Company Registration No. 00301682 (England and Wales)
JOHN WELLER (FARMS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
JOHN WELLER (FARMS) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
JOHN WELLER (FARMS) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs M.D. Suckling
Mr R Suckling
Mr P J Medland
Dr J R Suckling
Mrs H L Young
Secretary
Ms A Ford
Company number
00301682
Registered office
Dunley Hill
Ranmore
Dorking
Surrey
England
RH 5 6SX
Accountants
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
JOHN WELLER (FARMS) LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2022
30 September 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,945
8,780
Investment properties
4
1,719,365
1,492,501
Investments
5
22,658
20,153
1,747,968
1,521,434
Current assets
Debtors
6
2,524
1,280
Cash at bank and in hand
349,279
693,732
351,803
695,012
Creditors: amounts falling due within one year
7
(133,264)
(245,038)
Net current assets
218,539
449,974
Total assets less current liabilities
1,966,507
1,971,408
Creditors: amounts falling due after more than one year
8
(71,990)
(109,846)
Provisions for liabilities
(161,519)
(122,786)
Net assets
1,732,998
1,738,776
Capital and reserves
Called up share capital
9
21,004
21,004
Fair value reserve
10
601,932
638,355
Capital redemption reserve
96,782
96,782
Profit and loss reserves
1,013,280
982,635
Total equity
1,732,998
1,738,776
JOHN WELLER (FARMS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2022
30 September 2022
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 February 2023 and are signed on its behalf by:
Mrs M.D. Suckling
Director
Company Registration No. 00301682
The notes on pages 4 to 9 form part of these financial statements
JOHN WELLER (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 4 -
1
Accounting policies
Company information
John Weller (Farms) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Dunley Hill, Ranmore, Dorking, Surrey, England, RH 5 6SX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover represents amounts receivable from rental income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% straight line
Computers
33.3% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
JOHN WELLER (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately and are valued at market value.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
JOHN WELLER (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
3
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2021
134,958
2,687
42,317
179,962
Additions
567
567
At 30 September 2022
134,958
3,254
42,317
180,529
Depreciation and impairment
At 1 October 2021
127,402
1,779
42,001
171,182
Depreciation charged in the year
3,073
329
3,402
At 30 September 2022
130,475
2,108
42,001
174,584
Carrying amount
At 30 September 2022
4,483
1,146
316
5,945
At 30 September 2021
7,556
908
316
8,780
JOHN WELLER (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 7 -
4
Investment property
2022
£
Fair value
At 1 October 2021
1,492,501
Additions
226,864
At 30 September 2022
1,719,365
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 September 2022 by the directors on an open market basis.
5
Fixed asset investments
2022
2021
£
£
Other investments other than loans
22,658
20,153
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 October 2021
20,153
Valuation changes
2,505
At 30 September 2022
22,658
Carrying amount
At 30 September 2022
22,658
At 30 September 2021
20,153
JOHN WELLER (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 8 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,864
1,020
Other debtors
660
260
2,524
1,280
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
48,645
48,645
Trade creditors
1,632
1,262
Corporation tax
22,338
133,083
Other taxation and social security
6,626
8,040
Other creditors
54,023
54,008
133,264
245,038
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
71,990
109,846
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
A Ordinary of £1 each
10,502
10,502
10,502
10,502
B Ordinary of £1 each
10,502
10,502
10,502
10,502
21,004
21,004
21,004
21,004
JOHN WELLER (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 9 -
10
Fair value reserve
2022
2021
£
£
At the beginning of the year
638,355
994,654
Revaluation surplus arising in the year
2,505
Other movements
(38,928)
(356,299)
At the end of the year
601,932
638,355