IRIS Accounts Production v24.1.9.2 00830870 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh008308702023-01-31008308702024-01-31008308702023-02-012024-01-31008308702022-01-31008308702022-02-012023-01-31008308702023-01-3100830870ns15:EnglandWales2023-02-012024-01-3100830870ns14:PoundSterling2023-02-012024-01-3100830870ns10:Director12023-02-012024-01-3100830870ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3100830870ns10:SmallEntities2023-02-012024-01-3100830870ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3100830870ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3100830870ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3100830870ns10:FullAccounts2023-02-012024-01-310083087012023-02-012024-01-3100830870ns10:Director22023-02-012024-01-3100830870ns10:CompanySecretary12023-02-012024-01-3100830870ns10:RegisteredOffice2023-02-012024-01-3100830870ns5:CurrentFinancialInstruments2024-01-3100830870ns5:CurrentFinancialInstruments2023-01-3100830870ns5:Non-currentFinancialInstruments2024-01-3100830870ns5:Non-currentFinancialInstruments2023-01-3100830870ns5:ShareCapital2024-01-3100830870ns5:ShareCapital2023-01-3100830870ns5:CapitalRedemptionReserve2024-01-3100830870ns5:CapitalRedemptionReserve2023-01-3100830870ns5:RetainedEarningsAccumulatedLosses2024-01-3100830870ns5:RetainedEarningsAccumulatedLosses2023-01-3100830870ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3100830870ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-02-012024-01-3100830870ns5:PlantMachinery2023-02-012024-01-3100830870ns5:MotorVehicles2023-02-012024-01-3100830870ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-3100830870ns5:PatentsTrademarksLicencesConcessionsSimilar2024-01-3100830870ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-3100830870ns5:LandBuildings2023-01-3100830870ns5:PlantMachinery2023-01-3100830870ns5:MotorVehicles2023-01-3100830870ns5:LandBuildings2023-02-012024-01-3100830870ns5:LandBuildings2024-01-3100830870ns5:PlantMachinery2024-01-3100830870ns5:MotorVehicles2024-01-3100830870ns5:LandBuildings2023-01-3100830870ns5:PlantMachinery2023-01-3100830870ns5:MotorVehicles2023-01-3100830870ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3100830870ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-01-3100830870ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3100830870ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3100830870ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3100830870ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3100830870ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-01-3100830870ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-01-3100830870ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-01-3100830870ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-01-3100830870ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-01-3100830870ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-01-31
REGISTERED NUMBER: 00830870 (England and Wales)

















Maltas Farms Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024






Maltas Farms Limited (Registered number: 00830870)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Maltas Farms Limited

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTORS: Mr M E Maltas
Mrs A Maltas





SECRETARY: Mr M E Maltas





REGISTERED OFFICE: Glebe Farm
Hilston Road
Roos
Hull
East Yorkshire
HU12 0JB





REGISTERED NUMBER: 00830870 (England and Wales)





ACCOUNTANTS: Southgates
Chartered Certified Accountants
9 Market Place
Hedon
East Yorkshire
HU12 8JA

Maltas Farms Limited (Registered number: 00830870)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,014,454 1,003,638
1,014,454 1,003,638

CURRENT ASSETS
Stocks 6 109,800 115,992
Debtors 7 93,183 103,454
Cash at bank 94,708 194,577
297,691 414,023
CREDITORS
Amounts falling due within one year 8 53,751 71,065
NET CURRENT ASSETS 243,940 342,958
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,258,394

1,346,596

CREDITORS
Amounts falling due after more than one
year

9

(79,932

)

(108,936

)

PROVISIONS FOR LIABILITIES (102,293 ) (109,574 )
NET ASSETS 1,076,169 1,128,086

CAPITAL AND RESERVES
Called up share capital 26,075 26,075
Capital redemption reserve 3,925 3,925
Retained earnings 1,046,169 1,098,086
1,076,169 1,128,086

Maltas Farms Limited (Registered number: 00830870)

BALANCE SHEET - continued
31 January 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:





Mr M E Maltas - Director


Maltas Farms Limited (Registered number: 00830870)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Maltas 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Basic Payment Scheme entitlements are initially recognised at cost using the performance model and are amortised on a straight line basis over their expected useful life. The Basic Payment Scheme commenced in 2015 and the cessation year was 2022.

Provision is made for any impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - at variable rates on reducing balance
Plant and machinery - at variable rates on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Maltas Farms Limited (Registered number: 00830870)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
BPS
entitlements
£   
COST
At 1 February 2023
and 31 January 2024 11,638
AMORTISATION
At 1 February 2023
and 31 January 2024 11,638
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

Maltas Farms Limited (Registered number: 00830870)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 February 2023 573,918 1,028,757 19,750 1,622,425
Additions 57,100 3,218 31,680 91,998
Disposals - - (19,750 ) (19,750 )
At 31 January 2024 631,018 1,031,975 31,680 1,694,673
DEPRECIATION
At 1 February 2023 146,986 454,029 17,772 618,787
Charge for year - 63,322 7,920 71,242
Eliminated on disposal 7,962 - (17,772 ) (9,810 )
At 31 January 2024 154,948 517,351 7,920 680,219
NET BOOK VALUE
At 31 January 2024 476,070 514,624 23,760 1,014,454
At 31 January 2023 426,932 574,728 1,978 1,003,638

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 February 2023 165,200
Transfer to ownership (47,450 )
At 31 January 2024 117,750
DEPRECIATION
At 1 February 2023 24,780
Charge for year 20,018
Transfer to ownership (7,118 )
At 31 January 2024 37,680
NET BOOK VALUE
At 31 January 2024 80,070
At 31 January 2023 140,420

6. STOCKS
2024 2023
£    £   
Stocks 109,800 115,992

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 45,623 59,844
Other debtors 32,702 27,044
Prepayments 14,858 16,566
93,183 103,454

Maltas Farms Limited (Registered number: 00830870)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,600 9,360
Hire purchase contracts 19,250 30,283
Trade creditors 14,886 12,591
Taxation and social security 3,415 11,707
Other creditors and accruals 6,600 7,124
53,751 71,065

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 9,720 9,480
Bank loans - 2-5 years 29,520 28,800
Bank loans more 5 yr by instal 40,692 51,406
Hire purchase contracts - 19,250
79,932 108,936

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 40,692 51,406

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other debtors is £32,702 (2023 - £27,044) due from a director the loan will be repaid in full by 31st July 2024.