REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Ian Mason Farms Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Ian Mason Farms Limited |
Ian Mason Farms Limited (Registered number: 03127813) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Ian Mason Farms Limited |
Company Information |
for the Year Ended 30 June 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
22-26 King Street |
King's Lynn |
Norfolk |
PE30 1HJ |
Ian Mason Farms Limited (Registered number: 03127813) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Ian Mason Farms Limited (Registered number: 03127813) |
Balance Sheet - continued |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Capital and reserves |
Called up share capital |
Capital redemption reserve |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Ian Mason Farms Limited (Registered number: 03127813) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | Statutory information |
Ian Mason Farms Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
A review for indicators of impairment of fixed assets is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Ian Mason Farms Limited (Registered number: 03127813) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | Accounting policies - continued |
Financial instruments |
The company classifies its financial instruments in the following categories: measured at amortised cost; and measured at fair value through profit and loss. The classification is determined at initial recognition and depends on the purpose for which the financial instruments are required. |
Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets are included in current assets, except where the maturity date is more than 12 months after the end of the reporting period. They are initially recorded at fair value and subsequently recorded at amortised cost. Financial liabilities are included in current liabilities, except where the maturity date is more than 12 months after the end of the reporting period. They are initially measured at original cost, less amortisation or provisions raised. |
Measured at fair value through profit and loss includes financial assets and liabilities. They are classified according to maturity date, within current and non-current assets and liabilities respectively. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Ian Mason Farms Limited (Registered number: 03127813) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Long | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
Investment property of £221,386 (2023: £227,250) is included within Land and buildings. It is shown at open market value as per the accounting policies and is revalued each year at the balance sheet date by the director. The director's opinion is that the open market value of the investment property is equal to the historical cost less necessary deprecation. |
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
6. | Fixed asset investments |
Other |
investments |
£ |
Cost or valuation |
Additions |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
Ian Mason Farms Limited (Registered number: 03127813) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | Fixed asset investments - continued |
Cost or valuation at 30 June 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2024 | 250,000 |
7. | Debtors: amounts falling due within one year |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Other debtors |
8. | Creditors: amounts falling due within one year |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
A personal guarantee has been provided by the Director for £Nil (2023: £27,368) included within bank loans and overdrafts. |
9. | Creditors: amounts falling due after more than one year |
30.6.24 | 30.6.23 |
£ | £ |
Hire purchase contracts |
Other creditors |
Included within Other creditors due in more than one year is a balance of £1,092,000 (2023: £1,142,000) relating to redeemable preference shares. The redeemable preference shares the company had in issue at the balance sheet date have no fixed date for redemption, and are redeemable at the shareholder or company's option, with no premium payable on redemption. |
Included within Other creditors due in more than one year is deferred income of £456,470 (2023: £479,294). The income, from a government grant is being released to the profit and loss account over the 25 year useful life of the fixed asset it funded. £365,176 is due to be released in more than 5 years from the balance sheet date. |
Ian Mason Farms Limited (Registered number: 03127813) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | Secured debts |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Hire purchase contracts | 96,666 | 153,597 |
11. | Capital commitments |
30.6.24 | 30.6.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |