Company No: 00797695 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	3,810,839		1,156,184
		3,810,839		1,156,184
Current assets
Stocks	4	189,610		187,421
Debtors	5	278,273		220,247
Investments	6	165		165
Cash at bank and in hand		188,642		1,031,680
		656,690		1,439,513
Creditors: amounts falling due within one year	7	( 663,602)		( 509,763)
Net current (liabilities)/assets		(6,912)		929,750
Total assets less current liabilities		3,803,927		2,085,934
Creditors: amounts falling due after more than one year	8	( 1,509,701)		( 157,299)
Net assets		2,294,226		1,928,635
Capital and reserves
Called-up share capital		4,002		4,002
Profit and loss account		2,290,224		1,924,633
Total shareholders' funds		2,294,226		1,928,635

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of W J Masters and Sons Limited (registered number: 00797695) were approved and authorised for issue by the Board of Directors on 23 December 2025. They were signed on its behalf by:

Mr P W Masters Director

Mr R D Masters Director

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

W J Masters and Sons 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 Sharpshaw Farm, Nunney, Frome, BA11 4LL, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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, reducing balance] basis over its expected useful life, as follows:

Land and buildings	20 years straight line
Biological assets	10 years straight line
Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Other property, plant and equipment	33 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	10		9

3. Tangible assets

	Land and buildings		Biological assets		Plant and machinery		Vehicles		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2024	439,282		305,355		1,102,705		113,942		473,429		2,434,713
Additions	2,467,512		141,786		270,283		0		0		2,879,581
Disposals	0		( 70,789)		0		( 28,231)		( 97,850)		( 196,870)
At 31 March 2025	2,906,794		376,352		1,372,988		85,711		375,579		5,117,424
Accumulated depreciation
At 01 April 2024	213,800		20,532		820,250		47,994		175,953		1,278,529
Charge for the financial year	15,071		6,008		59,524		15,431		8,894		104,928
Disposals	0		( 6,047)		0		( 24,006)		( 46,819)		( 76,872)
At 31 March 2025	228,871		20,493		879,774		39,419		138,028		1,306,585
Net book value
At 31 March 2025	2,677,923		355,859		493,214		46,292		237,551		3,810,839
At 31 March 2024	225,482		284,823		282,455		65,948		297,476		1,156,184

4. Stocks

	2025		2024
	£		£
Stocks	189,610		187,421

5. Debtors

	2025		2024
	£		£
Trade debtors	228,150		147,882
Amounts owed by directors	0		15,163
Prepayments and accrued income	6,917		37,369
VAT recoverable	39,756		16,604
Other debtors	3,450		3,229
	278,273		220,247

6. Current asset investments

	2025		2024
	£		£
Other investments – at cost less impairment	165		165

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	14,477		0
Trade creditors	237,989		130,281
Amounts owed to directors	131,348		239,185
Accruals	8,950		11,315
Taxation and social security	101,646		79,372
Other creditors	169,192		49,610
	663,602		509,763

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	1,319,302		0
Other creditors	190,399		157,299
	1,509,701		157,299

The bank loan above is secured on part of the land at Little Sharpshaw Farm, Frome.

9. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Mr P W Masters - opening balance DR/(CR)	15,164		3,898
Repayments of the loan	(25,000)		(667)
Additional personal expenses paid by the company	4,144		11,933
Mr P W Masters - closing balance DR/(CR)	(5,692)		15,164