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REGISTERED NUMBER: 10522583 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Market Fields Ltd

Market Fields Ltd (Registered number: 10522583)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Market Fields Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: N J Kerridge
Mrs N S Kerridge





REGISTERED OFFICE: 36 Holton Road
Halesworth
Suffolk





REGISTERED NUMBER: 10522583 (England and Wales)





ACCOUNTANTS: Mark Carter Accountancy Services Ltd
65 Kennedy Avenue
Halesworth
Suffolk
IP19 8EQ

Market Fields Ltd (Registered number: 10522583)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,000 16,000
Tangible assets 5 3,808 4,481
15,808 20,481

CURRENT ASSETS
Stocks 35,011 31,500
Debtors 6 27,148 -
Cash at bank and in hand 300,934 286,451
363,093 317,951
CREDITORS
Amounts falling due within one year 7 84,269 66,072
NET CURRENT ASSETS 278,824 251,879
TOTAL ASSETS LESS CURRENT
LIABILITIES

294,632

272,360

PROVISIONS FOR LIABILITIES 724 851
NET ASSETS 293,908 271,509

Market Fields Ltd (Registered number: 10522583)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 293,708 271,309
293,908 271,509

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

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

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 30 August 2024 and were signed on its behalf by:





Mrs N S Kerridge - Director


Market Fields Ltd (Registered number: 10522583)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Market Fields Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% 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 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 balance sheet date.


Market Fields Ltd (Registered number: 10522583)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 40,000
AMORTISATION
At 1 January 2023 24,000
Charge for year 4,000
At 31 December 2023 28,000
NET BOOK VALUE
At 31 December 2023 12,000
At 31 December 2022 16,000

Market Fields Ltd (Registered number: 10522583)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 9,218
DEPRECIATION
At 1 January 2023 4,737
Charge for year 673
At 31 December 2023 5,410
NET BOOK VALUE
At 31 December 2023 3,808
At 31 December 2022 4,481

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 27,148 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 27,142 24,930
Taxation and social security 12,817 13,171
Other creditors 44,310 27,971
84,269 66,072

Market Fields Ltd (Registered number: 10522583)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
N J Kerridge and Mrs N S Kerridge
Balance outstanding at start of year - -
Amounts advanced 31,898 -
Amounts repaid (4,750 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 27,148 -

The loans are unsecured, repayable on demand and interest is payable at HMRC official rates.