Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31false2022-09-01falseNo description of principal activity44true 04873909 2022-09-01 2023-08-31 04873909 2021-09-01 2022-08-31 04873909 2023-08-31 04873909 2022-08-31 04873909 c:Director2 2022-09-01 2023-08-31 04873909 d:PlantMachinery 2022-09-01 2023-08-31 04873909 d:PlantMachinery 2023-08-31 04873909 d:PlantMachinery 2022-08-31 04873909 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 04873909 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 04873909 d:MotorVehicles 2022-09-01 2023-08-31 04873909 d:MotorVehicles 2023-08-31 04873909 d:MotorVehicles 2022-08-31 04873909 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 04873909 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 04873909 d:OfficeEquipment 2022-09-01 2023-08-31 04873909 d:OfficeEquipment 2023-08-31 04873909 d:OfficeEquipment 2022-08-31 04873909 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 04873909 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 04873909 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 04873909 d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 04873909 d:Goodwill 2022-09-01 2023-08-31 04873909 d:Goodwill 2023-08-31 04873909 d:Goodwill 2022-08-31 04873909 d:CurrentFinancialInstruments 2023-08-31 04873909 d:CurrentFinancialInstruments 2022-08-31 04873909 d:Non-currentFinancialInstruments 2023-08-31 04873909 d:Non-currentFinancialInstruments 2022-08-31 04873909 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 04873909 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 04873909 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 04873909 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 04873909 d:ShareCapital 2023-08-31 04873909 d:ShareCapital 2022-08-31 04873909 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 04873909 d:RetainedEarningsAccumulatedLosses 2023-08-31 04873909 d:RetainedEarningsAccumulatedLosses 2022-08-31 04873909 c:FRS102 2022-09-01 2023-08-31 04873909 c:Audited 2022-09-01 2023-08-31 04873909 c:FullAccounts 2022-09-01 2023-08-31 04873909 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 04873909 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 04873909 d:HirePurchaseContracts d:WithinOneYear 2022-08-31 04873909 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 04873909 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-08-31 04873909 c:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 04873909 2 2022-09-01 2023-08-31 04873909 6 2022-09-01 2023-08-31 04873909 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-31 04873909 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-08-31 04873909 d:LeasedAssetsHeldAsLessee 2023-08-31 04873909 d:LeasedAssetsHeldAsLessee 2022-08-31 04873909 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 04873909










MORLEY FARMS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
MORLEY FARMS LIMITED
REGISTERED NUMBER: 04873909

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
718,410
805,809

Investments
 6 
50
50

  
718,460
805,859

Current assets
  

Stocks
 7 
456,310
397,462

Debtors: amounts falling due within one year
 8 
190,172
185,558

Cash at bank and in hand
  
151,578
315,080

  
798,060
898,100

Creditors: amounts falling due within one year
 9 
(125,231)
(388,877)

Net current assets
  
 
 
672,829
 
 
509,223

Total assets less current liabilities
  
1,391,289
1,315,082

Creditors: amounts falling due after more than one year
 10 
-
(57,558)

  

Net assets
  
1,391,289
1,257,524


Capital and reserves
  

Called up share capital 
  
387,387
387,387

Profit and loss account
 12 
1,003,902
870,137

  
1,391,289
1,257,524


Page 1

 
MORLEY FARMS LIMITED
REGISTERED NUMBER: 04873909
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 February 2024.




R Wilbourn
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Morley Farms Limited is a private company limited by shares and incorporated in England and Wales, registration number 04873909. The registered office is Deopham Road, Morley St Botolph, Wymondham, Norfolk, NR18 9DF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

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.

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10/20%
Motor vehicles
-
10/20%
Office equipment
-
20%

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.

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 4

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.10

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 first in, first out 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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.

 
2.13

Creditors

Short-term creditors are measured at the 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.

  
2.14

Gift Aid

The Company's corporate gift aid payment to the parent charity The Morley Agricultural Foundation
Limited is recognised at the earlier of payment or when the company has a legal obligation to make
future payment.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 5

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Intangible assets




Basic Payment Scheme Entitlements

£





At 1 September 2022
134,872


Disposals
(134,872)



At 31 August 2023

-





At 1 September 2022
134,872


On disposals
(134,872)



At 31 August 2023

-



Net book value



At 31 August 2023
-



At 31 August 2022
-



Page 6

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Plant & machinery
Vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2022
592,100
969,154
10,283
1,571,537


Additions
50,507
-
1,382
51,889


Disposals
(6,750)
-
(1,250)
(8,000)



At 31 August 2023

635,857
969,154
10,415
1,615,426



Depreciation


At 1 September 2022
399,440
356,006
10,283
765,729


Charge for the year on owned assets
38,453
66,818
16
105,287


Charge for the year on financed assets
-
34,000
-
34,000


Disposals
(6,750)
-
(1,250)
(8,000)



At 31 August 2023

431,143
456,824
9,049
897,016



Net book value



At 31 August 2023
204,714
512,330
1,366
718,410



At 31 August 2022
192,660
613,149
-
805,809

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Vehicles
264,350
298,350

264,350
298,350

Page 7

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 September 2022
50



At 31 August 2023
50





7.


Stocks

2023
2022
£
£

Consumables
52,920
62,348

Cultivations
166,967
121,956

Crops in store
236,423
213,158

456,310
397,462



8.


Debtors

2023
2022
£
£


Trade debtors
33,995
33,103

Amounts owed by group undertakings
15,712
-

Other debtors
31,193
10,309

Prepayments and accrued income
109,272
142,146

190,172
185,558


Page 8

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
37,508
66,510

Amounts owed to group undertakings
-
224,976

Obligations under finance lease and hire purchase contracts
57,558
57,558

Accruals and deferred income
30,165
39,833

125,231
388,877



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
57,558

-
57,558


Net obligations under finance leases and hire purchase contracts are secured on the assets financed.


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
57,558
57,558

Between 1-5 years
-
57,558

57,558
115,116


12.


Reserves

Profit & loss account

The profit and loss account represents the balance of the Company's accumulated profits which are available for distributions to the parent charity.

Page 9

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

13.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102, allowing 100% subsidiaries to depart from the requirements to disclose transactions with other group companies where group accounts are prepared.


14.


Controlling party

The ultimate parent undertaking is The Morley Agricultural Foundation. The Company's financial statements are consolidated in the financial statements of the ultimate parent undertaking and the consolidated financial statements may be obtained from Companies House.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 4 March 2024 by Alistair Fish FCA (Senior statutory auditor) on behalf of MA Partners Audit LLP.

Page 10