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REGISTERED NUMBER: 01424264 (England and Wales)















MERRIVALE FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023






MERRIVALE FARMS LIMITED (REGISTERED NUMBER: 01424264)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


MERRIVALE FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: P R Chatterton
M H Chatterton





SECRETARY: Mrs A J Chatterton





REGISTERED OFFICE: Merrivale Farm
Plungar
Nottingham
NG13 0JE





REGISTERED NUMBER: 01424264 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW

MERRIVALE FARMS LIMITED (REGISTERED NUMBER: 01424264)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 1,217,916 1,228,216
Investments 6 100 100
1,218,016 1,228,316

CURRENT ASSETS
Inventories 602,656 618,055
Debtors 7 91,721 154,499
Cash at bank 121,655 219,566
816,032 992,120
CREDITORS
Amounts falling due within one year 8 367,586 577,950
NET CURRENT ASSETS 448,446 414,170
TOTAL ASSETS LESS CURRENT LIABILITIES 1,666,462 1,642,486

CREDITORS
Amounts falling due after more than one year 9 - (31,667 )

PROVISIONS FOR LIABILITIES (27,229 ) (21,778 )
NET ASSETS 1,639,233 1,589,041

CAPITAL AND RESERVES
Called up share capital 10 4,500 4,500
Retained earnings 1,634,733 1,584,541
SHAREHOLDERS' FUNDS 1,639,233 1,589,041

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MERRIVALE FARMS LIMITED (REGISTERED NUMBER: 01424264)

STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 2023


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





M H Chatterton - Director


MERRIVALE FARMS LIMITED (REGISTERED NUMBER: 01424264)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Merrivale Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of produce and livestock, excluding value added tax.

Sales of produce are recognised upon despatch. Revenue from livestock is recognised on the day of sale.

Intangible assets
Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019 when the scheme ends.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property
Plant and machinery etc - 10% on cost, 5% on cost and at variable rates on reducing balance

Depreciation is not provided on freehold buildings as in the opinion of the directors the life of the building and its residual value is such that its depreciation would not be significant.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


MERRIVALE FARMS LIMITED (REGISTERED NUMBER: 01424264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic payment
The basic payment is recognised in the financial statements in accordance with current H. M. Revenue & Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 1 November 2022
and 31 October 2023 76,710
AMORTISATION
At 1 November 2022
and 31 October 2023 76,710
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022 1,067,629 346,315 1,413,944
Additions - 6,500 6,500
At 31 October 2023 1,067,629 352,815 1,420,444
DEPRECIATION
At 1 November 2022 - 185,728 185,728
Charge for year - 16,800 16,800
At 31 October 2023 - 202,528 202,528
NET BOOK VALUE
At 31 October 2023 1,067,629 150,287 1,217,916
At 31 October 2022 1,067,629 160,587 1,228,216

MERRIVALE FARMS LIMITED (REGISTERED NUMBER: 01424264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 100
NET BOOK VALUE
At 31 October 2023 100
At 31 October 2022 100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 87,110 149,318
Other debtors 4,611 5,181
91,721 154,499

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 9,999
Trade creditors 261,191 337,727
Taxation and social security 28,921 70,376
Other creditors 77,474 159,848
367,586 577,950

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 31,667

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,000 Ordinary £1 4,000 4,000
500 Ordinary B £1 500 500
4,500 4,500