Registration number:
Mapp Holdings Limited
for the Year Ended 31 March 2023
Mapp Holdings Limited
Contents
Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Mapp Holdings Limited
Company Information
Directors |
Pas Bille P Bille |
Company secretary |
Mrs A L Hudson |
Registered office |
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Auditors |
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Mapp Holdings Limited
Strategic Report for the Year Ended 31 March 2023
The directors present their strategic report for the year ended 31 March 2023.
Principal activity
The company is a holding company providing management services and rental property management. The principle activities of it's subsidiary undertakings are the growing, importing and packaging of fruit and vegetables; green energy production; a golf course operation and property rental.
Fair review of the business
In 2023 the Group saw continued increase in overall turnover due to a number of factors including continuing increases in wholesale energy prices, further increasing demand for fresh produce and inflationary pressures on produce prices. Due to inflation to input costs, there has been a slight fall in gross profit to 17.1% compared to 19.21% in 2022, remaining comparable in monetary terms with a slight decrease of £0.5m.
The increase in Turnover is a result of sales growth in the Groups’ entities Vale Green Energy Ltd and Springhill Farms (Pershore) Ltd. Vale Green Energy has benefited from increases in the wholesale gas price with its exports to grid, as well as inflation to associated Revenues such as green gas certificates and renewable heat incentives. Meanwhile Springhill Farms has expanded the breadth of its Tomato offering to supermarket customers, resulting in £6m additional sales external to the Group. Profitability was broadly similar in 2023 compared to 2022 on a percentage basis, the fall of 2% is largely attributable to challenges in the farming and growing sector with inflation to fuel and chemical prices, as well as labour cost – affecting both tomato sourcing cost and arable feedstock for green gas production. These challenges were in line with the directors’ expectations in the current economic climate.
At the end of the year the directors believe the Group's and Company's financial position is strong and they are confident that they can continue to invest in activities and see further growth in the coming year.
The directors are continually looking at ways to increase the efficiency of its investments in plant, equipment, and property to meet the overall goals of the Group, which they see as an effective mitigation to recent cost inflation. All plans for future development are based in the context of a greener outcome and a drive towards Net Zero across the Group.
The group's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover |
£ |
137,054,315 |
125,081,620 |
Gross profit |
% |
17 |
19 |
Operating profit |
% |
11 |
13 |
Given the mixed nature of the Group activities, no one KPI demonstrates the overall performance of the Group. Metrics that the Groups entities review are as follows:
Non-Financial KPIs |
Unit |
2023 |
2022 |
Biomethane produced |
m3 |
10,528,141 |
10,174,413 |
Solar PV produced |
KwH |
17,227,632 |
17,864,821 |
Packhouse Cases produced |
n/a |
5,212,199 |
4,863,523 |
The Group demonstrates through it’s KPI’s it’s commitment to growth and efficiency. Output across the Groups entities has increased, and operating efficiency improved.
Mapp Holdings Limited
Strategic Report for the Year Ended 31 March 2023
Principal risks and uncertainties
The management of the business and the execution of the Company's strategy are subject to a number of risks.
The key business risks and uncertainties affecting the group are considered to relate to obtaining a sufficient supply of raw material, climate conditions, employee retention and any potential changes to income tariffs going forward.
The business demonstrated resilience in difficult market conditions through the Covid-19 pandemic and was able to balance the challenges to supply chain disruption and availability of personnel. The produce sector in-fact saw growth through the period, with continued demand for fresh produce and changing consumer habits in pursuit of healthy living. Whilst energy sectors were less adversely affected than other industries.
Whilst the Company has adjusted to the impact of Brexit on customs, trade, and tariffs, events in the international landscape continue to impact the business with the issues in Ukraine. Whilst the full effect lies beyond 31st March 22, the business has seen increase in input costs with increased cost within the fresh produce, farming and energy sectors, as well as the macroeconomic consequences of disruption within the economy.
The business is directly impacted by inflationary pressures to its cost base. As well as impacts to demand as a result of the ‘cost of living crisis’. The Company is however well placed to mitigate such risks with its product offering and variation of supply, and with diversified businesses within the group.
Section 172(1) statement
The directors are committed to complying with their obligations under section 172 of the UK Companies Act 2006 as detailed below:
“A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to—
a) the likely consequences of any decision in the long term,
b) the interests of the company's employees,
c) the need to foster the company's business relationships with suppliers, customers and others,
d) the impact of the company's operations on the community and the environment,
e) the desirability of the company maintaining a reputation for high standards of business conduct, and
f) the need to act fairly as between members of the company.”
The board has a business plan to achieve its long term goals. The primary goals are to be recognised as a highly successful and efficient fresh produce and green energy business in the UK.
The board understands the need to engage with all its stakeholders and regularly considers matters relating to employees; suppliers; the local community and environment; regulators and shareholders to inform its decision making process.
Mapp Holdings Limited
Strategic Report for the Year Ended 31 March 2023
Engagement with employees
The interests of the employees within the company and the wider group are fundamental to the continued success of the company. Training and development needs of the team are continually reviewed.
The company encourages inclusion and diversity of employees.
Engagement with suppliers, customers and other relationships
The company’s key business relationships are with its supplier base and fellow group companies and it is committed to dealing with these in a fair manner.
The company also considers its local community, environmental obligations and need to avoid reputational risk when making key decisions.
Non-financial and sustainability information
Energy and carbon report
This report meets the climate-related financial disclosure requirements per the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 and is in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board with the aim of improving the reporting of climate-related risks and opportunities.
Governance
The Group's activities cover a variety of sectors with the primary activities undertaken in the agricultural and green energy production areas.
There are four individual trading companies operating over thirteen sites.
Energy Efficiency
MAPP Holdings is a net energy consumer that is reduced in part by using key renewables technologies such as Solar PV and Anaerobic Digestion.
MAPP Holdings also operates an Anaerobic Digestion (AD) plant in which agricultural waste products are converted into biogas, which is cleaned and blended with propane before injection into the national grid. Some of the biogas is used onsite.
MAPP Holdings have several assets that generate and export significant amounts of renewable electricity, backed by Renewable Electricity Guarantees of Origin (REGOs).
Methodology
Mapp Holdings Limited
Strategic Report for the Year Ended 31 March 2023
The GHG Protocol has been used.
Primary Evidence, Estimations and Assumptions
Conversion factors from volume or mass of bulk fuels into kWh, and from kWh into tCO2e, were taken from Greenhouse Gas Reporting: Conversion Factors 2022, published by BEIS. The 2022 data is most relevant as the majority of the financial year is within the 2022 calendar year.
Wherever possible, energy consumption is recorded for the reporting Financial Year with no overspill. Since the last reporting year, the following methodology adjustments have been made:
• La Serra CHP natural gas import has been added to the reporting boundary.
• Electricity Meter readings have been pro-rated to financial year start and end, using the nearest available readings either side of each. Where only estimates were available, these have been used in the absence of anything more reliable.
• The responsibility of some properties has been moved from MAPP Holdings to Springhill Farms.
• Only one natural gas supply required pro-rating as an end of year meter read was not taken.
• Bulk fuel deliveries to site do not equate to consumption, as stock levels at financial year start and end may vary. This effect is difficult to eliminate but will only cause minor inaccuracy given the scale of consumption of the relevant fuels.
• UK Golf fuel deliveries had previously not been reported to us, so this has now been added to the data collection process for future years.
• The Springhill Heating Oil deliveries had previously not been reported to us, so this has now been added to the data collection process for future years.
In all the above cases, there is room for improvement to collect data. Automatic Meter Readings (AMR) would further improve electricity data collection and maintain accurate natural gas import reads.
Biogas input to the business is not metered. Instead it has been calculated from the metered output of the CHP engine in which it is burnt, using the published figure of 36.5% for engine electrical efficiency. If actual efficiency is lower than this, biogas usage will be higher.
Vehicle fuel data has been provided in the form of deliveries by month. MAPP Holdings have also provided this in litres, however flow metering and opening and closing stock recordings would make the transport data even more accurate.
Summary of greenhouse gas emissions and energy consumption for the year ended 31 March 2023:
Energy Type |
Unit of |
2023 |
2022 |
Electricity Import |
12,281,078 |
|
|
Natural Gas |
78,371,890 |
|
|
Biogas |
33,701,622 |
7.00 |
6.00 |
Biomass |
284,892 |
|
|
Diesel |
1,060,365 |
|
|
LPG |
105,655 |
23.00 |
27.00 |
Petrol |
171,384 |
39.00 |
0.00 |
Gas Oil |
4,657,565 |
1,196.00 |
1,099.00 |
Heating Oil |
194,108 |
48.00 |
0.00 |
Solar PV & Biogas CHP Export |
- |
- |
|
14,296.00 |
-633.00 |
Mapp Holdings Limited
Strategic Report for the Year Ended 31 March 2023
This report covers the operations of MAPP Holdings Ltd, a holding company whose subsidiaries include Springhill Farms (Pershore) Ltd, La Serra Ltd, Vale Green Energy Ltd and UK Golf Ltd.
It covers energy consumed in all declared forms at all properties operated by MAPP Holdings, and the associated Greenhouse Gas emissions.
Renewable electricity exported to the grid has been calculated at the standard grid carbon rate for its respective year - resulting in sizeable carbon deductions. In previous years this has exceeded the company’s gross emissions total, resulting in a negative value.
However, this year has seen a significant increase in net emissions due to CHP assets operating at La Serra that are burning significant volumes of natural gas. The electricity exported by these engines cannot be deducted from the gross emissions figures as they use a non-renewable fuel.
In absolute terms, the gross energy consumption of the group has more than tripled, with carbon emissions at an all-time high. Targeting ways to reduce natural gas consumption will be the most impactful way that MAPP Holdings can reduce its carbon emissions.
Mapp Holdings Limited
Strategic Report for the Year Ended 31 March 2023
Intensity ratio
Net Intensity Ratio
|
|||||
Intensity measurement |
2023
|
2022
|
2021
|
2020
|
2019
|
Gross Intensity Ratio
|
|||||
Intensity measurement |
2023
|
2022
|
2021
|
2020
|
2019
|
MAPP Holdings take their energy performance seriously, shown by their investment into renewable energy technologies. However, the acquisition of La Serra presents new challenges that must be addressed to bring the company closer to net zero.
With La Serra now included within the company boundary, natural gas consumption accounts for 60% of the business’s total energy consumption. As this is a non-renewable energy source it has significantly added to the company’s GHG emissions. The
business may wish to explore alternative fuels and/or technologies at La Serra to help mitigate this increase.
The following actions have started to take place during FY 2022-2023 to improve energy efficiency on MAPP Holdings sites:
1. Springhill Farms have increased the amount of rooftop solar PV across packhouse roofs, which allows them to reduce the volume of grid import at these sites.
2. Vale Green Energy have expanded their AD capabilities, increasing the volume of biomethane they inject into the national gas grid. This will reduce energy wastage from bio-available material being fed into the digesters, though this does not affect VGE’s carbon position at this time. Further guidance yet to be released from the EA is required to report on this. The results of this expansion are hoped to be seen in the next reporting year.
3. La Serra is actively investigating battery storage to increase the proportion of self-generated green electricity it uses. The results of these efforts are hoped to be seen in the next reporting year.
Approved and authorised by the
Mapp Holdings Limited
Strategic Report for the Year Ended 31 March 2023
......................................... |
Mapp Holdings Limited
Directors' Report for the Year Ended 31 March 2023
The directors present their report and the for the year ended 31 March 2023.
Directors of the group
The directors who held office during the year were as follows:
Information included in the Strategic Report
The directors do not recommend the payment of a final dividend in respect of the financial year ended 31 March 2023.
Financial instruments
Objectives and policies
The group’s activities expose it to a number of financial risks including price risk, credit risk,cash flow risk and liquidity risk. The use of financial derivatives is governed by the company’s policies approved by the board of directors. The group does not use derivative financial instruments for speculative purposes.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
The group is exposed to commodity price risk. The group does not manage its exposure to commodity price risk due to cost benefit considerations.
Credit risk
The group’s principal financial assets are bank balances and cash, trade and other debtors, and investments.
The group’s credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
The group has no significant concentration of credit risk with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term debt finance.
Cash flow risk
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Mapp Holdings Limited
Directors' Report for the Year Ended 31 March 2023
Going concern
The directors have assessed the appropriateness of the going concern concept in relation to the above matters and in general to the Company's financial statements and as the Group as a whole and consider that the accounts should be prepared on a going concern basis. This conclusion has been reached based upon the Company and the Group having access to sufficient funds to be able to meet liabilities and obligations as they fall due for at least twelve months from approving these financial statements.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Employee involvement
Information on matters of concern to employees are dealt with via arranged meetings with supervisory staff who then pass on the relevant information or details to employees within their work team considered to be relevant.
Employment of disabled persons
The company is an equal opportunity employer and maintains a culture of equality and diversity where employees are treated equally, whether or not they have a disability.
The Company takes all reasonable steps to employ, train and promote employees on the basis of ability, qualification and experience irrespective of any disability. The Company follows its duty to make reasonable adjustments to premises and working practices, wherever possible, to accommodate employees who become disabled during their employment, and so to enable them to perform work to their full potential ability.
Future developments
The Group continues to invest in the various sites to ensure these operate as efficiently as is possible and provide a solid platform for the overall Group performance. The Directors expect to make further progress in future periods.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of EKWilliams Accountants Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
......................................... |
Mapp Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Mapp Holdings Limited
Independent Auditor's Report to the Members of Mapp Holdings Limited
Opinion
We have audited the financial statements of Mapp Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2023 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Mapp Holdings Limited
Independent Auditor's Report to the Members of Mapp Holdings Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 11], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Mapp Holdings Limited
Independent Auditor's Report to the Members of Mapp Holdings Limited
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud.
|
|
• |
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. |
• |
Enquiring of management whether they are aware of any non-compliance with laws and regulations. |
• |
Enquiring of management whether they are aware of any actual, suspected or alleged fraud. |
• |
Enquiring of management whether they had internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations. |
• |
Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: posting of unusual journals and fraudulent revenue recognition. |
• |
Obtaining an understanding of the regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations that we considered in this context included the financial framework the company operates under (FRS102), the UK Companies Act, tax legislation and health and safety legislation. |
Audit response to risk identified. |
|
• |
Fraud due to management override
|
• |
Fraudulent revenue recognition
|
Mapp Holdings Limited
Independent Auditor's Report to the Members of Mapp Holdings Limited
• |
Irregularities and non-compliance with laws and regulations
|
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for the detection and prevention of fraud, error and non-compliance with laws and regulations rest with the directors |
|
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
|
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Mapp Holdings Limited
Independent Auditor's Report to the Members of Mapp Holdings Limited
......................................
For and on behalf of
No.1 Pavilion Square
Cricketers Way
Bolton
BL5 3AJ
Mapp Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
369,883 |
(100,345) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
|
Minority interests |
( |
( |
|
|
|
The group has no recognised gains or losses for the year other than the results above.
Mapp Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
Minority interests |
( |
( |
|
|
Mapp Holdings Limited
(Registration number: 06015572)
Consolidated Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Other financial assets |
3,000,000 |
- |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2,490 |
2,490 |
|
Capital redemption reserve |
636 |
636 |
|
Retained earnings |
97,026,368 |
85,772,328 |
|
Equity attributable to owners of the company |
97,029,494 |
85,775,454 |
|
Minority interests |
60,474 |
169,124 |
|
Shareholders' funds |
97,089,968 |
85,944,578 |
Approved and authorised by the
......................................... |
Mapp Holdings Limited
(Registration number: 06015572)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
Other financial assets |
3,000,000 |
- |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2,490 |
2,490 |
|
Capital redemption reserve |
636 |
636 |
|
Retained earnings |
62,880,240 |
60,547,453 |
|
Shareholders' funds |
62,883,366 |
60,550,579 |
The company made a profit after tax for the financial year of £2,332,788 (2022 - profit of £5,092,081).
Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
.........................................
P Bille
Director
Mapp Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2023
Equity attributable to the parent company
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
At 1 April 2022 |
|
|
|
|
|
|
Profit/(loss) for the year |
- |
- |
|
|
( |
|
Increase in ownership interests in subsidiaries |
- |
- |
- |
- |
( |
( |
Acquisition of non-controlling interest, decrease in equity |
- |
- |
( |
( |
- |
( |
At 31 March 2023 |
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
At 1 April 2021 |
|
|
|
|
|
|
Profit/(loss) for the year |
- |
- |
|
|
( |
|
Increase in ownership interests in subsidiaries |
- |
- |
- |
- |
|
|
At 31 March 2022 |
2,490 |
636 |
85,772,328 |
85,775,454 |
169,124 |
85,944,578 |
Mapp Holdings Limited
Statement of Changes in Equity for the Year Ended 31 March 2023
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 April 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
At 31 March 2023 |
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 April 2021 |
|
|
|
|
Profit for the year |
- |
- |
|
|
At 31 March 2022 |
2,490 |
636 |
60,547,453 |
60,550,579 |
Mapp Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
(Increase)/decrease in trade debtors |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of intangible assets |
- |
( |
|
Acquisition of other investments |
(3,000,000) |
- |
|
Acquisition of minority interest |
(106,510) |
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from other borrowing draw downs |
- |
|
|
Repayment of other borrowing |
( |
- |
|
Payments to finance lease creditors |
( |
( |
|
Net cash flows from financing activities |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
28,121,343 |
17,511,622 |
Mapp Holdings Limited
Statement of Cash Flows for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease in trade debtors |
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
Rounding |
- |
1 |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisition of subsidiaries |
( |
( |
|
Acquisitions of tangible assets |
( |
( |
|
Acquisition of other investments |
(3,000,000) |
- |
|
Net cash flows from investing activities |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
14,078,727 |
7,953,023 |
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
The group financial statements are presented in pound sterling and rounded to the nearest pound.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £2,332,788 (2022 - profit of £5,092,081).
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis.
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Judgements
Preparation of the financial statements do not require management to make significant judgements and estimates. |
Key sources of estimation uncertainty
There are no estimates that will affect carrying values of assets over the next 12 months.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services, rental income and management recharges.
The sale of fruit and vegetables in the period together with the growing and harvesting of cereal crops.
The supply of gas and electricity as well as Renewable Obligation Certificates generated from renewable resources in the ordinary course of the group’s activities.
Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Government grants
Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 group operates and generates taxable income.
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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 |
Freehold buildings |
5% straight line |
Freehold land |
Nil |
Plant and machinery |
12.5% straight line |
Motor vehicles |
20% and 25% straight line |
Office equipment and glasshouses |
33.33% straight line |
Glasshouses |
5% and 12.5% straight line |
Anaerobic digester |
8.33% straight line |
Solar farms |
8.33% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’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.
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’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.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
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 |
Brand names |
20% straight line |
Goodwill |
20% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Growing crops are stated at the lower of cost and estimated selling price less costs to complete and sell. If crops are impaired, the carrying amount is reduced to its selling price less costs to complete or sell.
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.
Impairment losses are shown in note 17 to the financial statements.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Financial assets and liabilities are only set off in the statement of financial position where there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or the asset and liability will be settled simultaneously.
Recognition and measurement
Debtors are measured at transaction price, less any impairment.
Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice if not more than 24 hours.
Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Impairment
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
The analysis of the group's turnover for the year by class of business is as follows:
2023 |
2022 |
|
Produce sales |
|
|
Energy sales |
|
|
Golf and other sales |
|
|
|
|
The analysis of the group's Turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
Europe |
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2023 |
2022 |
|
Government grants |
|
- |
Miscellaneous other operating income |
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2023 |
2022 |
|
Gain on disposal of Tangible assets |
|
|
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
- |
Impairment loss |
- |
|
Foreign exchange (gains)/losses |
( |
|
Profit on disposal of property, plant and equipment |
( |
( |
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
- |
Interest on late payment of taxation |
|
|
Foreign exchange gains |
- |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
2023 |
2022 |
|
Production |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of these financial statements |
29,750 |
23,500 |
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
Tax expense in the income statement |
|
|
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax credit relating to changes in tax rates or laws |
( |
( |
Tax increase from effect of capital allowances and depreciation |
|
|
Tax increase/(decrease) from other short-term timing differences |
|
( |
Tax increase from effect of unrelieved tax losses carried forward |
|
- |
Total tax charge |
|
|
The main UK corporation tax rate is rising from 19% to 25% from 1 April 2023. As a result deferred tax has been calculated at the 25% rate.
Deferred tax
Group
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Accelerated capital allowances |
|
|
Tax losses carry-forwards |
|
( |
|
|
2022 |
Asset |
Liability |
Accelerated capital allowances |
|
|
Tax losses carry-forwards |
|
- |
|
|
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £(
The UK corporation tax rate is increasing to 25% with effect from 1 April 2023.
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Group
Goodwill |
Brand names |
Total |
|
Cost or valuation |
|||
At 1 April 2022 |
|
|
|
At 31 March 2023 |
|
|
|
Amortisation |
|||
At 1 April 2022 |
|
|
|
Amortisation charge |
|
- |
|
At 31 March 2023 |
|
|
|
Carrying amount |
|||
At 31 March 2023 |
|
- |
|
At 31 March 2022 |
|
- |
|
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Group
Land and buildings |
Glasshouses, Anaerobic digesters and Solar parks |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||||||
At 1 April 2022 |
|
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
|
Disposals |
- |
- |
- |
( |
- |
( |
( |
At 31 March 2023 |
|
|
|
|
|
|
|
Depreciation |
|||||||
At 1 April 2022 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
( |
- |
( |
( |
At 31 March 2023 |
|
|
|
|
|
|
|
Carrying amount |
|||||||
At 31 March 2023 |
|
|
|
|
|
|
|
At 31 March 2022 |
|
|
|
|
|
|
|
Included within the net book value of land and buildings above is £19,016,261 (2022 - £16,953,726) in respect of freehold land and buildings.
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2023 |
2022 |
|
Plant and machinery |
116,215 |
74,807 |
Motor vehicles and tractors |
1,321,537 |
1,169,226 |
1,437,752 |
1,244,033 |
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Company
Land and buildings |
Glasshouses |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
|||||
At 1 April 2022 |
|
|
|
|
|
Additions |
|
- |
- |
|
|
Disposals |
- |
- |
- |
( |
( |
At 31 March 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2022 |
|
|
|
|
|
Charge for the year |
|
- |
|
|
|
Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 March 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 31 March 2023 |
|
- |
|
|
|
At 31 March 2022 |
|
- |
|
|
|
Included within the net book value of land and buildings above is £6,775,025 (2022 - £6,270,025) in respect of freehold land and buildings.
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Country of |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
Subsidiary undertakings |
||||
|
England and Wales |
Ordinary shares |
|
|
Birmingham Road
|
||||
|
England and Wales |
Ordinary shares |
|
|
Birmingham Road
|
||||
|
England and Wales |
Ordinary Shares |
|
|
Birmingham Road
|
||||
|
England and Wales |
Ordinary shares |
|
|
Birmingham Road
|
||||
|
England and Wales |
Ordinary shares |
|
|
Birmingham Road
|
||||
|
England and Wales |
Ordinary Shares |
|
|
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Birmingham Road
|
||||
|
England, UK |
Ordinary shares |
|
|
Birmingham Road
|
||||
|
England, UK |
Ordinary shares |
|
|
Rotherdale Farm
|
||||
|
England, UK |
|
|
|
111/113 High Street
|
* indicates direct investment of the company
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Subsidiary undertakings
Springhill Farms (Pershore) Ltd The principal activity of Springhill Farms (Pershore) Ltd is |
UK Golf Ltd The principal activity of UK Golf Ltd is |
EVG (Europe) Ltd The principal activity of EVG (Europe) Ltd is |
Vale Green Energy Limited The principal activity of Vale Green Energy Limited is |
Evesham Vale Growers Limited The principal activity of Evesham Vale Growers Limited is |
Verona Homes Limited The principal activity of Verona Homes Limited is |
Bengeworth Property Development Limited The principal activity of Bengeworth Property Development Limited is |
La Serra Limited The principal activity of La Serra Limited is |
Sudeley Homes (West) Limited The principal activity of Sudeley Homes (West) Limited is |
For the year ending 31 March 2023 the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:
Bengeworth Property Development Limited |
Sudeley Homes (West) Limited |
UK Golf Limited |
Verona Homes Limited |
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2022 |
|
Additions |
|
At 31 March 2023 |
|
Provision |
|
At 1 April 2022 |
|
Carrying amount |
|
At 31 March 2023 |
|
At 31 March 2022 |
|
Stocks |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Raw materials and consumables |
|
|
- |
- |
Work in progress |
|
|
- |
- |
Finished goods and goods for resale |
|
|
- |
- |
Other inventories |
|
|
- |
- |
|
|
- |
- |
Group
Impairment of stocks
The amount of impairment loss included in profit or loss is £34,007 (2022 - £264,934).
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Trade debtors |
|
|
|
|
|
Amounts owed by related parties |
- |
|
|
|
|
Other debtors |
|
|
|
- |
|
Prepayments |
|
|
|
|
|
Deferred tax assets |
|
|
- |
- |
|
Income tax asset |
|
|
|
|
|
|
|
|
|
||
Less non-current portion |
( |
( |
( |
( |
|
|
|
|
|
Details of non-current trade and other debtors
Group
£2,091,360 (2022 - £2,118,297) of income tax asset is classified as non current.
Company
£15,141,834 (2022 - £15,041,834) of loan to related parties (La Serra Limited) is classified as non current. Interest is charged on this loan at base rate plus 3.5%.
Loans from group undertakings are secured by way of a debenture between La Serra Limited and Mapp Holdings Limited securing the liabilities of La Serra Limited by way of a fixed and floating charge over La Serra Limited's assets.
£2,091,360 (2022 - £2,091,360) of income tax asset is classified as non current.
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
|
|
|
|
|
|
|
Bank overdrafts |
- |
( |
- |
- |
Cash and cash equivalents in statement of cash flows |
28,121,343 |
17,511,622 |
14,078,727 |
7,953,023 |
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
|
|
|
Amounts due to related parties |
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other payables |
|
|
|
|
|
Accruals |
|
|
|
|
|
Income tax liability |
920,061 |
1,966,275 |
20,082 |
- |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Other non-current financial liabilities |
- |
|
- |
|
|
|
|
- |
|
Provisions for liabilities |
Group
Deferred tax |
Total |
|
At 1 April 2022 |
|
|
Additional provisions |
|
|
Increase (decrease) in existing provisions |
|
|
At 31 March 2023 |
|
|
|
Company
Deferred tax |
Total |
|
Additional provisions |
|
|
At 31 March 2023 |
|
|
|
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2,490 |
|
2,490 |
Rights, preferences and restrictions
Ordinary £1 shares have the following rights, preferences and restrictions: |
Reserves |
Group
Share premium
Premium paid for new shares above their nominal value.
Capital redemption reserve
Non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares.
Profit & loss account
Includes all current and prior period retained profits and losses.
Non-controlling interests
Value of reserves attributable to non-controlling shareholders.
Company
Share premium
Premium paid for new shares above their nominal value.
Profit & loss account
Includes all current and prior period retained profits and losses.
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Loans and borrowings |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Non-current loans and borrowings |
||||
Hire purchase contracts |
|
|
- |
- |
Other borrowings |
|
|
- |
- |
|
|
- |
- |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Current loans and borrowings |
||||
Bank overdrafts |
- |
|
- |
- |
Hire purchase contracts |
|
|
- |
- |
Other borrowings |
- |
|
- |
- |
|
|
- |
- |
Group
Bank borrowings
Security is an unlimited guarantee given by MAPP Holdings Limited, Springhill Farms (Pershore) Limited and Vale Green Energy Limited. |
Finance lease liabilities
Hire Purchase is denominated in Sterling with a nominal interest rate of 0%. The carrying amount at year end is £330,284 (2022 - £429,380).
Security is against the relevant asset under hire purchase.
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Analysis of changes in net debt |
Group
At 1 April 2022 |
Financing cash flows |
New finance leases |
At 31 March 2023 |
|
Cash and cash equivalents |
||||
Cash |
20,858,148 |
7,263,195 |
- |
28,121,343 |
Overdrafts |
(3,346,526) |
3,346,526 |
- |
- |
17,511,622 |
10,609,721 |
- |
28,121,343 |
|
Borrowings |
||||
Long term borrowings |
(13,759,346) |
- |
- |
(13,759,346) |
Short term borrowings |
(81,050) |
81,050 |
- |
- |
Lease liabilities |
(429,380) |
136,178 |
(37,082) |
(330,284) |
(14,269,776) |
217,228 |
(37,082) |
(14,089,630) |
|
|
||||
|
|
( |
|
Company
At 1 April 2022 |
Financing cash flows |
At 31 March 2023 |
|
Cash and cash equivalents |
|||
Cash |
7,953,023 |
6,125,704 |
14,078,727 |
|
|
|
|
|
Financial guarantee contracts |
Company
The company is party to an unlimited guarantee in favour of Barclays Bank Plc in respect of bank borrowings by it's subsidiary undertakings; Springhill Farms (Pershore) Ltd and Vale Green Energy Limited.
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Related party transactions |
Company
Transactions with directors |
2022 |
At 1 April 2021 |
Repayments by director |
At 31 March 2022 |
P Bille |
|||
Loan with interest charged at the ruling HMRC rate |
|
( |
- |
Pas Bille |
|||
Loan with Interest charged at the ruling HMRC rate |
|
( |
- |
Summary of transactions with other related parties
M Bille is owed £6,000 by the company (2022 £6,000).
The loan is interest free and is repayable on demand.
Financial instruments |
Group
Categorisation of financial instruments
2023 |
2022 |
|
Financial assets that are debt instruments measured at amortised cost |
|
|
Financial liabilities measured at amortised cost |
|
|
Items of income, expense, gains or losses
The total interest income for financial assets not measured at fair value through profit or loss is £440,287 (2022 - £542,297). The total interest expense for financial liabilities not measured at fair value through profit or loss is £63,227 (2022 - £Nil).
Mapp Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Company
Categorisation of financial instruments
2023 |
2022 |
|
Financial assets that are debt instruments measured at amortised cost |
|
|
Financial liabilities measured at amortised cost |
|
|
Items of income, expense, gains or losses
The total interest income for financial assets not measured at fair value through profit or loss is £2,544,448 (2022 - £1,456,482).
Controlling Party |