Registration number:
for the
Year Ended 31 October 2025
Withers Fruit Farm Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Withers Fruit Farm Limited
Company Information
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Directors |
G W Leeds R G Leeds N G Leeds |
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Registered office |
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Auditors |
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Withers Fruit Farm Limited
Strategic Report for the Year Ended 31 October 2025
The directors present their strategic report for the year ended 31 October 2025.
Principal activity
The principal activity of the company is the growing of soft fruit.
Fair review of the business
The results for the year, which are set out in the profit and loss account, show turnover of £26,019,481 (2024 - £22,159,184), an operating profit of £3,184,081 (2024 - £3,506,115) and a profit before tax of £2,368,611, (2024 - £2,766,880). At 31 October 2025, the company had net assets of £12,491,115 (2024 - £10,622,356).
It was a disappointing season for the farm, with yields falling below pre-season expectations. The hot weather also created challenging growing conditions.
Average selling prices increased, primarily due to stronger sales of premium products.
The company completed its first season using the new biomass boiler. Delays in the construction of the twin-skinned greenhouse meant that production commenced later than originally planned.
Further investment in chilling facilities and production lines at the packhouse increased capacity and improved operational efficiency.
Expansion also continued with the planting of new apple varieties, which are expected to increase production over the coming years.
Future developments are covered in the Directors' Report.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£'000 |
26,019 |
22,159 |
|
Gross profit |
% |
25.23 |
28.64 |
|
Cash and cash equivalents |
£'000 |
2,428 |
925 |
|
Net assets |
£'000 |
12,491 |
10,622 |
Section 172(1) statement
The directors of the company must act in accordance with the duties detailed in Section 172 of the Companies Act 2006 which is summarised as follows:
A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
a) The likely consequences of any decision in the long term.
The directors have acted in a way in which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its stakeholders. The company is headed by an effective Board of Directors who bring a wealth of experience which drives the strategy of the company. The business plan has been approved by the directors which focuses the company on a growth initiative for the future.
b) The interests of the company’s employees.
Our employees are a key resource. The directors are focused on recruiting, retaining and developing employees to ensure the company have the necessary high-level resources for the future. Our employees actively pursue opportunities for personal development and career progression with the support from management; a culture of inclusion and diversity; compensation and benefits; and the ability to make a difference.
c) The need to foster the company’s business relationships with suppliers, customers, and others.
The directors consider it necessary to ensure that strong relationships are harnessed with customers, suppliers and others to allow the company to facilitate delivery of product to the market. The company has several valuable long term customer and supplier relationships.
d) The impact of the company’s operations on the community and the environment.
The directors consider the impact of the company’s operations on both the community and environment whenever decisions are made.
Withers Fruit Farm Limited
Strategic Report for the Year Ended 31 October 2025
e) The desirability of the company maintaining a reputation for high standards of business conduct.
The director’s intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for our business. There is a low appetite for reputational risk given the presence of the company name in the marketplace.
f) The need to act fairly between members of the company.
As the Board of Directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.
Other major stakeholder groups include the company’s insurers, bankers, advisors, auditors, regulators and HMRC. With all these stakeholder groups, the directors maintain regular and open dialogue to ensure that all parties are kept informed. The directors believe this is essential to building strong working relationships.
Principal risks and uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks.
The key business risks and uncertainties affecting the company are considered to relate to: growing conditions, which have significant influence over the size and quality of soft fruit, which is mitigated by growing under poly tunnels; and the availability of seasonal labour to pick soft fruit and undertake other key tasks, which is mitigated by the skills and expertise that the company has developed for the recruitment of seasonal workers. In particular, oversupply of fruit and/or hot weather can result in spikes in production, causing distress to fruit, and not selling all of the crop.
Risks in relation to financial instruments are detailed in the Directors' Report.
Approved by the
Director
Withers Fruit Farm Limited
Directors' Report for the Year Ended 31 October 2025
The directors present their report and the financial statements for the year ended 31 October 2025.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
Information on the engagement with suppliers, customers and others is included in the Strategic Report in the s172(1) statement. The Company’s business environment and risks, together with details of monitoring undertaken by the Directors and future developments are dealt elsewhere in the Strategic Report.
Employment of disabled persons
The company's policy is to consider the recruitment of disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, where possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
The company's selection, training, development and promotion policies ensure equal opportunities for all colleagues regardless of factors such as gender, marital status, race, age, sexual preference and orientation, colour, creed, ethnic origin, religion or belief, disability or trade union affiliation. All of our decisions are based on merit.
Employee involvement
The company strives to create a working environment where people enjoy working, give their best and deliver successful outcomes. The company continues to invest in leadership, technical and safety training for all staff who have been identified as likely to benefit themselves and the company. Feedback from employees is also welcome across the company. Employees are able to share in the success of the company through an annual bonus scheme, which is based on the company’s financial performance and to the individual’s performance throughout the period.
Financial instruments
The company's financial instruments comprise cash and liquid resources, and various other items such as trade debtors, trade creditors etc. that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the company. The main risks arising from the company's financial instruments are set out below.
Credit risk:
The company’s principal financial assets are bank balances, cash, trade and other receivables. The company’s credit risk is primarily attributable to its trade receivables. The company's policies are aimed at minimising such losses through satisfactory credit worthiness procedures. The amounts presented in the balance sheet are, where appropriate, net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Liquidity risk:
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation by its operations, applying cash collection targets and monitoring the company's trading results to ensure that the company can meet its future obligations as they fall due.
Cash flow risk:
Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments. The company mitigates this by taking out a balance of borrowings with fixed rates or floating rates with a fixed margin.
Withers Fruit Farm Limited
Directors' Report for the Year Ended 31 October 2025
Future developments
Post year end, the company commenced production from the twin-skinned greenhouse in March 2026, compared with April 2025. The extension of the production season is aimed at helping to meet customer demand earlier in the year.
The company expects to benefit from the additional chilling capacity and the investment in production lines at the packhouse.
Further plantings of new apple and blueberry varieties will continue.
Non-financial and sustainability information
Energy and carbon report
In 2024, Withers Fruit Farm Limited has become a large company, accordingly, the Company has prepared the following in accordance with required Streamlined Energy and Carbon Reporting (SECR).
The figures set out below represent the energy use and associated green house gas (GHG) emissions for the year ended 31 October 2025.
Energy Consumption used to calculate emissions
|
31 October 2025 |
31 October 2024 |
||||
|
Units |
Usage |
Usage |
|||
|
Gas Oil |
Litres |
114,983 |
85,376 |
||
|
Diesel |
Litres |
30,809 |
27,538 |
||
|
Petrol |
Litres |
4,726 |
4,694 |
||
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Butane |
Litres |
78 |
182 |
||
|
Propane |
Litres |
21,745 |
19,040 |
||
|
Heating Oil |
Litres |
4,002 |
2,502 |
||
|
Woodchip |
Tonnes |
5,835 |
182 |
||
|
Electricity |
KWH |
2,098,817 |
1,945,225 |
Scope 1 emissions included in metric tonnes CO2e
|
31 October 2025 |
31 October 2024 |
||
|
tCO2e |
tCO2e |
||
|
Gas Oil |
295.60 |
219.49 |
|
|
Diesel |
79.20 |
70.80 |
|
|
Petrol |
9.78 |
9.71 |
|
|
Butane |
0.14 |
0.32 |
|
|
Propane |
33.57 |
29.39 |
|
|
Heating Oil |
11.03 |
6.89 |
|
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Woodchip |
253,481.00 |
7,906.01 |
|
|
253,910.32 |
8,242.61 |
Scope 2 emissions in metric tonnes CO2e
|
31 October 2025 |
31 October 2024 |
||
|
tCO2e |
tCO2e |
||
|
Purchase of electricity |
367.06 |
340.20 |
Withers Fruit Farm Limited
Directors' Report for the Year Ended 31 October 2025
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Unit |
31 October 2025 |
31 October 2024 |
|||
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Total scope 1 emissions |
tCO2e |
683.00 |
345.00 |
||
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Total scope 2 emissions |
tCO2e |
367.06 |
340.20 |
||
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Total emissions |
tCO2e |
1,050.06 |
685.20 |
||
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Total revenue for Withers Fruit Farm |
£m |
26.02 |
22.16 |
||
|
Intensity ratio |
tCo2e/£m turnover |
40.35 |
30.91 |
Emissions factors are based on Government published 2025 GHG conversion factors.
We recognise the vital role that environmental stewardship plays in horticulture. We are committed to improving our carbon efficiency by reducing emissions, conserving energy and embracing sustainable practices across our operations.
We are transitioning to LED lighting throughout our facilities. This significantly reduces electricity consumption compared with traditional lighting, helping us to lower greenhouse gas emissions and improve overall energy performance.
We are actively exploring and implementing the use of alternative low-carbon fuels, including biomass, wherever feasible. During 2025, we increased the volume of tunnels heated using biomass. The biomass is generated using ethically and sustainably sourced wood from local suppliers.
Our team members are encouraged to adopt energy-conscious practices, such as switching off unused equipment and optimising heating and cooling systems. Energy efficiency is embedded within our strategic decision-making. Whether we are investing in new equipment, planning upgrades or expanding operations, we prioritise solutions that minimise environmental impact.
Non adjusting events after the financial period
On 20 November 2025, the Company's ordinary shares were redesignated into new share classes, including E and F ordinary shares. This was a non-adjusting event and had no impact on the Company's financial position at 31 October 2025.
On 7 May 2026, 275,000 preference shares were redeemed for £275,000.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Withers Fruit Farm Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Withers Fruit Farm Limited
Independent Auditor's Report to the Members of Withers Fruit Farm Limited
Opinion
We have audited the financial statements of Withers Fruit Farm Limited (the 'company') for the year ended 31 October 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
Withers Fruit Farm Limited
Independent Auditor's Report to the Members of Withers Fruit Farm Limited
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• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
|
• |
the financial statements are not in agreement with the accounting records and returns; or |
|
• |
certain disclosures of directors' remuneration specified by law are not made; or |
|
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act, tax and employment legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
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• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
|
• |
reading minutes of meetings of those charged with governance. |
Withers Fruit Farm Limited
Independent Auditor's Report to the Members of Withers Fruit Farm Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
Gloucestershire
GL51 0UX
Withers Fruit Farm Limited
Profit and Loss Account for the Year Ended 31 October 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
3,184,081 |
3,506,115 |
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no other comprehensive income for the year.
Withers Fruit Farm Limited
(Registration number: 09488074)
Balance Sheet as at 31 October 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Negative goodwill |
( |
( |
|
|
Entitlements |
180,556 |
108,234 |
|
|
Intangible assets |
( |
( |
|
|
- |
- |
||
|
Tangible assets |
|
|
|
|
Biological assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets/(liabilities) |
|
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Deferred tax liabilities |
(2,507,826) |
(1,852,017) |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
100 |
100 |
|
|
Capital redemption reserve |
1,050,000 |
900,000 |
|
|
Retained earnings |
11,441,015 |
9,722,256 |
|
|
Shareholders' funds |
12,491,115 |
10,622,356 |
Approved and authorised by the
Director
Withers Fruit Farm Limited
Statement of Changes in Equity for the Year Ended 31 October 2025
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 November 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
Purchase of own share capital |
- |
150,000 |
(150,000) |
- |
|
At 31 October 2025 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 November 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
Purchase of own share capital |
- |
350,000 |
(350,000) |
- |
|
At 31 October 2024 |
100 |
900,000 |
9,722,256 |
10,622,356 |
Withers Fruit Farm Limited
Statement of Cash Flows for the Year Ended 31 October 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
1,938,759 |
2,663,644 |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
4,045,849 |
2,874,910 |
|
|
Profit on disposal of tangible fixed assets |
2,713 |
(6,133) |
|
|
Finance income |
(631) |
(1,013) |
|
|
Finance costs |
816,101 |
740,248 |
|
|
Income tax expense |
429,852 |
103,236 |
|
|
7,232,643 |
6,374,892 |
||
|
Working capital adjustments |
|||
|
Increase in stocks |
(177,581) |
(227,477) |
|
|
Decrease/(increase) in debtors |
1,378,705 |
(2,946,528) |
|
|
(Decrease)/increase in creditors |
(1,079,118) |
1,481,012 |
|
|
Decrease in deferred income, including government grants |
(19,648) |
(1,925) |
|
|
Cash generated from operations |
7,335,001 |
4,679,974 |
|
|
Income taxes (paid)/received |
(105,916) |
121,998 |
|
|
Net cash flow from operating activities |
7,229,085 |
4,801,972 |
|
|
Cash flows from investing activities |
|||
|
Interest received |
631 |
1,013 |
|
|
Acquisitions of tangible assets |
(2,378,116) |
(3,075,599) |
|
|
Proceeds from sale of tangible assets |
65,266 |
86,834 |
|
|
Acquisition of intangible assets |
(100,000) |
(100,000) |
|
|
Acquisition of biological assets |
(3,118,536) |
(2,415,115) |
|
|
Net cash flows from investing activities |
(5,530,755) |
(5,502,867) |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
(797,101) |
(719,748) |
|
|
Proceeds from bank borrowing draw downs |
- |
1,177,758 |
|
|
Repayment of bank borrowing |
(1,468,404) |
(253,091) |
|
|
Proceeds from other borrowing draw downs |
500,000 |
1,000,000 |
|
|
Repayment of other borrowing |
(500,000) |
(1,000,000) |
|
|
New finance leases entered into |
2,324,554 |
- |
|
|
Payments to finance lease creditors |
(254,285) |
(245,061) |
|
|
Net cash flows from financing activities |
(195,236) |
(40,142) |
|
|
Net increase/(decrease) in cash and cash equivalents |
1,503,094 |
(741,037) |
|
|
Cash and cash equivalents at 1 November |
925,052 |
1,666,089 |
|
|
Cash and cash equivalents at 31 October |
2,428,146 |
925,052 |
|
Withers Fruit Farm Limited
Statement of Cash Flows for the Year Ended 31 October 2025
|
Analysis of changes in net debt |
|
At 1 November 2024 |
Cash flows |
New finance leases |
Other non-cash changes |
At 31 October 2025 |
|
|
Cash and cash equivalents |
|||||
|
Cash |
925,052 |
1,503,094 |
- |
- |
2,428,146 |
|
Borrowings |
|||||
|
Bank borrowings |
(10,089,980) |
1,468,404 |
- |
- |
(8,621,576) |
|
Finance lease liabilities |
(763,984) |
479,191 |
(2,549,460) |
- |
(2,834,253) |
|
Preference shares |
(2,050,000) |
- |
- |
150,000 |
(1,900,000) |
|
(12,903,964) |
1,947,595 |
(2,549,460) |
150,000 |
(13,355,829) |
|
|
( |
|
( |
|
( |
|
|
|
|||||
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
The principal place of business is:
Withers Farm
Burtons Lane
Wellington Heath
Ledbury
Herefordshire
HR8 1NF
|
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006.'
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts, prepared for a period of no less than 12 months following the date of approval of the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
2 |
Accounting policies (continued) |
Judgements
Useful economic lives of biological assets |
Key sources of estimation uncertainty
The valuation of biological assets requires management to estimate the costs attributable to fruit plants and propagation plants held at the reporting date. The carrying value includes plant purchase costs together with direct labour, fertiliser, pesticide and other husbandry costs incurred in bringing the assets to their present condition.
Certain costs capitalised into biological assets are allocated using management estimates based on production records, crop data and historical experience. The actual costs attributable to the biological assets may differ from those estimated and such differences would be recognised in future periods.
The carrying amount is £1,858,965 (2024 -£1,574,557).
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.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
2 |
Accounting policies (continued) |
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Tangible assets acquired as part of a business combination are stated at their fair value, less any subsequent accumulated depreciation and subsequent 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 assets under construction, over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold buildings |
25 - 50 years straight line |
|
Plant and machinery |
3.33 - 25% straight line; 15-20% reducing balance |
Biological assets
Biological assets are measured at cost less depreciation. Cost includes direct costs together with direct and indirect overheads incurred in bringing fruit plants to their state and condition at the end of the year. Fair value is not used to measure the carrying amount of biological assets as the directors consider that the information required to reliably estimate fair value is not available. Depreciation is provided, on a straight line basis, so as to write off the cost of biological assets over their estimated useful life of 1 - 2 years.
Negative goodwill
Negative goodwill arises where the fair value of the identifiable net assets acquired exceeds the consideration paid. Negative goodwill relating to non-monetary assets is recognised on the balance sheet and released to profit or loss over the remaining useful economic lives of the related assets on a systematic basis. Any excess negative goodwill is recognised in profit or loss over the period expected to benefit.
Intangible assets
Separately acquired intangible assets are included at cost and amortised over their estimated useful economic life. Provision is made for any impairment.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Basic payment entitlement |
8 years |
|
RHI payment entitlement |
10 years |
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.
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
2 |
Accounting policies (continued) |
Impairment
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 profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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, unless there is reasonable certainty that ownership will pass in which case these assets are depreciated over their useful lives. 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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
Grant income of £19,648 (2024: £19,607) was recognised in the profit and loss account in relation to the Monkton reservoir grant through the release of deferred income. No additional grant funding was received during the year (2024: £17,724).
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense - tangible fixed assets |
|
|
|
Depreciation expense - biological fixed assets |
2,834,128 |
1,959,279 |
|
Amortisation credit (included in administrative expenses) |
( |
( |
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
- |
|
Included within the amortisation (credit)/expense above is £76,249 (2024: £76,491) of credits in relation to negative goodwill.
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on preference shares |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
29,357 |
32,457 |
During the year the number of directors who were receiving benefits was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other non-audit services |
|
|
|
|
|
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
(225,957) |
138,166 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
68,021 |
(305,212) |
|
Total deferred taxation |
|
( |
|
Tax expense in the profit and loss account |
|
|
The tax on profit/(loss) for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of revenues exempt from taxation |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense/(credit) from unrecognised temporary difference from a prior period |
|
( |
|
Tax decrease from other tax effects |
( |
- |
|
Total tax charge |
|
|
Deferred tax
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
10 |
Taxation (continued) |
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Difference between accumulated depreciation and amortisation and capital allowances |
|
|
Fair value adjustments |
|
|
Short term timing differences |
( |
|
|
|
2024 |
Liability |
|
Difference between accumulated depreciation and amortisation and capital allowances |
|
|
Fair value adjustments |
|
|
Short term timing differences |
( |
|
|
|
Intangible assets |
|
Negative goodwill |
BPS entitlements |
RHI entitlements |
Total |
|
|
Cost or valuation |
||||
|
At 1 November 2024 |
( |
|
|
( |
|
Additions acquired separately |
- |
- |
|
|
|
Disposals |
- |
( |
- |
( |
|
At 31 October 2025 |
( |
- |
|
( |
|
Amortisation |
||||
|
At 1 November 2024 |
( |
|
- |
( |
|
Amortisation charge |
( |
- |
|
( |
|
Amortisation eliminated on disposals |
- |
( |
- |
( |
|
At 31 October 2025 |
( |
- |
|
( |
|
Carrying amount |
||||
|
At 31 October 2025 |
( |
- |
|
( |
|
At 31 October 2024 |
( |
|
|
( |
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
Tangible assets |
|
Land and buildings |
Plant and machinery |
Assets under construction |
Total |
|
|
Cost or valuation |
||||
|
At 1 November 2024 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
- |
( |
- |
( |
|
Transfers |
- |
|
( |
- |
|
At 31 October 2025 |
|
|
- |
|
|
Depreciation |
||||
|
At 1 November 2024 |
|
|
- |
|
|
Charge for the year |
|
|
- |
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
At 31 October 2025 |
|
|
- |
|
|
Carrying amount |
||||
|
At 31 October 2025 |
|
|
- |
|
|
At 31 October 2024 |
|
|
|
|
Included within the net book value of land and buildings above is £14,879,923 (2024 - £15,103,882) in respect of freehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Plant and machinery |
4,148,838 |
1,271,287 |
Restriction on title and pledged as security
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
Biological assets |
|
Fruit plants |
|
|
£ |
|
|
Cost |
|
|
At 1 November 2024 |
1,981,862 |
|
Additions |
3,118,536 |
|
Disposals |
(2,418,062) |
|
At 31 October 2025 |
2,682,336 |
|
Depreciation |
|
|
At 1 November 2024 |
407,305 |
|
Charge for the year |
2,834,128 |
|
Disposals |
(2,418,062) |
|
At 31 October 2025 |
823,371 |
|
Carrying amount |
|
|
At 31 October 2025 |
1,858,965 |
|
At 31 October 2024 |
1,574,557 |
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Apple stocks |
|
|
|
|
|
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
47,623 |
379,496 |
|
|
Deferred income |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
|
Deferred income |
|
|
|
|
|
|
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
Redeemable preference shares |
|
|
|
|
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
18 |
Loans and borrowings (continued) |
Finance lease liabilities
Obligations under finance leases are secured over the related assets.
Redeemable preference shares
The redeemable preference shares have a carrying amount of £1,900,000 (2024 - £2,050,000) and are denominated in sterling. The amount comprises of 1,900,000 (2024 - 2,050,000) redeemable preference shares of £1 each. During the year, 150,000 preference shares were redeemed for £150,000 on 5 March 2025.
The redeemable preference shares carry a right to a fixed dividend of 1% per annum from 25 April 2018 (having previously been 2% per annum) and are redeemable, on such terms and conditions as the directors shall determine, by the holders or the company on the giving of 3 months written notice. The redeemable preference shares have no voting rights and the holders are not entitled to receive notice of or attend or vote at any general meeting of the company. On a winding up or repayment of capital, the holders shall have priority on the assets available for distribution over any other class of shares, for payment of the capital paid on the redeemable preference shares and a sum equal to the arrears or deficiency of dividend on the redeemable preference shares; the redeemable preference shares do not confer the right to any further or other participation in the profits or assets of the company.
Bank borrowings
A bank loan with a carrying amount at the year end of £3,749,529 (2024 - £3,883,704) is denominated in Sterling with an interest rate of 1.35% per annum over the Bank of England base rate. The loan is repayable from February 2022, with the final instalment due in January 2043. The repayment terms comprise monthly repayments, including interest, of £24,042 with amounts due after more than five years by instalments of £3,168,990 (2024 - £3,345,437). The bank loan is secured by legal mortgages over the company's freehold property and by a legal mortgage over freehold property owned by one of the directors.
A bank loan with a carrying amount at the year end of £665,252 (2024 - £717,372) is denominated in Sterling with an interest rate of 2.75% per annum over the Bank of England base rate. The loan is repayable monthly with the final instalment due in June 2029. The repayment terms comprise monthly repayments, including interest, of £7,151 with amounts due after more than five years by instalments of (£28,238) (2024 - £510,219). The bank loan is secured by fixed and floating charges over the assets of the company and by a guarantee of £500,000 from a director of the company.
A chattels mortgage with a carrying amount at the year end of £173,339 (2024 - £267,571) is denominated in Sterling with a fixed interest rate of 3.5%. The loan is repayable monthly with the final instalment due in August 2027. The repayment terms comprise of monthly repayments, including interest, of £8,559 with amounts due after more than five years by instalments of £Nil (2024 - £Nil). The chattels mortgage is secured over the related assets (as set out in note 12 to the financial statements) and imposes a negative pledge which prohibits the company from creating any security interests over the assets pledged as security.
A bank loan with a carrying amount at the year end of £15,666 (2024 - £25,785) is denominated in sterling with a interest rate of 2.5% per annum. The loan is repayable monthly with the final instalment in March 2027. The repayment terms compromise of monthly repayments, including interest, of £887 with amounts due after more than five years by instalment of £Nil (2024 - £Nil).
A bank loan with a carrying amount at the year end of £4,017,790 (2024 - £4,017,790) is denominated in Sterling and bears interest at 2.32% per annum above the Bank of England base rate. The facility is interest-only until November 2027. Thereafter, the loan will be repaid by monthly instalments, with the final instalment due in November 2047. The bank loan is secured by legal mortgages over the company's freehold property.
During the year, the company repaid a bank loan which had a carrying value of £1,177,758 at 31 October 2024. The loan bore interest at 2.00% per annum over the Bank of England base rate and was repayable one year from the drawdown date of 31 July 2024. Accordingly, the loan was repaid in July 2025. The loan was secured by legal mortgages over the company's freehold property.
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
Deferred income |
|
Government grants |
|
|
£ |
|
|
At 1 November 2024 |
445,097 |
|
Receivable in the year |
- |
|
Released to profit and loss in the year |
(19,648) |
|
At 31 October 2025 |
425,449 |
Grant for Monkton reservoir
The company received a grant for a reservoir at Monkton which is accounted for under the accruals model. £19,648 (2024 - £19,607) was released to the profit and loss in relation to this grant and the carrying value in deferred income at the end of the year was £425,449 (2024 - £445,097).
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
58 |
|
58 |
|
|
|
40 |
|
40 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
|
|
|
The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.
|
Reserves |
Called up share capital
Represents the issued equity share capital of the company.
Retained earnings
Represents cumulative profits or losses, net of dividends paid and other adjustments.
Capital redemption reserve
Represents the reserve arising from the redemption of preference shares.
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2025 |
2024 |
|
|
Dividends paid |
70,000 |
65,000 |
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
|
Related party transactions |
|
Transactions with directors |
Withers Fruit Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2025
|
Financial instruments |
Items of income, expense, gains or losses
|
2025 |
Income |
Expense |
Net gains |
Net losses |
|
Financial liabilities measured at amortised cost |
- |
766,608 |
- |
- |
|
2024 |
Income |
Expense |
Net gains |
Net losses |
|
Financial liabilities measured at amortised cost |
- |
683,478 |
- |
- |
The total interest expense for financial liabilities not measured at fair value through profit or loss is £766,608 (2024 - £683,478).
|
Control |
The company is controlled by G W Leeds.