Registered number
08056470
Marles Farm Services Limited
Unaudited Filleted Accounts
29 February 2024
Marles Farm Services Limited
Registered number: 08056470
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,419 3,144
Current assets
Stocks 9,390 11,077
Debtors 4 25,944 29,004
Cash at bank and in hand 7,965 20,058
43,299 60,139
Creditors: amounts falling due within one year 5 (17,140) (19,066)
Net current assets 26,159 41,073
Total assets less current liabilities 28,578 44,217
Creditors: amounts falling due after more than one year 6 (5,260) (9,361)
Provisions for liabilities (460) (596)
Net assets 22,858 34,260
Capital and reserves
Called up share capital 1 1
Profit and loss account 22,857 34,259
Shareholder's funds 22,858 34,260
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Marles
Director
Approved by the board on 30 September 2024
Marles Farm Services Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 5,269 14,700 19,969
At 29 February 2024 5,269 14,700 19,969
Depreciation
At 1 March 2023 5,111 11,714 16,825
Charge for the year 128 597 725
At 29 February 2024 5,239 12,311 17,550
Net book value
At 29 February 2024 30 2,389 2,419
At 28 February 2023 158 2,986 3,144
4 Debtors 2024 2023
£ £
Trade debtors 4,051 5,040
Other debtors 21,893 23,964
25,944 29,004
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,073 3,971
Trade creditors 5,820 5,023
Taxation and social security costs - 2,591
Other creditors 7,247 7,481
17,140 19,066
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,260 9,361
7 Loans (to)/from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Director
Interest free, repayable on demand 10,539 11,776 (10,748) 11,567
10,539 11,776 (10,748) 11,567
8 Other information
Marles Farm Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Parsonage Cottage
Cottles Lane
Woodbury
Exeter
EX5 1EE
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