Company registration number:
for the Year Ended
Walronds Park Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Walronds Park Limited
(Registration number: 00668472)
Balance Sheet as at 30 September 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
5,547 |
5,547 |
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Current assets |
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Biological assets |
- |
2,255 |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Deferred tax liabilities |
(153,308) |
(146,219) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Walronds Park Limited
(Registration number: 00668472)
Balance Sheet as at 30 September 2020
For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Walronds Park Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of crops, the generation and export of electricity and provision of contracting services in the ordinary course of the company’s activities. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of crops, when electricity is generated and straight line over the period which services are provided to customers.
Other operating income
Other operating income comprises rents receivable and the receipt of government grants. Rents receivable are recognised on an accruals basis and government grants are recognised in the period to which the government grant relates.
Government grants
Income from goverment grants is recognised within other operating income when the conditions for the receipt have been complied with and there is reasonable assurance that the grant will be received. Recognition will be on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.
Walronds Park Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2020
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 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.
Deferred tax is recognised on timing 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 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.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% straight line |
Plant and machinery |
15% reducing balance |
Motor vehicles and tractors |
20% reducing balance |
Biological current assets
Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise of tillages.
Basic Payment Scheme
Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements, is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted BPS, deferred income is released to the profit and loss as other operating income at the same rate at which the intangible asset is amortised.
Walronds Park Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2020
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 Scheme entitlements |
12.5% straight line |
Investments
Fixed asset investments comprise of non listed investments and are all stated at cost less impairment.
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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
A provision for the impairment of trade debtors is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment.
Stocks
Stocks comprising agricultural produce (i.e crops in store) and deadstock such as seed, fertiliser, sprays and diesel are stated at the lower of cost and estimated selling prices less costs to complete and sell. Agricultural produce (i.e crops in store) harvested from biological assets are measured at the point of harvest.
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.
Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Walronds Park Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2020
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.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future
obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account
calculated at a constant periodic rate of interest over the term of the liability.
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.
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.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
In addition to the 8 employees mentioned above, the company also has sub-contractors who work for the business during peak periods.
Walronds Park Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2020
Intangible assets |
Basic payment scheme entitlements |
Total |
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Cost or valuation |
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At 1 October 2019 |
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At 30 September 2020 |
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Amortisation |
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At 1 October 2019 |
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Amortisation charge |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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At 30 September 2019 |
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Basic Payment Scheme Entitlements
The amortisation charge for the year is recognised within depreciation in the profit and loss. Deferred income has been released to the profit and loss and is recognised as other operating income. The net effect in the profit and loss for the year is £Nil.
Walronds Park Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2020
Tangible assets |
Land and buildings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2019 |
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Additions |
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- |
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Disposals |
- |
- |
( |
( |
At 30 September 2020 |
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Depreciation |
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At 1 October 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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At 30 September 2019 |
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Included within the net book value of land and buildings above is £683,251 (2019 - £691,051) in respect of long leasehold land and buildings.
Biological assets |
Tillages |
Total current assets |
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Cost or valuation |
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At 1 October 2019 |
2,255 |
2,255 |
Old crop harvested |
(2,255) |
(2,255) |
At 30 September 2020 |
- |
- |
Walronds Park Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2020
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 October 2019 |
5,547 |
5,547 |
At 30 September 2020 |
5,547 |
5,547 |
Carrying amount |
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At 30 September 2020 |
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5,547 |
Stocks |
2020 |
2019 |
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Crops in store and deadstock |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
48,981 |
18,503 |
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Other creditors |
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Due after one year |
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Other non-current financial liabilities |
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Walronds Park Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 October 2019 |
Advances to directors |
Re- |
At 30 September 2020 |
M C W Hallett |
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Loan account - unsecured and repayable on demand. |
(103,255) |
- |
- |
( |
Loan account - unsecured and repayable on demand. |
23,293 |
( |
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(79,962) |
(60,729) |
42,787 |
(97,904) |
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J Hallett |
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Loan account - unsecured and repayable on demand. |
(17,964) |
- |
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- |
(17,964) |
- |
17,964 |
- |
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A W Hallett |
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Loan account - unsecured and repayable on demand. |
(17,964) |
( |
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(17,964) |
(28,218) |
70,185 |
24,003 |
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2019 |
At 1 October 2018 |
Advances to directors |
Re- |
At 30 September 2019 |
M C W Hallett |
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Loan account - unsecured and repayable on demand. |
(103,255) |
- |
- |
( |
Loan account - unsecured and repayable on demand. |
(12,206) |
( |
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(115,461) |
(32,116) |
67,615 |
(79,962) |
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J Hallett |
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Loan account - unsecured and repayable on demand. |
(4,278) |
( |
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( |
(4,278) |
(21,551) |
7,865 |
(17,964) |
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Walronds Park Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2020
A W Hallett |
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Loan account - unsecured and repayable on demand. |
(4,279) |
( |
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( |
(4,279) |
(21,551) |
7,865 |
(17,964) |
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Summary of transactions with other related parties
C Maurer-Hallett is a shareholder and director of the company and maintains a loan with the company which is not repayable on demand. 10% interest is charged on the balance at year end. At the balance sheet date the amount due to C Maurer-Hallett was £104,870 (2018: £87,184) and is presented within other creditors due after 1 year.