REGISTERED NUMBER: |
Metcalfe Farms (Contracting) Ltd |
Financial Statements for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
Metcalfe Farms (Contracting) Ltd |
Financial Statements for the Year Ended 31 March 2024 |
Metcalfe Farms (Contracting) Ltd (Registered number: 11837185) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Metcalfe Farms (Contracting) Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Riverside Offices, Second Floor |
St Georges Quay |
Lancaster |
LA1 1RD |
ACCOUNTANTS: |
Ebor House |
91 Galgate |
Barnard Castle |
County Durham |
DL12 8ES |
Metcalfe Farms (Contracting) Ltd (Registered number: 11837185) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Metcalfe Farms (Contracting) Ltd (Registered number: 11837185) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Metcalfe Farms (Contracting) Ltd (Registered number: 11837185) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Metcalfe Farms (Contracting) Ltd is a |
The company is part of a group and the consolidated accounts are available at the registered office. Details are: |
Parent company: | Metcalfe Farms (Holdings) Ltd |
Registered office: | Washfold Farm |
Leyburn |
North Yorkshire |
DL8 5JZ |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling, which is the functional currency of the company, and are rounded to the nearest pound. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Combines & tractors | - |
Motor vehicles | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Metcalfe Farms (Contracting) Ltd (Registered number: 11837185) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
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 estimated 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
Management charges policy |
Management charges have been charged as an expense to overheads to reflect the work carried out by directors and management who are not otherwise remunerated for this work. The charge is determined each year based on time spent, and sales driven on similar lines such as commission basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Metcalfe Farms (Contracting) Ltd (Registered number: 11837185) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Combines | Motor |
machinery | & tractors | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Combines |
machinery | & tractors | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Transfer to ownership | (204,400 | ) | (2,568,018 | ) | (2,772,418 | ) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Transfer to ownership | (2,604 | ) | (213,980 | ) | (216,584 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Metcalfe Farms (Contracting) Ltd (Registered number: 11837185) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Metcalfe Farms loan |
Metcalfe Farms Ltd loan | 6,275,000 | - |
Hire purchase contracts |
8. | SECURED DEBTS |
The company has a debenture in form and substance satisfactory to Barclays Bank. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Metcalfe Farms (Contracting) Ltd (Registered number: 11837185) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | CAPITAL COMMITMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
12. | RELATED PARTY DISCLOSURES |
The company operates rent free from premises owned by a connected party. |
During the year there have been various transactions at market value with connected parties and at 31 March 2024 the company was owed £1,178,675 (2023 £989,266) by these connected parties. Similarly the company owed £359,009 (2023 £1,066,388) to these connected parties at 31 March 2024. |
Included in creditors is a loan totalling £6,275,000 (2023 £1,015,000) from a connected party, on which interest of £62,500 (2023 £nil) has been paid. |
During the year loan advances of £5,180,000 were made to a connected party. The balance of the loan at the year end was £nil and interest received on this loan was £60,000. |
During the year Metcalfe Farms (Contracting) Ltd paid key management personnel for services £180,000 (2023 £360,000). |
13. | ULTIMATE CONTROLLING PARTY |
It is considered that the company is controlled by the directors. |