P.H. Wheaton & Co. (Farms) Limited 31/03/2023 iXBRL

P.H. Wheaton & Co. (Farms) Limited 31/03/2023 iXBRL

P.H. WHEATON & CO. (FARMS) LIMITED - Company Information

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3 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01169125 2022-04-01 2023-03-31 01169125 2023-03-31 01169125 2022-03-31 01169125 2021-04-01 2022-03-31 01169125 2022-03-31 01169125 2021-03-31 01169125 bus:Director1 2022-04-01 2023-03-31 01169125 bus:Director3 2022-04-01 2023-03-31 01169125 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 01169125 core:PlantMachinery 2022-03-31 01169125 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01169125 core:PlantMachinery 2023-03-31 01169125 core:WithinOneYear 2023-03-31 01169125 core:WithinOneYear 2022-03-31 01169125 core:PlantMachinery 2022-04-01 2023-03-31 01169125 core:ShareCapital 2023-03-31 01169125 core:ShareCapital 2022-03-31 01169125 core:CapitalRedemptionReserve 2023-03-31 01169125 core:CapitalRedemptionReserve 2022-03-31 01169125 core:RetainedEarningsAccumulatedLosses 2023-03-31 01169125 core:RetainedEarningsAccumulatedLosses 2022-03-31 01169125 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 01169125 core:PlantMachinery 2022-03-31 01169125 bus:Director1 2022-03-31 01169125 bus:Director1 2023-03-31 01169125 bus:Director3 2022-03-31 01169125 bus:Director3 2023-03-31 01169125 bus:Director1 2021-03-31 01169125 bus:Director1 2022-03-31 01169125 bus:Director3 2021-03-31 01169125 bus:Director3 2022-03-31 01169125 bus:Director1 2021-04-01 2022-03-31 01169125 bus:Director3 2021-04-01 2022-03-31 01169125 bus:SmallEntities 2022-04-01 2023-03-31 01169125 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 01169125 bus:FullAccounts 2022-04-01 2023-03-31 01169125 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 01169125 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01169125 core:LeaseholdImprovements 2022-03-31 01169125 core:LeaseholdImprovements 2023-03-31
Company registration number: 01169125
P.H. Wheaton & Co. (Farms) Limited
Unaudited filleted financial statements
31 March 2023
P.H. Wheaton & Co. (Farms) Limited
Contents
Statement of financial position
Notes to the financial statements
P.H. Wheaton & Co. (Farms) Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,070,210 1,077,611
_________ _________
1,070,210 1,077,611
Current assets
Stocks 108,074 172,624
Debtors 6 59,810 12,652
Cash at bank and in hand 189,905 221,117
_______ _______
357,789 406,393
Creditors: amounts falling due
within one year 7 ( 106,624) ( 226,359)
_______ _______
Net current assets 251,165 180,034
_________ _________
Total assets less current liabilities 1,321,375 1,257,645
_________ _________
Net assets 1,321,375 1,257,645
_________ _________
Capital and reserves
Called up share capital 80 80
Capital redemption reserve 20 20
Profit and loss account 1,321,275 1,257,545
_________ _________
Shareholders funds 1,321,375 1,257,645
_________ _________
For the year ending 31 March 2023 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 year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 July 2023 , and are signed on behalf of the board by:
William H. Wheaton
Director
Company registration number: 01169125
P.H. Wheaton & Co. (Farms) Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 169 New London Road, Chelmsford, Essex, CM2 0AE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight line basis.
Tangible assets
Tangible assets are initially recorded at cost and are subsequently stated at cost less accumulated depreciation and impairment losses. Leasehold improvements includes properties which are let to third parties. However, the property's value cannot be measured without undue cost or effort and therefore it has been valued in these financial statements using the cost model as opposed to being treated as investment property and measured at fair value.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - No depreciation was provided as it is the company's policy to maintain these so as to extend their useful lives.
Plant and machinery - 20-25% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivables and payables. Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Freehold property Plant and machinery Leasehold improvements Total
£ £ £ £
Cost
At 1 April 2022 303,074 413,130 769,205 1,485,409
Disposals - ( 103,925) - ( 103,925)
_______ _______ _______ _________
At 31 March 2023 303,074 309,205 769,205 1,381,484
_______ _______ _______ _________
Depreciation
At 1 April 2022 12,112 395,686 - 407,798
Charge for the year - 7,401 - 7,401
Disposals - ( 103,925) - ( 103,925)
_______ _______ _______ _________
At 31 March 2023 12,112 299,162 - 311,274
_______ _______ _______ _________
Carrying amount
At 31 March 2023 290,962 10,043 769,205 1,070,210
_______ _______ _______ _________
At 31 March 2022 290,962 17,444 769,205 1,077,611
_______ _______ _______ _________
6. Debtors
2023 2022
£ £
Trade debtors 3,069 7,756
Other debtors 56,741 4,896
_______ _______
59,810 12,652
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 28,402 86,156
Corporation tax 39,035 15,155
Social security and other taxes 6,290 10,800
Other creditors 32,897 114,248
_______ _______
106,624 226,359
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
W.H. Wheaton ( 43,487) 42,906 - ( 581)
A.M.H. Wheaton ( 47,675) 47,094 - ( 581)
_______ _______ _______ _______
( 91,162) 90,000 - ( 1,162)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
W.H. Wheaton ( 43,590) ( 200) 303 ( 43,487)
A.M.H. Wheaton ( 47,375) ( 300) - ( 47,675)
_______ _______ _______ _______
( 90,965) ( 500) 303 ( 91,162)
_______ _______ _______ _______