REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Mid Wales Food and Land Trust Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
RESERVES |
Revaluation reserve | 7 |
Other reserves |
Income and expenditure account | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other creditors |
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2023 |
and 31 December 2023 |
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. |