REGISTERED NUMBER: 05672155 (England and Wales)

West Ashby Farms Limited

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company information

1

Chartered accountants' report

2

Statement of financial position

3

to

4

Notes to the financial statements

5

to

9

Director:

Mr W R Bryant

Registered office:

Farthorpe Farm

Farthorpe

West Ashby

Horncastle

Lincolnshire

LN9 5QB

Registered number:

05672155 (England and Wales)

Accountants:

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West Ashby Farms Limited for the year ended 31 March 2025 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of West Ashby Farms Limited in accordance with the terms of our engagement letter dated 17 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of West Ashby Farms Limited and state those matters that we have agreed to state to the director of West Ashby Farms Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than West Ashby Farms Limited and its director for our work or for this report.

It is your duty to ensure that West Ashby Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of West Ashby Farms Limited. You consider that West Ashby Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of West Ashby Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

2 December 2025

Fixed assets

Tangible assets

5

2,007,531

2,057,867

Investments

6

4,144

4,144

2,011,675

2,062,011

Current assets

Stocks

251,200

225,197

Debtors

7

195,939

69,717

Cash at bank

264,527

307,243

711,666

602,157

Creditors

Amounts falling due within one year

8

189,151

203,250

Net current assets

522,515

398,907

Total assets less current liabilities

2,534,190

2,460,918

Creditors

Amounts falling due after more than one year

9

(21,862

)

(57,428

)

Provisions for liabilities

(332,017

)

(344,601

)

Net assets

2,180,311

2,058,889

Capital and reserves

Called up share capital

10

100

100

Revaluation reserve

11

759,970

759,970

Retained earnings

1,420,241

1,298,819

Shareholders' funds

2,180,311

2,058,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 December 2025 and were signed by:

Mr W R Bryant - Director

1.	Statutory information

West Ashby Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

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

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Farm support income

Monies received and receivable from the Rural Payments Agency in respect of the Basic Payment Scheme are recognised under other operating income in the period to which they relate.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stocks are valued by professional valuers at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Tangible assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property

-

Not depreciated / 5% straight line

Solar panels

-

5% straight line

Plant and machinery

-

10% straight line / 5% straight line / 40 years on cost

Motor vehicles

-

12% straight line

Equipment

-

12% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employees and directors

The average number of employees during the year was 1 (2024 - 1 ) .

5.	Tangible fixed assets

Land and

Plant and

Motor

buildings

machinery

vehicles

Equipment

Totals

£

£

£

£

£

Cost or valuation

At 1 April 2024

1,743,783

643,984

9,797

477

2,398,041

Additions

-

-

-

150

150

At 31 March 2025

1,743,783

643,984

9,797

627

2,398,191

Depreciation

At 1 April 2024

95,434

234,466

9,797

477

340,174

Charge for year

9,345

41,122

-

19

50,486

At 31 March 2025

104,779

275,588

9,797

496

390,660

Net book value

At 31 March 2025

1,639,004

368,396

-

131

2,007,531

At 31 March 2024

1,648,349

409,518

-

-

2,057,867

Cost or valuation at 31 March 2025 is represented by:

Land and

Plant and

Motor

buildings

machinery

vehicles

Equipment

Totals

£

£

£

£

£

Valuation in 2023

979,325

-

-

-

979,325

Cost

764,458

643,984

9,797

627

1,418,866

1,743,783

643,984

9,797

627

2,398,191

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

764,458

764,458

Freehold land and buildings were included in the accounts for the year ended 31 March 2025 based on the valuation on an open market basis on 23 March 2022 by Brown & Co being £1,379,000.

6.	Fixed asset investments

Unlisted

investments

£

Cost

At 1 April 2024

and 31 March 2025

4,144

Net book value

At 31 March 2025

4,144

At 31 March 2024

4,144

7.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

156,569

51,030

Directors' current accounts

27,120

-

VAT

11,616

9,804

Prepayments and accrued income

634

8,883

195,939

69,717

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

23,489

28,295

Hire purchase contracts

12,260

45,593

Trade creditors

85,515

39,314

Tax

62,022

56,282

Wages payable

-

758

Other creditors

-

1,595

Directors' current accounts

-

284

Accruals and deferred income

5,865

31,129

189,151

203,250

The bank loan is secured by a legal charge over the asset it is financing and obligations under hire purchase contracts are secured by the asset it is financing.

9.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Bank loans and overdrafts

6,537

29,843

Hire purchase contracts

15,325

27,585

21,862

57,428

The bank loan is secured by a legal charge over the asset it is financing and obligations under hire purchase contracts are secured by the asset it is financing.

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary shares

£1

100

100

11.

Reserves

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

759,970

12.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

Mr W R Bryant

Balance outstanding at start of year

(284

)

(32,051

)

Amounts advanced

59,790

62,470

Amounts repaid

(32,386

)

(30,703

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

27,120

(284

)