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Company No: 07611208 (England and Wales)

MARLBOROUGH FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MARLBOROUGH FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MARLBOROUGH FARMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
MARLBOROUGH FARMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Mr F F Northmore
Mrs R Northmore
REGISTERED OFFICE Marlborough Farm
Clyst Honiton
Exeter
EX5 2HN
United Kingdom
COMPANY NUMBER 07611208 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
MARLBOROUGH FARMS LIMITED

BALANCE SHEET

As at 31 March 2024
MARLBOROUGH FARMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 4 16,661 17,156
16,661 17,156
Current assets
Debtors 5 29,857 47,271
Cash at bank and in hand 411,092 427,516
440,949 474,787
Creditors: amounts falling due within one year 6 ( 7,045) ( 44,107)
Net current assets 433,904 430,680
Total assets less current liabilities 450,565 447,836
Net assets 450,565 447,836
Capital and reserves
Called-up share capital 7 400,120 400,120
Profit and loss account 50,445 47,716
Total shareholders' funds 450,565 447,836

For the financial 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 financial statements of Marlborough Farms Limited (registered number: 07611208) were approved and authorised for issue by the Board of Directors on 22 July 2024. They were signed on its behalf by:

Mr F F Northmore
Director
Mrs R Northmore
Director
MARLBOROUGH FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MARLBOROUGH FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Marlborough Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Marlborough Farm, Clyst Honiton, Exeter, EX5 2HN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

31.03.2024 31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 April 2023 31,963 31,963
At 31 March 2024 31,963 31,963
Accumulated amortisation
At 01 April 2023 31,963 31,963
At 31 March 2024 31,963 31,963
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 22,149 746 1,573 24,468
At 31 March 2024 22,149 746 1,573 24,468
Accumulated depreciation
At 01 April 2023 5,242 549 1,521 7,312
Charge for the financial year 443 39 13 495
At 31 March 2024 5,685 588 1,534 7,807
Net book value
At 31 March 2024 16,464 158 39 16,661
At 31 March 2023 16,907 197 52 17,156

5. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 20,357 25,000
Amounts owed by directors 8,836 20,297
Prepayments 664 1,974
29,857 47,271

6. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 228 139
Accruals 2,910 2,393
Taxation and social security 3,907 41,575
7,045 44,107

7. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
400,100 Ordinary A shares of £ 1.00 each 400,100 400,100
20 Ordinary B shares of £ 1.00 each 20 20
400,120 400,120

8. Related party transactions

Transactions with the entity's directors

31.03.2024 31.03.2023
£ £
Amounts owed by directors 8,836 20,297