M J PARKER LTD
Company registration number 08963372 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
M J PARKER LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
M J PARKER LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
611,082
618,948
Biological assets
4
115,036
154,720
Investments
5
-
0
543
726,118
774,211
Current assets
Stocks
24,203
44,556
Debtors
6
219,148
211,228
Cash at bank and in hand
421,517
371,481
664,868
627,265
Creditors: amounts falling due within one year
7
(164,314)
(219,873)
Net current assets
500,554
407,392
Total assets less current liabilities
1,226,672
1,181,603
Provisions for liabilities
(2,644)
(14,119)
Net assets
1,224,028
1,167,484
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,223,928
1,167,384
Total equity
1,224,028
1,167,484
M J PARKER LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
Mr M J Parker
Director
Company registration number 08963372 (England and Wales)
M J PARKER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

M J Parker Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Balderton Hall Farm, Myddle, Shrewsbury, Shropshire, SY4 3RB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “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 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 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.

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:

Buildings freehold
4% straight line
Land
Not depreciated
Plant and machinery
10% reducing balance
Motor vehicles
17.5% reducing balance

Land is not depreciated. The directors believe that the carrying value is not materially different to the residual value.

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.

1.4
Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

M J PARKER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

 

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either;

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:

Growing crops
Not depreciated

The directors consider the cost value of growing crops is not materially different to its residual value and therefore is not depreciated.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks 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 stocks to their present location and condition.

 

Stocks 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 stocks 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

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

M J PARKER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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 and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

 

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons employed by the company during the year.

2024
2023
Number
Number
Total
2
2
M J PARKER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
577,089
113,098
690,187
Additions
-
0
2,644
2,644
At 31 March 2024
577,089
115,742
692,831
Depreciation and impairment
At 1 April 2023
14,616
56,623
71,239
Depreciation charged in the year
2,457
8,053
10,510
At 31 March 2024
17,073
64,676
81,749
Carrying amount
At 31 March 2024
560,016
51,066
611,082
At 31 March 2023
562,473
56,475
618,948
4
Biological assets
Growing crops
£
Cost
At 1 April 2023
154,720
Additions - planting costs
115,036
Disposals
(154,720)
At 31 March 2024
115,036
Depreciation and impairment
At 1 April 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
115,036
At 31 March 2023
154,720
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
-
0
543
M J PARKER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Entitlements
£
Cost or valuation
At 1 April 2023
543
Disposals
(543)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
543
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
180,732
153,063
Other debtors
38,416
58,165
219,148
211,228
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
38,187
122,959
Taxation and social security
31,559
15,410
Other creditors
94,568
81,504
164,314
219,873
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
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