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Registration number: 08267822

Malbro Farms Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 March 2023

 

Malbro Farms Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Malbro Farms Ltd

Company Information

Directors

Mr Ben Mallinson

Mr Daniel Mallinson

Registered office

44 Tabby Nook
Mere Brow
Tarleton
Preston
Lancs
PR4 6LA

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

Malbro Farms Ltd

(Registration number: 08267822)
Balance Sheet as at 30 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

105,000

112,500

Tangible assets

5

968,832

852,542

 

1,073,832

965,042

Current assets

 

Stocks

6

320,000

280,000

Debtors

7

445,242

168,859

Cash at bank and in hand

 

11,591

8,887

 

776,833

457,746

Creditors: Amounts falling due within one year

8

(1,168,770)

(1,072,972)

Net current liabilities

 

(391,937)

(615,226)

Total assets less current liabilities

 

681,895

349,816

Creditors: Amounts falling due after more than one year

8

(403,484)

(186,977)

Net assets

 

278,411

162,839

Capital and reserves

 

Called up share capital

100

2

Retained earnings

278,311

162,837

Shareholders' funds

 

278,411

162,839

For the financial year ending 30 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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

.........................................
Mr Daniel Mallinson
Director

 

Malbro Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

1

General information

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

The address of its registered office is:
44 Tabby Nook
Mere Brow
Tarleton
Preston
Lancs
PR4 6LA

These financial statements were authorised for issue by the Board on 6 October 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Malbro Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

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

Reducing balance 25%.

Motor vehicles

Reducing balance 25%.

Land and buildings

Nil

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 20 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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Malbro Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 9 (2022 - 9).

 

Malbro Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 31 March 2022

150,000

150,000

At 30 March 2023

150,000

150,000

Amortisation

At 31 March 2022

37,500

37,500

Amortisation charge

7,500

7,500

At 30 March 2023

45,000

45,000

Carrying amount

At 30 March 2023

105,000

105,000

At 30 March 2022

112,500

112,500

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 31 March 2022

32,946

50,340

546,812

630,098

Additions

606,232

108,833

84,397

799,462

At 30 March 2023

639,178

159,173

631,209

1,429,560

Depreciation

At 31 March 2022

-

38,255

312,588

350,843

Charge for the year

-

30,230

79,655

109,885

At 30 March 2023

-

68,485

392,243

460,728

Carrying amount

At 30 March 2023

639,178

90,688

238,966

968,832

At 30 March 2022

606,233

12,085

234,224

852,542

Included within the net book value of land and buildings above is £639,178 (2022 - £606,233) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Stock

320,000

280,000

 

Malbro Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

350,055

116,542

Other debtors

95,187

52,317

 

445,242

168,859

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

9

764,494

800,487

Trade creditors

 

279,159

143,256

Taxation and social security

 

14,868

21,276

Accruals and deferred income

 

6,640

6,140

Other creditors

 

103,609

101,813

 

1,168,770

1,072,972

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

403,484

186,977

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

81,249

Other borrowings

403,484

105,728

403,484

186,977

2023
£

2022
£

Current loans and borrowings

Bank borrowings

22,675

119,662

Bank overdrafts

7,870

10,254

Secured debentures

655,220

642,858

Other borrowings

78,729

27,713

764,494

800,487