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COMPANY REGISTRATION NUMBER: 11868809
Manor Farm Nursery Ltd
Filleted Unaudited Financial Statements
31 March 2023
Manor Farm Nursery Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
530,000
530,000
Tangible assets
6
65,180
53,430
---------
---------
595,180
583,430
Current assets
Debtors
7
( 101)
389
Cash at bank and in hand
53,213
127,604
--------
---------
53,112
127,993
Creditors: amounts falling due within one year
8
265,116
292,946
---------
---------
Net current liabilities
212,004
164,953
---------
---------
Total assets less current liabilities
383,176
418,477
Creditors: amounts falling due after more than one year
9
369,873
361,731
---------
---------
Net assets
13,303
56,746
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
13,203
56,646
--------
--------
Shareholders funds
13,303
56,746
--------
--------
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.
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 .
Manor Farm Nursery Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2023 , and are signed on behalf of the board by:
Mr J W Wills
Mrs K D Wills
Director
Director
Company registration number: 11868809
Manor Farm Nursery Ltd
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 Manor Farm, Burford Road, Lechlade, Gloucestershire, GL7 3EX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
During the year Goodwill was professionally revalued and was stated to be as at its original purchase value of £530,000. All amortisation for earlier years has been adjusted and the closing value is stated as per that valuation.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
25% straight line
Improvements to leasehold property
-
10% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2022: 43 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
530,000
---------
Amortisation
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
530,000
---------
At 31 March 2022
530,000
---------
6. Tangible assets
Fixtures and fittings
Improvements to leasehold property
Total
£
£
£
Cost
At 1 April 2022
46,617
39,180
85,797
Additions
12,638
14,179
26,817
Disposals
( 1,585)
( 1,585)
--------
--------
---------
At 31 March 2023
57,670
53,359
111,029
--------
--------
---------
Depreciation
At 1 April 2022
24,529
7,838
32,367
Charge for the year
9,461
5,337
14,798
Disposals
( 1,316)
( 1,316)
--------
--------
---------
At 31 March 2023
32,674
13,175
45,849
--------
--------
---------
Carrying amount
At 31 March 2023
24,996
40,184
65,180
--------
--------
---------
At 31 March 2022
22,088
31,342
53,430
--------
--------
---------
7. Debtors
2023
2022
£
£
Other debtors
( 101)
389
----
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
42,497
83,336
Corporation tax
53,471
63,039
Social security and other taxes
8,552
1,976
Other creditors
160,596
144,595
---------
---------
265,116
292,946
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
369,873
361,731
---------
---------
10. Prior period adjustment
During 2021, the Company discovered that the goodwill on incorporation and the loan to assist with the purchase of the trade had been materially understated in the financial statements to 31 March 2020. As a consequence, other expenses in relation to the purchase of the trade had been misallocated. The errors have been corrected by restating each of the affected financial statement line items for the prior period. The following tables summarise the impacts on the Company's financial statements.
As previously reported Adjustments As restated
£ £ £
Goodwill 350,000 180,000 530,000
Tangible assets 12,135 27,610 39,746
Bank loans (395,937) (395,937)
Director loan (158,363) 190,803 32,439
Retained reserves 38,520 2,476 40,996
11. 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 outstanding
£
£
£
£
Mr J W Wills
( 550)
549
( 1)
Mrs K D Wills
( 551)
548
( 3)
-------
-------
----
----
( 1,101)
1,097
( 4)
-------
-------
----
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J W Wills
( 1,293)
743
( 550)
Mrs K D Wills
( 1,293)
742
( 551)
-------
----
-------
-------
( 2,586)
1,485
( 1,101)
-------
----
-------
-------