REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 15 April 2024 |
for |
D.F. MEANWELL LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 15 April 2024 |
for |
D.F. MEANWELL LIMITED |
D.F. MEANWELL LIMITED (Registered number: 01150518) |
Contents of the Financial Statements |
for the year ended 15 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
D.F. MEANWELL LIMITED |
Company Information |
for the year ended 15 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
25 High Street |
HORNCASTLE |
Lincolnshire |
LN9 5HR |
D.F. MEANWELL LIMITED (Registered number: 01150518) |
Statement of Financial Position |
15 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
D.F. MEANWELL LIMITED (Registered number: 01150518) |
Statement of Financial Position - continued |
15 April 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 |
D.F. MEANWELL LIMITED (Registered number: 01150518) |
Notes to the Financial Statements |
for the year ended 15 April 2024 |
1. | 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. |
Intangible fixed assets |
The intangible fixed assets shown partly comprise entitlements relating to land purchased during the year to 15 April 2007. These entitlements were fully amortised over a seven year period. |
The remainder of intangible fixed assets is represented by a sugar beet contracted tonnage entitlement which was purchased during the year to 15 April 2011 and has been fully amortised over a five year period. |
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. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
The cost of crops and tenantright includes all production overheads and depreciation, and the attributable proportion of indirect overheads. |
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 statement of financial position date. |
D.F. MEANWELL LIMITED (Registered number: 01150518) |
Notes to the Financial Statements - continued |
for the year ended 15 April 2024 |
1. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
D.F. MEANWELL LIMITED (Registered number: 01150518) |
Notes to the Financial Statements - continued |
for the year ended 15 April 2024 |
3. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 16 April 2023 |
and 15 April 2024 |
AMORTISATION |
At 16 April 2023 |
and 15 April 2024 |
NET BOOK VALUE |
At 15 April 2024 |
At 15 April 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 16 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 15 April 2024 |
DEPRECIATION |
At 16 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 15 April 2024 |
NET BOOK VALUE |
At 15 April 2024 |
At 15 April 2023 |
Included in cost of land and buildings is freehold land of £ 1,426,848 (2023 - £ 1,426,848 ) which is not depreciated. |
D.F. MEANWELL LIMITED (Registered number: 01150518) |
Notes to the Financial Statements - continued |
for the year ended 15 April 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 16 April 2023 |
and 15 April 2024 |
DEPRECIATION |
At 16 April 2023 |
and 15 April 2024 |
NET BOOK VALUE |
At 15 April 2024 |
At 15 April 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investment |
£ |
COST |
At 16 April 2023 |
and 15 April 2024 |
NET BOOK VALUE |
At 15 April 2024 |
At 15 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
D.F. MEANWELL LIMITED (Registered number: 01150518) |
Notes to the Financial Statements - continued |
for the year ended 15 April 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Tax |
Other taxes & social security | 4,687 | 1,110 |
Directors' loan accounts | 123,839 | 168,777 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts |
9. | RELATED PARTY DISCLOSURES |
D F Meanwell Limited paid rent of £9,348 during the year to 15 April 2024 (2023: £14,188) for land belonging to Mrs M J Pepperdine's SIPP. |