2022-02-282023-02-272023-02-27false07527481MEDLAR TREE 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MEDLAR TREE LTD

Registered Number
07527481
(England and Wales)

Unaudited Financial Statements for the Year ended
27 February 2023

MEDLAR TREE LTD
Company Information
for the year from 28 February 2022 to 27 February 2023

Directors

BURNS, Ian Nicholas
BURNS, Pamela Suzanne

Registered Address

34 Boulevard
Weston-Super-Mare
BS23 1NF

Place of Business

Orchard

152 Brent Street

Brent Knoll

Highbridge

TA9 4BE


Registered Number

07527481 (England and Wales)
MEDLAR TREE LTD
Balance Sheet as at
27 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets716,45818,168
Investments8259,000280,000
275,458298,168
Current assets
Stocks1131,40015,150
Debtors121,233419
Cash at bank and on hand1,35254,925
33,98570,494
Creditors amounts falling due within one year13(114,116)(120,219)
Net current assets (liabilities)(80,131)(49,725)
Total assets less current liabilities195,327248,443
Creditors amounts falling due after one year(489,432)(448,629)
Net assets(294,105)(200,186)
Capital and reserves
Called up share capital1010
Revaluation reserve135,340156,340
Profit and loss account(429,455)(356,536)
Shareholders' funds10(294,105)(200,186)
The financial statements were approved and authorised for issue by the Board of Directors on 13 November 2023, and are signed on its behalf by:
BURNS, Ian Nicholas
Director
Registered Company No. 07527481
MEDLAR TREE LTD
Notes to the Financial Statements
for the year ended 27 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activities of the company are marketing, property rental and raising of horses.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the provision of services and rental income.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery10
Vehicles25
Office Equipment25
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government grants and other government assistance policy
Government grants are recognised in accordance with the accrual model set out in FRS 102. The company has taken advantage of the Coronavirus Job Retention Scheme. The company has also taken out a Bounce Back Loan which is 100% backed by the Government, with the first years interest charge being paid by the Government.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Going concern
The financial statements have been prepared on a going concern basis. The company is currently trading with net current liabilities of £80,131 (2022 - £49,725). Included in this, are loans from the directors of £104,627.49 (2022 - £109,997) and the directors have confirmed that they will not withdraw these loans until such a time as the company has sufficient funds to do so. On this basis, the directors feel that it is appropriate to adopt the going concern basis. No adjustments have been made to the financial statements that would result from the failure to be a going concern.
6.Employee information

20232022
Average number of employees during the year22
7.Property, plant and equipment

Total

£
Cost or valuation
At 28 February 2241,500
Additions3,235
At 27 February 2344,735
Depreciation and impairment
At 28 February 2223,332
Charge for year4,945
At 27 February 2328,276
Net book value
At 27 February 2316,458
At 27 February 2218,168
8.Fixed asset investments

Total

£
Cost or valuation
At 28 February 22280,000
Revaluations(21,000)
At 27 February 23259,000
Net book value
At 27 February 23259,000
At 27 February 22280,000
9.Description of nature of transactions and balances with related parties
Transactions with the director Mrs PS Burns Interest free loan, repayable on demand included in current liabilities. At 28 February 2022 (£2,681) Advances to the director £7,654 Repayments by the director (£4,495) At 27 February 2023 £ 478 At 28 February 2021 (£5,407) Advances to the director £9,500 Repayments by the director (£6,698) At 27 February 2022 (£2,605) Transactions with the director Mr IN Burns Loan with interest charged at base rate plus 5%, repayable on demand included in current liabilities. At 28 February 2022 (£107,315.78) Advances to the director £0 Repayments by the director (£7,506.36) At 27 February 2022 (£99,809.42) At 28 February 2021 (£102,050) Advances to the director £0 Repayments by the director (£5,266) At 27 February 2022 (£107,316) Summary of transactions with other related parties Cases Ltd (A company owned by Mr IN Burns) At the balance sheet date the company owed £482,957 to Cases Ltd (2022 - £439,379). The loan has been discounted over 10 years using an interest rate of 4.25%.
10.Fair value reserve
The directors have elected to separately disclose the non-distributable element of the profit and loss reserve created by fair value adjustments as a revaluation reserve within the financial statements

£
Fair value reserve at 28 February 22156,340
Transferred in period(21,000)
At 27 February 23135,340
11.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 goods comprises purchases and, where applicable, 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.

2023

2022

££
Other stocks31,40015,150
Total31,40015,150
12.Debtors

2023

2022

££
Amounts owed by associates and joint ventures / participating interests478-
Other debtors321-
Prepayments and accrued income434419
Total1,233419
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
13.Creditors within one year

2023

2022

££
Trade creditors / trade payables5551,103
Bank borrowings and overdrafts2,7752,775
Amounts owed to related parties105,105109,996
Taxation and social security681788
Accrued liabilities and deferred income5,0005,557
Total114,116120,219
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.