REGISTERED NUMBER: |
Mertoun Estate Farms Limited |
Unaudited Financial Statements |
for the Year Ended 31st March 2024 |
REGISTERED NUMBER: |
Mertoun Estate Farms Limited |
Unaudited Financial Statements |
for the Year Ended 31st March 2024 |
Mertoun Estate Farms Limited (Registered number: 04030000) |
Contents of the Financial Statements |
for the year ended 31st March 2024 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 8 |
Mertoun Estate Farms Limited |
Company Information |
for the year ended 31st March 2024 |
Directors: |
Secretary: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Mertoun Estate Farms Limited (Registered number: 04030000) |
Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
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 |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
Mertoun Estate Farms Limited (Registered number: 04030000) |
Balance Sheet - continued |
31st March 2024 |
The directors acknowledge their 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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mertoun Estate Farms Limited (Registered number: 04030000) |
Notes to the Financial Statements |
for the year ended 31st March 2024 |
1. | Statutory information |
Mertoun Estate Farms Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and accumulated impairment losses. |
BPS entitlements bought in the year ended 31 March 2016 have been fully amortised over their estimated useful life of five years. |
BPS entitlements bought in the current year to be fully amortised over their estimated useful life of two years. |
Other intangible assets are being amortised over their estimated useful life of twenty five years. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion. |
Mertoun Estate Farms Limited (Registered number: 04030000) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2024 |
2. | Accounting policies - continued |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, directors loans and hire purchase contracts. |
Hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors' loans (being repayable on demand), trade debtors, trade creditors, accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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. |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings. |
Investments |
Current asset investments are at the lower of cost and net realisable value. |
Mertoun Estate Farms Limited (Registered number: 04030000) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2024 |
2. | Accounting policies - continued |
Going concern |
The director has considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and has an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing these financial statements |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Employee benefits |
Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Other |
BPS | intangible |
entitlements | assets | Totals |
£ | £ | £ |
Cost |
At 1st April 2023 |
Additions |
At 31st March 2024 |
Amortisation |
At 1st April 2023 |
Amortisation for year |
At 31st March 2024 |
Net book value |
At 31st March 2024 |
At 31st March 2023 |
Mertoun Estate Farms Limited (Registered number: 04030000) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2024 |
5. | Tangible fixed assets |
Improvements |
to | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1st April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st March 2024 |
Depreciation |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st March 2024 |
Net book value |
At 31st March 2024 |
At 31st March 2023 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | Current asset investments |
2024 | 2023 |
£ | £ |
Unlisted investments | 1,317 | 1,317 |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 10) |
Trade creditors |
Taxation and social security | ( |
) |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 10) |
Other creditors |
Mertoun Estate Farms Limited (Registered number: 04030000) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2024 |
10. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
11. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 93,646 | 122,326 |
Hire purchase contracts are secured on the assets concerned. |
12. | Employee benefit obligations |
The company operates a pension scheme providing benefits based on final pensionable pay, which is closed to new members. The assets of the scheme are held separately from those of the company and are invested. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over employees' working lives with the company. The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The most recent valuation was at 31st March 2022. The assumptions that have the most significant effect on the results of the valuation are those relating to the rate of return on investments and the rate of increase in salaries and pensions. |
The pension charge for the year was £55,209 (2023 - £49,498). |
The most recent triennial review to 31st March 2022 concluded in mid 2023 that the scheme was now in surplus. |