Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28false2022-03-01No description of principal activity33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00832094 2022-03-01 2023-02-28 00832094 2021-03-01 2022-02-28 00832094 2023-02-28 00832094 2022-02-28 00832094 c:CompanySecretary1 2022-03-01 2023-02-28 00832094 c:Director2 2022-03-01 2023-02-28 00832094 c:Director3 2022-03-01 2023-02-28 00832094 c:RegisteredOffice 2022-03-01 2023-02-28 00832094 d:Buildings 2022-03-01 2023-02-28 00832094 d:Buildings 2023-02-28 00832094 d:Buildings 2022-02-28 00832094 d:Buildings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 00832094 d:PlantMachinery 2022-03-01 2023-02-28 00832094 d:PlantMachinery 2023-02-28 00832094 d:PlantMachinery 2022-02-28 00832094 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 00832094 d:MotorVehicles 2022-03-01 2023-02-28 00832094 d:FurnitureFittings 2022-03-01 2023-02-28 00832094 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 00832094 d:CurrentFinancialInstruments 2023-02-28 00832094 d:CurrentFinancialInstruments 2022-02-28 00832094 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 00832094 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 00832094 d:ShareCapital 2023-02-28 00832094 d:ShareCapital 2022-02-28 00832094 d:RetainedEarningsAccumulatedLosses 2023-02-28 00832094 d:RetainedEarningsAccumulatedLosses 2022-02-28 00832094 c:FRS102 2022-03-01 2023-02-28 00832094 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 00832094 c:FullAccounts 2022-03-01 2023-02-28 00832094 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 00832094 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 00832094 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 00832094 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 00832094 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 00832094 6 2022-03-01 2023-02-28 00832094 7 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure
Registered number: 
00832094













MORTON HALL FARMS LIMITED


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
MORTON HALL FARMS LIMITED
 
 
COMPANY INFORMATION


Directors
W A Wales 
O R Wales 




Company secretary
W A Wales



Registered number
00832094



Registered office
Abbey Farm
Binham

Fakenham

Norfolk

NR21 0DQ




Accountants
Larking Gowen LLP
Chartered Accountants

1st Floor, Prospect House

Rouen Road

Norwich

NR1 1RE





 
MORTON HALL FARMS LIMITED
 

CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9


 
MORTON HALL FARMS LIMITED
REGISTERED NUMBER:00832094

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
160,929
178,964

Investments
 5 
2
2

  
160,931
178,966

Current assets
  

Stocks
  
139,238
129,873

Debtors: amounts falling due within one year
 6 
95,571
84,063

Cash at bank and in hand
  
255,667
136,027

  
490,476
349,963

Creditors: amounts falling due within one year
 7 
(56,684)
(61,477)

Net current assets
  
 
 
433,792
 
 
288,486

Total assets less current liabilities
  
594,723
467,452

Provisions for liabilities
  

Deferred tax
 8 
(40,160)
(19,365)

  
 
 
(40,160)
 
 
(19,365)

Net assets
  
554,563
448,087


Capital and reserves
  

Called up share capital 
  
5,000
5,000

Profit and loss account
  
549,563
443,087

  
554,563
448,087


Page 1

 
MORTON HALL FARMS LIMITED
REGISTERED NUMBER:00832094
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




W A Wales
O R Wales
Director
Director


Date: 28 September 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MORTON HALL FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Morton Hall Farms Limited is a private company limited by shares and incorporated in England and Wales, registration number 00832094. The registered office is Abbey Farm, Binham, Fakenham, Norfolk, NR21 0DQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.
The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
MORTON HALL FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan
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 payment obligations.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
MORTON HALL FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Property improvements
-
2% straight line
Plant & machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Harvesters
-
20% reducing balance



 
2.8

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obselete and slow-moving stocks.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
MORTON HALL FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the statement of financial position and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.15

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
MORTON HALL FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Property improvements
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 March 2022
49,895
340,236
390,131


Additions
-
18,800
18,800


Disposals
-
(1,726)
(1,726)



At 28 February 2023

49,895
357,310
407,205



Depreciation


At 1 March 2022
7,924
203,243
211,167


Charge for the year on owned assets
997
35,708
36,705


Disposals
-
(1,596)
(1,596)



At 28 February 2023

8,921
237,355
246,276



Net book value



At 28 February 2023
40,974
119,955
160,929



At 28 February 2022
41,971
136,993
178,964

Page 7

 
MORTON HALL FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Fixed asset investments





Trade investments

£



Cost or valuation


At 1 March 2022
2



At 28 February 2023
2





6.


Debtors

2023
2022
£
£


Trade debtors
81,244
73,304

Other debtors
3,167
-

Prepayments & accrued income
11,160
10,759

95,571
84,063



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
12,252
30,123

Corporation tax
11,305
-

Other taxation and social security
2,207
1,034

Other creditors
5,845
5,864

Accruals and deferred income
25,075
24,456

56,684
61,477


Page 8

 
MORTON HALL FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Deferred taxation




2023


£






At beginning of year
19,365


Charged to profit or loss
(20,795)



At end of year
(40,160)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(40,160)
(44,536)

Tax losses carried forward
-
25,171

(40,160)
(19,365)


9.


Related party transactions

A director has made an interest free loan to the company during the year. The amount outstanding at the year end is £5,845 (2022: £5,864).
The directors of the company have tenancies with third parties on land which is occupied and farmed by the company for which the company pays the annual rent.

 
Page 9