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Company No: 12357662 (England and Wales)

MOORHAVEN FARMS LIMITED

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

MOORHAVEN FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MOORHAVEN FARMS LIMITED

BALANCE SHEET

As at 31 March 2024
MOORHAVEN FARMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 4,596
0 4,596
Current assets
Stocks 0 1,736,651
Debtors 4 67,786 137,087
Cash at bank and in hand 1,900 15,819
69,686 1,889,557
Creditors: amounts falling due within one year 5 ( 40,416) ( 1,875,522)
Net current assets 29,270 14,035
Total assets less current liabilities 29,270 18,631
Creditors: amounts falling due after more than one year 6 ( 28,715) ( 34,259)
Provision for liabilities 0 ( 1,149)
Net assets/(liabilities) 555 ( 16,777)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 554 ( 16,778 )
Total shareholder's funds/(deficit) 555 ( 16,777)

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.

Directors' responsibilities:

The financial statements of Moorhaven Farms Limited (registered number: 12357662) were approved and authorised for issue by the Board of Directors on 28 October 2024. They were signed on its behalf by:

Mrs A J Peacock
Director
MOORHAVEN FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MOORHAVEN FARMS 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

Moorhaven Farms 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 The Pottery, Moorhaven Village, Ivybridge, Devon, PL21 0HB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

Revenue from rental income is recognised in the period to which occupancy occurred. Revenue from land and property development is recognised on exchange of contracts.

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, basis over its expected useful life, as follows:

Plant and machinery 5 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the performance model.

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

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 directors 0 0

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 April 2023 5,995 5,995
Disposals ( 5,995) ( 5,995)
At 31 March 2024 0 0
Accumulated depreciation
At 01 April 2023 1,399 1,399
Disposals ( 1,399) ( 1,399)
At 31 March 2024 0 0
Net book value
At 31 March 2024 0 0
At 31 March 2023 4,596 4,596

4. Debtors

2024 2023
£ £
Trade debtors 0 60,500
Amounts owed by Group undertakings 39,938 45
Prepayments 0 16,846
VAT recoverable 27,848 59,696
67,786 137,087

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,544 1,051,740
Trade creditors 19,253 106,950
Amounts owed to Group undertakings 5,730 397,828
Other loans 0 177,731
Accruals 1,800 89,273
Other creditors 8,089 52,000
40,416 1,875,522

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

2024 2023
£ £
Bank loans 28,715 34,259

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 6,493 12,037

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Transactions with the entity's directors

The Directors have provided personal guarantees on bank loans, limited to £Nil (2023: £166,215) in aggregate, plus interest, fees and costs of collection.

Guarantees

As the Company is a wholly owned subsidiary of Moorhaven Holdings Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.