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REGISTERED NUMBER: 11837185 (England and Wales)


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: D J Metcalfe
B J Metcalfe
A P Metcalfe


REGISTERED OFFICE: Washfold Farm
Leyburn
North Yorkshire
DL8 5JZ


REGISTERED NUMBER: 11837185 (England and Wales)


SENIOR STATUTORY
AUDITOR:
Penelope Bowden FCA


AUDITORS: Riverside Accountancy Lancaster Ltd
Chartered Accountants & Statutory Auditors
Riverside Offices, Second Floor
St Georges Quay
Lancaster
LA1 1RD


ACCOUNTANTS: Addison & Co. Chartered 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 6,647,406 5,131,376

CURRENT ASSETS
Debtors 5 1,658,095 1,305,273
Cash at bank 4,935,794 38,788
6,593,889 1,344,061
CREDITORS
Amounts falling due within one year 6 3,644,332 3,673,065
NET CURRENT ASSETS/(LIABILITIES) 2,949,557 (2,329,004 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,596,963

2,802,372

CREDITORS
Amounts falling due after more than one
year

7

(6,340,100

)

(1,176,933

)

PROVISIONS FOR LIABILITIES (290,769 ) -
NET ASSETS 2,966,094 1,625,439

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 2,965,994 1,625,339
SHAREHOLDERS' FUNDS 2,966,094 1,625,439

Metcalfe Farms (Contracting) Ltd (Registered number: 11837185)

Balance Sheet - continued
31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:




B J Metcalfe - Director



A P Metcalfe - Director


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 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.

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
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Combines & tractors - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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 19 (2023 - 21 ) .

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 2,044,853 3,615,618 26,557 5,687,028
Additions 1,242,538 3,570,437 36,895 4,849,870
Disposals (376,575 ) (2,441,400 ) - (2,817,975 )
At 31 March 2024 2,910,816 4,744,655 63,452 7,718,923
DEPRECIATION
At 1 April 2023 235,611 315,390 4,651 555,652
Charge for year 355,919 733,181 6,831 1,095,931
Eliminated on disposal (78,062 ) (502,004 ) - (580,066 )
At 31 March 2024 513,468 546,567 11,482 1,071,517
NET BOOK VALUE
At 31 March 2024 2,397,348 4,198,088 51,970 6,647,406
At 31 March 2023 1,809,242 3,300,228 21,906 5,131,376

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 401,100 3,222,618 3,623,718
Additions 387,391 3,090,947 3,478,338
Transfer to ownership (204,400 ) (2,568,018 ) (2,772,418 )
At 31 March 2024 584,091 3,745,547 4,329,638
DEPRECIATION
At 1 April 2023 5,110 279,420 284,530
Charge for year 43,358 198,006 241,364
Transfer to ownership (2,604 ) (213,980 ) (216,584 )
At 31 March 2024 45,864 263,446 309,310
NET BOOK VALUE
At 31 March 2024 538,227 3,482,101 4,020,328
At 31 March 2023 395,990 2,943,198 3,339,188

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 1,607,567 1,279,226
Other debtors 19,155 8,938
VAT 31,373 17,109
1,658,095 1,305,273

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 2,584,925 2,039,267
Trade creditors 1,054,477 1,630,348
Accrued expenses 4,930 3,450
3,644,332 3,673,065

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Metcalfe Farms loan - 1,015,000
Metcalfe Farms Ltd loan 6,275,000 -
Hire purchase contracts 65,100 161,933
6,340,100 1,176,933

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: £    £   
100 Ordinary £1 100 100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Penelope Bowden FCA (Senior Statutory Auditor)
for and on behalf of Riverside Accountancy Lancaster Ltd

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 78,000 38,400

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.