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Company registration number: 03615416
ADRIAN MARSH LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 December 2023
ADRIAN MARSH LIMITED
STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 30,429,639 26,857,272
_________ _________
30,429,639 26,857,272
Current assets
Stocks 492,788 1,135,053
Debtors 6 2,368,661 2,420,450
Cash at bank and in hand 264,730 360,812
_________ _________
3,126,179 3,916,315
Creditors: amounts falling due
within one year 7 ( 1,181,788) ( 2,496,880)
_________ _________
Net current assets 1,944,391 1,419,435
_________ _________
Total assets less current liabilities 32,374,030 28,276,707
Creditors: amounts falling due
after more than one year 8 ( 3,675,000) ( 3,675,000)
Provisions for liabilities ( 3,011,411) ( 2,351,475)
_________ _________
Net assets 25,687,619 22,250,232
_________ _________
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7,882,422 5,957,984
Profit and loss account 17,805,097 16,292,148
_________ _________
Shareholders funds 25,687,619 22,250,232
_________ _________
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.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr A.R. Marsh
Director
Company registration number: 03615416
ADRIAN MARSH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST 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 Greenbank Farm, Tern Hill, Market Drayton, Shropshire, TF9 3PX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - Not depreciated
Investment property - Not depreciated
Plant and machinery - 15 % reducing balance
Tractors - 25 % reducing balance
Computer equipment - 25 % straight line
Land and buildings are not depreciated as the directors consider that the current market value is in excess of the historical cost. The historical cost depreciation not provided for in the financial statements is not considered to be material.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 8 ).
5. Tangible assets
Freehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £ £
Cost or valuation
At 1st January 2023 384,947 25,211,712 2,085,727 803,500 71,650 84,700 28,642,236
Additions - 977,313 295,767 856,000 - - 2,129,080
Disposals - ( 10,000) ( 267,888) ( 781,500) - - ( 1,059,388)
Revaluation - 2,565,917 - - - - 2,565,917
_________ _________ _________ _________ _________ _________ _________
At 31st December 2023 384,947 28,744,942 2,113,606 878,000 71,650 84,700 32,277,845
_________ _________ _________ _________ _________ _________ _________
Depreciation
At 1st January 2023 201,308 - 1,221,269 247,667 31,347 83,373 1,784,964
Charge for the year 34,689 - 152,743 214,490 10,077 443 412,442
Disposals - - ( 121,575) ( 227,625) - - ( 349,200)
_________ _________ _________ _________ _________ _________ _________
At 31st December 2023 235,997 - 1,252,437 234,532 41,424 83,816 1,848,206
_________ _________ _________ _________ _________ _________ _________
Carrying amount
At 31st December 2023 148,950 28,744,942 861,169 643,468 30,226 884 30,429,639
_________ _________ _________ _________ _________ _________ _________
At 31st December 2022 183,639 25,211,712 864,458 555,833 40,303 1,327 26,857,272
_________ _________ _________ _________ _________ _________ _________
6. Debtors
2023 2022
£ £
Trade debtors 1,856,512 2,189,069
Other debtors 512,149 231,381
_________ _________
2,368,661 2,420,450
_________ _________
Debtors include £114,800 (31 December 2022 : £237,296) receivable after more than one year.
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 445,223
Trade creditors 564,551 587,877
Social security and other taxes 301,591 360,666
Other creditors 315,646 1,103,114
_________ _________
1,181,788 2,496,880
_________ _________
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 3,675,000 3,675,000
_________ _________