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REGISTERED NUMBER: 03127813 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Ian Mason Farms Limited

Ian Mason Farms Limited (Registered number: 03127813)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ian Mason Farms Limited

Company Information
for the Year Ended 30 June 2023







Director: Mr I P Mason





Registered office: Field Barn
Ringstead Road
Sedgeford
Hunstanton
Norfolk
PE36 5NQ





Registered number: 03127813 (England and Wales)





Accountants: Stephenson Smart (East Anglia) Limited
Chartered Accountants
22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

Ian Mason Farms Limited (Registered number: 03127813)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £ £
Fixed assets
Tangible assets 5 4,977,141 5,188,762

Current assets
Stocks 1,061,364 1,184,586
Debtors 6 433,253 138,685
Cash at bank 1,111,662 633,552
2,606,279 1,956,823
Creditors
Amounts falling due within one year 7 (257,794 ) (455,742 )
Net current assets 2,348,485 1,501,081
Total assets less current liabilities 7,325,626 6,689,843

Creditors
Amounts falling due after more than one
year

8

(1,671,294

)

(1,824,963

)

Provisions for liabilities (634,510 ) (415,150 )
Net assets 5,019,822 4,449,730

Capital and reserves
Called up share capital 2 2
Capital redemption reserve 358,000 358,000
Retained earnings 4,661,820 4,091,728
5,019,822 4,449,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ian Mason Farms Limited (Registered number: 03127813)

Balance Sheet - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 November 2023 and were signed by:





Mr I P Mason - Director


Ian Mason Farms Limited (Registered number: 03127813)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. Statutory information

Ian Mason Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on cost
Plant and machinery - 20% p.a. reducing balance
Motor vehicles - 20% p.a. reducing balance
Computer equipment - 25% p.a. reducing balance

A review for indicators of impairment of fixed assets 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.

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. 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.

Ian Mason Farms Limited (Registered number: 03127813)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


3. Accounting policies - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company classifies its financial instruments in the following categories: measured at amortised cost; and measured at fair value through profit and loss. The classification is determined at initial recognition and depends on the purpose for which the financial instruments are required.

Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets are included in current assets, except where the maturity date is more than 12 months after the end of the reporting period. They are initially recorded at fair value and subsequently recorded at amortised cost. Financial liabilities are included in current liabilities, except where the maturity date is more than 12 months after the end of the reporting period. They are initially measured at original cost, less amortisation or provisions raised.

Measured at fair value through profit and loss includes financial assets and liabilities. They are classified according to maturity date, within current and non-current assets and liabilities respectively.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Ian Mason Farms Limited (Registered number: 03127813)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


3. Accounting policies - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 8 (2022 - 8 ) .

5. Tangible fixed assets
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£ £ £ £ £
Cost
At 1 July 2022 2,607,906 4,941,312 97,081 6,370 7,652,669
Additions - 276,178 55,057 1,856 333,091
Disposals - (345,235 ) (38,200 ) - (383,435 )
At 30 June 2023 2,607,906 4,872,255 113,938 8,226 7,602,325
Depreciation
At 1 July 2022 621,900 1,799,313 38,149 4,545 2,463,907
Charge for year 51,392 392,210 12,771 581 456,954
Eliminated on disposal - (265,210 ) (30,467 ) - (295,677 )
At 30 June 2023 673,292 1,926,313 20,453 5,126 2,625,184
Net book value
At 30 June 2023 1,934,614 2,945,942 93,485 3,100 4,977,141
At 30 June 2022 1,986,006 3,141,999 58,932 1,825 5,188,762

Investment property of £227,250 (2022: £233,114) is included within Land and buildings. It is shown at open market value as per the accounting policies and is revalued each year at the balance sheet date by the director. The director's opinion is that the open market value of the investment property is equal to the historical cost less necessary deprecation.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Ian Mason Farms Limited (Registered number: 03127813)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


6. Debtors: amounts falling due within one year
30.6.23 30.6.22
£ £
Trade debtors 49,570 17,943
Other debtors 383,683 120,742
433,253 138,685

7. Creditors: amounts falling due within one year
30.6.23 30.6.22
£ £
Bank loans and overdrafts 27,368 159,850
Hire purchase contracts 103,597 131,087
Trade creditors 50,217 68,753
Taxation and social security 6,497 -
Other creditors 70,115 96,052
257,794 455,742

A personal guarantee has been provided by the Director for £27,368 (2022: £159,850) included within bank loans and overdrafts.

8. Creditors: amounts falling due after more than one year
30.6.23 30.6.22
£ £
Bank loans - 27,368
Hire purchase contracts 50,000 153,477
Other creditors 1,621,294 1,644,118
1,671,294 1,824,963

Included within Other creditors due in more than one year is a balance of £1,142,000 (2022: £1,142,000) relating to redeemable preference shares. The redeemable preference shares the company had in issue at the balance sheet date have no fixed date for redemption, and are redeemable at the shareholder or company's option, with no premium payable on redemption.

A personal guarantee has been provided by the Director for £nil (2022: £27,368) inlcuded within bank loans and overdrafts.

Included within Other creditors due in more than one year is deferred income of £479,294 (2022: £502,117). The income, from a government grant is being released to the profit and loss account over the 25 year useful life of the fixed asset it funded. £388,000 is due to be released in more than 5 years from the balance sheet date.

Ian Mason Farms Limited (Registered number: 03127813)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


9. Secured debts

The following secured debts are included within creditors:

30.6.23 30.6.22
£ £
Hire purchase contracts 153,597 284,564