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REGISTERED NUMBER: 09018515 (England and Wales)












Unaudited Financial Statements

For The Year Ended 31st March 2024

for

Miles Baul & Sons Limited

Miles Baul & Sons Limited (Registered number: 09018515)






Contents of the Financial Statements
For The Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Miles Baul & Sons Limited

Company Information
For The Year Ended 31st March 2024







DIRECTORS: P E Baul
M M Baul
Mrs J M Baul
D W Baul





REGISTERED OFFICE: Watergate Farm
Bishop Thornton
Harrogate
North Yorkshire
HG3 3JZ





REGISTERED NUMBER: 09018515 (England and Wales)





ACCOUNTANTS: F E Metcalfe & Co Limited
Chartered Accountants
4 Old Market Place
Ripon
North Yorkshire
HG4 1EQ

Miles Baul & Sons Limited (Registered number: 09018515)

Balance Sheet
31st March 2024

31.3.24 31.3.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 448,679 468,102

CURRENT ASSETS
Stocks 6 558,894 588,333
Debtors 7 112,659 91,345
Cash at bank 105,154 170,894
776,707 850,572
CREDITORS
Amounts falling due within one year 8 225,504 299,214
NET CURRENT ASSETS 551,203 551,358
TOTAL ASSETS LESS CURRENT
LIABILITIES

999,882

1,019,460

CREDITORS
Amounts falling due after more than one
year

9

(318,211

)

(347,334

)

PROVISIONS FOR LIABILITIES 13 (96,300 ) (99,400 )
NET ASSETS 585,371 572,726

CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Retained earnings 584,371 571,726
SHAREHOLDERS' FUNDS 585,371 572,726

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Miles Baul & Sons Limited (Registered number: 09018515)

Balance Sheet - continued
31st March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th December 2024 and were signed on its behalf by:




D W Baul - Director M M Baul - Director




Mrs J M Baul - Director P E Baul - Director


Miles Baul & Sons Limited (Registered number: 09018515)

Notes to the Financial Statements
For The Year Ended 31st March 2024

1. STATUTORY INFORMATION

Miles Baul & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements were prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") as issued in August 2014. The financial statements have been prepared under the historical cost convention.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.

Turnover
The turnover represents net invoiced sales of livestock, produce and farm subsidies excluding value added tax.
Turnover is measured at the fair value of the consideration received or receivable for goods sold and for services provided, net of VAT and any discounts. Turnover is recognised when the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Buildings 10% reducing balance
Commercial vehicles 25% reducing balance
Tractors and loadalls 15% reducing balance
Plant and machinery 10% reducing balance

Stocks
All stocks other than the Dairy Herd are included at the lower of cost and net realisable value after making due allowance for obsolete items.

Cost is calculated using a first in first out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Cost includes all costs of purchase or production including an element of overhead expenses.

Dairy Herd

Dairy cows and bulls are initially included in the balance sheet at either cost of production or purchase cost if not home bred. Adjustments are made on an annual basis through profit and loss for the net additions or disposals during the accounting period. Disposals are removed on a first in first out basis.

The Dairy Herd is included in the Balance Sheet at fair value and is based on the open market values of the cows and bulls less sale and transport expenses.


Miles Baul & Sons Limited (Registered number: 09018515)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

3. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account, unless the asset is carried at a revalued amount and the impairment loss is a decrease to a previous revaluation.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
A basic financial liability that is a loan from a person who is a director and a shareholder is recorded at the initial transaction price and is not measured at fair value.

Miles Baul & Sons Limited (Registered number: 09018515)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

3. ACCOUNTING POLICIES - continued

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

5. TANGIBLE FIXED ASSETS
Tractors
Building Plant and and Commercial
improvements machinery loadalls vehicles Totals
£ £ £ £ £
COST
At 1st April 2023 156,026 412,684 215,646 41,633 825,989
Additions - 37,318 - - 37,318
Disposals - - (650 ) - (650 )
At 31st March 2024 156,026 450,002 214,996 41,633 862,657
DEPRECIATION
At 1st April 2023 77,611 160,284 93,007 26,985 357,887
Charge for year 7,841 26,778 18,383 3,662 56,664
Eliminated on disposal - - (573 ) - (573 )
At 31st March 2024 85,452 187,062 110,817 30,647 413,978
NET BOOK VALUE
At 31st March 2024 70,574 262,940 104,179 10,986 448,679
At 31st March 2023 78,415 252,400 122,639 14,648 468,102

Miles Baul & Sons Limited (Registered number: 09018515)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Tractors
Plant and and Commercial
machinery loadalls vehicles Totals
£ £ £ £
COST
At 1st April 2023 34,650 75,500 22,990 133,140
Transfer to ownership (12,500 ) - - (12,500 )
At 31st March 2024 22,150 75,500 22,990 120,640
DEPRECIATION
At 1st April 2023 3,111 944 9,699 13,754
Charge for year 2,123 11,183 3,323 16,629
Transfer to ownership (2,188 ) - - (2,188 )
At 31st March 2024 3,046 12,127 13,022 28,195
NET BOOK VALUE
At 31st March 2024 19,104 63,373 9,968 92,445
At 31st March 2023 31,539 74,556 13,291 119,386

6. STOCKS
31.3.24 31.3.23
£ £
Valuation 246,165 267,443
Dairy Herd 312,729 320,890
558,894 588,333

The Dairy Herd includes a fair value adjustment for the accounting period of £10,321 (2023: £12,956) which is included in the Profit and Loss Account.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Trade debtors 71,253 65,178
Other debtors 41,359 26,124
Prepayments 47 43
112,659 91,345

Miles Baul & Sons Limited (Registered number: 09018515)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Bank loans and overdrafts (see note 10) - 22,579
Hire purchase contracts (see note 11) 24,123 28,388
Trade creditors 68,302 71,325
Corporation Tax 9,975 30,279
Social security and other taxes 1,904 3,599
Other creditors 4,614 3,677
Directors' current accounts 99,394 131,919
Accrued expenses 17,192 7,448
225,504 299,214

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£ £
Hire purchase contracts (see note 11) 23,211 47,334
Directors' loan accounts 295,000 300,000
318,211 347,334

10. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£ £
Amounts falling due within one year or on demand:
Bank loans - 22,579

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£ £
Net obligations repayable:
Within one year 24,123 28,388
Between one and five years 23,211 47,334
47,334 75,722

Non-cancellable
operating leases
31.3.24 31.3.23
£ £
Within one year 42,400 42,400
Between one and five years 169,600 169,600
In more than five years 657,200 699,600
869,200 911,600

Miles Baul & Sons Limited (Registered number: 09018515)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

11. LEASING AGREEMENTS - continued

During the year there have been lease payments of £42,400 (2023:£42,400).

12. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£ £
Bank loans - 22,579

During the accounting period the Company had bank facilities which were secured by a Debenture dated 20th December 2017. The debenture has a fixed and floating charge over the assets of the company.

In addition all of the directors have personally guaranteed the bank loan.

13. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£ £
Deferred tax 96,300 99,400

Deferred tax
£
Balance at 1st April 2023 99,400
Decrease in the provision
re accelerated capital
allowances (3,100 )
Balance at 31st March 2024 96,300

The provision for the deferred tax liability has arisen due to the net book value of fixed assets being significantly higher than the tax written down value of assets for capital allowance purposes.
The difference in these values is expected to reduce in future periods and as a result the provision for deferred tax is due to a temporary timing difference and the provision will reduce in future periods.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £ £
1,000 Ordinary £1 1,000 1,000

15. RELATED PARTY DISCLOSURES

Mrs J M, M M, P E and D W Baul are directors and shareholders of the Company.

The directors loans as shown in the creditors notes are interest free.