4 31/03/2024 2024-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 2781803 2023-04-01 2024-03-31 2781803 2024-03-31 2781803 2023-03-31 2781803 2022-04-01 2023-03-31 2781803 2023-03-31 2781803 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 2781803 core:MotorVehicles 2023-04-01 2024-03-31 2781803 bus:Director1 2023-04-01 2024-03-31 2781803 core:WithinOneYear 2024-03-31 2781803 core:WithinOneYear 2023-03-31 2781803 core:ShareCapital 2024-03-31 2781803 core:ShareCapital 2023-03-31 2781803 core:RetainedEarningsAccumulatedLosses 2024-03-31 2781803 core:RetainedEarningsAccumulatedLosses 2023-03-31 2781803 bus:Director1 2023-03-31 2781803 bus:Director1 2024-03-31 2781803 bus:Director1 2022-03-31 2781803 bus:Director1 2023-03-31 2781803 bus:Director1 2022-04-01 2023-03-31 2781803 bus:SmallEntities 2023-04-01 2024-03-31 2781803 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 2781803 bus:AbridgedAccounts 2023-04-01 2024-03-31 2781803 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 2781803 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31
Company registration number: 2781803
Mid England Agriculture Limited
Unaudited filleted abridged financial statements
31 March 2024
Mid England Agriculture Limited
Contents
Abridged statement of financial position
Notes to the financial statements
Mid England Agriculture Limited
Abridged statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 - 21,969
_______ _______
- 21,969
Current assets
Stocks - 177,788
Debtors 786,204 2,639,629
Investments 6 - ( 160,170)
Cash at bank and in hand 258,427 504,628
_______ _______
1,044,631 3,161,875
Creditors: amounts falling due
within one year ( 2,160) ( 1,997,853)
_______ _______
Net current assets 1,042,471 1,164,022
_______ _______
Total assets less current liabilities 1,042,471 1,185,991
Provisions for liabilities - 431
_______ _______
Net assets 1,042,471 1,186,422
_______ _______
Capital and reserves
Called up share capital 110 110
Profit and loss account 1,042,361 1,186,312
_______ _______
Shareholders funds 1,042,471 1,186,422
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 08 April 2024 , and are signed on behalf of the board by:
Mr I Root
Director
Company registration number: 2781803
Mid England Agriculture Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Hopyard Farm, Lubbesthorpe, Leicester.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
£
Cost
At 1 April 2023 57,361
Disposals ( 57,361)
_______
At 31 March 2024 -
_______
Depreciation
At 1 April 2023 35,391
Charge for the year 3,581
Disposals ( 38,972)
_______
At 31 March 2024 -
_______
Carrying amount
At 31 March 2024 -
_______
At 31 March 2023 21,970
_______
6. Investments
2024 2023
£ £
Other investments - (160,170)
_______ _______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr I Root 165 770,538 770,703
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr I Root ( 123,344) 123,509 165
_______ _______ _______
The above loan to the director is repayable on demand and interest is charged at 2.25% p.a.