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Registration number: 09401122

My The Orchards Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

My The Orchards Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

My The Orchards Ltd

Company Information



 

Director

Mr Paul Hearn

Registered office

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

Accountants

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

My The Orchards Ltd

(Registration number: 09401122)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

250,037

353,500

Tangible assets

5

2,478,731

2,538,077

 

2,728,768

2,891,577

Current assets

 

Debtors

6

85,994

72,897

Cash at bank and in hand

 

72,252

89,906

 

158,246

162,803

Creditors: Amounts falling due within one year

7

(2,470,877)

(2,628,342)

Net current liabilities

 

(2,312,631)

(2,465,539)

Total assets less current liabilities

 

416,137

426,038

Provisions for liabilities

(19,683)

(12,585)

Net assets

 

396,454

413,453

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

396,444

413,443

Shareholders' funds

 

396,454

413,453

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

My The Orchards Ltd

(Registration number: 09401122)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

.........................................
Mr Paul Hearn
Director

 

My The Orchards Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR
England

The principal place of business is:
3 Sutton Road
Mansfield
NG18 5ET

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sale taxes.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

My The Orchards Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and building

2% on cost

Improvements to property

2% on cost

Fixtures and fittings

25% on reducing balance

Computer equipment

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

My The Orchards Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 53 (2022 - 48).

 

My The Orchards Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

1,010,000

1,010,000

At 31 December 2023

1,010,000

1,010,000

Amortisation

At 1 January 2023

656,500

656,500

Amortisation charge

103,463

103,463

At 31 December 2023

759,963

759,963

Carrying amount

At 31 December 2023

250,037

250,037

At 31 December 2022

353,500

353,500

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

2,763,209

353,111

11,145

1,247

3,128,712

Additions

-

24,904

-

1,113

26,017

At 31 December 2023

2,763,209

378,015

11,145

2,360

3,154,729

Depreciation

At 1 January 2023

328,035

256,344

5,399

857

590,635

Charge for the year

55,306

28,286

1,436

335

85,363

At 31 December 2023

383,341

284,630

6,835

1,192

675,998

Carrying amount

At 31 December 2023

2,379,868

93,385

4,310

1,168

2,478,731

At 31 December 2022

2,435,174

96,767

5,746

390

2,538,077

Included within the net book value of land and buildings above is £2,379,868 (2022 - £2,435,174) in respect of freehold land and buildings.
 

 

My The Orchards Ltd

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

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

36,056

37,804

Amounts owed by related parties

9

33,917

31,517

Prepayments

 

16,021

3,576

   

85,994

72,897

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

53,377

39,227

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

2,241,799

2,440,649

Taxation and social security

 

59,447

6,438

Accruals and deferred income

 

51,605

139,776

Other creditors

 

64,649

2,252

 

2,470,877

2,628,342

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

         
 

My The Orchards Ltd

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

9

Related party transactions

Summary of transactions with other related parties

During the year the company received loans from related companies under common control.
 

Loans to related parties

2023

Other related parties
£

At start of period

31,517

Advanced

2,400

At end of period

33,917

2022

Other related parties
£

At start of period

4,200

Advanced

27,317

At end of period

31,517

Loans from related parties

2023

Other related parties
£

At start of period

2,440,649

Repaid

(198,850)

At end of period

2,241,799

2022

Other related parties
£

At start of period

963,232

Advanced

1,487,500

Repaid

(10,083)

At end of period

2,440,649

Terms of loans from related parties

The loans are interest free and repayable on demand.