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REGISTERED NUMBER: 08966282 (England and Wales)















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: C J Cook
Mrs M C Cook
J C Cook
A A Cook





SECRETARY: Mrs M C Cook





REGISTERED OFFICE: 180 Ombersley Road
Worcester
WR3 7HA





REGISTERED NUMBER: 08966282 (England and Wales)






Midland Provincial Farms Limited (Registered number: 08966282)

Abridged Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 602 2,047
Tangible assets 5 1,447,205 1,451,167
Investment property 6 1,241,500 1,241,500
2,689,307 2,694,714

CURRENT ASSETS
Stocks - 900
Debtors 12,430 12,825
Cash at bank 104,488 79,526
116,918 93,251
CREDITORS
Amounts falling due within one year 56,817 67,886
NET CURRENT ASSETS 60,101 25,365
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,749,408

2,720,079

CAPITAL AND RESERVES
Called up share capital 26,000 26,000
Share premium 2,670,788 2,670,788
Investment property
revaluation reserve 7 241,500 241,500
Retained earnings (188,880 ) (218,209 )
SHAREHOLDERS' FUNDS 2,749,408 2,720,079

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 23rd August 2024 and were signed on its behalf by:



C J Cook - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property
Improvements to property - 2% on cost
Plant and machinery - 20% on reducing balance
Computer equipment - 33% on cost

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 4 (2022 - 4 ) .

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 14,450
AMORTISATION
At 1st January 2023 12,403
Amortisation for year 1,445
At 31st December 2023 13,848
NET BOOK VALUE

At 31st December 2023 602
At 31st December 2022 2,047

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st January 2023
and 31st December 2023 2,060,415
DEPRECIATION
At 1st January 2023 609,248
Charge for year 3,962
At 31st December 2023 613,210
NET BOOK VALUE
At 31st December 2023 1,447,205
At 31st December 2022 1,451,167

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 1,241,500
NET BOOK VALUE
At 31st December 2023 1,241,500
At 31st December 2022 1,241,500

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 241,500