Musterfield Poultry Growers Ltd 07165761 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is rental of investment property Digita Accounts Production Advanced 6.30.9574.0 true true 07165761 2022-02-01 2023-01-31 07165761 2023-01-31 07165761 bus:OrdinaryShareClass1 bus:OtherShareType 2023-01-31 07165761 core:FinanceLeases core:CurrentFinancialInstruments 2023-01-31 07165761 core:FinanceLeases core:Non-currentFinancialInstruments 2023-01-31 07165761 core:CurrentFinancialInstruments 2023-01-31 07165761 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 07165761 core:Non-currentFinancialInstruments 2023-01-31 07165761 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 07165761 core:Goodwill 2023-01-31 07165761 core:MoreThanFiveYears 1 2023-01-31 07165761 core:FurnitureFittingsToolsEquipment 2023-01-31 07165761 core:MotorVehicles 2023-01-31 07165761 bus:SmallEntities 2022-02-01 2023-01-31 07165761 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 07165761 bus:FullAccounts 2022-02-01 2023-01-31 07165761 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 07165761 bus:RegisteredOffice 2022-02-01 2023-01-31 07165761 bus:Director2 2022-02-01 2023-01-31 07165761 bus:OrdinaryShareClass1 bus:OtherShareType 2022-02-01 2023-01-31 07165761 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 07165761 core:Goodwill 2022-02-01 2023-01-31 07165761 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 07165761 core:MotorVehicles 2022-02-01 2023-01-31 07165761 core:PlantMachinery 2022-02-01 2023-01-31 07165761 countries:EnglandWales 2022-02-01 2023-01-31 07165761 2022-01-31 07165761 core:Goodwill 2022-01-31 07165761 core:FurnitureFittingsToolsEquipment 2022-01-31 07165761 core:MotorVehicles 2022-01-31 07165761 2021-02-01 2022-01-31 07165761 2022-01-31 07165761 bus:OrdinaryShareClass1 bus:OtherShareType 2022-01-31 07165761 core:FinanceLeases core:CurrentFinancialInstruments 2022-01-31 07165761 core:FinanceLeases core:Non-currentFinancialInstruments 2022-01-31 07165761 core:CurrentFinancialInstruments 2022-01-31 07165761 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 07165761 core:Non-currentFinancialInstruments 2022-01-31 07165761 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 07165761 core:MoreThanFiveYears 1 2022-01-31 07165761 core:FurnitureFittingsToolsEquipment 2022-01-31 07165761 core:MotorVehicles 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07165761

Musterfield Poultry Growers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Musterfield Poultry Growers Ltd

(Registration number: 07165761)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

259,825

284,612

Investment property

6

3,500,000

3,311,280

 

3,759,825

3,595,892

Current assets

 

Debtors

7

40,949

42,121

Cash at bank and in hand

 

824,026

425,366

 

864,975

467,487

Creditors: Amounts falling due within one year

8

(806,163)

(287,814)

Net current assets

 

58,812

179,673

Total assets less current liabilities

 

3,818,637

3,775,565

Creditors: Amounts falling due after more than one year

8

(1,421,462)

(1,525,432)

Provisions for liabilities

(159,534)

(156,389)

Net assets

 

2,237,641

2,093,744

Capital and reserves

 

Called up share capital

9

2

2

Profit and loss account

2,237,639

2,093,742

Shareholders' funds

 

2,237,641

2,093,744

 

Musterfield Poultry Growers Ltd

(Registration number: 07165761)
Balance Sheet as at 31 January 2023

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 September 2023 and signed on its behalf by:
 

.........................................
Mrs D R Mason
Director

 

Musterfield Poultry Growers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
54 Bootham
YORK
YO30 7XZ

The principal place of business is:
Carpenters Cottage
Monk Green
Alne
York
YO61 1RY

These financial statements were authorised for issue by the Board on 18 September 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property, biomass and solar panels. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Other operating income includes income from renewable energy and boiler maintenance.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Musterfield Poultry Growers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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 income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Plant and machinery

10% reducing balance

Fixtures, fittings and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors, with reference to a previous valuation prepared by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

straight line over 5 years

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.

 

Musterfield Poultry Growers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance 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.

 

Musterfield Poultry Growers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Musterfield Poultry Growers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

237,000

237,000

At 31 January 2023

237,000

237,000

Amortisation

At 1 February 2022

237,000

237,000

At 31 January 2023

237,000

237,000

Carrying amount

At 31 January 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

580,612

32,373

612,985

Additions

7,691

-

7,691

At 31 January 2023

588,303

32,373

620,676

Depreciation

At 1 February 2022

314,210

14,163

328,373

Charge for the year

27,925

4,553

32,478

At 31 January 2023

342,135

18,716

360,851

Carrying amount

At 31 January 2023

246,168

13,657

259,825

At 31 January 2022

266,402

18,210

284,612

6

Investment properties

2023
£

At 1 February

3,311,280

Additions

188,720

At 31 January 2022

3,500,000

 

Musterfield Poultry Growers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

The fair value of the investment property has been arrived at through a valuation by the directors. The directors had reference to a previous valuation carried out for other purposes by external property consultants, who are not connected with the company. The valuation was made on a market rental capitalised basis. The directors have confirmed the valuation remains appropriate at the balance sheet date.

7

Debtors

Current

2023
£

2022
£

Trade debtors

18,420

18,420

Prepayments

298

412

Other debtors

22,231

23,289

 

40,949

42,121

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

103,970

103,687

Trade creditors

 

-

6,029

Taxation and social security

 

49,078

54,151

Accruals and deferred income

 

47,436

40,239

Other creditors

 

605,679

83,708

 

806,163

287,814

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £103,970 (2022 - £103,687).

 

Musterfield Poultry Growers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

1,421,462

1,525,432

2023
£

2022
£

Due after more than five years

After more than five years by instalments

980,653

1,096,818

-

-

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £1,421,462 (2022 - £1,525,432).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,421,462

1,522,186

Finance lease liabilities

-

3,246

1,421,462

1,525,432

2023
£

2022
£

Current loans and borrowings

Bank borrowings

100,724

97,196

Finance lease liabilities

3,246

6,491

103,970

103,687