IRIS Accounts Production v24.3.0.553 04019743 Board of Directors 1.7.23 30.6.24 30.6.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh040197432023-06-30040197432024-06-30040197432023-07-012024-06-30040197432022-06-30040197432022-07-012023-06-30040197432023-06-3004019743ns15:EnglandWales2023-07-012024-06-3004019743ns14:PoundSterling2023-07-012024-06-3004019743ns10:Director12023-07-012024-06-3004019743ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3004019743ns10:SmallEntities2023-07-012024-06-3004019743ns10:AuditExempt-NoAccountantsReport2023-07-012024-06-3004019743ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3004019743ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3004019743ns10:FullAccounts2023-07-012024-06-300401974312023-07-012024-06-3004019743ns10:Director22023-07-012024-06-3004019743ns10:Director32023-07-012024-06-3004019743ns10:Director42023-07-012024-06-3004019743ns10:RegisteredOffice2023-07-012024-06-3004019743ns5:CurrentFinancialInstruments2024-06-3004019743ns5:CurrentFinancialInstruments2023-06-3004019743ns5:Non-currentFinancialInstruments2024-06-3004019743ns5:Non-currentFinancialInstruments2023-06-3004019743ns5:ShareCapital2024-06-3004019743ns5:ShareCapital2023-06-3004019743ns5:RetainedEarningsAccumulatedLosses2024-06-3004019743ns5:RetainedEarningsAccumulatedLosses2023-06-3004019743ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3004019743ns5:ComputerSoftware2023-07-012024-06-3004019743ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-07-012024-06-3004019743ns5:LeaseholdImprovements2023-07-012024-06-3004019743ns5:PlantMachinery2023-07-012024-06-3004019743ns5:FurnitureFittings2023-07-012024-06-3004019743ns5:MotorVehicles2023-07-012024-06-3004019743ns5:ComputerEquipment2023-07-012024-06-3004019743ns5:ComputerSoftware2023-06-3004019743ns5:ComputerSoftware2024-06-3004019743ns5:ComputerSoftware2023-06-3004019743ns5:LandBuildings2023-06-3004019743ns5:LeaseholdImprovements2023-06-3004019743ns5:PlantMachinery2023-06-3004019743ns5:LandBuildings2023-07-012024-06-3004019743ns5:LandBuildings2024-06-3004019743ns5:LeaseholdImprovements2024-06-3004019743ns5:PlantMachinery2024-06-3004019743ns5:LandBuildings2023-06-3004019743ns5:LeaseholdImprovements2023-06-3004019743ns5:PlantMachinery2023-06-3004019743ns5:FurnitureFittings2023-06-3004019743ns5:MotorVehicles2023-06-3004019743ns5:ComputerEquipment2023-06-3004019743ns5:FurnitureFittings2024-06-3004019743ns5:MotorVehicles2024-06-3004019743ns5:ComputerEquipment2024-06-3004019743ns5:FurnitureFittings2023-06-3004019743ns5:MotorVehicles2023-06-3004019743ns5:ComputerEquipment2023-06-3004019743ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3004019743ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3004019743ns5:Secured2024-06-3004019743ns5:Secured2023-06-3004019743ns5:DeferredTaxation2023-06-3004019743ns5:DeferredTaxation2024-06-30
REGISTERED NUMBER: 04019743 (England and Wales)








Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Mildmay Farm & Stud Limited

Mildmay Farm & Stud Limited (Registered number: 04019743)

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


Mildmay Farm & Stud Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Dr S B Drew
N R R Drew
Miss P B Drew
O V Nash





REGISTERED OFFICE: Larksborough Farm
Newbury Road
Whitchurch
Hampshire
RG28 7PN





REGISTERED NUMBER: 04019743 (England and Wales)





ACCOUNTANTS: Lane Monnington Welton
Chartered Accountants
Riverside View
Basing Road
Old Basing
Basingstoke
Hampshire
RG24 7AL

Mildmay Farm & Stud Limited (Registered number: 04019743)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,875,945 4,328,629
3,875,945 4,328,629

CURRENT ASSETS
Stocks 9,550 4,830
Debtors 6 83,072 144,045
Cash at bank 68,109 40,362
160,731 189,237
CREDITORS
Amounts falling due within one year 7 214,261 396,965
NET CURRENT LIABILITIES (53,530 ) (207,728 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,822,415

4,120,901

CREDITORS
Amounts falling due after more than one
year

8

(2,749,752

)

(2,992,463

)

PROVISIONS FOR LIABILITIES 10 (29,035 ) (34,924 )
NET ASSETS 1,043,628 1,093,514

CAPITAL AND RESERVES
Called up share capital 265,002 265,002
Retained earnings 778,626 828,512
SHAREHOLDERS' FUNDS 1,043,628 1,093,514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Mildmay Farm & Stud Limited (Registered number: 04019743)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:





Dr S B Drew - Director


Mildmay Farm & Stud Limited (Registered number: 04019743)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. STATUTORY INFORMATION

Mildmay Farm & Stud Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 0% on land
Improvements to property - 5% on cost
Plant and machinery - 20% on cost and 15% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Debtors and creditors payable/receivable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.


Mildmay Farm & Stud Limited (Registered number: 04019743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued
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, adjusted for indexation where applicable.

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.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

Mildmay Farm & Stud Limited (Registered number: 04019743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


4. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 1 July 2023 2,470
Disposals (2,470 )
At 30 June 2024 -
AMORTISATION
At 1 July 2023 2,470
Eliminated on disposal (2,470 )
At 30 June 2024 -
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 July 2023 3,832,300 1,099,396 288,793
Additions - - 2,198
Disposals (402,809 ) - -
At 30 June 2024 3,429,491 1,099,396 290,991
DEPRECIATION
At 1 July 2023 - 688,929 230,866
Charge for year - 40,209 11,147
Eliminated on disposal - - -
At 30 June 2024 - 729,138 242,013
NET BOOK VALUE
At 30 June 2024 3,429,491 370,258 48,978
At 30 June 2023 3,832,300 410,467 57,927

Mildmay Farm & Stud Limited (Registered number: 04019743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 23,663 94,458 9,731 5,348,341
Additions - 10,217 - 12,415
Disposals - (10,000 ) - (412,809 )
At 30 June 2024 23,663 94,675 9,731 4,947,947
DEPRECIATION
At 1 July 2023 20,019 71,399 8,499 1,019,712
Charge for year 972 7,873 309 60,510
Eliminated on disposal - (8,220 ) - (8,220 )
At 30 June 2024 20,991 71,052 8,808 1,072,002
NET BOOK VALUE
At 30 June 2024 2,672 23,623 923 3,875,945
At 30 June 2023 3,644 23,059 1,232 4,328,629

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 78,642 140,495
Other debtors 4,430 3,550
83,072 144,045

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 72,000 115,000
Trade creditors 10,735 50,038
Taxation and social security 12,298 69,949
Other creditors 119,228 161,978
214,261 396,965

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 175,470 378,575
Other creditors 2,574,282 2,613,888
2,749,752 2,992,463

Mildmay Farm & Stud Limited (Registered number: 04019743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank loans 247,470 493,575

10. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax 29,035 34,924

Deferred
tax
£   
Balance at 1 July 2023 34,924
Accelerated capital allowances (5,889 )
Balance at 30 June 2024 29,035