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COMPANY REGISTRATION NUMBER: 05012783
Mansfield Farms Limited
Filleted Unaudited Financial Statements
31 December 2023
Mansfield Farms Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Mansfield Farms Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
30,000
30,000
Tangible assets
6
38,328
51,057
--------
--------
68,328
81,057
Current assets
Debtors
7
601,943
542,365
Cash at bank and in hand
31,219
14,230
---------
---------
633,162
556,595
Creditors: amounts falling due within one year
8
60,381
33,153
---------
---------
Net current assets
572,781
523,442
---------
---------
Total assets less current liabilities
641,109
604,499
Creditors: amounts falling due after more than one year
9
16,114
Provisions
Taxation including deferred tax
( 9,300)
( 12,651)
---------
---------
Net assets
650,409
601,036
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
650,309
600,936
---------
---------
Shareholders funds
650,409
601,036
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Mansfield Farms Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
Mr P Mansfield
Director
Company registration number: 05012783
Mansfield Farms Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover also represents rents receivable during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
Tangible assets are initially recorded at cost, and 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:
Fixtures and fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year arerecorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Intangible assets
£
Cost
At 1 January 2023 and 31 December 2023
30,000
--------
Amortisation
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
30,000
--------
At 31 December 2022
30,000
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,085
80,341
81,426
-------
--------
--------
Depreciation
At 1 January 2023
752
29,617
30,369
Charge for the year
49
12,680
12,729
-------
--------
--------
At 31 December 2023
801
42,297
43,098
-------
--------
--------
Carrying amount
At 31 December 2023
284
38,044
38,328
-------
--------
--------
At 31 December 2022
333
50,724
51,057
-------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
41,943
17,365
Amounts owed by group undertakings and undertakings in which the company has a participating interest
560,000
525,000
---------
---------
601,943
542,365
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
8,353
4,714
Other creditors
52,028
28,439
--------
--------
60,381
33,153
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
16,114
----
--------
10. Related party transactions
At the year the company was owed £560,000 (2022: £525,000) by a company associated by common control.
11. Controlling party
Mansfield Farms Limited is a wholly owned subsidiary of Mansfield Farms Group Limited . The registered address of Mansfield Farms Group Limited is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN . The ultimate controlling party of the company is Mr P Mansfield by virtue of his majority share holding in Mansfield Farms Group Limited.