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Registration number: 04290724

Maplebeck Farming Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Maplebeck Farming Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Maplebeck Farming Limited

Company Information

Director

Mrs KJ McGrath

Company secretary

Mrs KJ McGrath

Registered office

Forge Cottage
Maplebeck
Newark
Nottinghamshire
NG22 0BS

Accountants

David Turner & Co Ltd
Church Farm
Ickleton Road
Elmdon
Saffron Walden
Essex
CB11 4LT

 

Maplebeck Farming Limited

(Registration number: 04290724)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,703,022

1,623,365

Current assets

 

Stocks

5

101,442

203,161

Debtors

6

41,264

48,161

 

142,706

251,322

Creditors: Amounts falling due within one year

7

(352,114)

(449,037)

Net current liabilities

 

(209,408)

(197,715)

Total assets less current liabilities

 

1,493,614

1,425,650

Creditors: Amounts falling due after more than one year

7

(69,151)

-

Provisions for liabilities

(16,300)

(5,700)

Net assets

 

1,408,163

1,419,950

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

1,366,753

1,366,753

Retained earnings

40,410

52,197

Shareholders' funds

 

1,408,163

1,419,950

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.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 October 2023
 

 

Maplebeck Farming Limited

(Registration number: 04290724)
Balance Sheet as at 31 January 2023

.........................................
Mrs KJ McGrath
Company secretary and director

 

Maplebeck Farming Limited

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:
Forge Cottage
Maplebeck
Newark
Nottinghamshire
NG22 0BS

These financial statements were authorised for issue by the director on 30 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.

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax(where relevant) and returns.

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.

Sales of crops are recognised either when the crop leaves the farm (or when ownership transfers to the purchaser under contract at an earlier date)
Basic Payment Scheme income and Entry Level Scheme income is recognised in the accounting period to which it relates.
Other income is recognised on receipt.

Tax

The tax expense for the period comprises corporation tax and/or deferred 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.

 

Maplebeck Farming Limited

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Is not depreciated

Plant and machinery

25% on a reducing balance basis

Amortisation

Asset class

Amortisation method and rate

BPS Entitlements

Straight line basis over 6 years

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 at the transaction price. 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.

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.

 

Maplebeck Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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 at the transaction price.

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.

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.

3

Staff numbers

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

 

Maplebeck Farming Limited

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

1,587,966

77,301

679

1,665,946

Additions

-

10,713

108,490

119,203

At 31 January 2023

1,587,966

88,014

109,169

1,785,149

Depreciation

At 1 February 2022

-

42,117

464

42,581

Charge for the year

-

12,369

27,177

39,546

At 31 January 2023

-

54,486

27,641

82,127

Carrying amount

At 31 January 2023

1,587,966

33,528

81,528

1,703,022

At 31 January 2022

1,587,966

35,184

215

1,623,365

Included within the net book value of land and buildings above is £1,587,966 (2022 - £1,587,966) in respect of freehold land and buildings. This is not depreciated.
 

5

Stocks

2023
£

2022
£

Other inventories

101,442

203,161

6

Debtors

Current

2023
£

2022
£

Other debtors

41,264

48,161

 

Maplebeck Farming Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

322,426

435,225

Taxation and social security

 

18,027

-

Accruals and deferred income

 

11,661

4,552

Other creditors

 

-

9,260

 

352,114

449,037

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

69,151

-

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

69,151

-

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

306,603

435,225

Hire purchase contracts

15,823

-

322,426

435,225

9

Related party transactions

 

Maplebeck Farming Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

58,133

47,202