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Registration number: 06523353

Merchant Youldon Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Merchant Youldon Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Merchant Youldon Ltd

(Registration number: 06523353)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

52,761

68,653

Other financial assets

5

1,000

1,000

 

53,761

69,653

Current assets

 

Stocks

6

1,801

90,595

Debtors

7

112,713

9,969

Cash at bank and in hand

 

85,640

69,084

 

200,154

169,648

Creditors: Amounts falling due within one year

8

(97,430)

(121,324)

Net current assets

 

102,724

48,324

Total assets less current liabilities

 

156,485

117,977

Provisions for liabilities

(13,190)

(16,185)

Net assets

 

143,295

101,792

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

143,195

101,692

Shareholders' funds

 

143,295

101,792

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

 

Merchant Youldon Ltd

(Registration number: 06523353)
Statement of Financial Position as at 31 March 2024 (continued)


Mr C E Merchant
Director


Mrs G K Merchant
Company secretary and director

 

Merchant Youldon Ltd

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 and Wales.

The address of its registered office is:
Youldon Farm
Pancrasweek
Holsworthy
Devon
EX22 7JT

Principal activity

The principal activity of the company is of poultry farming.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Merchant Youldon Ltd

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 current and 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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Merchant Youldon Ltd

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

2

Accounting policies (continued)

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

20% reducing balance

Computer equipment

1/3 straight line

Chicken sheds

10% straight line

Chicken sheds - integral features

10% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Merchant Youldon Ltd

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

4

Tangible assets

Land and buildings
£

Integral features
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

128,135

39,364

320,812

1,026

489,337

Additions

-

-

2,793

-

2,793

At 31 March 2024

128,135

39,364

323,605

1,026

492,130

Depreciation

At 1 April 2023

124,222

37,084

258,352

1,026

420,684

Charge for the year

3,913

2,280

12,492

-

18,685

At 31 March 2024

128,135

39,364

270,844

1,026

439,369

Carrying amount

At 31 March 2024

-

-

52,761

-

52,761

At 31 March 2023

3,913

2,280

62,460

-

68,653

Included within the net book value of land and buildings above is £ (2023 - £3,913) in respect of freehold land and buildings.
 

 

Merchant Youldon Ltd

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

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

1,000

1,000

At 31 March 2024

1,000

1,000

Impairment

Carrying amount

At 31 March 2024

1,000

1,000

6

Stocks

2024
£

2023
£

Raw materials and consumables

1,801

2,310

Finished goods and goods for resale

-

88,285

1,801

90,595

7

Debtors

2024
£

2023
£

Trade debtors

106,991

5,220

Other debtors

5,722

4,749

112,713

9,969

 

Merchant Youldon Ltd

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

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

73,520

84,290

Taxation and social security

18,117

13,648

Accruals and deferred income

1,200

1,050

Other creditors

4,593

22,336

97,430

121,324

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.