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Registered number: 00832094










MORTON HALL FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
MORTON HALL FARMS LIMITED
 
 
COMPANY INFORMATION


Directors
W A Wales 
O R Wales 




Company secretary
W A Wales



Registered number
00832094



Registered office
Abbey Farm
Binham

Fakenham

Norfolk

NR21 0DQ




Accountants
Larking Gowen LLP
Chartered Accountants

Summerhill House

1 Sculthorpe Rd

Fakenham

NR21 9HA





 
MORTON HALL FARMS LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 8


 
MORTON HALL FARMS LIMITED
REGISTERED NUMBER: 00832094

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
235,124
160,929

Investments
 5 
2
2

  
235,126
160,931

Current assets
  

Stocks
  
199,506
139,238

Debtors: amounts falling due within one year
 6 
23,778
95,571

Cash at bank and in hand
  
237,618
255,667

  
460,902
490,476

Creditors: amounts falling due within one year
 7 
(34,618)
(56,684)

Net current assets
  
 
 
426,284
 
 
433,792

Total assets less current liabilities
  
661,410
594,723

Provisions for liabilities
  

Deferred tax
  
(55,817)
(40,160)

  
 
 
(55,817)
 
 
(40,160)

Net assets
  
605,593
554,563


Capital and reserves
  

Called up share capital 
  
5,000
5,000

Profit and loss account
  
600,593
549,563

  
605,593
554,563


Page 1

 
MORTON HALL FARMS LIMITED
REGISTERED NUMBER: 00832094
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
W A Wales
................................................
O R Wales
Director
Director


Date: 27 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MORTON HALL FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Morton Hall Farms Limited is a private company limited by shares and incorporated in England and Wales, registration number 00832094. The registered office is Abbey Farm, Binham, Fakenham, Norfolk, NR21 0DQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.
The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
MORTON HALL FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MORTON HALL FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Property improvements
-
2% straight line
Plant & machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Harvesters
-
20% reducing balance



 
2.8

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obselete and slow-moving stocks.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
MORTON HALL FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets







Property improvements
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 March 2023
49,895
357,310
407,205


Additions
-
155,376
155,376


Disposals
-
(86,000)
(86,000)



At 29 February 2024

49,895
426,686
476,581



Depreciation


At 1 March 2023
8,921
237,355
246,276


Charge for the year on owned assets
998
59,775
60,773


Disposals
-
(65,592)
(65,592)



At 29 February 2024

9,919
231,538
241,457



Net book value



At 29 February 2024
39,976
195,148
235,124



At 28 February 2023
40,974
119,955
160,929

Page 6

 
MORTON HALL FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Fixed asset investments








Trade investments

£



Cost or valuation


At 1 March 2023
2



At 29 February 2024
2





6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
12,640
81,244

Other debtors
343
3,167

Prepayments and accrued income
10,795
11,160

23,778
95,571



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
3,136
12,252

Corporation tax
-
11,305

Other taxation and social security
1,421
2,207

Other creditors
6,831
5,845

Accruals and deferred income
23,230
25,075

34,618
56,684


Page 7

 
MORTON HALL FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Related party transactions

A director has made an interest free loan to the company during the year. The amount outstanding at the year end is £6,831 (2023: £5,845).
The directors of the company have tenancies with third parties on land which is occupied and farmed by the company for which the company pays the annual rent.


Page 8