1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 00743409 2023-04-01 2024-03-31 00743409 2024-03-31 00743409 2023-03-31 00743409 2022-04-01 2023-03-31 00743409 2023-03-31 00743409 2022-03-31 00743409 core:PlantMachinery 2023-04-01 2024-03-31 00743409 core:FurnitureFittings 2023-04-01 2024-03-31 00743409 core:MotorVehicles 2023-04-01 2024-03-31 00743409 bus:Director1 2023-04-01 2024-03-31 00743409 core:PlantMachinery 2023-03-31 00743409 core:FurnitureFittings 2023-03-31 00743409 core:MotorVehicles 2023-03-31 00743409 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00743409 core:PlantMachinery 2024-03-31 00743409 core:FurnitureFittings 2024-03-31 00743409 core:MotorVehicles 2024-03-31 00743409 core:AfterOneYear 2024-03-31 00743409 core:AfterOneYear 2023-03-31 00743409 core:WithinOneYear 2024-03-31 00743409 core:WithinOneYear 2023-03-31 00743409 core:UKTax 2023-04-01 2024-03-31 00743409 core:UKTax 2022-04-01 2023-03-31 00743409 core:ShareCapital 2024-03-31 00743409 core:ShareCapital 2023-03-31 00743409 core:RetainedEarningsAccumulatedLosses 2024-03-31 00743409 core:RetainedEarningsAccumulatedLosses 2023-03-31 00743409 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00743409 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00743409 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00743409 core:PlantMachinery 2023-03-31 00743409 core:FurnitureFittings 2023-03-31 00743409 core:MotorVehicles 2023-03-31 00743409 bus:SmallEntities 2023-04-01 2024-03-31 00743409 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00743409 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00743409 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00743409 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 00743409
MEADOW FARM PROPERTY (TOTTON) LIMITED
Filleted Unaudited Financial Statements
31 March 2024
MEADOW FARM PROPERTY (TOTTON) LIMITED
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
MEADOW FARM PROPERTY (TOTTON) LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
647,968
650,817
Current assets
Debtors
7
3,911
4,127
Cash at bank and in hand
45,367
101,696
--------
---------
49,278
105,823
Creditors: amounts falling due within one year
8
32,769
86,972
--------
---------
Net current assets
16,509
18,851
---------
---------
Total assets less current liabilities
664,477
669,668
Creditors: amounts falling due after more than one year
9
417,325
459,635
Provisions
Taxation including deferred tax
985
1,087
---------
---------
Net assets
246,167
208,946
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
246,067
208,846
---------
---------
Shareholders funds
246,167
208,946
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MEADOW FARM PROPERTY (TOTTON) LIMITED
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
Mrs A C Coombs
Director
Company registration number: 00743409
MEADOW FARM PROPERTY (TOTTON) LIMITED
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts received during the year, in respect of the principal activity. The principal activity of the company during the year was letting and management of farm land.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Building and Property improvements
-
10% reducing balance
Tractor and Trailers
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
11,859
10,064
Deferred tax:
Origination and reversal of timing differences
( 102)
( 362)
--------
-------
Tax on profit
11,757
9,702
--------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 22.96 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
48,978
49,483
--------
--------
Profit on ordinary activities by rate of tax
11,206
9,402
Effect of capital allowances and depreciation
653
662
Effect of deferred tax movement
( 102)
( 362)
--------
--------
Tax on profit
11,757
9,702
--------
--------
6. Tangible assets
Freehold property
Equipment
Building and Property improvements
Tractor and Trailers
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
630,912
36,837
205,286
37,145
910,180
---------
--------
---------
--------
---------
Depreciation
At 1 April 2023
34,381
191,103
33,879
259,363
Charge for the year
614
1,418
817
2,849
---------
--------
---------
--------
---------
At 31 March 2024
34,995
192,521
34,696
262,212
---------
--------
---------
--------
---------
Carrying amount
At 31 March 2024
630,912
1,842
12,765
2,449
647,968
---------
--------
---------
--------
---------
At 31 March 2023
630,912
2,456
14,183
3,266
650,817
---------
--------
---------
--------
---------
7. Debtors
2024
2023
£
£
Other debtors
3,911
4,127
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
11,862
10,067
Social security and other taxes
3,792
3,270
Other creditors
17,115
73,635
--------
--------
32,769
86,972
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
417,325
459,635
---------
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
985
1,087
----
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
985
1,087
----
-------
11. Related party transactions
The company received rent of £24,400 (2023: £23,566), under normal commercial terms, from Discount Warehouse (Totton) Ltd, a company whose director and majority shareholder is Mr E M Coombs, the son of Mrs A C Coombs . Mr E M Coombs also paid rent of £9,000 (2023: £9,000) during the year, in respect of property occupied by him from March 2010. At the year end, the company also had an outstanding loan of £96,000 (2023: £120,000) due from Discount Warehouse (Totton) Ltd,an associated company.