Company No: 01657328 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	381,300		321,883
		381,300		321,883
Creditors: amounts falling due within one year	4	( 1,051,604)		( 940,153)
Net current liabilities		(1,051,604)		(940,153)
Total assets less current liabilities		(670,304)		(618,270)
Net liabilities		( 670,304)		( 618,270)
Capital and reserves
Called-up share capital		596,983		596,983
Profit and loss account		( 1,267,287 )		( 1,215,253 )
Total shareholders' deficit		( 670,304)		( 618,270)

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 Profit and Loss Account has not been delivered.

The financial statements of Wates Farms Limited (registered number: 01657328) were approved and authorised for issue by the Board of Directors on 13 November 2025. They were signed on its behalf by:

M E Wates CBE 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

Wates Farms 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 Hitchcock House, Hilltop Park, Devizes Road, Salisbury, Wiltshire, SP3 4UF, United Kingdom.

The principal place of business is Manor House, Langton Long, Blandford Forum, Dorset, DT11 9HS.

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 financial statements have been prepared on a going concern basis. The directors will continue to support the company financially and consider it appropriate to prepare accounts on a going concern basis.

Taxation

Current 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.

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.

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

0 - 2 years straight line

Freehold land and buildings are depreciated at 2% per annum on the cost of buildings only.

Financial instruments

**Classification**
The company holds the following financial instruments:
• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

**Recognition and measurement**
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Land and buildings		Total
	£		£
Cost
At 01 April 2024	362,133		362,133
Additions	62,781		62,781
At 31 March 2025	424,914		424,914
Accumulated depreciation
At 01 April 2024	40,250		40,250
Charge for the financial year	3,364		3,364
At 31 March 2025	43,614		43,614
Net book value
At 31 March 2025	381,300		381,300
At 31 March 2024	321,883		321,883

Included within the net book value of land and buildings above is £381,301 (2024 - £321,883) in respect of freehold land and buildings.

4. Creditors: amounts falling due within one year

	2025		2024
	£		£
Amounts owed to Group undertakings	1,048,775		937,855
Taxation and social security	2,829		2,298
	1,051,604		940,153

5. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2025		2024
	£		£
At start of period	937,855		878,578
Advanced	110,920		59,277
At end of period	1,048,775		937,855

The company owes an interest-free debt to the associated entity Wates Farm Partnership for which there are currently no terms for repayment.

Transactions with the entity's directors

	2025		2024
	£		£
At start of period	0		596,884
Repaid	0		(596,884)
At end of period	0		0

The company owed an interest-free debt to its majority shareholder and director, for which there were no terms for repayment. On 18 December 2023 the company allotted and issued 596,883 ordinary £1 shares at par in settlement of this debt.