Company Registration No. 03242849 (England and Wales)
Michaelmas Farming Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Michaelmas Farming Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Michaelmas Farming Limited
Balance sheet
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,925,744
2,485,556
Investments
4
1,072,009
1,065,509
3,997,753
3,551,065
Current assets
Stocks
99,694
293,018
Debtors
5
368,025
23,648
Cash at bank and in hand
17,810
624,184
485,529
940,850
Creditors: amounts falling due within one year
6
(627,241)
(534,810)
Net current (liabilities)/assets
(141,712)
406,040
Total assets less current liabilities
3,856,041
3,957,105
Provisions for liabilities
(30)
(46)
Net assets
3,856,011
3,957,059
Capital and reserves
Called up share capital
8
160,369
160,369
Share premium account
2,022,137
2,022,137
Profit and loss reserves
1,673,505
1,774,553
Total equity
3,856,011
3,957,059

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Michaelmas Farming Limited
Balance sheet (continued)
As at 31 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
The Earl Bathurst
Director
Company Registration No. 03242849
Michaelmas Farming Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information

Michaelmas Farming Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bathurst Estate Office, Cirencester Park, Cirencester, Gloucestershire, GL7 2BU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets other than freehold land are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost less estimated residual values of each asset over its expected useful life, as follows:
Freehold buildings
4% straight line
Plant and machinery
12.5% - 15% straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Rentals receivable under operating leases and similar agreements are recognised on a straight line basis over a period of the lease or agreement.
1.5
Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Michaelmas Farming Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks
Stock is valued at the lower of cost and net realisable value.
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Michaelmas Farming Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was nil (2023: nil).

Michaelmas Farming Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
2,595,844
2,734
2,598,578
Additions
447,500
-
0
447,500
At 31 March 2024
3,043,344
2,734
3,046,078
Depreciation and impairment
At 1 April 2023
110,313
2,709
113,022
Depreciation charged in the year
7,287
25
7,312
At 31 March 2024
117,600
2,734
120,334
Carrying amount
At 31 March 2024
2,925,744
-
0
2,925,744
At 31 March 2023
2,485,531
25
2,485,556
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,072,009
1,065,509

The investment is wholly in Michaelmas Trading LLP, a limited liability partnership incorporated in England and Wales. Further information is given in the related parties note to these financial statements.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
1,091,184
Additions
6,500
At 31 March 2024
1,097,684
Impairment
At 1 April 2023 & 31 March 2024
25,675
Carrying amount
At 31 March 2024
1,072,009
At 31 March 2023
1,065,509
Michaelmas Farming Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,005
4,687
Other debtors
353,020
18,961
368,025
23,648
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
18,769
18,769
Trade creditors
281,278
233,511
Corporation tax
5,991
65,009
Other creditors
321,203
217,521
627,241
534,810
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
30
46
2024
Movements in the year:
£
Liability at 1 April 2023
46
Credit to profit or loss
(16)
Liability at 31 March 2024
30
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
160,369 ordinary shares of £1 each
160,369
160,369
Michaelmas Farming Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
9
Related party transactions

During the year the company sold services to and purchased goods and services from Cirencester Park Farms Limited, a company with directors and ownership in common. Total sales and purchases during the year amounted to £21,031 (2023: £20,854) and £83,889 (2023: £39,390) respectively. At the year end £165 (2023: £nil) was owed to Cirencester Park Farms Limited.

During the year the company made sales of £14,904 (2023: £21,476) and purchases of £38,105 (2023: £118,333) for agricultural contracting and managerial services from Bathurst Estate Farming Limited, a company with directors and ownership in common. All purchases were made at arm's length. At the year end £173 (2023: £269) was owed to Bathurst Estate Farming Limited.

During the year the company sold goods of £546,188 (2023: £4,058) and made purchase of £840,544 (2023: £251) to/from Kemble Farms Limited, a company with directors and ownership in common. All purchases were made at arm's length. At the year end £13,226 (2023: £nil) was owed by Kemble Farms Limited.

The company holds a 50% share in Michaelmas Trading LLP at a cost amounting to £1,072,010 (2023: £1,065,509), which is reflected as a fixed asset investment. The company receives a 75% share of profits and a 10% share of losses of Michaelmas Trading LLP. The aggregate amount by which the investment had been written down at the year end amounted to £25,675 (2023: £25,675).

Earl Bathurst is a beneficiary of the Earl Bathurst Estate Settlement 1963. During the year the company paid £210,650 (2023: £271,794) for items and services purchased through the Earl Bathurst Estate Settlement 1963 and received compensation from the Settlement totalling £nil (2023: £188,268) in respect of a surrendered lease. At the year end £232,977 (2023: £210,650) was owed to the Earl Bathurst Estate Settlement 1963.

The Earl Bathurst Estate Settlement 1963 advanced monies to the company during the year, totalling £nil (2023: £nil), to fund the investment in Michaelmas Trading LLP. At the year end £198,075 (2023: £198,075) was owing to the fund.

2024-03-312023-04-01false14 October 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityKeith James Bruce-SmithThe Earl BathurstPeter Cleggfalsefalse2024-10-110032428492023-04-012024-03-31032428492024-03-31032428492023-03-3103242849core:LandBuildings2024-03-3103242849core:OtherPropertyPlantEquipment2024-03-3103242849core:LandBuildings2023-03-3103242849core:OtherPropertyPlantEquipment2023-03-3103242849core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3103242849core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103242849core:CurrentFinancialInstruments2024-03-3103242849core:CurrentFinancialInstruments2023-03-3103242849core:ShareCapital2024-03-3103242849core:ShareCapital2023-03-3103242849core:SharePremium2024-03-3103242849core:SharePremium2023-03-3103242849core:RetainedEarningsAccumulatedLosses2024-03-3103242849core:RetainedEarningsAccumulatedLosses2023-03-3103242849bus:Director22023-04-012024-03-3103242849core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3103242849core:PlantMachinery2023-04-012024-03-3103242849core:LandBuildings2023-03-3103242849core:OtherPropertyPlantEquipment2023-03-31032428492023-03-3103242849core:LandBuildings2023-04-012024-03-3103242849core:OtherPropertyPlantEquipment2023-04-012024-03-3103242849core:WithinOneYear2024-03-3103242849core:WithinOneYear2023-03-3103242849bus:PrivateLimitedCompanyLtd2023-04-012024-03-3103242849bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103242849bus:FRS1022023-04-012024-03-3103242849bus:AuditExemptWithAccountantsReport2023-04-012024-03-3103242849bus:Director12023-04-012024-03-3103242849bus:CompanySecretary12023-04-012024-03-3103242849bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP