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REGISTERED NUMBER: 01890445 (England and Wales)















MARYLANDS FARM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 26 FEBRUARY 2023






MARYLANDS FARM LIMITED (REGISTERED NUMBER: 01890445)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 FEBRUARY 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


MARYLANDS FARM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 26 FEBRUARY 2023







DIRECTOR: R E Cramphorn





SECRETARY: Mrs K A Cramphorn





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 01890445 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
26 Park Road
Melton Mowbray
Leicestershire
LE13 1TT

MARYLANDS FARM LIMITED (REGISTERED NUMBER: 01890445)

STATEMENT OF FINANCIAL POSITION
26 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 3,158,482 3,309,372

CURRENT ASSETS
Inventories 14,600 86,200
Debtors 5 880,039 387,477
Cash at bank and in hand 2,464 80,870
897,103 554,547
CREDITORS
Amounts falling due within one year 6 1,074,339 860,815
NET CURRENT LIABILITIES (177,236 ) (306,268 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,981,246

3,003,104

CREDITORS
Amounts falling due after more than
one year

7

(1,031,571

)

(1,248,219

)

PROVISIONS FOR LIABILITIES (357,536 ) (334,693 )
NET ASSETS 1,592,139 1,420,192

MARYLANDS FARM LIMITED (REGISTERED NUMBER: 01890445)

STATEMENT OF FINANCIAL POSITION - continued
26 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 25 25
Capital redemption reserve 75 75
Retained earnings 1,592,039 1,420,092
SHAREHOLDERS' FUNDS 1,592,139 1,420,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 26 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 26 February 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.

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 director and authorised for issue on 24 November 2023 and were signed by:





R E Cramphorn - Director


MARYLANDS FARM LIMITED (REGISTERED NUMBER: 01890445)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 FEBRUARY 2023

1. STATUTORY INFORMATION

Marylands Farm 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Property, plant and equipment
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 - 33.3% on cost, 25% on reducing balance, 20% on reducing balance and 10% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, 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 statement of financial position date.


MARYLANDS FARM LIMITED (REGISTERED NUMBER: 01890445)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position. 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 future payments is treated as a liability.

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

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 8 (2022 - 9 ) .

MARYLANDS FARM LIMITED (REGISTERED NUMBER: 01890445)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 FEBRUARY 2023

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 27 February 2022 5,844,460
Additions 773,728
Disposals (308,140 )
At 26 February 2023 6,310,048
DEPRECIATION
At 27 February 2022 2,535,088
Charge for year 789,114
Eliminated on disposal (172,636 )
At 26 February 2023 3,151,566
NET BOOK VALUE
At 26 February 2023 3,158,482
At 26 February 2022 3,309,372


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 852,055 358,186
Other debtors 9,976 7,248
Directors' current accounts 12,898 17,302
Prepayments 5,110 4,741
880,039 387,477

MARYLANDS FARM LIMITED (REGISTERED NUMBER: 01890445)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 FEBRUARY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 147,704 9,792
Hire purchase contracts 696,342 650,125
Trade creditors 132,390 121,446
Taxation 10,033 5,623
Other taxes and social security 4,341 -
VAT 78,834 63,501
Other creditors - 5,819
Accrued expenses 4,695 4,509
1,074,339 860,815

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,288 10,037
Bank loans - 2-5 years 14,517 25,054
Hire purchase contracts 1,006,766 1,213,128
1,031,571 1,248,219

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 137,667 -
Hire purchase contracts 1,703,108 1,863,253
1,840,775 1,863,253

Hire purchase liabilities are secured on the underlying assets being financed.

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
25 Ordinary £1 25 25

MARYLANDS FARM LIMITED (REGISTERED NUMBER: 01890445)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 FEBRUARY 2023

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 26 February 2023 and 26 February 2022:

2023 2022
£    £   
R E Cramphorn
Balance outstanding at start of year 17,302 (525 )
Amounts advanced 12,898 17,827
Amounts repaid (17,302 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,898 17,302

Interest is paid on the loan at the HMRC approved rate.