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REGISTERED NUMBER: 06859306 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

METCALFE FARMING LIMITED

METCALFE FARMING LIMITED (REGISTERED NUMBER: 06859306)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


METCALFE FARMING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: R D Metcalfe
J F Metcalfe
F D Metcalfe





SECRETARY: J F Metcalfe





REGISTERED OFFICE: Horncastle Farm
Nostell
Wakefield
West Yorkshire
WF4 1QR





REGISTERED NUMBER: 06859306 (England and Wales)





ACCOUNTANTS: Smith Turner Chartered Accountants
Unit 7, Courtyard 31
Pontefract Road
Normanton
WF6 1JU

METCALFE FARMING LIMITED (REGISTERED NUMBER: 06859306)

BALANCE SHEET
31ST MAY 2023

31/5/23 31/5/22
Notes £    £   
FIXED ASSETS
Intangible assets 4 48,000 64,000
Tangible assets 5 2,803,489 4,070,616
2,851,489 4,134,616

CURRENT ASSETS
Stocks 230,256 312,303
Debtors 6 108,664 196,388
338,920 508,691
CREDITORS
Amounts falling due within one year 7 (532,414 ) (862,657 )
NET CURRENT LIABILITIES (193,494 ) (353,966 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,657,995

3,780,650

CREDITORS
Amounts falling due after more than one
year

8

(1,796,333

)

(1,942,572

)

PROVISIONS FOR LIABILITIES (168,558 ) (138,287 )
NET ASSETS 693,104 1,699,791

CAPITAL AND RESERVES
Called up share capital 66 100
Capital redemption reserve 34 -
Retained earnings 693,004 1,699,691
693,104 1,699,791

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

METCALFE FARMING LIMITED (REGISTERED NUMBER: 06859306)

BALANCE SHEET - continued
31ST MAY 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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th November 2023 and were signed on its behalf by:





R D Metcalfe - Director


METCALFE FARMING LIMITED (REGISTERED NUMBER: 06859306)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023

1. STATUTORY INFORMATION

Metcalfe Farming 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. ACCOUNTING POLICIES

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

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised over 10 years following transition to FRS102 on 1st June 2016.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

METCALFE FARMING LIMITED (REGISTERED NUMBER: 06859306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2022
and 31st May 2023 240,000
AMORTISATION
At 1st June 2022 176,000
Charge for year 16,000
At 31st May 2023 192,000
NET BOOK VALUE
At 31st May 2023 48,000
At 31st May 2022 64,000

METCALFE FARMING LIMITED (REGISTERED NUMBER: 06859306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st June 2022 3,342,789 2,154,327 5,497,116
Additions - 633,181 633,181
Disposals (1,382,091 ) (639,207 ) (2,021,298 )
At 31st May 2023 1,960,698 2,148,301 4,108,999
DEPRECIATION
At 1st June 2022 - 1,426,500 1,426,500
Charge for year - 248,912 248,912
Eliminated on disposal - (369,902 ) (369,902 )
At 31st May 2023 - 1,305,510 1,305,510
NET BOOK VALUE
At 31st May 2023 1,960,698 842,791 2,803,489
At 31st May 2022 3,342,789 727,827 4,070,616

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st June 2022 800,457
Additions 397,000
Disposals (433,957 )
At 31st May 2023 763,500
DEPRECIATION
At 1st June 2022 356,110
Charge for year 173,111
Eliminated on disposal (269,627 )
At 31st May 2023 259,594
NET BOOK VALUE
At 31st May 2023 503,906
At 31st May 2022 444,347

METCALFE FARMING LIMITED (REGISTERED NUMBER: 06859306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Trade debtors 51,019 77,534
Other debtors 57,645 118,854
108,664 196,388

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Bank loans and overdrafts 151,386 376,312
Hire purchase contracts 170,535 162,071
Trade creditors 105,195 110,835
Taxation and social security 10,095 -
Other creditors 95,203 213,439
532,414 862,657

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/5/23 31/5/22
£    £   
Bank loans 1,558,331 1,658,785
Hire purchase contracts 170,620 158,420
Other creditors 67,382 125,367
1,796,333 1,942,572

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 1,056,058 1,156,512

9. SECURED DEBTS

The following secured debts are included within creditors:

31/5/23 31/5/22
£    £   
Bank loans 1,558,331 1,658,785
Hire purchase contracts 341,155 320,491
1,899,486 1,979,276

10. RELATED PARTY DISCLOSURES

Included in creditors is an amount of £21,032 owing to the directors of the company. No interest is being charged on this amount, and there are no fixed terms for repayment.