The Whittern Farms Limited - Accounts to registrar (filleted) - small 18.2
The Whittern Farms Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| The Whittern Farms Limited |
| Unaudited Financial Statements |
| for the Year Ended 30 June 2020 |
| The Whittern Farms Limited (Registered number: 00508453) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2020 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 5 |
| The Whittern Farms Limited |
| Company Information |
| for the Year Ended 30 June 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| trading as The Hutchinson Partnership |
| Chartered Accountants |
| The Bull Pen |
| Grove Farm |
| Portway, Burghill |
| Hereford |
| HR4 8NF |
| BANKERS: |
| SOLICITORS: |
| Number Ten Elm Court |
| Arden Street |
| Stratford upon Avon |
| CV37 6PA |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| The Whittern Farms Limited |
| The following reproduces the text of the report prepared for the directors 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 Balance Sheet. Readers are cautioned that the Profit and loss account and certain other primary statements and the Report of the Directors 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 The Whittern Farms Limited for the year ended 30 June 2020 which comprise the Profit and Loss Account, Balance Sheet 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 Board of Directors of The Whittern Farms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Whittern Farms Limited and state those matters that we have agreed to state to the Board of Directors of The Whittern Farms Limited, as a body, 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 The Whittern Farms Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that The Whittern 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 The Whittern Farms Limited. You consider that The Whittern 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 The Whittern 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. |
| trading as The Hutchinson Partnership |
| Chartered Accountants |
| The Bull Pen |
| Grove Farm |
| Portway, Burghill |
| Hereford |
| HR4 8NF |
| The Whittern Farms Limited (Registered number: 00508453) |
| Balance Sheet |
| 30 June 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Allotted, issued and fully |
| paid share capital |
| Undistributable retained |
| earnings | 12 |
| Distributable retained |
| earnings | 12 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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 Whittern Farms Limited (Registered number: 00508453) |
| Balance Sheet - continued |
| 30 June 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| The Whittern Farms Limited (Registered number: 00508453) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2020 |
| 1. | STATUTORY INFORMATION |
| The Whittern Farms Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare the accounts on the going concern basis. |
| Please see the Post Balance Sheet Events note for details of the effects of COVID-19. |
| Preparation of consolidated financial statements |
| The financial statements contain information about The Whittern Farms Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 402 of the Companies Act 2006 not to prepare consolidated financial statements. |
| Turnover |
| Turnover represents net invoiced sales of goods and services, excluding value added tax. |
| Holiday let income is recognised on the commencement of the holiday. |
| Tangible fixed assets |
| Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its estimated useful life, as follows: |
| Freehold land | Nil |
| Improvements to property | 4% straight line |
| Plant and machinery | 10% - 30% reducing balance and |
| 5% - 12.5% straight line |
| Orchard | 15 years straight line |
| The orchard is a biological asset and is valued at depreciated cost. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| In stock are broiler chickens, arable growing crop which are valued at cost, blackcurrant bushes valued at depreciated cost and harvested arable crops held at cost calculated with reference to market value. |
| The Whittern Farms Limited (Registered number: 00508453) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Investments |
| Investments are valued at market value. Market values are arrived at as follows - |
| a. The investments in Arrow Buying and Marketing Company Limited and Arrow Vale Contracting Limited are valued based on The Whittern Farms Limited's share of the companies net assets. |
| b. White Heron Boats Limited is dormant and has net liabilities and therefore has no value. |
| A loan to a connected company is written down to its estimated recoverable amount. |
| 3. | EMPLOYEES |
| The average number of employees during the year was |
| The Whittern Farms Limited (Registered number: 00508453) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| land | property | machinery |
| £ | £ | £ |
| COST |
| At 1 July 2019 |
| Additions |
| Disposals | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| Fixtures |
| & fittings | Orchard | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2019 |
| Additions |
| Disposals | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| The net book value of fixed assets includes £74,948 (2019 - £99,931) in respect of fixed assets held under hire purchase contracts. |
| The Whittern Farms Limited (Registered number: 00508453) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 July 2019 |
| Share of profit/(loss) | 2,211 |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| 6. | STOCKS |
| 2020 | 2019 |
| £ | £ |
| Raw materials | 41,918 | 51,400 |
| Growing crop |
| Finished goods |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Owed by related parties |
| VAT | 56,080 | 57,653 |
| Loans to employees | 6,159 | 14,415 |
| Directors' loan accounts | 13,365 | 3,614 |
| Prepayments and accrued income |
| There is a debenture over all debtors as detailed in the secured debts note. |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Corporation tax payable |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| The Whittern Farms Limited (Registered number: 00508453) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans due in 1-2 years |
| Bank loans due in 2 - 5 years |
| Bank loans due after 5 years |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans due after 5 years | 36,210 | 125,478 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 35,317 | 64,276 |
| The bank loans and overdraft are secured by a debenture and fixed and floating charge dated 23 March 1997; a legal charge over poultry units F and K at Next End, Lyonshall, Kington, Herefordshire; a legal charge over poultry unit P at Hunton Bridge, Lyonshall, Kington, Herefordshire, a charge over the freehold property comprising the extension to the existing Hunton site together with the 2 new units at Lyonshall, Kington and a legal charge over 46 acres of land at Castle Weir, Lyonshall, Kington. The obligations under hire purchase contracts are secured by the related assets. The director, Mrs J Hilditch has also provided a guarantee of £50,000. |
| 11. | PROVISIONS FOR LIABILITIES |
| 2020 | 2019 |
| £ | £ |
| Deferred tax |
| Advanced capital allowances | 231,738 | 214,485 |
| Other timing differences | 7,992 | 6,775 |
| 239,730 | 221,260 |
| The Whittern Farms Limited (Registered number: 00508453) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 11. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2019 |
| Advanced capital allowances | (7,678 | ) |
| Advanced buildings allowances | (64 | ) |
| Investment revaluation | 420 |
| Change in rate of tax | 25,792 |
| Balance at 30 June 2020 |
| 12. | RESERVES |
| Distributable | Undistributable |
| retained | retained |
| earnings | earnings | Totals |
| £ | £ | £ |
| At 1 July 2019 | 3,112,118 |
| Profit for the year | - |
| Dividends | ( |
) | - | ( |
) |
| Reserves transfer | (994 | ) | 994 | - |
| At 30 June 2020 | 3,129,603 |
| 13. | OTHER FINANCIAL COMMITMENTS |
| The company leases farmland for £75,000 per annum. The lease is in perpetuity. |
| 14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 June 2020 and 30 June 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Interest of £505 (2019: £188) at the HMRC approved rate has been charged for the current year on the overdrawn amounts for the whole period the loans were overdrawn. |
| The Whittern Farms Limited (Registered number: 00508453) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 15. | RELATED PARTY DISCLOSURES |
| Group accounts are not prepared as the company's subsidiary, White Heron Boats Limited, is a dormant company with net liabilities that are of a level that are trivial to The Whittern Farms Limited. |
| The company's arable enterprise is operated by its associated companies. |
| Included in debtors is a loan due from a company under common control for £317,660 (2019: £323,489). This is interest free and repayable on demand. |
| 16. | POST BALANCE SHEET EVENTS |
| The agricultural elements of the company have largely been unaffected by the coronavirus pandemic. The holiday letting enterprise was closed during the initial lockdown and also during the second lockdown in the Autumn. Following the relaxing of the lockdown during the summer of 2020 the holiday lets were extremely busy as people looked for holidays within the UK. |