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Registration number: 05831333

Merryfield Farmers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Merryfield Farmers Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 10

 

Merryfield Farmers Limited

Company Information

Directors

Mr David Slade Corp

Mr Joseph David Corp

Mrs Corp

Company secretary

Mrs Rebecca Corp

Registered office

Merryfield Farm
Cranmore
Shepton Mallet
Somerset
BA4 4RF

Accountants

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

 

Merryfield Farmers Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr David Slade Corp

Mr Joseph David Corp

Mrs Corp

Principal activity

The principal activity of the company is farming

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 28 November 2024 and signed on its behalf by:

.........................................
Mr David Slade Corp
Director

   
     
 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Merryfield Farmers Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Merryfield Farmers Limited for the year ended 31 March 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Merryfield Farmers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Merryfield Farmers Limited. You consider that Merryfield Farmers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Merryfield Farmers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

28 November 2024

 

Merryfield Farmers Limited

(Registration number: 05831333)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

153,942

142,755

Tangible assets

4

2,298,386

2,526,691

 

2,452,328

2,669,446

Current assets

 

Stocks

1,094,433

1,105,325

Debtors

261,518

236,856

 

1,355,951

1,342,181

Creditors: Amounts falling due within one year

(1,144,960)

(1,126,232)

Net current assets

 

210,991

215,949

Total assets less current liabilities

 

2,663,319

2,885,395

Creditors: Amounts falling due after more than one year

(1,486,865)

(1,515,423)

Provisions for liabilities

(166,796)

(61,144)

Net assets

 

1,009,658

1,308,828

Capital and reserves

 

Called up share capital

5

1,051

1,051

Retained earnings

1,008,607

1,307,777

Shareholders' funds

 

1,009,658

1,308,828

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................
Mr David Slade Corp
Director

   
     
 

Merryfield Farmers Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2023

1,051

1,307,777

1,308,828

Loss for the year

-

(246,170)

(246,170)

Total comprehensive income

-

(246,170)

(246,170)

Dividends

-

(53,000)

(53,000)

At 31 March 2024

1,051

1,008,607

1,009,658

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2022

1,051

1,043,497

1,044,548

Profit for the year

-

307,280

307,280

Total comprehensive income

-

307,280

307,280

Dividends

-

(43,000)

(43,000)

At 31 March 2023

1,051

1,307,777

1,308,828

 

Merryfield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Merryfield Farm
Cranmore
Shepton Mallet
Somerset
BA4 4RF

These financial statements were authorised for issue by the Board on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Merryfield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Solar panels

10% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Milk quota

written off

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Merryfield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

The directors have chosen the fair value model basis for the valuation of biological assets under FRS 102.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Merryfield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

1,344,903

53,401

14,500

2,184,938

3,597,742

Additions

10,000

-

6,495

145,800

162,295

Disposals

-

(2,841)

-

(186,457)

(189,298)

At 31 March 2024

1,354,903

50,560

20,995

2,144,281

3,570,739

Depreciation

At 1 April 2023

-

32,075

11,284

1,027,692

1,071,051

Charge for the year

-

2,185

2,428

305,859

310,472

Eliminated on disposal

-

(2,329)

-

(106,841)

(109,170)

At 31 March 2024

-

31,931

13,712

1,226,710

1,272,353

Carrying amount

At 31 March 2024

1,354,903

18,629

7,283

917,571

2,298,386

At 31 March 2023

1,344,903

21,326

3,216

1,157,246

2,526,691

Included within the net book value of land and buildings above is £1,354,903 (2023 - £1,344,903) in respect of freehold land and buildings.
 

 

Merryfield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Golden share of £1 each

1

1

1

1

Class A shares of £1 each

450

450

450

450

Class B shares of £1 each

450

450

450

450

Class C shares of £1 each

100

100

100

100

Class D shares of £1 each

50

50

50

50

 

1,051

1,051

1,051

1,051