Montilly Farms Ltd
Registered number: NI602084
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 958,129 924,911
Current assets
Stocks 36,500 5,000
Debtors 4 58,296 11,277
Cash at bank and in hand 24,562 67,871
119,358 84,148
Creditors: amounts falling due within one year 5 (47,509) (32,569)
Net current assets 71,849 51,579
Total assets less current liabilities 1,029,978 976,490
Creditors: amounts falling due after more than one year 6 (165,143) (172,867)
Net assets 864,835 803,623
Capital and reserves
Called up share capital 5 5
Profit and loss account 864,830 803,618
Shareholders' funds 864,835 803,623
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ian Miller
Director
Approved by the board on 7 February 2024
Montilly Farms Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
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.
Turnover
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 sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 1 March 2022 135,897 1,116,190 1,252,087
Additions - 129,112 129,112
Disposals - (62,662) (62,662)
At 28 February 2023 135,897 1,182,640 1,318,537
Depreciation
At 1 March 2022 - 327,176 327,176
Charge for the year - 33,232 33,232
At 28 February 2023 - 360,408 360,408
Net book value
At 28 February 2023 135,897 822,232 958,129
At 28 February 2022 135,897 789,014 924,911
4 Debtors 2023 2022
£ £
Trade debtors 30,000 -
Other debtors 28,296 11,277
58,296 11,277
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 5,000
Obligations under finance lease and hire purchase contracts 28,755 16,360
Trade creditors 8,754 4,677
Corporation tax - 6,532
47,509 32,569
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,682 40,318
Obligations under finance lease and hire purchase contracts 55,692 49,078
Other creditors 83,769 83,471
165,143 172,867
7 Other information
Montilly Farms Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
10 Bellspark Road
Sion Mills
Strabane
Co Tyrone
BT82 9NT
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