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Company No: 04613100 (England and Wales)

MARTIN HASKETT AGRICULTURAL CONTRACTORS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MARTIN HASKETT AGRICULTURAL CONTRACTORS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MARTIN HASKETT AGRICULTURAL CONTRACTORS LIMITED

BALANCE SHEET

As at 31 March 2024
MARTIN HASKETT AGRICULTURAL CONTRACTORS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 9,305,466 8,761,425
9,305,466 8,761,425
Current assets
Stocks 4 122,310 217,356
Debtors 5 1,081,750 1,247,768
Cash at bank and in hand 6 453,666 289,285
1,657,726 1,754,409
Creditors: amounts falling due within one year 7 ( 3,915,297) ( 3,679,974)
Net current liabilities (2,257,571) (1,925,565)
Total assets less current liabilities 7,047,895 6,835,860
Creditors: amounts falling due after more than one year 8 ( 518,912) ( 949,843)
Provision for liabilities ( 874,688) ( 583,599)
Net assets 5,654,295 5,302,418
Capital and reserves
Called-up share capital 100 100
Profit and loss account 5,654,195 5,302,318
Total shareholders' funds 5,654,295 5,302,418

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Martin Haskett Agricultural Contractors Limited (registered number: 04613100) were approved and authorised for issue by the Director on 23 September 2024. They were signed on its behalf by:

Mr M H Haskett
Director
MARTIN HASKETT AGRICULTURAL CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MARTIN HASKETT AGRICULTURAL CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Martin Haskett Agricultural Contractors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of
services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates
and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Land and buildings 20 years straight line
not depreciated
Plant and machinery 10 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 9

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 789,012 9,057,859 147,202 5,133 9,999,206
Additions 0 6,085,200 131,312 0 6,216,512
Disposals 0 ( 5,248,262) ( 85,289) 0 ( 5,333,551)
At 31 March 2024 789,012 9,894,797 193,225 5,133 10,882,167
Accumulated depreciation
At 01 April 2023 136,701 1,048,452 48,482 4,146 1,237,781
Charge for the financial year 17,584 602,234 20,653 247 640,718
Disposals 0 ( 294,854) ( 6,944) 0 ( 301,798)
At 31 March 2024 154,285 1,355,832 62,191 4,393 1,576,701
Net book value
At 31 March 2024 634,727 8,538,965 131,034 740 9,305,466
At 31 March 2023 652,311 8,009,407 98,720 987 8,761,425

4. Stocks

2024 2023
£ £
Stocks 122,310 217,356

5. Debtors

2024 2023
£ £
Trade debtors 980,713 969,545
VAT recoverable 101,037 118,392
Other debtors 0 159,831
1,081,750 1,247,768

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 453,666 289,285

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 9,229 10,030
Trade creditors 2,389,397 1,998,724
Taxation and social security 61,556 60,074
Obligations under finance leases and hire purchase contracts 675,599 1,287,338
Other creditors 779,516 323,808
3,915,297 3,679,974

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 35,323 43,679
Obligations under finance leases and hire purchase contracts 483,589 906,164
518,912 949,843

The loan liabilities disclosed under creditors are secured against specific assets held by the company.
The HP liabilities disclosed under creditors are secured against the assets to which they relate.

9. Related party transactions

Other related party transactions

Included within other creditors is a loan to pay to an associated company of £186,197 (2023 - £159,831 in other debtors LY). The loan is interest free and repayable on demand.

Included within other borrowings is a loan due from a related party of £257,147 (2022 - £262,433). The loan is interest free and repayable on demand.

The company's immediate parent is Grove Farm Holdings Limited, incorporated in England and Wales.