Winchelsea Farm Foods Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05992353 (England and Wales)

WINCHELSEA FARM FOODS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2021

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr S J R Rumsey

Mrs A C E Rumsey

REGISTERED OFFICE:

Elms Farm

Pett Lane

Icklesham

East Sussex

TN36 4AH

REGISTERED NUMBER:

05992353 (England and Wales)

ACCOUNTANTS:

Gibbons Mannington & Phipps LLP

Chartered Accountants

20 Eversley Road

Bexhill-on-Sea

East Sussex

TN40 1HE

FIXED ASSETS

Tangible assets

4

76,869

95,002

CURRENT ASSETS

Stocks

6,404

6,624

Debtors

5

3,630

2,757

Cash at bank and in hand

5,679

12,386

15,713

21,767

CREDITORS

Amounts falling due within one year

6

31,999

27,042

NET CURRENT LIABILITIES

(16,286

)

(5,275

)

TOTAL ASSETS LESS CURRENT LIABILITIES

60,583

89,727

CREDITORS

Amounts falling due after more than one year

7

6,068,892

6,026,542

NET LIABILITIES

(6,008,309

)

(5,936,815

)

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

(6,008,311

)

(5,936,817

)

SHAREHOLDERS' FUNDS

(6,008,309

)

(5,936,815

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5th April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 5th April 2021 in accordance with Section 476 of the Companies Act 2006.

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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th January 2022 and were signed on its behalf by:

Mr S J R Rumsey - Director

1.	STATUTORY INFORMATION

Winchelsea Farm Foods Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors believe it is appropriate to prepare the financial statements on a going concern basis as the company will continue in operational existence for the foreseeable future and is anticipated to return profits in future years. In the meantime the company will be financially supported by its parent company, which is a charity. In order to protect the interests of the charity, one of the directors has provided a personal guarantee to the company and further funding is supplied by one of the directors when required.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

20% on reducing balance

Plant and machinery

-

50% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

50% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Deferred tax

No provision in respect of Corporation tax or deferred tax has been made as the company is a trading subsidiary of a charitable undertaking. The company has the intention to covenant its taxable profits to its parent undertaking.

Grant income recognition

Grant income has been recognised under the performance model.

Grants that do not specify any future performance-related conditions are recorded when the grant proceeds are received or receivable. Any grant that imposes specified future performance-related conditions is recognised only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 6th April 2020

and 5th April 2021

375,134

93,539

56,168

14,096

538,937

DEPRECIATION

At 6th April 2020

302,379

78,317

50,133

13,106

443,935

Charge for year

14,550

2,386

950

247

18,133

At 5th April 2021

316,929

80,703

51,083

13,353

462,068

NET BOOK VALUE

At 5th April 2021

58,205

12,836

5,085

743

76,869

At 5th April 2020

72,755

15,222

6,035

990

95,002

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

499

1,052

Other debtors

3,131

1,705

3,630

2,757

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

21,870

19,490

Taxation and social security

625

886

Other creditors

9,504

6,666

31,999

27,042

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

1,869,555

1,811,592

Other creditors

4,199,337

4,214,950

6,068,892

6,026,542

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2

Ordinary

£1

2

2

9.	RELATED PARTY DISCLOSURES

The following transactions occurred in the year in connection with related parties:

There was a loan due to The Wetland Trust, the company's immediate parent undertaking, of £1,869,555 (2020: £1,811,592). The directors, Mr S J R Rumsey and Mrs A Rumsey are trustees of The Wetland Trust. The loan was made on an arms length basis and interest is charged at commercial rates. This loan is repayable on demand but the parent undertaking has indicated its willingness to defer any repayment of this loan until after more than one year. The director Mr S J R Rumsey has given a personal guarantee in support of the full amount of the loan owed to The Wetland Trust.

There was a loan due to Mr S J R Rumsey, a director of the company of £4,199,377 (2020: £4,214,950). This loan is repayable on demand but the director has indicated his willingness to defer any repayment of this loan until after more than one year. The loan is interest free.

10.	ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by the board of trustees of The Wetland Trust, a UK registered charity, of which Mr S J R Rumsey and Mrs A C E Rumsey are members.