Company Registration No. 09055445 (England and Wales)
Miserden Sustainable Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Miserden Sustainable Limited
Company information
Director
Nicholas Wills
Company number
09055445
Registered office
The Estate Office
Miserden
Nr Stroud
Gloucestershire
GL6 7JA
Miserden Sustainable Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Miserden Sustainable Limited
Balance sheet
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
703,464
759,632
Current assets
Stocks
127,809
105,343
Debtors
4
45,412
38,806
Cash at bank and in hand
69,441
56,086
242,662
200,235
Creditors: amounts falling due within one year
5
(142,803)
(145,403)
Net current assets
99,859
54,832
Total assets less current liabilities
803,323
814,464
Creditors: amounts falling due after more than one year
6
(400,093)
Net assets
803,323
414,371
Capital and reserves
Called up share capital
7
1,230,000
830,000
Profit and loss reserves
(426,677)
(415,629)
Total equity
803,323
414,371
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Miserden Sustainable Limited
Balance sheet (continued)
As at 31 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
Nicholas Wills
Director
Company Registration No. 09055445
Miserden Sustainable Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information
Miserden Sustainable Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Miserden, Nr Stroud, Gloucestershire, GL6 7JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvements
Not depreciated
Plant and machinery
5% per annum straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Miserden Sustainable Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Miserden Sustainable Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Property improvements
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
16,667
1,123,940
1,140,607
Depreciation and impairment
At 1 April 2023
380,975
380,975
Depreciation charged in the year
56,168
56,168
At 31 March 2024
437,143
437,143
Carrying amount
At 31 March 2024
16,667
686,797
703,464
At 31 March 2023
16,667
742,965
759,632
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
45,412
34,893
Other debtors
3,913
45,412
38,806
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
695
Trade creditors
4,716
3,677
Taxation and social security
916
345
Other creditors
136,476
141,381
142,803
145,403
Miserden Sustainable Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
400,093
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,230,000
830,000
1,230,000
830,000
The company has issued one class of ordinary share capital only. The class has full rights in the company with respect to voting, dividends and distributions.
During the year the company allotted 400,000 ordinary £1 shares via a rights issue. £400,000 was received on the allotment of these shares.