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Registration number: 04597630

ST Milner Farming Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

ST Milner Farming Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

ST Milner Farming Limited

Company Information

Directors

S Milner

C Milner

Registered office

Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

Accountants

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

ST Milner Farming Limited

(Registration number: 04597630)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

-

725,785

Current assets

 

Stocks

6

-

105,022

Debtors

7

90,196

148,939

Cash at bank and in hand

 

769,365

260,031

 

859,561

513,992

Creditors: Amounts falling due within one year

8

(170,948)

(445,169)

Net current assets

 

688,613

68,823

Total assets less current liabilities

 

688,613

794,608

Creditors: Amounts falling due after more than one year

8

-

(43,574)

Provisions for liabilities

-

(137,869)

Net assets

 

688,613

613,165

Capital and reserves

 

Called up share capital

9

1,000

1

Other reserves

18,012

18,012

Retained earnings

669,601

595,152

Shareholders' funds

 

688,613

613,165

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

ST Milner Farming Limited

(Registration number: 04597630)
Balance Sheet as at 30 September 2023

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 


S Milner
Director

 

ST Milner Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

The principal place of business is:
Woodside Farm
Lizard Lane
Shifnal
Shropshire
TF11 8QE

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.

Revenue recognition

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.

Tax

The tax expense for the period comprises current and 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.

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 in the countries where the company operates and generates taxable income.

 

ST Milner Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% & 15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell after making allowances for obsolete and slow moving items.

 

ST Milner Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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

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 shorter.

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

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss in the period to which they relate.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 3).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

60,000

60,000

At 30 September 2023

60,000

60,000

Amortisation

At 1 October 2022

60,000

60,000

At 30 September 2023

60,000

60,000

Carrying amount

At 30 September 2023

-

-

 

ST Milner Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

5,816

40,490

1,442,644

1,488,950

Additions

500

29,957

3,180

33,637

Disposals

(6,316)

(70,447)

(1,445,824)

(1,522,587)

At 30 September 2023

-

-

-

-

Depreciation

At 1 October 2022

3,423

26,431

733,311

763,165

Charge for the year

349

2,050

67,943

70,342

Eliminated on disposal

(3,772)

(28,481)

(801,254)

(833,507)

At 30 September 2023

-

-

-

-

Carrying amount

At 30 September 2023

-

-

-

-

At 30 September 2022

2,393

14,059

709,333

725,785

6

Stocks

2023
£

2022
£

Other inventories

-

105,022

 

ST Milner Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Debtors

2023
£

2022
£

Trade debtors

-

92,119

Prepayments

-

56,820

Other debtors

90,196

-

90,196

148,939

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

177,026

Trade creditors

 

2,094

43,720

Taxation and social security

 

168,053

123,846

Accruals and deferred income

 

801

15,249

Other creditors

 

-

85,328

 

170,948

445,169

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

43,574

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1

1

         
 

ST Milner Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

27,391

Hire purchase contracts

-

16,183

-

43,574

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

10,648

Hire purchase contracts

-

166,378

-

177,026

11

Related party transactions

As at 30 September 2023 there is a balance of £90,196 (2022 - (£85,168)) due from / (to) one of the directors, which is included in Other debtors (2022 - Other creditors). This balance is unsecured, interest free and has no fixed terms of repayment.

12

Parent and ultimate parent undertaking

The company's immediate parent is S.T. Milner Holdings Ltd, incorporated in England and Wales.

 The ultimate controlling party is the director.