
At 1 April 2024	684,831	1,427,189	2,112,020
Charge for the year	21,684	193,551	215,235
Eliminated on disposal	-	(321,510)	(321,510)
At 31 March 2025	706,515	1,299,230	2,005,745
Carrying amount
At 31 March 2025	304,925	1,201,388	1,506,313
At 31 March 2024	326,609	1,055,874	1,382,483

Included within the net book value of land and buildings above is £304,925 (2024 - £326,609) in respect of freehold land and buildings.
 

A.I. Walgate & Son

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5	Other financial assets (current and non-current)

	Financial assets at amortised cost £	Total £
Non-current financial assets
Cost or valuation
At 1 April 2024	100	100
At 31 March 2025	100	100
Impairment
Carrying amount
At 31 March 2025	100	100

6

Stocks

	2025 £	2024 £
Other inventories	784,200	748,522

7

Debtors

Current	2025 £	2024 £
Trade debtors	268,059	180,361
Prepayments	360	4,762
Other debtors	40,007	39,861
	308,426	224,984

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	1,519,196	1,273,620
Trade creditors		159,740	156,833
Amounts owed to Company undertakings and undertakings in which the Company has a participating interest		110,874	110,874
Taxation and social security		9,420	9,015
Accruals and deferred income		27,350	53,454
		1,826,580	1,603,796

A.I. Walgate & Son

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Bank loans and overdrafts due within one year of £1,365,530 (2024: £1,185,465) are secured by a fixed and floating charge over all of the company's assets and a mortgage over the freehold property. Bank loans and overdrafts due within one year of £9,867 (2024: £9,867) are secured by the U.K. government.

Hire purchase obligations due within one year of £153,533 (2024: £87,693) are secured on the relevant assets.

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	237,670	241,675

	2025 £	2024 £
Due after more than five years
	-	-

Bank loans and overdrafts due after more than one year of £83,843 (2024:£147,780) are secured by a fixed and floating charge over all of the company's assets and a mortgage over the freehold property. Bank loans and overdrafts due after more than one year of £5,793 (2024: £16,744) are secured by the U.K. government.

Hire purchase obligations due after more than one year of £153,828 (2024: £92,000) are secured on the relevant assets.

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	83,843	147,781
Hire purchase contracts	153,827	93,894
	237,670	241,675

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	1,365,530	1,185,465
Hire purchase contracts	153,533	87,693
Other borrowings	133	462
	1,519,196	1,273,620

10	Parent and ultimate parent undertaking

At the date these accounts were approved the company was a wholly owned subsidiary of A I Walgate & Son (Holdings) Limited. A I Walgate & Son (Holdings) Limited is controlled by R. J. Walgate and A. M. Walgate.

 The Company's immediate parent is A I Walgate & Son (Holdings) Limited, incorporated in United Kingdom.