REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st December 2023 |
for |
Midland Provincial Farms Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st December 2023 |
for |
Midland Provincial Farms Limited |
Midland Provincial Farms Limited (Registered number: 08966282) |
Contents of the Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Midland Provincial Farms Limited |
Company Information |
for the Year Ended 31st December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Midland Provincial Farms Limited (Registered number: 08966282) |
Abridged Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Investment property |
revaluation reserve | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
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 |
Midland Provincial Farms Limited (Registered number: 08966282) |
Notes to the Financial Statements |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Midland Provincial Farms Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises farming income and rental income from farm cottages, excluding value added tax. |
Intangible assets |
Farm entitlements are stated at cost less amortisation, charged on the basis that they have a useful economic life of ten years, which is subject to review at the end of each accounting period. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Midland Provincial Farms Limited (Registered number: 08966282) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
AMORTISATION |
At 1st January 2023 |
Amortisation for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Freehold property was valued by Carver Knowles, Chartered Surveyors, on an open market basis, on 10th July 2023. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Fair value at 31st December 2023 is represented by: |
£ |
Valuation in 2017 | 225,000 |
Valuation in 2023 | 16,500 |
Cost | 1,000,000 |
1,241,500 |
Investment property was valued by Carver Knowles, Chartered Surveyors, on an open market basis, on 10th July 2023. |
Midland Provincial Farms Limited (Registered number: 08966282) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
7. | RESERVES |
Investment |
property |
revaluation |
reserve |
£ |
At 1st January 2023 |
and 31st December 2023 |