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Registered number: 13776068










MALVERLEYS FARM & DINING LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MALVERLEYS FARM & DINING LIMITED
REGISTERED NUMBER: 13776068

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
59,112
73,380

Tangible assets
 6 
457,803
113,708

  
516,915
187,088

Current assets
  

Stocks
 7 
55,660
16,684

Debtors: amounts falling due within one year
 8 
6,662
72,294

Cash at bank and in hand
 9 
65,409
2,630

  
127,731
91,608

Creditors: amounts falling due within one year
 10 
(1,995,853)
(699,335)

Net current liabilities
  
 
 
(1,868,122)
 
 
(607,727)

Total assets less current liabilities
  
(1,351,207)
(420,639)

Provisions for liabilities
  

Deferred tax
 11 
(129,229)
(46,772)

  
 
 
(129,229)
 
 
(46,772)

Net liabilities
  
(1,480,436)
(467,411)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,480,437)
(467,412)

  
(1,480,436)
(467,411)


Page 1

 
MALVERLEYS FARM & DINING LIMITED
REGISTERED NUMBER: 13776068
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 comprehensive income 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 on 29 November 2024.




L Waldner
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
MALVERLEYS FARM & DINING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the year

Loss for the year
-
(467,412)
(467,412)

Shares issued during the year
1
-
1



At 1 January 2023
1
(467,412)
(467,411)


Comprehensive income for the year

Loss for the year
-
(1,013,025)
(1,013,025)


At 31 December 2023
1
(1,480,437)
(1,480,436)


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
MALVERLEYS FARM & DINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Malverleys Farm & Dining Limited is a private Company limited by shares, which is incorporated and registered in England and Wales (Company no. 13776068). The address of the registered office is  Sungrove Farm, East End, Newbury, RG20 0AF. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The period covered by these financial statements is 1 January 2023 to 31 December 2023, while the comparative figures are for the period 1 December 2021 to 31 December 2022 which covers the period from the Company's incorporation date to the year end date. Therefore the comparative amounts are not entirely comparable. 
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 following principal accounting policies have been applied:

 
2.2

Going concern

Despite the loss for the year and the deficit on the profit and loss account of £1,480,437, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For long term finance they will continue to receive the support from the parent company. In assessing going concern the directors have assumed that the loans received from the parent company to date will not be repaid for the foreseeable future and, on that basis, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

Page 4

 
MALVERLEYS FARM & DINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
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 balance sheet 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 balance sheet 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 balance sheet date.


Page 5

 
MALVERLEYS FARM & DINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
33% Straight line

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight line or reducing balance methods.

Depreciation is provided on the following basis:

Motor vehicles
-
25% Reducing balance
Fixtures and fittings
-
15% Straight line
Office equipment
-
15% Straight line
Kitchen equipment
-
15% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
MALVERLEYS FARM & DINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
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.

 
2.14

Financial instruments


The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other creditors and loans to and from related parties.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The estimates and judgements that have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the financial year are as follows:
Depreciation
Tangible fixed assets are depreciated over their useful lives taking into account residual values. The
actual lives of the assets and residual values are assessed annually and may vary. Residual values
consider matters such as future market conditions, the remaining estimated life of the asset and the
discount required to apply cash flows on estimated disposal values to calculate their net present values. 


4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 1).

Page 7

 
MALVERLEYS FARM & DINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Computer software

£



Cost


At 1 January 2023
73,380



At 31 December 2023

73,380



Amortisation


Charge for the year on owned assets
14,268



At 31 December 2023

14,268



Net book value



At 31 December 2023
59,112



At 31 December 2022
73,380



Page 8

 
MALVERLEYS FARM & DINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
9,246
-
102,383
2,178
113,807


Additions
202,231
28,475
141,131
15,404
387,241



At 31 December 2023

211,477
28,475
243,514
17,582
501,048



Depreciation


At 1 January 2023
-
-
-
99
99


Charge for the year on owned assets
16,186
5,339
19,626
1,995
43,146



At 31 December 2023

16,186
5,339
19,626
2,094
43,245



Net book value



At 31 December 2023
195,291
23,136
223,888
15,488
457,803



At 31 December 2022
9,246
-
102,383
2,079
113,708


7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
55,660
16,684

55,660
16,684



8.


Debtors

2023
2022
£
£


Other debtors
6,662
64,235

Prepayments and accrued income
-
8,059

6,662
72,294


Page 9

 
MALVERLEYS FARM & DINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
65,409
2,630

65,409
2,630



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
553
65,447

Amounts owed to group undertakings
1,890,235
621,988

Other taxation and social security
37,248
-

Other creditors
8,448
405

Accruals and deferred income
59,369
11,495

1,995,853
699,335



11.


Deferred taxation




2023


£






At beginning of year
(46,772)


Charged to profit or loss
(82,457)



At end of year
(129,229)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(129,229)
(46,772)

(129,229)
(46,772)

Page 10

 
MALVERLEYS FARM & DINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

The company has taken advantage of the exemption available under FRS 102 Section 33 'Related party
disclosures' not to disclose transactions entered into between two or more members of the group, where
all entities are wholly owned subsidiary undertakings. Consolidated financial statements are prepared by
the ultimate parent company, Hansa Aktiengesellschaft and copies of these are available from Hansa
Aktiengesellschaft, Via Brattas 2, 7500 St. Moritz, Switzerland.
During the year the company invoiced the spouse of a director £10,500 (2022 - £nil) for the sale of goods on behalf of the Georg and Emily Von Opel Foundation. At the year end, £10 was due in respect of these sales invoices.
During the year the company purchased goods for £4,700 (2022 - £nil) for resale from a close family member of a director. No amounts were due in respect of these purchase invoices at the year end. 


13.


Controlling party

The ultimate parent company is Hansa Aktiengesellschaft, as Swiss company limited by shares, by virtue of it's 100% holding in the issued share capital of GVO Monti Limited. GVO Monti Limited is the sole shareholder and parent company of Malverleys Farm and Dining Limited.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 29 November 2024 by Deborah Graham (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

Page 11