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Registered Number: 04899299
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 30 June 2023

for

MEASE VALLEY POTATOES LIMITED

 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 21,052    44,118 
21,052    44,118 
Current assets      
Debtors 4 3,627,659    1,382,388 
Cash at bank and in hand 127,995    102,429 
3,755,654    1,484,817 
Creditors: amount falling due within one year 5 (3,563,846)   (1,257,344)
Net current assets 191,808    227,473 
 
Total assets less current liabilities 212,860    271,591 
Creditors: amount falling due after more than one year   (7,317)
Provisions for liabilities 6 (12,764)   (8,382)
Net assets 200,096    255,892 
 

Capital and reserves
     
Called up share capital 200    200 
Profit and loss account 199,896    255,692 
Shareholder's funds 200,096    255,892 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 01 March 2024 and were signed on its behalf by:


-------------------------------
T Dickinson
Director
1
General Information
Mease Valley Potatoes Limited is a private company, limited by shares, registered in England and Wales, registration number 04899299, registration address West Brook Farm, Lullington, Swadlincote, DE12 8EE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 July 2022 193,430    193,430 
Additions 12,678    12,678 
Disposals  
At 30 June 2023 206,108    206,108 
Depreciation
At 01 July 2022 149,312    149,312 
Charge for year 35,744    35,744 
On disposals  
At 30 June 2023 185,056    185,056 
Net book values
Closing balance as at 30 June 2023 21,052    21,052 
Opening balance as at 01 July 2022 44,118    44,118 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 3,463,594    1,368,944 
Other Debtors 164,065    13,444 
3,627,659    1,382,388 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,491,284    998,180 
Corporation Tax   11,029 
PAYE & Social Security 257    6,511 
Accrued Expenses 9,000    10,262 
Other Creditors 2,063,305    231,362 
3,563,846    1,257,344 

6.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax   (3,711)
Charged to Profit & Loss 12,764    12,093 
12,764    8,382 

2