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Company Registration number: 08906337

M G & S Harper Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 March 2024

 

M G & S Harper Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

M G & S Harper Limited

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

100

1,600

Tangible assets

5

558,213

557,194

 

558,313

558,794

Current assets

 

Stocks

6

46,875

43,890

Debtors

7

74,921

82,052

Cash at bank and in hand

 

405,589

381,703

 

527,385

507,645

Creditors: Amounts falling due within one year

8

(251,748)

(321,699)

Net current assets

 

275,637

185,946

Total assets less current liabilities

 

833,950

744,740

Provisions for liabilities

(66,574)

(51,776)

Net assets

 

767,376

692,964

Capital and reserves

 

Called up share capital

100

100

Retained earnings

767,276

692,864

Shareholders' funds

 

767,376

692,964

 

M G & S Harper Limited

Balance Sheet as at 31 March 2024 (continued)

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 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 08906337

Approved and authorised by the Board on 8 July 2024 and signed on its behalf by:
 

.........................................
Mr M G Harper
Director

 

M G & S Harper Limited

Notes to the financial statements for the Year Ended 31 March 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:
West House Farm
Dearham
Maryport
CA15 7LD

These financial statements were authorised for issue by the Board on 8 July 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

M G & S Harper Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

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. Actual results may differ from these estimates.

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 that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's 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 corporation 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

M G & S Harper Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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

Fixtures and fittings

25% reducing balance

Office equipment

4 years straight line

Motor vehicles

25% reducing balance

Plant and machinery

20% reducing balance

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

Entitlements

10 years straight line

Milk quota

5 years straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

M G & S Harper Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

INTANGIBLE ASSETS

Entitlements
 £

Milk quota
£

Investments
£

Total
£

Cost or valuation

At 1 April 2023

15,000

6,436

100

21,536

Disposals

(15,000)

(6,436)

-

(21,436)

At 31 March 2024

-

-

100

100

Amortisation

At 1 April 2023

13,500

6,436

-

19,936

Amortisation eliminated on disposals

(13,500)

(6,436)

-

(19,936)

At 31 March 2024

-

-

-

-

Carrying amount

At 31 March 2024

-

-

100

100

At 31 March 2023

1,500

-

100

1,600

 

M G & S Harper Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

5

TANGIBLE ASSETS

Fixtures and
fittings
£

Office equipment
 £

Motor vehicles
 £

Plant and
machinery
£

Herd
 £

Total
£

Cost or valuation

At 1 April 2023

123,287

3,663

22,141

544,133

204,600

897,824

Additions

-

602

-

62,509

-

63,111

Disposals

-

-

-

(1,200)

(1,500)

(2,700)

At 31 March 2024

123,287

4,265

22,141

605,442

203,100

958,235

Depreciation

At 1 April 2023

19,182

3,124

18,200

300,124

-

340,630

Charge for the year

4,164

431

985

54,851

-

60,431

Eliminated on disposal

-

-

-

(1,039)

-

(1,039)

At 31 March 2024

23,346

3,555

19,185

353,936

-

400,022

Carrying amount

At 31 March 2024

99,941

710

2,956

251,506

203,100

558,213

At 31 March 2023

104,105

539

3,941

244,009

204,600

557,194

 

M G & S Harper Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

6

STOCKS

2024
£

2023
£

Trading stock

46,875

43,890

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

22,882

26,851

Prepayments

12,055

9,734

Other debtors

39,984

45,467

 

74,921

82,052

8

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

948

-

Trade creditors

 

56,372

115,755

Taxation and social security

 

28,015

54,266

Accruals and deferred income

 

106,957

93,125

Other creditors

 

59,456

58,553

 

251,748

321,699


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £948 (2023 - £NIL).

9

LOANS AND BORROWINGS

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

948

-