Madams Farm Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 02082384 (England and Wales)
Madams Farm Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Madams Farm Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
811,698
815,695
Investments
4
100
100
811,798
815,795
Current assets
Stock
88,023
74,321
Debtors
5
356,410
319,028
Cash at bank and in hand
103,916
126,359
548,349
519,708
Creditors: amounts falling due within one year
6
(474,370)
(441,820)
Net current assets
73,979
77,888
Total assets less current liabilities
885,777
893,683
Creditors: amounts falling due after more than one year
7
(153,540)
(174,342)
Net assets
732,237
719,341
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
732,235
719,339
Total equity
732,237
719,341

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Madams Farm Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 30 November 2024 and are signed on its behalf by:
A.J. Kent
Director
Company Registration No. 02082384
Madams Farm Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information

Madams Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 Section 1A “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
50 years straight line
Other tangible fixed assets
20% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Madams Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Impairment of fixed assets

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable.

Madams Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Grants received from the European Commission during the year for rotational "set aside" are credited to the profit and loss account in the year of receipt.

1.15
Stock
Livestock is valued at the lower of cost and net realisable value and includes the cost of rearing livestock to the valuation date.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
14
Madams Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
916,080
371,435
1,287,515
Additions
6,626
26,660
33,286
At 31 December 2023
922,706
398,095
1,320,801
Depreciation and impairment
At 1 January 2023
149,808
322,012
471,820
Depreciation charged in the year
10,458
26,825
37,283
At 31 December 2023
160,266
348,837
509,103
Carrying amount
At 31 December 2023
762,440
49,258
811,698
At 31 December 2022
766,272
49,423
815,695
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
311,530
227,094
Other debtors
41,880
91,934
Prepayments and accrued income
3,000
-
0
356,410
319,028
Madams Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
28,379
29,803
Trade creditors
177,948
97,187
Corporation tax
6,179
23,924
Other taxation and social security
5,020
3,615
Other creditors
118,713
146,156
Accruals and deferred income
138,131
141,135
474,370
441,820
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
153,540
174,342
8
Loans and overdrafts
2023
2022
£
£
Bank loans
181,919
204,145
Payable within one year
28,379
29,803
Payable after one year
153,540
174,342

Bank loans include an amount of £24,167 for a Bounce Bank loan. The loan is repayable in April 2026, unsecured and incurs interest of 2.5% per annum.

 

Bank loans also include an amount of £157,752 repayable in October 2031, and incurs interest of 2.96% per annum. The bank loan is secured by way of a fixed and floating charge over the company's assets.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Madams Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
10
Related party transactions
(Continued)
Page 8

Included in other creditors is £81,659 (2022: £82,128) which is owed to the directors. This loan is interest free and there is no set repayment schedule.

 

Included in other debtors is a balance of £13,780 (2022: £23,922 due to) due from Cape Associates Limited, a company controlled by Mr A.J. Kent and Mrs F. Kent. The balance has no set repayment date, and interest of £2,298 (2022: £2,298) was charged on the loans in the year.

 

The company has taken advantage of the exemption in FRS 102 Section 33.1A not to disclose transactions with wholly owned subsidiary undertakings.

11
Ultimate controlling party

The controlling parties are the directors by virtue of their shareholdings.

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