Mowgate Limited 03032117 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is agricultural contracting and civil engineering. Digita Accounts Production Advanced 6.30.9574.0 true 03032117 2023-07-01 2024-06-30 03032117 2024-06-30 03032117 core:RetainedEarningsAccumulatedLosses 2024-06-30 03032117 core:ShareCapital 2024-06-30 03032117 core:CurrentFinancialInstruments 2024-06-30 03032117 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 03032117 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 03032117 core:Goodwill 2024-06-30 03032117 core:FurnitureFittings 2024-06-30 03032117 core:PlantMachinery 2024-06-30 03032117 1 2024-06-30 03032117 bus:SmallEntities 2023-07-01 2024-06-30 03032117 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03032117 bus:FullAccounts 2023-07-01 2024-06-30 03032117 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03032117 bus:RegisteredOffice 2023-07-01 2024-06-30 03032117 bus:Director1 2023-07-01 2024-06-30 03032117 bus:Director1 1 2023-07-01 2024-06-30 03032117 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03032117 core:Goodwill 2023-07-01 2024-06-30 03032117 core:FurnitureFittings 2023-07-01 2024-06-30 03032117 core:OfficeEquipment 2023-07-01 2024-06-30 03032117 core:PlantMachinery 2023-07-01 2024-06-30 03032117 1 2023-07-01 2024-06-30 03032117 countries:EnglandWales 2023-07-01 2024-06-30 03032117 2023-06-30 03032117 core:Goodwill 2023-06-30 03032117 core:FurnitureFittings 2023-06-30 03032117 core:PlantMachinery 2023-06-30 03032117 2022-07-01 2023-06-30 03032117 2023-06-30 03032117 core:RetainedEarningsAccumulatedLosses 2023-06-30 03032117 core:ShareCapital 2023-06-30 03032117 core:CurrentFinancialInstruments 2023-06-30 03032117 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 03032117 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 03032117 core:FurnitureFittings 2023-06-30 03032117 core:PlantMachinery 2023-06-30 03032117 1 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 03032117

Mowgate Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Mowgate Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Mowgate Limited

Company Information

Director

Mr M Lansdown

Registered office

Dairy House
Somerleaze
Wookey
Wells
Somerset
BA5 1JU

Accountants

Moore Scarrott Rural Ltd
Chartered Accountants
Calyx House
South Road
Taunton
Somerset
TA1 3DU

 

Mowgate Limited

(Registration number: 03032117)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

138,581

163,036

Current assets

 

Debtors

6

65,141

23,887

Creditors: Amounts falling due within one year

(77,300)

(65,263)

Net current liabilities

 

(12,159)

(41,376)

Total assets less current liabilities

 

126,422

121,660

Creditors: Amounts falling due after more than one year

(13,741)

(32,858)

Provisions for liabilities

(34,645)

(30,977)

Net assets

 

78,036

57,825

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

78,033

57,822

Shareholders' funds

 

78,036

57,825

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

Approved and authorised by the director on 30 September 2024
 

Mr M Lansdown

Director

 

Mowgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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:
Dairy House
Somerleaze
Wookey
Wells
Somerset
BA5 1JU

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Mowgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Plant and machinery

15% straight line

Office equipment

33% straight line

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

Straight line basis over 10 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 4).

 

Mowgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

30,000

30,000

At 30 June 2024

30,000

30,000

Amortisation

At 1 July 2023

30,000

30,000

At 30 June 2024

30,000

30,000

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Fixtures and fittings
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

1,450

331,234

332,684

At 30 June 2024

1,450

331,234

332,684

Depreciation

At 1 July 2023

1,450

168,198

169,648

Charge for the year

-

24,455

24,455

At 30 June 2024

1,450

192,653

194,103

Carrying amount

At 30 June 2024

-

138,581

138,581

At 30 June 2023

-

163,036

163,036

 

Mowgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

2024
£

2023
£

Trade debtors

22,667

3,562

Other debtors

42,474

20,325

65,141

23,887

7

Creditors

2024
£

2023
£

Due within one year

Bank loans and overdrafts

6,206

22,699

HP and finance lease liabilities

19,116

26,641

Taxation and social security

19,081

7,047

Other creditors

14,487

8,876

Corporation tax control

18,410

-

77,300

65,263

Due after more than one year

HP and finance lease liabilities

13,741

32,858

Bank borrowings

Bank overdrafts have a carrying amount at year end of £6,205 (2023 - £22,698).

The liability is secured via a fixed and floating charge over the assets and trade of the company.

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £44,857 (2020 - £15,950).

Other borrowings

The carrying amount of Finance lease liabilities at year end is £32,858 (2023 - £71,395).

The finance lease liabilities are secured against the assets to which they relate.

8

Related party transactions

Advances to directors


Mr M Lansdown

During the period Mr M Lansdown went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £31,402 (2023 - £39,842). At the year end the amount outstanding from Mr M Lansdown was £31,402 (2023 - £13,658). Interest has been charged at the commercial rate.