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REGISTERED NUMBER: 05199345 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Mid Wales Food and Land Trust Limited

Mid Wales Food and Land Trust Limited (Registered number: 05199345)

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


Mid Wales Food and Land Trust Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J B Evans
G Winchester
W T Halford
Mrs J Jones





SECRETARY:





REGISTERED OFFICE: 26 Market Street
Newtown
Powys
SY16 2PD





REGISTERED NUMBER: 05199345 (England and Wales)





ACCOUNTANTS: Corfield Accountancy Limited
Chartered Accountants
Myrick House
Hendomen
Montgomery
Powys
SY15 6EZ

Mid Wales Food and Land Trust Limited (Registered number: 05199345)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 934,365 947,082

CURRENT ASSETS
Cash at bank 204,043 295,006

CREDITORS
Amounts falling due within one year 5 19,892 21,210
NET CURRENT ASSETS 184,151 273,796
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,118,516

1,220,878

CREDITORS
Amounts falling due after more than one
year

6

866,757

876,465
NET ASSETS 251,759 344,413

RESERVES
Revaluation reserve 7 250,000 250,000
Other reserves 16,549 16,549
Income and expenditure account (14,790 ) 77,864
251,759 344,413

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 surplus or deficit 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.

Mid Wales Food and Land Trust Limited (Registered number: 05199345)

Balance Sheet - continued
31 December 2023


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 25 September 2024 and were signed on its behalf by:





J B Evans - Director


Mid Wales Food and Land Trust Limited (Registered number: 05199345)

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


1. STATUTORY INFORMATION

Mid Wales Food and Land Trust Limited is a private company, limited by guarantee , 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
Represents grants and donations received in support of the objects of the company and rental receipts from stall licence holders in the Newtown Market Hall.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property
Plant and machinery etc - 25% on cost and 20% on cost

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.

Grants
Grants received for capital expenditure are treated as deferred income and will be credited to the profit and loss account by instalments over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.

Where grants are received for support of revenue expenditure, they are recognised in the profit & loss account in the period for which the related expenditure was incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Mid Wales Food and Land Trust Limited (Registered number: 05199345)

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


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1,026,229 58,807 1,085,036
DEPRECIATION
At 1 January 2023 82,181 55,773 137,954
Charge for year 10,366 2,351 12,717
At 31 December 2023 92,547 58,124 150,671
NET BOOK VALUE
At 31 December 2023 933,682 683 934,365
At 31 December 2022 944,048 3,034 947,082

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Taxation and social security 6 2,323
Other creditors 19,886 18,887
19,892 21,210

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 866,757 876,465

7. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 250,000

8. RELATED PARTY DISCLOSURES

The Company is Limited by Guarantee and does not have a share capital. Control of the company is exercised through the board of directors who have no beneficial interest in the company.

Mr J B Evans is a Trustee of Newtown Market Hall Building Preservation Trust, a charitable company, limited by guarantee. During the year under review, the company paid for governance costs on this charity's behalf.

Mid Wales Food and Land Trust Limited (Registered number: 05199345)

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


9. LONG LEASEHOLD

On 28th April 2014, Powys County Council granted a long leasehold of 99 years to the company on the transfer of the Newtown Market Hall land and building in accordance with a Community Asset Transfer scheme.

The property was 'gifted' to the company for this period and a non-distributable revaluation reserve created to reflect the revaluation to its deemed value of £250,000.

The company has no right to sell or dispose of the building or to use it for any other purpose than that which has been designated by the funders.

10. OTHER RESERVES

The company's subsidiary, Cafe Glanhafren Limited ceased trading on 30th April 2020 and its reserves were transferred to its parent prior to its dissolution on 15th June 2021.