Margent Farm Limited
Unaudited Financial Statements
For the year ended 31 January 2023
Pages for Filing with Registrar
Company Registration No. 10551164 (England and Wales)
Margent Farm Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Margent Farm Limited
Balance Sheet
As at 31 January 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
235,132
332,938
Current assets
Debtors
4
10,321
13,927
Cash at bank and in hand
2,725
1,089
13,046
15,016
Creditors: amounts falling due within one year
5
(684,760)
(600,986)
Net current liabilities
(671,714)
(585,970)
Total assets less current liabilities
(436,582)
(253,032)
Creditors: amounts falling due after more than one year
6
(496,333)
(500,333)
Net liabilities
(932,915)
(753,365)
Capital and reserves
Called up share capital
7
300,000
300,000
Profit and loss reserves
(1,232,915)
(1,053,365)
Total equity
(932,915)
(753,365)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 25 October 2023
Margent Farm Limited
Balance Sheet (Continued)
As at 31 January 2023
Page 2
S  Barron
Director
Company Registration No. 10551164
Margent Farm Limited
Notes to the Financial Statements
For the year ended 31 January 2023
Page 3
1
Accounting policies
Company information

Margent Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These finantial statements have been prepared on a going concern basis. The company is able to meet all of its day to day working capital requirements with a loan from the director S Barron, as disclosed in note 9 to these financial statements. The director has confirmed that he will continue to support the company until it is trading profitably.

The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Margent Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
1
Accounting policies
(Continued)
Page 4

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the remaining life of the lease
Plant and equipment
3 to 5 years straight line
Fixtures and fittings
3 years straight line basis
IT equipment
3 years straight line basis
Motor vehicles
4 years straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Margent Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
1
Accounting policies
(Continued)
Page 5
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Margent Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
Page 6
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
631,592
65,146
696,738
Depreciation and impairment
At 1 February 2022
314,596
49,204
363,800
Depreciation charged in the year
90,414
7,392
97,806
At 31 January 2023
405,010
56,596
461,606
Carrying amount
At 31 January 2023
226,582
8,550
235,132
At 31 January 2022
316,996
15,942
332,938
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,524
1,521
Other debtors
6,681
10,379
Prepayments and accrued income
2,116
2,027
10,321
13,927
Margent Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
Page 7
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,667
5,667
Trade creditors
25,834
18,673
Other creditors
645,051
565,187
Accruals and deferred income
8,208
11,459
684,760
600,986

 

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
496,333
500,333
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,000
300,000
300,000
300,000
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
4,167
Margent Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
Page 8
9
Related party transactions

Included within other creditors is an amount of £547,775 (2022: £523,179) due to S Barron, the director. This loan is interest free and payable on demand. The director has confirmed that £488,000 of this balance will not be called within the next twelve months.

 

At the balance sheet date, the company owed an amount of £585,166 (2022: £528,091) to Opalcharm Limited, a company in which S Barron is the sole director and shareholder. Additionally, the company is also owed £807 (2022: £567) from Riley Productions London Limited, a company in which S Barron is the sole director and shareholder.

10
Controlling Party

S. Barron is the ultimate controlling party by virtue of his majority shareholding in the company.

2023-01-312022-02-01false25 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityS Barron105511642022-02-012023-01-31105511642023-01-31105511642022-01-3110551164core:LandBuildings2023-01-3110551164core:OtherPropertyPlantEquipment2023-01-3110551164core:LandBuildings2022-01-3110551164core:OtherPropertyPlantEquipment2022-01-3110551164core:CurrentFinancialInstruments2023-01-3110551164core:CurrentFinancialInstruments2022-01-3110551164core:Non-currentFinancialInstruments2023-01-3110551164core:Non-currentFinancialInstruments2022-01-3110551164core:ShareCapital2023-01-3110551164core:ShareCapital2022-01-3110551164core:RetainedEarningsAccumulatedLosses2023-01-3110551164core:RetainedEarningsAccumulatedLosses2022-01-3110551164bus:Director12022-02-012023-01-3110551164core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-02-012023-01-3110551164core:PlantMachinery2022-02-012023-01-3110551164core:FurnitureFittings2022-02-012023-01-3110551164core:ComputerEquipment2022-02-012023-01-3110551164core:MotorVehicles2022-02-012023-01-31105511642021-02-012022-01-3110551164core:LandBuildings2022-01-3110551164core:OtherPropertyPlantEquipment2022-01-31105511642022-01-3110551164core:LandBuildings2022-02-012023-01-3110551164core:OtherPropertyPlantEquipment2022-02-012023-01-3110551164bus:PrivateLimitedCompanyLtd2022-02-012023-01-3110551164bus:SmallCompaniesRegimeForAccounts2022-02-012023-01-3110551164bus:FRS1022022-02-012023-01-3110551164bus:AuditExemptWithAccountantsReport2022-02-012023-01-3110551164bus:FullAccounts2022-02-012023-01-31xbrli:purexbrli:sharesiso4217:GBP