Company registration number 01133658 (England and Wales)
MEYN POULTRY EQUIPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MEYN POULTRY EQUIPMENT LIMITED
COMPANY INFORMATION
Directors
Mrs J Bowditch
Mr A Bowditch
Mr P D Bowditch
Secretary
Mrs J Bowditch
Company number
01133658
Registered office
Unit 18 Kingsland Industrial Estate
Bilton Road
Basingstoke
Hampshire
RG24 8LJ
Accountants
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
MEYN POULTRY EQUIPMENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
MEYN POULTRY EQUIPMENT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MEYN POULTRY EQUIPMENT LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Meyn Poultry Equipment Limited for the year ended 30 September 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Meyn Poultry Equipment Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Meyn Poultry Equipment Limited and state those matters that we have agreed to state to the Board of Directors of Meyn Poultry Equipment Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Meyn Poultry Equipment Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Meyn Poultry Equipment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Meyn Poultry Equipment Limited. You consider that Meyn Poultry Equipment Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Meyn Poultry Equipment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kirk Rice LLP
8 March 2024
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
MEYN POULTRY EQUIPMENT LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
170,432
265,087
Current assets
Stocks
1,138,124
999,041
Debtors
4
1,207,203
1,099,679
Cash at bank and in hand
520,051
393,176
2,865,378
2,491,896
Creditors: amounts falling due within one year
5
(2,384,286)
(1,952,592)
Net current assets
481,092
539,304
Total assets less current liabilities
651,524
804,391
Provisions for liabilities
(42,393)
(46,392)
Net assets
609,131
757,999
Capital and reserves
Called up share capital
7
10,000
10,000
Profit and loss reserves
599,131
747,999
Total equity
609,131
757,999
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 March 2024 and are signed on its behalf by:
Mr A Bowditch
Director
Company registration number 01133658 (England and Wales)
MEYN POULTRY EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Meyn Poultry Equipment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 18 Kingsland Industrial Estate, Bilton Road, Basingstoke, Hampshire, RG24 8LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
· the Company has transferred the significant risks and rewards of ownership to the buyer;
· the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
· the amount of revenue can be measured reliably;
· it is probable that the Company will receive the consideration due under the transaction; and
· the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
· the amount of revenue can be measured reliably;
· it is probable that the Company will receive the consideration due under the contract;
· the stage of completion of the contract at the end of the reporting period can be measured reliably; and
· the costs incurred and the costs to complete the contract can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual bases:
Leasehold land and buildings
15% - 20% Straight Line
Plant and equipment
15% - 50% Straight Line
Fixtures and fittings
15% - 20% Straight Line
Motor vehicles
25% Straight Line
MEYN POULTRY EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
1.5
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
1.8
Retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
1.9
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
MEYN POULTRY EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Foreign exchange
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
1.11
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
1.12
Interest income is recognised in profit or loss using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
19
20
MEYN POULTRY EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
97,778
359,314
38,799
173,485
669,376
Additions
417
417
At 30 September 2023
97,778
359,314
38,799
173,902
669,793
Depreciation and impairment
At 1 October 2022
75,104
216,704
29,241
83,240
404,289
Depreciation charged in the year
18,849
40,997
4,175
31,051
95,072
At 30 September 2023
93,953
257,701
33,416
114,291
499,361
Carrying amount
At 30 September 2023
3,825
101,613
5,383
59,611
170,432
At 30 September 2022
22,674
142,610
9,558
90,245
265,087
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,175,870
1,084,438
Other debtors
31,333
15,241
1,207,203
1,099,679
Short term debtors are measured at transaction price, less any impairment.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
822,950
671,673
Amounts owed to group undertakings
1,051,369
809,352
Taxation and social security
484,527
455,242
Other creditors
25,440
16,325
2,384,286
1,952,592
MEYN POULTRY EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
6
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
58,970
67,757
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the funds in respect of the year.
The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £58,970 (2022 - £67,757). Contributions totalling £10,344 (2022 - £4,421) were payable to the fund at the balance sheet date.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
10,000
10,000
10,000
10,000
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
22,229
76,358
9
Related party transactions
Included within creditors is an amount owed to its parent company of £1,050,009 (2022 - £809,352).
10
Parent company
The Company regards MPE Holdings Limited as its ultimate controlling party.